260414.mbx

260414.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, April 14, 2026, Vol. 29, No. 74 Headlines A U S T R A L I A BETHEL LIFECARE: First Creditors' Meeting Set for April 17 BOROUGH STREET: First Creditors' Meeting Set for April 20 CBK CONSTRUCTIONS: First Creditors' Meeting Set for April 17 EVOTECH PACIFIC: Second Creditors' Meeting Set for April 20 LEDA ALUMINIUM: Enters Liquidation; 53 Jobs Axed MORTGAGE HOUSE 2026-1: S&P Assigns B(sf) Rating on Class F Notes NATIONAL GROUP: Fitch Affirms 'B-(EXP)' IDR, Outlook Stable NATIONAL GROUP: S&P Assigns Preliminary 'B' ICR, Outlook Negative VENTURECROWD HOLDINGS: First Creditors' Meeting Set for April 20 C H I N A CBAK ENERGY: Swings to $11MM Net Loss, Flags Going Concern Risk ZW DATA: Posts $1.95MM Operating Loss for 2025, Going Concern Stays I N D I A AKTANA INDIA: Voluntary Liquidation Process Case Summary ANNAPURNA DAL: CARE Keeps B+ Debt Rating in Not Cooperating ASHOK CONSTRUCTIONS: CARE Keeps C Debt Rating in Not Cooperating BRAVO AGENCIES: CARE Keeps D Debt Ratings in Not Cooperating DEVANSHI POWERS: CARE Keeps D Debt Rating in Not Cooperating FALCON STEELS: CARE Keeps B- Debt Rating in Not Cooperating GANGOUR FOODS: Voluntary Liquidation Process Case Summary GUPTA FOODS: CARE Keeps C Debt Rating in Not Cooperating Category GUPTA TEX: CARE Keeps D Debt Ratings in Not Cooperating Category HAZIRA CRYOGENIC: Voluntary Liquidation Process Case Summary INTEL SALES: Voluntary Liquidation Process Case Summary JAIN HYDRAULICS: CARE Keeps D Debt Rating in Not Cooperating JAIPRAKASH ASSOCIATES: Homebuyers Pin Hopes on Adani Plan MUTHUS GOLDEN: CRISIL Keeps D Debt Ratings in Not Cooperating R. P. STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating R.B. RUNGTA: CRISIL Keeps B Debt Ratings in Not Cooperating RUBY FASHION: CARE Keeps D Debt Ratings in Not Cooperating SAHA INFRATECH: CARE Keeps D Debt Rating in Not Cooperating SATKAR PAPERS: CRISIL Keeps B Debt Ratings in Not Cooperating SHANKARRAO PAWAR: CRISIL Keeps D Ratings in Not Cooperating SHIVA SPECIALITY: CARE Keeps D Debt Ratings in Not Cooperating SINGRAULI FINLEASE: CARE Keeps D Debt Ratings in Not Cooperating SOVA STORES: Liquidation Process Case Summary SUKH SAGAR: CARE Keeps D Debt Rating in Not Cooperating Category UNIVERSAL ASSOCIATES: CRISIL Keeps D Ratings in Not Cooperating UNIWORLD SUGARS: CARE Keeps D Debt Rating in Not Cooperating VASHU YARN: CRISIL Keeps D Debt Ratings in Not Cooperating VEGA INFRASTRUCTURES: CRISIL Keeps B Rating in Not Cooperating VENKHATASRINIVASA: CRISIL Keeps D Debt Ratings in Not Cooperating VIJAY DIAM: CRISIL Keeps B Debt Ratings in Not Cooperating VRC AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating Category VSC INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating Category M A L A Y S I A PHARMANIAGA: Proposes 5-for-1 Share Consolidation After PN17 Exit N E W Z E A L A N D BIG DADDY'S: Debt Trail Swells to NZD1.8 Million, Liquidator Says GRAYS AUCTIONS: Creditors' Proofs of Debt Due on May 15 HENLYN ELECTRICAL: Creditors' Proofs of Debt Due on April 28 JAAP TRANSPORT: Court to Hear Wind-Up Petition on April 23 TD CONSTRUCTION: Creditors' Proofs of Debt Due on May 18 UNITED SCAFFOLDING: Enters Voluntary Administration WONDER WATER: Court to Hear Wind-Up Petition on April 23 P H I L I P P I N E S MELOT'S CATERING: SEC Orders Shutdown Over Illegal Investment S I N G A P O R E ASPEN & CO: Court to Hear Wind-Up Petition on April 24 CONCEPT GENIUS: Creditors' Meetings Set for April 27 ELECTRIMEC ASIA: Creditors' Proofs of Debt Due on May 11 KINBO CONSTRUCTION: Court to Hear Wind-Up Petition on April 24 SENG FA: Court to Hear Wind-Up Petition on April 24 - - - - - ================= A U S T R A L I A ================= BETHEL LIFECARE: First Creditors' Meeting Set for April 17 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Bethel Lifecare Nursing Services Pty Ltd will be held on April 17, 2026, at 2:30 p.m. via Microsoft Teams. Aaron Kevin Lucan of Worrells was appointed as administrator of the company on April 8, 2026. BOROUGH STREET: First Creditors' Meeting Set for April 20 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Borough Street Analytics Pty Ltd will be held on April 20, 2026, at 4:00 p.m. via Microsoft Teams. Victoria May Young and Anthony Phillips of HPL Advisory was appointed as administrator of the company on April 8, 2026. CBK CONSTRUCTIONS: First Creditors' Meeting Set for April 17 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of CBK Constructions (NSW) Pty Ltd will be held on April 17, 2026, at 11:00 a.m. via Microsoft Teams. David Webb at Webb Advisory was appointed as administrator of the company on April 7, 2026. EVOTECH PACIFIC: Second Creditors' Meeting Set for April 20 ----------------------------------------------------------- A second meeting of creditors in the proceedings of Evotech Pacific Pty Ltd (trading as Evotech Pacific & Nowlan Jewellery Co) has been set for April 20, 2026, at 12:00 p.m. via virtual meeting only. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by April 17, 2026 at 12:00 p.m. Ernie Chou of EKC Advisory was appointed as administrator of the company on March 20, 2026. LEDA ALUMINIUM: Enters Liquidation; 53 Jobs Axed ------------------------------------------------ SkyNews.com.au reports that a Sydney aluminium business sacked 53 workers as it collapsed with AUD9.7 million in debt and the company's business tactics come under investigation. Leda Aluminium, located in Western Sydney, fell into liquidation last week after failing to find a buyer or secure a rescue deal, SkyNews.com.au discloses. All 53 employees were sacked when administrators were appointed in February, SkyNews.com.au relates citing The Daily Telegraph. It comes as the company went under with about AUD2 million in unpaid remuneration for its staff. Leda Aluminium went under owing AUD7.6 million to unsecured creditors while liquidators claim the company used more than AUD245,000 of stolen super from employees. The Australian Taxation Office is owed almost AUD1.7 million while the Workers Compensation Nominal Insurer (icare) claimed it is owed AUD172,917. According to SkyNews.com.au, Leda Aluminium's liquidator Ernie Chou from EKC Advisory said the company used unpaid debts to staff, creditors and the tax office as "working capital". "The company failed to remit PAYGW, GST and superannuation contributions as they fell due. Statutory debts were effectively used as a source of working capital," Mr. Chou said, per The Daily Telegraph. "Penalties and interest further deteriorated the financial position and increased pressure from the ATO, ultimately contributing to the company's insolvency." The company was also forced to rely on a high risk AUD3.3 million loan after its bank halted its overdraft facility. Creditors sought to have the company wound up, including Classic Frosted Glass which was looking to rectify an unpaid debt of almost AUD50,000. The company paid this off, however, another unpaid creditor soon stepped in to take over the winding-up application, SkyNews.com.au relays. About Leda Aluminium Leda Aluminium manufactures and installs aluminium windows, doors and more but has struggled with rising price pressures and competing with low-cost overseas imports. Ernie Chou of EKC Advisory was appointed as administrator of the company on Feb. 25, 2026. MORTGAGE HOUSE 2026-1: S&P Assigns B(sf) Rating on Class F Notes ---------------------------------------------------------------- S&P Global Ratings assigned its ratings to nine classes of residential mortgage-backed securities (RMBS) issued by Perpetual Trustee Co. Ltd. as trustee for Mortgage House Capital Mortgage Trust No.1 - Mortgage House RMBS Osmium Series 2026-1. Mortgage House RMBS Osmium Series 2026-1 is a securitization of residential mortgage loans to Australian residents, nonresidents, and self-managed superannuation fund borrowers, originated by Mortgage House of Australia Pty Ltd. The ratings reflect the following factors. S&P said, "We have assessed the credit risk of the underlying collateral portfolio, and we believe the credit support provided to each class of notes is commensurate with the ratings assigned. Credit support for the rated notes comprises note subordination, lenders' mortgage insurance on 0.40% of the mortgage loan portfolio, and excess spread. "We have considered the underwriting standard and centralized approval process of the seller, Mortgage House of Australia. "We expect that the various mechanisms to support liquidity within the transaction, including a liquidity facility equal to 1.5% of the outstanding balance of the notes and principal draws are sufficient under our stress assumptions. "Our ratings also reflect the fixed- to floating-rate interest-rate swap provided by National Australia Bank Ltd. to hedge the mismatch between receipts from any fixed-rate mortgage loans and the variable-rate RMBS. Sumitomo Mitsui Banking Corp. will provide a cross-currency swap to hedge the mismatch between the Australian-dollar receipts from the underlying assets and the yen payments on the class A1-Y notes. The transaction documents include downgrade remedy language consistent with our counterparty criteria." Ratings Assigned Mortgage House Capital Mortgage Trust No.1 – Mortgage House RMBS Osmium Series 2026-1 Class A1-AS, A$275.00 million: AAA (sf) Class A1-AL, A$227.50 million: AAA (sf) Class A1-Y, ¥10,686.00 million: AAA (sf) Class A2, A$45.38 million: AAA (sf) Class B, A$39.75 million: AA (sf) Class C, A$28.87 million: A+ (sf) Class D, A$18.75 million: BBB (sf) Class E, A$8.25 million: BB (sf) Class F, A$5.25 million: B (sf) Class G1, A$2.63 million: Not rated Class G2, A$1.12 million: Not rated NATIONAL GROUP: Fitch Affirms 'B-(EXP)' IDR, Outlook Stable ----------------------------------------------------------- Fitch Ratings has affirmed Australia-based National Group Corporation Pty Ltd's (NGC) expected Issuer Default Rating of 'B-(EXP)'. The Outlook is Stable. At the same time, Fitch has affirmed the expected rating on subsidiary National Plant and Equipment Pty Ltd's proposed USD325 million senior secured bond due 2030 at 'B(EXP)' with an 'RR3' Recovery Rating. The affirmation reflects Fitch view that the changes to NGC's proposed refinancing structure will not materially affect its credit profile, while reduced interest payments will help to offset the impact from a slower ramp-up of its new contracts. The new structure now consists of USD325 million in senior secured bonds due 2030 and an owner-issued subordinated payment-in-kind (PIK) for-life instrument, which Fitch treats as debt. Fitch expects the company will have sufficient capacity for deleveraging organically to maintain its leverage within its revised negative triggers, which is reflected in the Stable Outlook. Fitch has also revised the metrics used to assess NGC's financial profile following the restructuring. Fitch believes some of NGC's asset finance facilities will remain in place. As this equipment financing is essential to NGC's core business and a major strategic funding decision, Fitch now includes EBITDAR net leverage in NGC's rating sensitivities. Key Rating Drivers Revised Transaction Neutral to Leverage: Fitch believes the revised capital structure, including the subordinated loan of USD104 million and secured bonds of USD325 million, does not materially change the credit profile in comparison with the previously planned USD400 million bond placement. However, the lower principal amount of the secured bond, together with the subordinated debt, benefits senior creditors and improves cash flow. Under its revised forecast, leverage metrics will not materially change over the rating horizon until the financial year ending June 2029 (FY29) despite debt increases over the life of the loan as PIK interest accumulates. Hence, Fitch believes the revised structure is neutral for the credit profile. Fitch forecasts EBITDAR net leverage will remain below the negative sensitivity threshold of 3.5x over the rating horizon. The company will also benefit from the PIK structure of the subordinated notes as it will reduce cash outflows on debt service, supporting liquidity. Earnings Decline Reflects Time Lags: Fitch has revised its earnings forecast for FY26-FY29 to reflect management guidance on the slower ramp-up of the company's major new contracts. The revised forecast indicates that the company will likely earn AUD16 million-19 million less in EBITDAR over FY26-FY27 than its previous expectations, but will be broadly in line over a longer period. Fitch believes the delay is temporary while new contracts commence and the company progresses through key milestones. Scale, Concentration Constrain Rating: NGC is the second-largest heavy-mining equipment rental company in Australia, but is significantly smaller by revenue and EBITDA than Fitch-rated mining service peers. The five largest customers generated about 80% of revenue in FY25 and metallurgical coal contracts contributed 65%. This exposes NGC to earnings volatility from unexpected events or commodity cycles, especially since customers can terminate contracts early with limited recourse for NGC, and limits opportunities to redeploy its commodity-agnostic fleet. Improved Headroom for Proposed Covenants: The revised transaction structure has increased NGC's headroom on its proposed maintenance and incurrence covenants, with the subordinated instrument no longer included in covenant calculations. Fitch forecasts that NGC's agreed on equity injection, contract wins and operating changes will support its ability to comply with the covenants though its small operational scale and concentration will still limit its cash flow ability to absorb shocks. Supportive Customer Profile, End-Markets: NGC's entrenched position in mining equipment rental supports revenue visibility, helping to shield its earnings from short-term volatility during commodity downcycles. NGC's focus on providing core mining equipment to Tier 1 miners in Australia, its position as the preferred supplier for many customers, consistent availability of equipment and strong safety record contribute to its success in winning and renewing contracts. Fitch's forecast of growth in Australia's mining sector also supports future demand. Defensive Cost Structure: Fitch expects the flexibility built into NGC's asset base and cost structure to allow the company to protect its financial profile during commodity downturns. The company's in-house maintenance functions allow it to control its maintenance schedule, reduce downtime and improve planning for large capex. It can reduce maintenance costs and keep capex at an appropriate level during commodity downturns and periods of weak demand. This allows it to remain profitable and minimise cash outflow to protect its balance sheet. Senior Secured Note Ranking: The recovery analysis for the proposed USD325 million senior secured bond assumes NGC would be liquidated in a bankruptcy as Fitch estimates this results in better returns to creditors, under Fitch's Corporate Recovery Ratings and Instrument Ratings Criteria. The notes would rank behind the proposed AUD40 million senior secured revolving credit facility, which Fitch assumes would be fully drawn in it analysis, but before the new AUD104 million subordinated PIK instrument. This results in an instrument rating of 'B(EXP)'. Middle East Conflict: Fitch does not think the Middle East conflict will have an immediate impact on NGC's operations. The company operates under dry lease contracts, passing risks related to the shortage of fuel and supply, and downtimes to the counterparty. However, the risks may increase if the conflict escalates further and Middle East tension translates into weak demand for commodities, including metallurgical coal since it is the major contributor to NGC's revenue. Peer Analysis NGC's closest peer is Emeco Holdings Limited (BB-/Stable), Australia's largest rental operator, which provides open-cut and underground mining equipment. Emeco has a larger scale than NGC, and its earnings are better diversified by commodities and customers, providing it with greater flexibility to absorb demand changes through the cycle. Its rating also reflects its commitment to maintaining a conservative balance sheet, with EBITDA net leverage remaining below the company's long-term target of 1.0x. These factors explain Emeco's higher rating. Both NGC and Emeco benefit from their integrated repair and maintenance functions, strong customer relationships and higher margins due to their focus on rentals, which support their ability to manage through the cycle. However, their focus on rentals leads to larger exposure to short-term contracts, which weakens their revenue visibility relative to contract mining peer, Perenti Limited (BB+/Stable). NGC's credit profile compares well with a wider range of peers in the 'B-' category with similarly limited scale, concentration and exposure to commodity cycles. These include Borr Drilling Limited (B-/Stable), an oilfield service company operating a high-specification jack-up fleet, whose utilisation rates are highly influenced by conditions in the oil and gas markets. However, its business profile is supported by its fleet's geographical mobility and strong relationships with oil and gas majors. Taseko Mines Limited (B-/Positive) is a Canadian metals and mining company with limited scale and concentrated exposure to a single commodity, copper. Its concentrated mining operations and high-cost mines align Taseko with NGC, whose cash flow is very sensitive to the performance of its largest contracts. Taseko's leverage has been high (2024: 4.8x) due to operational challenges and Fitch expects the ratio to remain in the 3.5x-4.0x range, which is also broadly in line with that of NGC. However, the company's sizeable copper assets provide stronger recovery prospects for creditors. Fitch’s Key Rating-Case Assumptions - Revenue decline of 7% in FY26 before returning to around 10% growth in FY27, 6% in FY28 and 4% in FY29, reflecting the commencement and cessation of contracts and recovery in utilisation, while NGC also focuses on capital and tendering discipline. - EBITDAR margins to improve to around 55% from FY27, driven by the increased contribution of higher-margin dry-hire contracts in FY26 and expected transfer of related-party assets, removing associated leasing costs. - Planned refinancing of the capital structure is successfully completed, including issuance of the subordinated PIK loan, which Fitch has treated as debt in its analysis. - No distributions to be paid until the maturity of the planned bond. - Maintenance capex of around 30% of revenue per year, with limited growth capex, reflecting the focus on capital and tendering discipline. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): management (bb, lower), sector characteristics (bb-, lower), market and competitive positioning (b-, moderate), diversification and asset quality (b-, higher), company operational characteristics (bb+, moderate), profitability (bb, lower), financial structure (b-, moderate), and financial flexibility (b-, higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - 'B+' to 'CC' considerations apply in its analysis and result in no adjustment. - The governance impact assessment of 'Some Deficiencies' results in no adjustment. - The operating environment impact assessment of 'aa-' results in no adjustment. - The SCP is 'b-(EXP)'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'B-(EXP)'. Recovery Analysis The recovery analysis assumes that NGC would be liquidated in a bankruptcy as Fitch estimates this results in a better return to creditors. Fitch has assumed a 10% administrative claim. To calculate the liquidation value, Fitch uses an 80% advance rate against NGC's reported receivables, which consist almost entirely of trade receivables, a 50% rate against the reported inventories and a 75% rate against property, plant and equipment (PP&E) as of end-June 2025. The advance rate used for PP&E is higher than the rates Fitch typically uses for recovery analysis. This reflects the transfer of additional fleet to NGC as part of equity support provided, alongside an adjustment reflecting market valuations of the fleet. Fitch treats the AUD40 million super senior revolving credit facility, which Fitch assumes will be fully drawn, as priority debt in the waterfall, with the USD325 million secured bond ranking behind it but having priority to all other funding. These assumptions result in an 'RR3' Recovery Rating for the US dollar notes under its Corporate Recovery Ratings and Instrument Ratings Criteria. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Loss of a major contract or customer relationship, leading to EBITDAR net leverage remaining above 3.5x on a sustained basis - Failure to successfully complete the planned refinancing, including the proposed bond issue, which could lead to a multi-notch downgrade Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Successful execution of planned growth and margin improvement initiatives such that EBITDAR net leverage falls to below 2.5x on a sustained basis - Improvement in scale and/or diversification across commodities and customers Liquidity and Debt Structure The proposed refinancing of the debt structure and equity injection will alleviate NGC's recent liquidity challenges. As part of the equity injection, AUD20 million in additional liquidity support will be provided to NGC by its owners, while the refinancing will include an AUD40 million super senior revolving credit facility. The company has earmarked AUD25 million to be held on the balance sheet to provide additional liquidity, including AUD19 million of the proposed bond proceeds. Fitch expects these transactions, alongside its forecast for neutral-to-positive free cash flow generation from FY27, will support NGC's liquidity over the medium term. However, its rating also incorporates NGC's limited access to incremental financing under the terms of the proposed bond, other than tap issuance or additional equity support. Issuer Profile NGC is one of the largest earth-moving equipment rental companies in Australia. The company has operations in all key mining regions of Australia and around 85% of its revenue is sourced from Tier 1 miners, mainly in the metallurgical coal, gold and iron ore segments. Summary of Financial Adjustments Fitch has capitalised NGC's leases under its Corporate Rating Criteria, as Fitch considers the equipment financing to be essential to its core business and a major strategic funding decision. Fitch has treated the proposed subordinated PIK instrument to be issued by NGC's shareholders as debt under its Corporate Rating Criteria. The treatment reflects risks around transferability as the holder is able to freely transfer the bond, which may limit the effectiveness of the subordinated loan in supporting the senior debt. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The Climate.VS for National Group Corporation Pty Ltd is 55 for 2035. The higher Climate.VS reflects NGC's exposure to providing equipment to thermal mine operators. The risks to NGC's operations from its exposure to thermal coal and its strategy to address this exposure have been considered in the rating. Fitch has incorporated NGC's strategy to increase its diversification into iron ore and gold miners in its assessment of the company's credit profile. This will be aided by its commodity-agnostic fleet, meaning no additional capex will be required to redeploy fleet away from thermal coal, while mobilisation and demobilisation costs are typically the responsibility of NGC's customers. This allows NGC's fleet to be used for mining resources that are in stronger demand. Therefore, NGC's revenue split is significantly influenced by mining activity in particular commodities, with exposure to higher-risk resources declining over time as demand for these commodities decreases. This, in its opinion, effectively reduces NGC's exposure to climate-related risks, similar to other miners and mining-service entities. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- National Group Corporation Pty Ltd LT IDR B-(EXP) Affirmed B-(EXP) National Plant and Equipment Pty Ltd senior secured LT B(EXP) Affirmed RR3 B(EXP) NATIONAL GROUP: S&P Assigns Preliminary 'B' ICR, Outlook Negative ----------------------------------------------------------------- S&P Global Ratings assigned its 'B' preliminary issuer credit rating to National Group Corp. Pty Ltd. S&P also assigned its 'B' preliminary issue rating to the company's proposed revised senior secured US$325 million bond with a recovery rating of '4', reflecting average (rounded estimate: 40%) recovery prospects in a payment default. The negative outlook reflects the risks related to securing a new material contract in a timely manner to supply mining equipment while realizing expected earnings growth from its existing customer base such that leverage can be sustained below 4x adjusted gross debt-to-EBITDA. National Group's longstanding relationships with large mining companies support its earnings and profitability. This mitigates limited contractual protections whereby contracts may be terminated for convenience with as little as 90 days' notice. The Australia-based mining equipment rental company's small size, concentrated customer base, capital-intensive business, and thin free cash flow constrain the ratings. Given high payment in kind (PIK) capitalization substantially increases debt over time, S&P believes the company must achieve material free cash flow to build cash and reduce debt to stabilize its capital structure ahead of the maturity of its proposed senior debt issuance. Several factors constrain the preliminary ratings. National Group is small, and has a concentrated customer base and capital-intensive operations that focus on the provision of ultra-class heavy earthmoving equipment for rent. To manage inherent risks in a highly competitive industry, the company prioritizes contracting with larger miners that have mines typically operating at the low end of the cost curve, providing confidence that operations will continue through industry cycles. The company derives about 85% of its revenue from tier-one miners, including BHP, Rio Tinto Ltd., Anglo American PLC, Newmont Corp., and Whitehaven Coal Ltd. National Group has maintained relationships with most of these customers for more than 20 years. We note that about 30% of fiscal 2025 (ended June 30) revenue stemmed from contracts with the BHP Mitsubishi Alliance. The company's integrated repair and maintenance facilities support its equipment availability undertakings, which underpin its customers' willingness to enter into contracts with minimum hours. About 93% of the company's contracts have minimum contracted hours. This gives some transparency of baseline revenues. National Group's contracts typically enable termination for convenience. This exposes the group to earnings and cash flow volatility if contracts roll off before they are replaced. This scenario occurred in fiscal 2025, resulting in a material underperformance of EBITDA earnings relative to fiscals 2024 and 2023. S&P said, "National Group provides a hire service that we consider to be supplemental to its customers' mining operations. For instance, the company typically provides a small amount of equipment relative to the large-scale mining operations of its customers. The company is a price taker. The benefit of using its services is weighed against in-house mining operations. "Accordingly, we believe National Group is vulnerable to contract terminations. A sector downturn or a change in business model to more insourcing of operations may force clients to cut costs, including National Group's services. At such times, a lack of contractual protections means National Group's earnings could materially deteriorate, given the company's lack of customer diversity. While National Group provided services to 32 mine sites in fiscal 2025, five customers (across multiple mine sites) accounted for about 70% of its EBITDA." New issuances will help refinance existing debt. National Group proposes a revised US$325 million (about A$465 million) Nordic four-year bond and a A$123 million subordinated PIK loan to refinance existing debt and provide funds for general corporate purposes. The subordinated PIK loan will be provided by the company's private equity shareholder, OCP Asia. The issuance proceeds will repay existing senior debt of A$205 million and an existing A$305 million subordinated PIK loan, also provided by OCP. National Group will partially repay existing hire-purchase facilities and settle transaction costs and related-party payables. The company will hedge the Nordic bond's cross-currency interest costs on a rolling two-year basis. However, the principal will not be hedged, potentially creating a material currency mismatch at maturity. Importantly, the transaction will result in related party assets associated with founder Mark Ackroyd being transferred to National Group, effectively internalizing these lease payments. The ratings are preliminary, given they remain subject to completion of the proposed capital restructure. S&P will convert the preliminary ratings to final ratings if the proposed debt raisings are completed with terms, conditions, and pricing in line with our expectations. Contract uncertainty weighs on revenue forecasts. Although National Group recently received commitments from a new major customer, risks remain around winning a follow-on mining equipment contract and the related contract ramp-up timeline. The anticipated new contract, a ramp-up of an existing one, and the internalization of about A$20 million of related-party rental agreements with Ackroyd's other rental business underpin S&P's forecast of materially higher earnings in fiscals 2026 and 2027. S&P said, "We forecast adjusted EBITDA will increase to about A$145 million in fiscal 2026 (fiscal 2025: A$119 million). As the new contracts fully ramp up over the next 12-18 months, we project EBITDA of about A$190 million in fiscal 2027. Assuming completion of the proposed issuances, we forecast debt to EBITDA to be about 4.3x in fiscal 2026, decreasing to about 3.5x in fiscal 2027. Delays in acquiring new contracts or material cost increases that prevent the company from deleveraging below our downside trigger of 4x in fiscal 2027 could lead to downside rating pressure. "The continued use of PIK debt will support improved liquidity. Lower cash interest expenses should increase free operating cash flow (FOCF) and enable the company to accumulate more cash. However, National Group will need to address the PIK debt as it approaches maturity, in our view. The rate of PIK capitalization increases total debt over time such that at PIK maturity the company's capital structure may come under pressure, particularly in the outer years due to the compounding effect on debt. "The long-term sustainability of National Group's balance sheet will depend on its ability to improve earnings and cash flow. It will need sufficient cash accumulation to support a credible deleveraging path. National Group's capital-intensive business means that historically, it has rarely generated more than A$20 million in FOCF. Securing the new contract is therefore critical to increasing earnings and FOCF, enabling sufficient cash accumulation to repay debt, in our view. "We believe FOCF growth is necessary for improving headroom against a potentially onerous liquidity covenant. The company is required to hold minimum liquidity of 7.5% throughout the bond tenor, equating to about US$24 million (about A$35 million). We expect it to have about A$65 million in liquidity at transaction close. This comprises A$25 million of cash and a newly established undrawn A$40 million revolving credit facility. Liquidity covenant headroom could diminish if the company cannot generate sizable FOCF and lift cash balances. "The negative outlook on the preliminary ratings assigned to National Group primarily reflects risks related to securing a new contract to supply mining equipment, but also the company achieving our anticipated earnings growth from recently acquired contracts and the internalization of related party leases." Earnings growth from new and existing contracts is key to lifting earnings and cash flow to levels that ensure the company can maintain an S&P Global Ratings-adjusted debt-to-EBITDA ratio below 4x and improve its liquidity headroom under the proposed liquidity covenant. S&P could lower the ratings if: -- S&P Global Ratings adjusted debt to EBITDA remains sustainably above 4.0x. This scenario could occur if the company does not secure new contracts as anticipated or loses a major contract, resulting in a material decline in earnings; or -- The company's liquidity position materially weakens. S&P could revise the outlook on the ratings to stable if it believes National Group can sustain S&P Global Ratings adjusted debt to EBITDA below 4x and maintain an adequate liquidity position. This could occur if the company secures new contracts and successfully executes the ramp-up of existing contracts. Simultaneously, National Group would need to maintain earnings margins and generate positive FOCF. VENTURECROWD HOLDINGS: First Creditors' Meeting Set for April 20 ---------------------------------------------------------------- A first meeting of the creditors in the proceedings of VentureCrowd Holdings Pty Ltd will be held on April 20, 2026, at 9:00 a.m. at the offices of Robson Cotter Insolvency Group, at Unit 1, 78 Logan Rd, in Woolloongabba, QLD. W. Roland Robson at Robson Cotter Insolvency was appointed as administrator of the company on April 9, 2026. ========= C H I N A ========= CBAK ENERGY: Swings to $11MM Net Loss, Flags Going Concern Risk --------------------------------------------------------------- CBAK Energy Technology, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K, reporting a net loss of $11 million for the year ended December 31, 2025, compared to a net income of $9.6 million for the year ended December 31, 2024. Net revenues for the year ended December 31, 2025, was $195.2 million compared to $176.6 million in the prior period. Hong Kong, China -based ARK Pro CPA & Co, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has a working capital deficiency, accumulated deficit from recurring net losses and significant short-term debt obligations maturing in less than one year as of December 31, 2025. As of December 31, 2025, the Company had cash and cash equivalents and restricted cash of $75.7 million. Total current assets were $180.6 million and our total current liabilities were $299.8 million, resulting in a net working capital deficit of $119.2 million. The Company's plan for continuing as a going concern included improving its profitability, and obtaining additional debt financing, loans from existing shareholders for additional funding to meet its operating needs. There can be no assurance that the Company will be successful in the plans or in attracting equity or alternative financing on acceptable terms, or if at all. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/ykkbtkc5 About CBAK Energy Technology Liaoning Province, People's Republic of China-based CBAK Energy -- www.cbak.com.cn -- is a manufacturer of new energy high power lithium and sodium batteries that are mainly used in light electric vehicles, electric vehicles, energy storage such as residential energy supply & uninterruptible power supply (UPS) application, and other high-power applications. The Company's primary product offering consists of new energy high power lithium and sodium batteries. In addition, after completing the acquisition of 81.56% of registered equity interests (representing 75.57% of paid-up capital) of Hitrans in November 2021, the Company entered the business of developing and manufacturing NCM precursor and cathode materials. Hitrans is a leading developer and manufacturer of ternary precursor and cathode materials in China, whose products have a wide range of applications on batteries that would be applied to electric vehicles, electric tools, high-end digital products, and storage, among others. As of December 31, 2025, the Company had $426.2 million in total assets, $316.7 million in total liabilities, and $109.5 in total equity. ZW DATA: Posts $1.95MM Operating Loss for 2025, Going Concern Stays ------------------------------------------------------------------- ZW Data Action Technologies Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Hong Kong, China-based ARK Pro CPA & Co, the Company's auditor since , issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has accumulated deficit from recurring net losses and significant net operating cash outflow for the year ended December 31, 2025. All these factors raise substantial doubt about its ability to continue as a going concern. For the years ended December 31, 2025 and 2024, the Company incurred a loss from operations of approximately US$1.95 million and US$3.76 million, respectively. Net operating cash outflow for the years ended December 31, 2025 and 2024 was approximately US$0.93 million and US$2.06 million, respectively. As of December 31, 2025, the Company had cash and cash equivalents of approximately US$0.97 million and working capital of US$2.48 million. The Company experienced decreased revenue but increased gross profit margin for the year ended December 31, 2025. The decreased in revenue was primarily attributable to the winding down of our distribution of the right to use search engine marketing service in the PRC but the improvement in gross profit margin is due to increased revenue in its higher margin internet advertising and related marketing services and IP services. The Company said, "Our current core business is to provide advertising and marketing services to small and medium enterprises, which is particularly sensitive to changes in general economic conditions. However, as we wind down our search engine marketing distribution service in the PRC, we are seeing an improvement in our gross margins as well as significantly reduced operating expenses that will improve our cash flow and liquidity in the next 12 months." "In addition, in order to further develop our core business, i.e., our Internet advertising and related data service business, broaden and diversify the online marketing channels for customers, reinforce our industry competitive advantage, we are actively seeking to acquire or invest in businesses and build teams with AI capabilities and proprietary intellectual properties that enable more accurate marketing solutions and cost efficient content creation. We may also pursue acquisitions or investments in businesses that expand our blockchain-based SaaS services, including technologies and platforms related to the tokenization of real-world assets. "On March 7, 2025, ChinaNet Investment Holding Limited, a British Virgin Islands company and an indirect wholly-owned subsidiary of ZW Data Action Technologies Inc. acquired the 10,000 shares of Rahula Digital Media (HK) Limited, a Hong Kong company that Vickie Chan, an individual owned, pursuant to that certain Share Sale and Purchase Agreement, dated March 3, 2025, entered into by and between the Purchaser and the Seller for a total consideration of US$0.6 million. Rahula owns 100% equity interest in Shenzhen Shangye Business Consulting Services Co., Ltd., a People's Republic of China company. Rahula Group is principally engaged in the development and monetization of intellectual property rights on agent management, marketing data management, targeted marketing and mass marketing systems and technologies. The acquisition of Rahula Group and its intellectual property has enabled us to establish our IP services business segment. We generate revenue by licensing the intellectual property acquired through Rahula Group to customers. In the short term, we expect that cash flows generated from this business segment to help improve our liquidity, as it does not require significant ongoing capital investment or material cash outflows. On November 24, 2025, we changed the corporate name of Rahula to Cnet Technology (HK) Limited. "On September 17, 2025, CNET Technology Limited, a wholly-owned subsidiary of ZW Data Action Technologies Inc. in the British Virgin Islands, entered into a purchase agreement with B Ocean Capital Management Limited, a Cayman Islands company, and Oasis Management Consultant Limited, a Hong Kong company and Titans Investment Asset Holdings Limited, a British Virgin Islands company, pursuant to which each Seller will sell its 9.80% equity interests in Titans to CNET Technology. In consideration for the Titans Equity Interests, CNET Technology shall pay to the Sellers totaling $300,000 in cash and cause the Company to issue 200,000 shares of common stock of the Company, having a total value of $420,000 and valued at $2.10 per share, to the Sellers. CNET Technology obtained the Titans Equity Interests on October 21, 2025; however, as of the date of this report, the Company has not yet issued the 200,000 shares of common stock to the Sellers and the closing of the transaction has not yet taken place. Titans is principally engaged in providing digital marketing and advertising services. "On October 28, 2025, CNET Technology, a wholly-owned subsidiary of the Company in the British Virgin Islands, entered into a purchase agreement with Fun Star Group INC., a British Virgin Islands company and Modest Attack Limited, a British Virgin Islands company, pursuant to which Fun Star will sell its 9.9% equity interests in Modest to CNET Technology. In consideration for the Modest Equity Interests, CNET Technology shall pay to Fun Star $625,000 in cash and cause the Company to issue 150,000 shares of common stock of the Company, having a total value of $375,000 and valued at $2.50 per share, to Fun Star. The closing of the acquisition is subject to customary terms and conditions as set forth in the Acquisition Agreement. Modest is principally engaged in providing consulting and technology development services related to the tokenization of real-world assets, including token economics design, blockchain platform development, ecosystem infrastructure support, and digital asset monitoring and management. "In addition, for the next 12 months from the date hereof, we anticipate to generate additional cash inflows and/or improve our liquidity through the following: (1) our short-term working capital loans provided to unrelated parties will mature within the next 12 months that we anticipate collecting these loan principals and the related interest income within the next 12 months; (2) equity financing (3) we plan to reduce our operating costs through optimizing the personnel structure among different offices and reduce our office leasing spaces, if needed. This may incur incremental costs related to employee layoff compensation and contract termination penalty." "If the Company fails to achieve these goals, the Company may need additional financing to execute its business plan. If additional financing is required, the Company cannot predict whether this additional financing will be in the form of equity, debt, or another form, and the Company may not be able to obtain the necessary additional capital on a timely basis, on acceptable terms, or at all. In the event that financing sources are not available, or that the Company is unsuccessful in increasing its gross profit margin and reducing operating losses, the Company may be unable to implement its current plans for expansion, repay debt obligations or respond to competitive pressures, any of which would have a material adverse effect on the Company's business, prospects, financial condition and results of operations. These factors raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that the financial statements are issued." The consolidated financial statements as of December 31, 2025 have been prepared under the assumption that the Company will continue as a going concern, which contemplates, among other things, the realization of assets and the satisfaction of liabilities in the normal course of business over a reasonable period of time. The Company's ability to continue as a going concern is dependent upon its uncertain ability to increase gross profit margin and reduce operating loss from its core business and/or obtain additional equity and/or debt financing. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/4bmw8v4j About ZW Data Action Technologies Beijing, China-based ZW Data Action Technologies Inc., established in 2003, is an ecological enterprise that provides digital services to sales and marketing channels through blockchain, big data, and precision marketing. ZW Data Action is committed to empowering SMEs to achieve more efficient and accurate operations and management, resulting in additional value for clients. As of December 31, 2025, the Company had US$38.9 million in total assets, US$687 thousand in total liabilities, and US$38.2 million in total stockholders' equity. ========= I N D I A ========= AKTANA INDIA: Voluntary Liquidation Process Case Summary -------------------------------------------------------- Debtor: Aktana India Private Limited Office No. 702, Icon Tower, Sr No. 114/5, 115/1, 114/6/3, Baner, Pune, Maharashtra, India - 411045 Liquidation Commencement Date: March 25, 2026 Court: Court: National Company Law Tribunal, Mumbai Bench Liquidator: Sanjeep Jayant Kulkarni Office No. 1, Exadant Apartments, Opposite The Business Hub, Near Mirch Masala Hotel, Suvarna Baug Colony, Dahanukar Colony, Kothrud, Pune, Maharashtra - 411038 Tel No: 96730 00045 Email: kulkami.sandeep@rediffmail.com Last date for submission of claims: April 24, 2026 ANNAPURNA DAL: CARE Keeps B+ Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Annapurna Dal Mill (ADM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 5.28 CARE B+; Stable Issuer Not Facilities Cooperating; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 31, 2025, placed the rating(s) of ADM under the 'issuer non-cooperating' category as ADM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ADM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 17, 2025, December 27, 2025, January 6, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Annapurna Dal Mill (ADM) was set up as a proprietorship entity in 2004 by Mr Shiv Kumar Agrawal for setting up a manufacturing unit for processing of pulses. However, ADM was constituted as a partnership firm via partnership deed dated January 9, 2015 by Mr Shiv Kumar Agrawal and his family members. Since its inception, the firm has been engaged in milling and processing of pulses like masoor and moong dal. The plant of the firm is located at Gaya, Bihar. ASHOK CONSTRUCTIONS: CARE Keeps C Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Ashok Constructions (AC) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term 2.00 CARE A4; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 30, 2025, placed the rating(s) of AC under the 'issuer non-cooperating' category as AC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 16, 2025, December 26, 2025, January 05, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Ashok Constructions was originally established as a proprietorship by Mr. Sundaramoorthy for executing contracts in 1979. Subsequently, the business was converted into a partnership firm and the focus shifted to execution of civil construction contracts. The partnership underwent reconstitution, the latest one in January 2015. Presently, there are five partners, all being Mr. Sundaramoorthy's family members. Profits or losses are shared equally. The firm is registered as a Class I PWD contractor. Being engaged in construction contract business for more than two decades, Mr. Sundaramoorthy has executed more than 900 projects, primarily in Chennai, Tamil Nadu. Presently, the civil contracts are primarily awarded by the Indira Gandhi Centre for Atomic Research, wherein the firm executes residential and industrial civil construction. BRAVO AGENCIES: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Bravo Agencies Private Limited (BAPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 7.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated February 11, 2025, placed the rating(s) of BAPL under the 'issuer non-cooperating' category as BAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 28, 2025, January 7, 2026, January 17, 2026, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Delhi-based BAPL was incorporated in April 1995. The company is currently promoted by Mr Balwant Jain and Mr Pawan Mittal. BAPL is engaged trading of flat rolled steels like cold rolled steel, hot rolled steel, electrical steel, tin mill products, etc. The warehouses are located at Mundka, Delhi. The company procures steel from various mills throughout the country. The company undertakes only domestic sales wherein it sells the product to various other equipment manufacturers and traders of steel. DEVANSHI POWERS: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Devanshi Powers Limited (DPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated February 3, 2025, placed the rating(s) of DPL under the 'issuer non-cooperating' category as DPL had failed to provide information for monitoring of the rating and as agreed to in its Rating Agreement. DPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 20, 2025, December 30, 2025, January 9, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Initially established in July 2006 as a partnership firm 'M/s. Devanshi Electricals' by Mr. Pankaj Shah, Mr. Pradip Shah, and Ms Varsha Shah, Devanshi Powers Limited (DPL) was converted into closely held Public Limited Company in October 4, 2012. DPL manufactures bare copper wires and various types of copper and aluminum-based household, industrial and instrumentation cables. The Shah family is into business of copper products since 1982 at Jaipur, Rajasthan through its group concern, M/s Shree Jagdish Electrics & Engineering Works. The group has shifted its base to Anand, Gujarat since 2006. FALCON STEELS: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Falcon Steels (FS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.98 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated February 18, 2025, placed the rating(s) of FCS under the 'issuer non-cooperating' category as FCS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. FCS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 4, 2026, January 14, 2026, January 24, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Falcon Steels (FCS) was established as a partnership firm in February 2016 and is currently being managed by Mr. Akhil Singhal, Mr. Raj Kumar, Mr. Pardeep Kumar Singhal, Mr. Rahul Singhal and Mr. Sanchit Singhal as its partners. The commercial operations of the firm started in April 2017. FCS is engaged in manufacturing of Stainless steel (SS) products at its facility located in Kaithal, Haryana. The main products include Stainless steel (SS) tubes, SS Pipes, SS circles, SS rounds and SS squares. GANGOUR FOODS: Voluntary Liquidation Process Case Summary --------------------------------------------------------- Debtor: Shree Gangour Foods (Jaipur) LLP 3rd Floor, Saraf Tower, Opposite Glass Factory, Tank Road, Jaipur, Rajasthan, India - 302015 Liquidation Commencement Date: March 24, 2026 Court: Court: National Company Law Tribunal, Jaipur Bench Liquidator: Neelam Modi House No. 3, Royal Krishna Society, Adipur, Gandhidham, Kachchh, Gujarat - 370205 Email: neelammodi1@gmail.com Baktawar Mal Ji ka Bagh, Helmet Shoppe Road, Near Jalori Gate, Jodjpur (Raj.) Last date for submission of claims: April 23, 2026 GUPTA FOODS: CARE Keeps C Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Gupta Foods (GF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.50 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated February 11, 2025, placed the rating(s) of GF under the 'issuer non-cooperating' category as GF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 28, 2025, January 7, 2026, January 17, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Gupta Foods (GF) is a Punjab based, partnership firm established in 2008 by Mr. Naveen Gupta, Mr. Avinash Gupta, Mrs. Anita Gupta and Mrs. Shruti Gupta sharing profit and loss in equal proportion. The company is engaged in processing of paddy at its manufacturing facility located in Tarn Taran, Punjab. GUPTA TEX: CARE Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Gupta Tex Prints Private Limited (GTPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.76 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 7.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 0.25 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 30, 2025, placed the rating(s) of GTPPL under the 'issuer non-cooperating' category as GTPPL had failed to provide information for monitoring of the rating and as agreed to in its Rating Agreement. GTPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 16, 2025, December 26, 2025, January 5, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable GTPPL was initially formed as Gupta Dyeing and Printing Mills (GDPM), a partnership firm in 1979 by Gupta family of Surat. Later on, in 2007, GDPM was converted into a private limited company. GTPPL is primarily engaged in fabric processing (bleaching, printing, dyeing & embroidery) and also does the job work activities as well as trading of grey yarn and finished fabric. The fabric processed by GTPPL is primarily used for making sarees& ladies dress material. The finished fabric is marketed under the brand name of 'Gupta Sarees'. GTPPL has an installed capacity of 1.25 lakh meters per day for processing of grey fabric at its sole processing unit located in Surat (Gujarat). HAZIRA CRYOGENIC: Voluntary Liquidation Process Case Summary ------------------------------------------------------------ 123456789012345678901234567890123456789012345678901234567890123456 Debtor: Hazira Cryogenic Engineering and Construction ManagementPvt Ltd. Registered Address: Tecnimont ICB House Plot 504, Chincholi Bunder Link RD Malad (W), Mumbai, Maharashtra, India - 400064 Principal Office: Millenia Business Park, Phase II, Campus 3a, 143, Dr. M.G.R. Road, Perungu, di, Chennai, Tamil Nadu, India, 600096 Liquidation Commencement Date: March 31, 2026 Court: Court: National Company Law Tribunal, Mumbai Bench Liquidator: Anagha Anasingaraju 1-2, Aishwarya Sankul, 17 G.A. Kulkarni Path, Opposite Joshi's Railway Museum, Kothrud, Pune - 411038 Tel No: 020-25466265/25461561 Email: rp.anagha@kanjcs.com Last date for submission of claims: April 30, 2026 INTEL SALES: Voluntary Liquidation Process Case Summary ------------------------------------------------------- Debtor: Intel Sales India Private Limited 91/92, 9th Floor, Plot - 224, B Wing, Mittal Court, Jamnalal Bajaj Marg, Nariman Point, Mumbai City, Mumbai - 400021, Maharashtra, India Liquidation Commencement Date: March 30, 2026 Court: Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Joby Chacko No. 120, 3rd Cross, 3rd Main, Pride Valley View, Jigani Hobli, Bengaluru - 560105 Tel No: +91 96633 08656 Email: jobykc@gmail.com Last date for submission of claims: April 29, 2026 JAIN HYDRAULICS: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Jain Hydraulics Private Limited (JHPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated January 31, 2025, placed the rating(s) of JHPL under the 'issuer non-cooperating' category as JHPL had failed to provide information for monitoring of the rating as to in its Rating Agreement. JHPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 17, 2025, December 27, 2025, January 6, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Delhi based, Jain Hydraulics Private Limited (JHPL) was incorporated in May 1981 by Mr. Ajay Kumar Jain and his family members. The company is currently managed by Mr. Ajay Kumar Jain, Mr. Ajay Jain and Mr. Ankit Jain. The company is engaged in the manufacturing of recycling equipments used for recycling of metal, bio medical waste and solid waste. The product portfolio of the of the company comprises scrap baling presses, shredders & crushers, box balers & shearers paper shredders, slag crushers & finer etc. The company has its manufacturing unit located in Manesar, Gurgaon. Further, the company has its separate trading unit in Delhi. The company has entered into new business of manpower consulting. JHP provides the skilled and technical employees to the different government departments. The company attains the contracts through tendering and bidding and provides the employees on its on pay rolls. JAIPRAKASH ASSOCIATES: Homebuyers Pin Hopes on Adani Plan --------------------------------------------------------- The Economic Times reports that homebuyers, who have been waiting for possession of Jaiprakash Associates Limited (JAL) properties booked 15 years ago, are hoping for a quick resolution after the Supreme Court refused to stay the implementation of the Adani Group's INR14,500 crore debt resolution plan. According to ET, the association of homebuyers said that the legal case has continued for long and they want the Adani Group to complete the projects as per the resolution plan. ET relates that the approved plan offers buyers a choice of home delivery within two years or a refund, aiming to resolve one of India's largest bankruptcy cases. About JAL Jaiprakash Associates Ltd (JAL) is the flagship company of the Jaypee group and is engaged in engineering and construction, cement, real estate and hospitality businesses. JAL was one of the leading cement manufacturers with an installed capacity of ~28 million tonnes per annum (mtpa) and under implementation capacity of ~5 mtpa on a consolidated basis as on March 31, 2018. JAL is also engaged in the construction business in the field of civil engineering, design and construction of hydro-power, river valley projects. JAL is also undertaking power generation, power transmission, real estate, road BOT, healthcare and fertilizer businesses through its various subsidiaries/SPVs. JAL featured in Reserve Bank of India's second list of at least 26 defaulters with which it wants creditors to start the process of debt resolution before initiating bankruptcy proceedings. In September 2018, ICICI Bank had filed an insolvency petition against JAL under Section 7 of IBC, claiming a default of more than INR16,000 crore. On June 3, 2024, the Allahabad bench of National Company Law Tribunal (NCLT) admitted the insolvency plea filed by ICICI Bank. The tribunal also appointed Bhuvan Madan as Interim Resolution Professional of JAL after suspending the board of the company. Bhuvan Madan is the resolution professional (RP) for the JAL. SBI has also moved NCLT against JAL, claiming a total default of INR6,893.15 crore as of Sept. 15, 2022. MUTHUS GOLDEN: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Muthus Golden Rice Products Private Limited (MGRPPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.5 CRISIL D (Issuer Not Cooperating) Term Loan 2.2 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MGRPPL 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 MGRPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MGRPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MGRPPL continues to be 'Crisil D Issuer not cooperating'. MGRPPL incorporated on August 8, 2015, mills non-basmati rice from paddy. MGRPPL took over the operations of Sri Ram Modern Rice Mill (SRMRM), a partnership firm. Mr. P Venkatesa Prasadh and Mr. A Perisamy, who earlier were partners in SRMRM, are now MGRPPL's directors. They have been in this line of business since 1976. The company markets its products under the brand, Royal. R. P. STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of R. P. Steel Industries (RP Steel) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL D (Issuer Not Cooperating) Letter of Credit 10 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RP Steel 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 RP Steel, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RP Steel is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RP Steel continues to be 'Crisil D/Crisil D Issuer not cooperating'. RP Steel was set up in 1984, by Mr Purushotam Agarwal. It trades in iron and steel long products such as rounds, billets, blooms, pig iron, wire rods, thermo-mechanically treated bars/rebars, and imported scrap. R.B. RUNGTA: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of R.B. Rungta Steels and Food Products Private Limited (RBSFPPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.25 CRISIL B/Stable (ISSUER NOT COOPERATING) Proposed Fund- 0.25 CRISIL B/Stable (ISSUER NOT Based Bank Limits COOPERATING) Term Loan 2.00 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with RBSFPPL 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 RBSFPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RBSFPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RBSFPPL continues to be 'Crisil B/Stable Issuer not cooperating'. RBSFPPL, incorporated in 1985 and based in Durg, Chhattisgarh, is owned and managed by the Rungta family. The company processes and sells wheat products such as maida, sooji, atta, and bran. It had been operating a steel rolling mill until 2002, and commenced wheat processing from May 2015. RUBY FASHION: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Ruby Fashion Textile (RFT) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.95 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.75 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 30, 2025, placed the rating(s) of RFT under the 'issuer non-cooperating' category as RFT had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RFT continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 16, 2025, December 26, 2025, January 5, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Ruby Fashion Textiles (RFT) was established as a proprietorship firm in 2002 by Mr. S.P. Suresh Kumar. The firm is engaged in manufacturing nylon net fabric. Till FY 2019 the firm used to derive its revenue from execution of local Job works orders received. Since September 2019 Ruby Fashion Textiles has changed its nature of operations from executing job work orders to a fullfledged manufacturing concern with an installed capacity of 2 tonnes per day. There are over 27 somet thema rapier loom machines installed at the plant site, funded by the term loan of INR4.95 Crores. SAHA INFRATECH: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Saha Infratech Private Limited (SIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non Convertible 160.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under issuer not cooperating Rationale and key rating drivers CARE had, vide its press release dated March 29, 2019; placed the rating of SIPL under the 'issuer non-cooperating' category as SIPL had failed to provide information for monitoring of the rating. SIPL continues to be noncooperative despite repeated requests for submission of information through e-mails dated March 05, 2026, March 10, 2026, and March 15, 2026. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders, and the public at large are hence requested to exercise caution while using the above rating. Analytical approach: Standalone Detailed description of key rating drivers: At the time of last rating on April 9,2025, the following were the rating strengths and weaknesses. Key weaknesses * Ongoing Delays in Debt Servicing: The company has defaulted in debt servicing of the interest payments due on December 30, 2018, due to tight liquidity position. * Subdued industry scenario: The real estate sector has been grappling with issues such as unsold inventory, delayed delivery, and financial stress on the developers for quite some years now and post demonetisation; due to higher liquidity the buyers have deferred their purchases as they are expecting the borrowing rates to come down. However, with the introduction of Real Estate regulation and Development Act (RERA) and GST (Goods and Services Tax), the residential real estate sector is on the path of transformation with modified rules and mandatory approvals which will enhance the transparency and customers' trust in the sector but also add additional burden on the developers which might hamper the sentiments of the market. Saha Infratech Private Limited (SIPL) was incorporated in 2011 and is promoted by Mr. Aniel Kumar Saha (Chairman & Managing Director) who is a professional architect and holds a degree of Master of Architecture. He has over 30 years of experience in real estate development. Mr. Ashok Kumar Sirohi (Joint Managing Director) has experience of over a decade in real estate sector and is responsible for making strategic decisions for the company. SIPL was engaged in real estate development and construction of residential group housing projects working to deliver its two maiden real estate projects; both of them located in Noida (Uttar Pradesh). SATKAR PAPERS: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Satkar Papers Mills Private Limited (SPMPL) continue to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.00 CRISIL B/Stable (Issuer Not Cooperating) Term Loan 7.11 CRISIL B/Stable (Issuer Not Cooperating) Term Loan 3.11 CRISIL B/Stable (Issuer Not Cooperating) Term Loan 0.92 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SPMPL 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 SPMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SPMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SPMPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in May 1989 and promoted by Mr. Gurmit Singh, Mr. Gagandeep Singh, and Mr. Avnit Singh, SPMPL manufactures kraft paper at its existing unit in Ludhiana and is setting up another kraft paper plant for enhancing its production capacities. SHANKARRAO PAWAR: CRISIL Keeps D Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shankarrao Pawar Seat Corner (SP) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL D (Issuer Not Cooperating) Proposed Long Term 11 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Proposed Overdraft 25 CRISIL D (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with SP 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 SP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SP continues to be 'Crisil D Issuer not cooperating'. SP, set up in 1968, is a Pune-based firm that manufactures seat covers and other accessories; it also trades in seat accessories and seats. Mr Rajesh Pawar and Mr Amar Pawar are the promoters. SHIVA SPECIALITY: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Shiva Speciality Yarns Limited (SSYL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 69.89 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated February 10, 2025, placed the rating(s) of SSYL under the 'issuer non-cooperating' category as SSYL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSYL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 27, 2025, January 6, 2026, and January 16, 2026, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Shiva Speciality Yarns Limited (SSYL), formerly known as Punjab Cotspin Limited, was incorporated in 2005. The company was promoted by the Singla family of Ludhiana and was engaged in the manufacturing of cotton yarn at its production facilities in Bhatinda, Punjab. It was subsequently acquired by the 'Shiva' Group in November 2007. The product profile was changed to include synthetic yarns. Currently, SSYL manufactures mainly dyed polyester spun yarn, blended spun yarn and knitted cloth. It also engages in trading of polyester fibres. SINGRAULI FINLEASE: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Singrauli Finlease Private Limited (SFPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 5.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated January 28, 2025, placed the rating(s) of SFPL under the 'issuer non-cooperating' category as SFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 14, 2025, December 24, 2025, January 3, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Varanasi-based, Singrauli Finlease Private Limited (SFPL) was incorporated in August 1996. SFPL is engaged in the trading of coal. The company trades in industrial grade of coal, which is used by brick manufacturing units and as fuel in boilers in industries. SFPL is promoted by Mr. Ratan Singh and Mrs. Arti Singh in the capacity of directors. SOVA STORES: Liquidation Process Case Summary --------------------------------------------- Debtor: Sova Stores & Spares Private Limited 37, Shakespeare Sarani, S.B Tower, Kolkata - 700017 Liquidation Commencement Date: March 24, 2026 Court: Court: National Company Law Tribunal, Kolkata Bench Liquidator: Narayan Agarwal Flat No. 405, Block-Marina, Siddha Eden Lake Ville, 561 Bonhooghly Arable Lane, Bonhooghly ISI, North 24 Parganas, West Bengal, 700108 Email: narayan4379@rediffmail.com cirp.sovastores@gmail.com Last date for submission of claims: April 23, 2026 SUKH SAGAR: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sukh Sagar Motors Private Limited (SSMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.48 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 22, 2025, placed the rating(s) of SSMPL under the 'issuer non-cooperating' category as SSMPL had failed to provide information for monitoring of the rating and as agreed to in its Rating Agreement. SSMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 8, 2025, December 18, 2025, December 28, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Sukh Sagar Motors Private Limited (SSMPL, CIN: U34100MP2008PTC020216), incorporated in the year 2008, is promoted by Mr Amandeep Singh Khanna and family members. The company has entered into an authorized dealership agreement with Tata Motors Limited (TML) for sales and service of passenger cars along with sale of spare parts in Jabalpur, Madhya Pradesh. SSMPL's revenue sources include sale of vehicles and their spare parts, service income, target incentive from TML and commission from financers. UNIVERSAL ASSOCIATES: CRISIL Keeps D Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Universal Associates (UAS) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 7 CRISIL D (Issuer Not Cooperating) Bank Guarantee 1.5 CRISIL D (Issuer Not Cooperating) Cash Credit 11.5 CRISIL D (Issuer Not Cooperating) Cash Credit 1.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with UAS 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 UAS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on UAS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of UAS continues to be 'Crisil D/Crisil D Issuer not cooperating'. UAS was set up in 1987 as a partnership concern. The firm undertakes civil construction works with road construction being its main revenue contributor. Based in Bhavnagar (Gujarat), it undertakes contracts for departments of the Gujarat government in and around the Bhavnagar region. It has 'Class AA' certification for road construction. The firm is managed by Mr. Rajnikant Patel and his son, Mr. Bhavik Patel. UNIWORLD SUGARS: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Uniworld Sugars Private Limited (USPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 60.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated February 3, 2025, placed the rating(s) of USPL under the 'issuer non-cooperating' category as USPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. USPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 20, 2025, December 30, 2025, January 9, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable USPL is an equal joint venture between ED & F Man Sugar Netherlands BV (EDF), one of the largest commodity traders in the world markets and Simbhaoli Sugars Limited (SSL), having one of the largest sugar refineries in India. USPL is engaged in refinery operations which processes raw sugar into white refined sugar though ION exchange process and sells its product under the brand name "Tiger". SSL and EDF formed a joint venture to set up a manufacturing facility at the port of Kandla, Gujarat. VASHU YARN: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Vashu Yarn Mills India Private Limited (VYPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9.32 CRISIL D (Issuer Not Cooperating) Letter of Credit 1 CRISIL D (Issuer Not Cooperating) Term Loan 4.68 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with VYPL 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 VYPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VYPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VYPL continues to be 'Crisil D Issuer not cooperating'. Set up in 2003, VYPL manufactures cotton yarn. Its facility in Vijayamangalam, Tamil Nadu, has installed capacity of 18,000 spindles. The company also generates wind power, and has installed capacity of 2.35 megawatt. VEGA INFRASTRUCTURES: CRISIL Keeps B Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Vega Infrastructures (VGI) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 14.75 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with VGI 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 VGI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VGI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VGI continues to be 'Crisil B/Stable Issuer not cooperating'. VGI operates a 0.8 lakh square feet commercial mall named City Centre Mall in Pathankot. VGI was established in 2009 as a partnership firm and was reconstituted as a proprietorship firm in 2016. It develops commercial real estate in Punjab. Its daily operations are managed by Mr Vikas Gupta. VENKHATASRINIVASA: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of VenkhataSrinivasa Infracon Private Limited (VSIPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 6.0 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.4 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with VSIPL 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 VSIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VSIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of VSIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2011, VSIPL is a sub-contractor and undertakes projects in the civil construction segment, primarily earthwork excavations (in open area, tunnel area, etc). Based in Visakhapatnam (Andhra Pradesh), VSIPL is promoted by Mr. Siddareddy Udaya Sridhar Reddy, Mr. Mudi Vikranth Reddy and Mr. Siddareddy Vijaya. VIJAY DIAM: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Vijay Diam (VD) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Export Packing 5 Crisil B/Stable (Issuer Not Credit Cooperating) Proposed Long Term 5 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with VD 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 VD, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VD is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VD continues to be 'Crisil B/Stable Issuer not cooperating'. VD was set up as a partnership firm between Mr Vijay Babulal Shah, Seema Vijay Shah and Sherwood Commercials Pvt Ltd. in 2012. It manufactures and exports polished diamonds. VRC AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of VRC Agro Farms Private Limited (VRC) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.7 CRISIL D (Issuer Not Cooperating) Proposed Long Term 3.3 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with VRC 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 VRC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VRC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VRC continues to be 'Crisil D Issuer not cooperating'. Set up in 1994 as a proprietorship firm (Kanneganti Sea Foods) in Hyderabad, Telangana by Mr K Ramakrishna and reconstituted as a private limited company in 2011, VRC cultivates and trades prawns. VSC INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of VSC Infra Private Limited (VSC) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 5.05 CRISIL D (Issuer Not Cooperating) Bank Guarantee 4.06 CRISIL D (Issuer Not Cooperating) Bank Guarantee 2.95 CRISIL D (Issuer Not Cooperating) Cash Credit 2 CRISIL D (Issuer Not Cooperating) Cash Credit 3 CRISIL D (Issuer Not Cooperating) Proposed Bank 0.94 CRISIL D (Issuer Not Guarantee Cooperating) Crisil Ratings has been consistently following up with VSC 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 VSC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VSC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of VSC continues to be 'Crisil D/Crisil D Issuer not cooperating'. VSC, incorporated in July 2008 at Hyderabad, undertakes power construction projects; drilling and blasting for rock excavation; lift irrigation projects; branch canals; earth work; excavation; embankment; structures of printed circuit board; track conversion in railways; and construction of embankment of dam project. Revenue is majorly generated from executing construction work for the Indian Railways and the Government of Telangana. =============== M A L A Y S I A =============== PHARMANIAGA: Proposes 5-for-1 Share Consolidation After PN17 Exit ----------------------------------------------------------------- The Malaysian Reserve reports that Pharmaniaga Bhd has proposed a five-for-one share consolidation to lift its stock out of the penny-share range and strengthen its capital structure following its exit from PN17 status in March 2026. According to The Malaysian Reserve, the move would raise the stock's theoretical price to MYR1.225 from 24.5 sen and cut its share base from 6.56 billion to about 1.31–1.32 billion shares. The consolidation aims to create a more manageable share base, reduce volatility, and improve net assets and earnings per share. Pharmaniaga completed a MYR520 million capital reduction and fundraising exercise earlier this year, exiting PN17 after being classified as financially distressed in 2023 due to a MYR552.3 million Covid-19 vaccine stock impairment, The Malaysian Reserve says. The company has remained profitable for two years, posting MYR48.51 million net profit in FY2025, with revenue rising 8.1% to MYR3.93 billion. The Malaysian Reserve relates that the consolidation is subject to Bursa Malaysia and shareholder approvals, with completion targeted by the second quarter of 2026 Pharmaniaga Berhad is an investment holding company. The Company is principally engaged in the research and development, manufacturing of generic drugs and medical devices, logistics and distribution, sales, and marketing, as well as community pharmacy. ===================== N E W Z E A L A N D ===================== BIG DADDY'S: Debt Trail Swells to NZD1.8 Million, Liquidator Says ----------------------------------------------------------------- Stuff.co.nz reports that the trail of debt left by a collapsed liquor empire is NZD1 million more than first thought, while its controversial head has gone to ground after scrutinised store sales he organised fell through. According to Stuff, Hardeep Singh is the man behind Big Daddy's - a chain of booze shops mostly in Christchurch that are no longer, after its overarching company was liquidated over unpaid lease obligations. It has been a challenging few months for the controversial businessman, who resides in a NZD4 million mansion on the outskirts of the city with his wife Gauravjot Kaur (known also as Sonia Singh and Sonia Kaur, who has recently circulated real estate business cards). Earlier this year, the pair had a Labour Inspectorate complaint made against one of their companies over the alleged underpayment of staff, Stuff recalls. The inspectorate has since confirmed the complaint will not be investigated further due to a lack of evidence, but would be kept on record. It is the sixth known Labour Inspectorate complaint made against the couple's companies. Meanwhile, the debt left by Big Daddy's Ltd's collapse is now estimated at more than NZD1.8 million - a million dollars more than first thought when liquidator Brenton Hunt issued his first report late last year, Stuff discloses. The former Big Daddy's flagship store on Blenheim Rd is tied to another company run by Mr. Singh and has survived. It has recently rebranded to a Black Bull Liquor store. In his latest report, Mr. Hunt said three Big Daddy's store sales made shortly prior to the liquidation - which the liquidator previously said he was scrutinising - did not go ahead for "various issues," Stuff relays. The stores are understood to be in Rangiora, Sydenham and Hillmorton. The liquidation had recouped and sold NZD24,000 worth of equipment. Mr. Singh "refuted" that the equipment belonged to the company, Mr. Hunt said. Investigations into the director's actions were continuing, particularly to determine if there had been breaches of the Companies Act, the report, as cited by Stuff, noted. The bulk of the debt is owed to unsecured creditors, who are not expected to be paid. Staff of the liquor stores are owed NZD35,000. Stuff understands that the latest Labour Inspectorate complaint made earlier this year relates to the running of a Christchurch restaurant, and the alleged underpayment of two chefs on work visas from India. It was made against Karman Enterprises Ltd, of which Mr. Singh's wife is sole director. He was removed from directorship late last year. The couple are both shareholders. This week, Jeanie Borsboom, Labour Inspectorate manager, said the complaint did not meet the threshold for an investigation. "The information was provided anonymously and was assessed as unlikely to result in sufficient evidence to support formal investigative action," Stuff quotes Ms. Borsboom as saying. "[It] has been retained for future reference. Should further similar complaints be received it will be reassessed and may lead to a future compliance check." Big Daddy’s Ltd went into liquidation in September 2025. GRAYS AUCTIONS: Creditors' Proofs of Debt Due on May 15 ------------------------------------------------------- Creditors of Grays Auctions Limited are required to file their proofs of debt by May 15, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 1, 2026. The company's liquidator is: Kare Johnstone McGrathNicol Level 17 41 Shortland Street Auckland HENLYN ELECTRICAL: Creditors' Proofs of Debt Due on April 28 ------------------------------------------------------------ Creditors of Henlyn Electrical Limited are required to file their proofs of debt by April 28, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 1, 2026. The company's liquidator is: Digby John Noyce RES Corporate Services Limited PO Box 301890 Albany Auckland 0752 JAAP TRANSPORT: Court to Hear Wind-Up Petition on April 23 ---------------------------------------------------------- A petition to wind up the operations of Jaap Transport Limited will be heard before the High Court at Auckland on April 23, 2026, at 10:00 a.m. Partners Finance Limited filed the petition against the company on Feb. 26, 2026. The Petitioner's solicitor is: David Andrew Bleier Thomas Dewar Sziranyi Letts Level 6, 45 Knights Road Lower Hutt 5010 TD CONSTRUCTION: Creditors' Proofs of Debt Due on May 18 -------------------------------------------------------- Creditors of TD Construction Limited and Briony Bars Limited are required to file their proofs of debt by May 18, 2026, to be included in the company's dividend distribution. TD Construction commenced wind-up proceedings on March 26, 2026. Briony Bars Limited commenced wind-up proceedings on April 1, 2026. The companies' liquidators are: Iain McLennan Steve Farquhar Daniel Zhang c/o McDonald Vague Limited PO Box 6092 Victoria Street West Auckland 1142 UNITED SCAFFOLDING: Enters Voluntary Administration --------------------------------------------------- Stuff.co.nz reports that a Kiwi scaffolding company has entered voluntary administration after the collapse of its overseas parent company. United Scaffolding Group, which has its headquarters in Dunedin, operates seven branches around New Zealand. Recent high profile projects include Wyndham Garden Christchurch City Hotel, Auckland's Ryman retirement project in Auckland and the Mataura Valley Milk Plant, near Gore. The New Zealand arm was a division of Waco Australasia, which collapsed earlier this week impacting ten companies and 650 staff, The Daily Mail reported, Stuff relays. On April 8, the company entered voluntary administration, according to the New Zealand Companies office. Comment from the company was referred to the administrator. Stuff relates that Kare Johnstone of McGrathNicol, said the focus was to allow the company to continue to trade while a sale process was underway. The company's website noted that United Scaffolding was first established in 1972, and was later acquired by the Sydney-based group, which traded as Waco Kwikform Ltd, Star Scaffolds and United Scaffolding Group, with its parent company based in South Africa. WONDER WATER: Court to Hear Wind-Up Petition on April 23 -------------------------------------------------------- A petition to wind up the operations of Wonder Water Limited will be heard before the High Court at Auckland on April 23, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on March 2, 2026. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 ===================== P H I L I P P I N E S ===================== MELOT'S CATERING: SEC Orders Shutdown Over Illegal Investment ------------------------------------------------------------- INQUIRER.net reports that the Securities and Exchange Commission (SEC) has issued a cease and desist order against Melot's Catering Services for illegally soliciting investments from the public. In an order dated March 14, the SEC's enforcement and investor protection department directed the firm, its owner Mary Rose Reales Ceprino and its agents to immediately stop offering unregistered securities, INQUIRER.net relays. According to INQUIRER.net, the SEC ordered these entities to take down online materials related to the scheme and cease any business transactions involving investor funds held in bank accounts. INQUIRER.net says the regulator further barred the group from transferring or disposing of assets, including bank deposits, to preserve funds for affected investors. The action followed reports that the company had been inviting the public to invest in its supposed kitchen expansion and renovation projects. Based on its investigation, the SEC found that Melot's Catering was not registered as a corporation or partnership and had no license to sell securities, INQUIRER.net relays. INQUIRER.net adds that the scheme involved offering investment contracts through social media, requiring a minimum placement of PHP50,000 with a promised return of 10 percent monthly over six to 12 months. ================= S I N G A P O R E ================= ASPEN & CO: Court to Hear Wind-Up Petition on April 24 ------------------------------------------------------ A petition to wind up the operations of Aspen & Co Pte. Ltd. will be heard before the High Court of Singapore on April 24, 2026, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on March 31, 2026. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 CONCEPT GENIUS: Creditors' Meetings Set for April 27 ---------------------------------------------------- Concept Genius Pte. Ltd. will hold a meeting for its creditors on April 27, 2026, at 2:00 p.m., via Zoom. Agenda of the meeting includes: a. to receive a full statement of the company's affairs together with a list of creditors and the estimated amount of their claims; b. to appoint liquidators; c. to form a committee of inspection of not more than 5 members, if thought fit; and d. any other business. Mr. Lau Chin Huat and Mr. Yeo Boon Keong both of Technic Inter-Asia were appointed as provisional liquidators of the Company on April 6, 2026. ELECTRIMEC ASIA: Creditors' Proofs of Debt Due on May 11 -------------------------------------------------------- Creditors of Electrimec Asia Pacific Pte. Ltd. are required to file their proofs of debt by May 11, 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: Cheong Beng Sheng, Dean c/o Guardian Advisory Pte Ltd 531A Upper Cross Street #03-118 Hong Lim Complex Singapore 051531 KINBO CONSTRUCTION: Court to Hear Wind-Up Petition on April 24 -------------------------------------------------------------- A petition to wind up the operations of Kinbo Construction Pte Ltd will be heard before the High Court of Singapore on April 24, 2026, at 10:00 a.m. Loke Yuen Kin, Ruby filed the petition against the company on March 25, 2026. The Petitioner's solicitors are: Tan Rajah & Cheah 80 Raffles Place #47-01/02 UOB Plaza 1 Singapore 048624 SENG FA: Court to Hear Wind-Up Petition on April 24 --------------------------------------------------- A petition to wind up the operations of Seng Fa Piling Pte. Ltd. will be heard before the High Court of Singapore on April 24, 2026, at 10:00 a.m. Jak Trading Pte. Ltd. filed the petition against the company on April 7, 2026. The Petitioner's solicitors are: JC Law Asia LLC 12 Marina Boulevard #17-01, Marina Bay Financial Centre Tower 3 Singapore 018982 ********* 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 ***