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260415.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, April 15, 2026, Vol. 29, No. 75 Headlines A U S T R A L I A 20TWENTY COMMUNICATIONS: First Creditors' Meeting Set for April 20 ADCON VIC: ATO Blocks Rescue Deal for Danny Isaac-linked Companies BANG ENERGY: First Creditors' Meeting Set for April 17 CIVIL FABRICATION: First Creditors' Meeting Set for April 20 DAVID REID: Franchise Rescued Out of Liquidation KWIKFORM ACQUISITION: First Creditors' Meeting Set for April 17 LANCE MECHANICS: First Creditors' Meeting Set for April 20 SYDNEY EDUCATIONAL: 2SER Could Shutter in July as Funds Run Out C H I N A CHINA EVERGRANDE: Founder Hui Ka-yan Pleads Guilty in Fraud Trial ZHONGZHI ENTERPRISES: Court Orders Bankruptcy Liquidation for Group I N D I A ALCHEMIST HOSPITALS: CARE Cuts Rating on INR44.60cr LT Loan to B AMBICO EXPORTS: CARE Keeps D Debt Ratings in Not Cooperating AQUA FIBER: CARE Keeps B- Rating on INR32cr Long Term Loan ARETE INSTITUTE: CARE Lowers Rating on INR100cr LT Loan to B+ AROWANA EXPORTS: CARE Keeps D Debt Rating in Not Cooperating DKM AGENCIES: CARE Keeps D Debt Ratings in Not Cooperating Category ECOMOTEL HOTEL: CARE Keeps D Debt Rating in Not Cooperating FRONTIER PROTECTIVEWEAR: CRISIL Reaffirms B INR3.78cr Loan Rating GMR RAJAHMUNDRY: CARE Keeps D Debt Ratings in Not Cooperating IND BARATH: CARE Keeps D Debt Rating in Not Cooperating Category INDIAN PERIPHERAL: CRISIL Assigns B+ Rating on INR1cr Cash Loan JD HARDSCAPES: CARE Raises Rating on INR29.14cr LT Loan to B+ KARVY DIGIKONNECT: CRISIL Lowers Rating on INR20cr Cash Loan to D LAKSHMI ENGINEERING: CRISIL Reaffirms B+ Rating on INR10cr Loan NEW PASHCHIM: CRISIL Lowers Rating on INR45cr Cash Loan to B+ PACIFIC GARMENTS: CARE Keeps B- Ratings in Not Cooperating Category PINK CITY: CARE Keeps D Debt Rating in Not Cooperating Category RAWALWASIA TEXTILE: CARE Cuts Rating on INR13cr LT/ST Loans to B- SECUREKLOUD TECH: CARE Reaffirms D Rating on INR15.42cr Loan SHAPOORJI PALLONJI: Seeks to Delay Paying US$1.5 Billion of Debt SHIVMANI EXPORTS: CARE Lowers Rating on INR0.40cr LT Loan to B SIDDI RAMESHWAR: CARE Lowers Rating on INR40cr LT Loan to B+ SUPREME MANOR: CRISIL Keeps D Debt Ratings in Not Cooperating T.C. MOTORS: CARE Keeps B- Debt Rating in Not Cooperating Category TTK CONSTRUCTION: CARE Lowers Rating on INR30cr LT Loan to B UMACHI FOODS: CRISIL Keeps D Debt Rating in Not Cooperating VISAKHA FOODS: CARE Keeps C Debt Rating in Not Cooperating VIZEBH COMPOSITECH: CARE Keeps D Debt Rating in Not Cooperating J A P A N NISSAN MOTOR: CEO Ivan Espinosa Plans 20% Reduction in Models N E W Z E A L A N D CBL CORPORATION: FMA Agrees to Settle IPO Proceeding With Director ISTAR MANAGED: Creditors' Proofs of Debt Due on May 8 SPAS DIRECT: Court to Hear Wind-Up Petition on April 30 SPEED POWER: Court to Hear Wind-Up Petition on May 7 TC STEEL: Creditors' Proofs of Debt Due on May 11 ZENSCAPE LIMITED: Creditors' Proofs of Debt Due on May 8 S I N G A P O R E ACROPHYTE HOSPITALITY: Auditors Raise Going-Concern Doubts EVO AMUSEMENT: Court to Hear Wind-Up Petition on May 8 FLORAL BOTCHAN: Creditors' Proofs of Debt Due on May 15 GREENARC 88: Creditors' Proofs of Debt Due on May 15 SWIFT TECH: Court to Hear Wind-Up Petition on May 8 TE JAPAN: Creditors' Proofs of Debt Due on May 15 - - - - - ================= A U S T R A L I A ================= 20TWENTY COMMUNICATIONS: First Creditors' Meeting Set for April 20 ------------------------------------------------------------------ A first meeting of the creditors in the proceedings of 20twenty Communications Pty Ltd (trading as Bannerworld Online, Selfie Frame Online, Wollongong Printing) will be held on April 20, 2026, at 10:30 a.m. via Teleconference. Desmond Byron of Business Reset was appointed as administrator of the company on April 9, 2026. ADCON VIC: ATO Blocks Rescue Deal for Danny Isaac-linked Companies ------------------------------------------------------------------ Bianca Mulheron at Skynews.com.au reports that Danny Isaac's troubled construction empire has suffered another blow, with a court terminating a rescue deal for three companies linked to the Descon-Adcon group and paving the way for a deeper investigation into its finances. The Federal Court last month axed the deal accepted by creditors in 2024, finding it had effectively collapsed under Mr. Isaac's watch, Skynews.com.au relays. According to Skynews.com.au, the ruling opens the door for liquidators to probe the group's finances, including AUD108 million in unexplained missing assets and claims that company records were destroyed in the 2022 Brisbane floods. The three companies – Adcon VIC, Adcon ACT and Adcon Logistics – entered administration in 2024 owing more than AUD11 million to the Australian Taxation Office, part of a broader AUD238 million tax debt across the Descon-Adcon empire of more than 10 companies. Over more than a decade, the group secured major civil infrastructure work - including train station projects in Melbourne, as well as large-scale residential towers in Brisbane, Sydney and on the Gold Coast worth up to AUD1 billion each. Skynews.com.au says the latest court action comes just months after the ATO failed in its bid to bankrupt Mr. Isaac, who moved to Dubai in 2023, with that case dismissed late last year. Mr. Isaac rebuilt a billion-dollar construction business after an earlier bankruptcy by moving states and changing his name, having previously been known as Sami Adib. He claimed he did not know he was bankrupt in Western Australia under his former name. Creditors in 2024 voted in favour of a deed of company arrangement to revive the three Adcon entities proposed by Mr. Isaac, Skynews.com.au recalls. But court documents, reported by The Courier-Mail, revealed lender BusiFund largely drove the proposal through despite receiving no direct benefit or payout from it. BusiFund also funded Mr. Isaac's AUD5 million contribution to the deed, in what the ATO described as an "obscure" relationship. Skynews.com.au relates that the vote to approve the deal for Adcon Logistics was also bolstered by insider support, with three of the six creditors who backed it including Mr. Isaac and other companies where he was the sole director. The court heard Mr. Isaac later stopped communicating and repeatedly breached the terms of the deal, including defaulting on required quarterly instalments, Skynews.com.au relays. His September 2025 payment was late, while the December 2025 and March 2026 instalments were missed entirely. He also failed to provide meaningful assistance to the deed administrators, with the companies' accountants claiming all records had been "destroyed" in the 2022 Brisbane floods. At the same time, about AUD108 million in property, plant and equipment disappeared from Adcon VIC's accounting records without explanation. "The Commissioner submits that the court should infer that the (deal) is being used as a vehicle to keep investigations and recovery action at bay," the court judgment reads. The ATO applied in July last year to terminate the deal and wind up the companies, a move supported by deed administrators Andrew McCabe and Christopher Johnson of Wexted Advisors, according to Skynews.com.au. Skynews.com.au relates that Mr. Isaac filed written defences arguing creditors, not the court, should decide whether the deal should be terminated, and that they would be better off under the proposal because it prevented BusiFund from claiming part of the funds in a liquidation. His legal team withdrew from the case two weeks before the final hearing. Skynews.com.au adds that Justice Moore said there was little point preserving an arrangement that only served to block proper scrutiny. The judge also noted BusiFund was a secured creditor, meaning its rights to deal with its security interest were unaffected by the deed. The court terminated the deal on March 26, ordered the companies be wound up, and appointed liquidators with full investigative powers. David Michael Stimpson and Michael Carrafa of SV Partners were appointed as administrators of the company on May 21, 2024. BANG ENERGY: First Creditors' Meeting Set for April 17 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Bang Energy (Australia) Pty Ltd will be held on April 17, 2026, at 10:30 a.m. at the offices of Teneo Financial Advisory Australia Pty Ltd, at Suite 2, Level 20, 60 Castlereagh Street, in Sydney, NSW and via virtual technology. Adam John Colley and Andrew John Scott of Teneo were appointed as administrators of the company on April 7, 2026. CIVIL FABRICATION: First Creditors' Meeting Set for April 20 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Civil Fabrication Pty Ltd will be held on April 20, 2026, at 3:00 p.m. via teleconference. Edwin Narayan and Mitchell Ball of Mackay Goodwin were appointed as administrators of the company on April 8, 2026. DAVID REID: Franchise Rescued Out of Liquidation ------------------------------------------------ The Courier Mail reports that David Reid Homes Australasia, a high-end national residential building franchisor, has officially emerged from liquidation following its purchase by a new owner. The Courier Mail relates that the company was acquired by Matt Jackson, a former external marketing consultant for the brand, for an undisclosed sum. Under the new leadership, nine out of the original twelve franchisees have remained with the business, the report relays. The Courier Mail says a primary focus of the recovery plan is replacing "old school" management methods - such as a reliance on Excel spreadsheets—with updated systems and technology to better manage rising material costs. David Reid Homes Australasia entered voluntary liquidation in November 2023. KWIKFORM ACQUISITION: First Creditors' Meeting Set for April 17 --------------------------------------------------------------- A first meeting of the creditors in the proceedings of: - Kwikform Acquisition Holdings Pty Limited; - Waco Kwikform Limited (trading name: Star Scaffolds); - Kwikform Labour Services Pty Ltd; - Star Labour Services Pty Ltd; - Waco Kwikform Leasing Pty Limited; - Kwikform Industrial Services Pty Limited; - Kwikform Maintenance Services Pty Limited; - Star NewCo Pty Limited; and - Star Res Pty Ltd will be held on April 17, 2026, at 9:00 a.m. via virtual meeting. Melissa Joy Smith, Damien Mark Pasfield, Jason Preston of McGrathNicol were appointed as administrators of the company on April 7, 2026. LANCE MECHANICS: First Creditors' Meeting Set for April 20 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Lance Mechanics Pty Ltd atf Lance Family Trust will be held on April 20, 2026, at 12:00 p.m. via Microsoft Teams Meeting. Stephen Dixon of HM Advisory was appointed as administrator of the company on April 8, 2026. SYDNEY EDUCATIONAL: 2SER Could Shutter in July as Funds Run Out --------------------------------------------------------------- The Sydney Morning Herald reports that Sydney community broadcaster 2SER could close its doors after more than 45 years, having failed to secure rescue funds after one of its two main financial backers walked away from the radio station last year. The radio station operates out of University of Technology Sydney (UTS) premises. Station manager Cheryl Northey told staff on April 14 the failure to replace the funding previously provided by Macquarie University was detrimental, and that the station could shutter as soon as July, SMH relays. According to SMH, Ms. Northey explained a range of options for the broadcaster in an email to staff on April 14, though privately has insisted to colleagues she is working with the station's board to secure alternate funding or other avenues to ensure the survival of the long-running station. 2SER has been the breeding ground for many high-profile journalists and radio stars. While the announcement was made to staff, three sources with knowledge of the matter, not authorised to speak publicly, said other universities such as the University of NSW and Sydney University weren't approached to replace the shortfall until a month ago, even though Macquarie had pulled out in September, SMH relays. Macquarie's decision in September should have raised alarm bells, but funding prospectuses weren't sent through to potential new partners until mid-March, with a March 31 deadline, one source, as cited by SMH, said. University grant applications and approval processes usually take months. Ms. Northey has been contacted for comment. Owned and funded by two Sydney universities, UTS and Macquarie, 2SER is based in the former's Ultimo campus next to the ABC's headquarters, SMH says. High-profile alumni include ABC personality and former announcer Robbie Buck, Labor minister Tanya Plibersek, who studied journalism at UTS, former ABC Sydney station manager Steve Ahern, former ABC journalist Michael Rowland and former Triple J content director Richard Kingsmill. Community radio, alongside other university-funded programs, has suffered in recent years for several reasons, including international student fees drying up. SMH relates that Ms. Northey told staff that she and the board had explored the option of securing one or more new university partners, though it has become clear that "we now need to carefully consider alternative long-term models that could provide the stability the station needs". Other options considered include transferring the broadcast licence to another not-for-profit community interest group that could operate on a lower-cost basis. "Should the station close this year, which could be as early as July, 2SER must do the right thing by our staff," SMH quotes Ms. Northey as saying. "A decision to close would not be taken lightly, and work is being done to avoid that." Despite the financial constraints, 2SER's audience grew by 20 per cent in 2024, according to its annual report, and the station was buoyed by a series of minor grants by the likes of Meta and the Walkley Foundation, which contributes more than AUD200,000, SMH notes. According to SMH, Macquarie University pulled its funding of the station it co-owns in September. It had paid AUD325,000 in 2024, ahead of UTS' core funding of AUD300,435. UTS also contributes through a series of other grants, which take its total payments to just over AUD400,000 annually. Macquarie's decision "aligns with the university's responsibility to balance its core missions of education and research with long-term financial sustainability", it said in a statement last year, adding that it gave 2SER 15 months' notice to facilitate planning and transition. 2SER is a not-for-profit radio station in Sydney, New South Wales, Australia, broadcasting on the frequency 107.3 FM. It is operated by Sydney Educational Broadcasting Ltd, and co-funded by two Universities: the University of Technology Sydney and Macquarie University. It is a member of the Community Broadcasting Association of Australia. ========= C H I N A ========= CHINA EVERGRANDE: Founder Hui Ka-yan Pleads Guilty in Fraud Trial ----------------------------------------------------------------- South China Morning Post reports that China Evergrande Group's founder and former chairman Hui Ka-yan pleaded guilty to charges including embezzlement of corporate assets and corporate bribery, according to a statement issued by the Shenzhen Intermediate People's Court. The trial was held on April 13 and April 14, and the court said it would issue its judgment at a later date, the Post relates. The Post says the charges against Hui and Evergrande also included illegally absorbing public deposits, fundraising fraud, illegal loan issuance, fraudulent issuance of securities and unlawful disclosure of material information. China Evergrande Group is an integrated residential property developer. The Company, through its subsidiaries, operates in property development, investment, management, finance, internet, health, culture, and tourism markets. China Evergrande Group, the second largest real estate developer in China, and certain of its affiliates sought creditor protection in the United States under Chapter 15 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023. Evergrande, widely known as the most leveraged company in the world, and its affiliates are asking the U.S. Bankruptcy Court for the Southern District of New York for recognition of foreign proceedings as "foreign main" proceeding under Chapter 15. Evergrande is in the midst of a highly complex restructuring of around $20 billion in offshore debt. In total, the Company has more than $300 billion in liabilities. Evergrande is incorporated in the Cayman Islands as an exempted company with limited liability, with its principal place of business located at 15th Floor, YF Life Centre, 38 Gloucester Road, Wanchai, Hong Kong. It is subject to a restructuring proceeding entitled In the Matter of China Evergrande Group, concerning a scheme of arrangement between Evergrande and certain Scheme Creditors pursuant to the relevant provisions of the Hong Kong Companies Ordinance (Chapter 622 of the Laws of Hong Kong), currently pending before the High Court of Hong Kong (Case Number HCMP 1091/2023. Affiliate Tianji Holding Limited is incorporated in Hong Kong as a limited liability company, with its principal place of business located at 17th Floor, One Island East, Taikoo Place, 18 Westlands Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring proceeding entitled In the Matter of Tianji Holding Limited, concerning a scheme of arrangement between Tianji and certain Scheme Creditors, pursuant to the relevant provisions of the Hong Kong Companies Ordinance and currently pending before the Hong Kong Court (Case Number HCMP 1090/2023). Affiliate Scenery Journey Limited is incorporated in the British Virgin Islands as a limited liability company, with its principal place of business located at 2nd Floor Water's Edge Building, Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is subject to a restructuring proceeding entitled In the Matter of Scenery Journey Limited, concerning a scheme of arrangement between Scenery Journey and certain Scheme Creditors, pursuant to section 179A of the BVI Business Companies Act, 2004, and currently Pending before the High Court of the Eastern Caribbean Supreme Court (Case sNumber BVIHCOM 2023/0076). U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15 proceedings. Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji. Maples BVI is the British Virgin Island Counsel to Scenery Journey. On Jan. 29, 2024, a Hong Kong court ordered the liquidation of China Evergrande Group. ZHONGZHI ENTERPRISES: Court Orders Bankruptcy Liquidation for Group ------------------------------------------------------------------- Reuters reports that a Beijing court has ordered the liquidation of Zhongzhi Enterprise Group and more than 300 related entities, in a major step towards resolving one of China's biggest shadow banking collapses and managing systemic financial risks. Creditors have until June 10 to file their claims with the administrator, Beijing Dacheng Law Offices, according to a court statement dated on April 10, Reuters relays. According to Reuters, the court ruled ⁠that Zhongzhi and 316 affiliated firms would undergo a consolidated bankruptcy process, which means the assets and liabilities of the companies will be treated as a single pool in the proceedings. About Zhongzhi Enterprise Zhongzhi Enterprise Group Co. Ltd. operates as a diversified real estate developer. The Company develops residential and commercial areas. Zhongzhi Enterprise Group also provides trust investment, highway operation, land reserve, and reservoirs treatment services. As reported in the Troubled Company Reporter-Asia Pacific on Jan. 8, 2024, Zhongzhi Enterprise Group has filed for bankruptcy liquidation after failing to repay debt, as the firm grapples with a deepening property market downturn. Zhongzhi applied for bankruptcy on the grounds it could not pay its due debts and its assets were insufficient to pay all its debts, a court in China's capital Beijing said in a statement on Jan. 5. Reuters reported that the court said it accepted Zhongzhi's bankruptcy liquidation application in accordance with China's enterprise bankruptcy law. ========= I N D I A ========= ALCHEMIST HOSPITALS: CARE Cuts Rating on INR44.60cr LT Loan to B ---------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Alchemist Hospitals Limited (AHL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 44.60 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B+; Stable Optionally 8.93 CARE B; Stable; ISSUER NOT fully convertible COOPERATING; Rating continues debenture to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B+; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 20, 2022, placed ratings of AHL under the 'issuer non-cooperating' category as Alchemist Hospitals Limited had failed to provide information for monitoring of ratings. AHL continues to be non-cooperative despite repeated requests for submission of information through emails, phone calls and email dated February 23, 2026, March 5, 2026, March 15, 2026, and April 2, 2026, etc. In line with the extant Securities and Exchange Board of India (SEBI) guidelines, CareEdge Ratings has reviewed ratings 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 these ratings (including investors, lenders and public at large) are hence requested to exercise caution while using these ratings. While arriving at ratings of AHL, CareEdge Ratings has taken a consolidated view of AHL and Ojas Medical Services Private Limited (OMS), as both companies have common promoters, common management and operational linkages. Ratings are revised considering non-availability of requisite information due to non-cooperation by Alchemist Hospitals Limited with CareEdge Ratings' efforts to undertake a review of ratings outstanding. CareEdge Ratings views information availability risk as a key factor in its assessment of credit risk. Ratings continue to remain constrained considering modest scale of operations and fluctuating profitability margins, limited geographical reach and competition from established players in the region, risks in the healthcare industry associated with the availability and attrition of medical professionals, treatments conducted and stretched liquidity position. However, ratings continue to derive comfort from established track record of operations, regulatory approvals in place, wide range of specialty services offered & established infrastructure, moderate financial risk profile, healthy occupancy levels and growing demand for healthcare services in India. Financial and business risk profiles of AHL and OMS have been consolidated since both the entities are engaged in a similar line of business, have operational linkages, guarantee given to its subsidiary (OMS), common promoters and common management personnel. Outlook: Stable Detailed description of key rating drivers: At the time of last rating on April 9, 2025, the following were the rating strengths and weaknesses (updated for the information available from Registrar of Companies). Key weaknesses * Modest scale of operations and fluctuating profitability margins: The scale of operations of the company remained modest with a total operating income of INR341.41 crore in FY25. The same, however, increased by ~22% on account of increase in the rates of various services offered, leading to revenue growth. Further, the Profit before interest, lease rentals, depreciation and taxation (PBILDT) margins stood at 17.32% in FY25 (PY:16.99%). Profit after taxation (PAT) margins stood at 10.22% (PY: 7.72%) as on March 31, 2025. * Risks in the healthcare industry associated with the availability and attrition of medical professionals as-well-as the treatments done: Presence of qualified medical professionals such as doctors, paramedical staff and support staff is one of the important requisites of any hospital to be successful and to get continued patronage from the local population. There is an increasing level of competition and the scarcity of medical specialists in the domestic healthcare industry. Furthermore, healthcare is a highly sensitive sector where any mishandling of a case or negligence on the part of any doctor and/or staff of the unit can damage the reputation of the hospital to a large extent. In such an industry scenario, operations of hospitals like AHL are also therefore, highly dependent on the availability of qualified medical professionals and its ability to retain its current pool. * Limited geographical reach and competition from established players in the region: The company is operating a single hospital in Panchkula (Haryana). This limits the ability to tap opportunities and revenue. Further, though the hospital has an established oncology and cardiology department, it faces stiff competition from several other private hospital chains. This leads to competition not only in acquiring patients, but also in attracting medical professionals. Key strengths * Established track record of operations, regulatory approvals in place and healthy occupancy levels: The company was originally incorporated in 1994 as Kaiser Hospital Limited and operated the single hospital in Panchkula under the name 'Kaiser Hospital'. It was subsequently acquired by the current promoters in 2006 and rechristened as AHL. The company's operations are being looked after by its current director. Karan Deep Singh (son of Kanwar Deep Singh, Member of Parliament and the founder promoter of the Alchemist Group). He holds an industry experience of more than ten years and is supported by an experienced management team. The hospital has been operational for around two and a half decades now leading to an established track record in the Panchkula, Haryana region. The occupancy levels in the hospital remained healthy and and almost at the same level in H1FY22 at ~83%. The hospital holds accreditations from National Accreditation Board for Hospitals and Healthcare Providers (NABH) as well as National Accreditation Board for Testing and Calibration Laboratories (NABL). This leads to an advantage to the company in terms of attracting patients as well as medical professionals. The hospital derives most of its income each year from private patient inflow (~70% in FY21). The hospital also has tie ups with several reputed ThirdParty Administrators and private & public institutions. Further, the hospital is also empanelled under the CGHS (Central Government Health Scheme) and ECHS (Ex Servicemen Contributory Health Scheme) schemes of the government. However, on account of absence of latest information, CARE is unable to comment on the current scenario. * Established infrastructure and wide range of services offered: The 200 bedded multi-specialty hospital has medical professionals and associated infrastructure and equipment for various departments like oncology, neurology, cardiology, gynaecology etc. The hospital facilities are equipped with OPD (out-patient department) facilities, operation theatres, pathological lab, catheterization lab etc. along with technologically sound medical equipment and supporting infrastructure like Intensive Care Units, general wards, luxury rooms, blood bank, pharmacy etc. The hospital is associated with several reputed doctors as well as consultants who are supported by a qualified and experienced staff. Most of the doctors are working with the hospital are working exclusively for it, though on consultancy basis. * Moderate financial risk profile: The overall gearing marginally improved and stood 0.54x in FY25 (PY: 0.82x) mainly on account of repayment of loans. Further coverage indicators as marked by interest coverage and total debt to gross cash accruals (TD/GCA) improved in FY25 and stood at 6.52x (PY: 4.89x) and 1.75x (PY: 2.69x) respectively on account of improvement in profitability and GCA levels of the company. * Growing demand in the healthcare sector: The long-term prospect of the industry remains positive and continue to grow backed by an increase in demand for modern healthcare facilities, a rise in awareness about diseases, health consciousness among people, increase in per capita income, changing lifestyle, transition in disease profile etc. Although there is increasing competition in the sector, comfort is drawn from the sizeable presence and established position of AHL. Going forward, AHL's prospects would depend upon its ability to achieve the revenue and profitability as envisaged and will remain a key rating sensitivity. Liquidity: Stretched The current ratio and quick ratios of the company stood at 1.42x and 1.21x respectively, as on March 31, 2025. The company had free cash and bank balance of INR14.23 crore as on March 31, 2025. Assumptions/Covenants: Not applicable AHL was initially incorporated under the name Kaiser Hospitals Limited in 1994. The company operated a single hospital property under the name 'Kaiser Hospital' in Panchkula, Haryana. It was subsequently acquired by the current promoters in 2006 and rechristened as AHL. The hospital offers a wide range of services in specialty segments like oncology, cardiology, joint replacements, laparoscopic surgery, neurology and neurosurgery, paediatric surgery, endocrinology, and plastic surgery among others, and medicine and general surgery. Subsidiaries/ related parties of the company include entities of the Alchemist company including OMS, Alchemist Limited, and Alchemist Realty Limited, among others. AMBICO EXPORTS: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Ambico Exports and Imports Private Limited (AEIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 22.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated January 30, 2025, placed the rating(s) of AEIPL under the 'issuer non-cooperating' category as AEIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AEIPL 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 Ambico Exports and Imports Private Limited (AEIPL) was incorporated in the year 2004 by Patel family and is engaged in processing & trading of rough & polished diamond. The company has its registered office located at Malad and Factory located at Dahisar, Mumbai. AQUA FIBER: CARE Keeps B- Rating on INR32cr Long Term Loan ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Aqua Fiber Industries (AFI) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 32.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term 2.50 CARE A4; ISSUER NOT Bank 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 13, 2025, placed the rating(s) of AFI under the 'issuer non-cooperating' category as AFI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AFI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 30, 2025, January 9, 2026, January 19, 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 Aqua Fiber Industries (AFI) was established as a partnership firm in March 2014 by Mr. Parveen Kumar Garg and Mr. Ghanshyam Garg as its partners, sharing profits and losses equally. AFI is engaged in the manufacturing of recycled polyester staple fiber at its manufacturing facility located at District Mohali, Punjab. ARETE INSTITUTE: CARE Lowers Rating on INR100cr LT Loan to B+ ------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Arete Institute of Medical Sciences Private Limited (Arete), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 100.00 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Downgraded from CARE BB-; Stable and moved to ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd has been seeking information from Arete to monitor the ratings vide e mail communications/letters dated January 6, 2026 to March 23, 2026, and numerous phone calls. However, despite repeated requests, the company has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the ratings on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. The rating on Arete's bank facilities will now be denoted as CARE B+; Stable; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings have been revised on account of non-availability of requisite information due to non-cooperation by Arete Institute of Medical Sciences Private Limited with CARE's effort to undertake a review of the outstanding ratings as CARE views information availability risk as key factor in its assessment of credit risk profile. Analytical approach: Standalone Outlook: Stable CARE Ratings believes that the entity shall sustain its moderate financial risk profile over the medium term. Detailed description of key rating drivers: At the time of last rating on March 25, 2025, the following were the ratings weaknesses and strengths (updated for financials for FY25 available from Ministry of Corporate Affairs). Key weaknesses * Leveraged capital structure: The company's capital structure is highly leveraged due to the presence of term debt and a lower net worth base, resulting from accumulated losses. Net worth turned negative in FY25 due to continued losses. However, promoters have infused funds through unsecured loans and compulsory convertible debentures (CCDs) to support operational losses and debt repayment obligations. * Geographical concentration risk: Arete operates a single hospital, making its revenue entirely depend on one location. This concentration increases vulnerability to operational disruptions such as local infrastructure issues, natural calamities, or regulatory changes that could impact patient inflow and hospital operations. Fixed costs remain constant regardless of fluctuations in occupancy or service demand at this location, which could affect profitability from lower patient volumes. However, hospital is in Gachibowli, a major technology and business district, providing access to a large corporate and urban population. * Dependence on scarcely available qualified medical professionals: The hospital's operations depend on availability of highly qualified medical professionals, particularly in specialised fields such as orthopaedics, oncology, and neurosurgery. Given the limited pool of experienced doctors in these areas, attracting and retaining talent remains a key consideration. The hospital follows a hybrid compensation model, combining a retainer fee with fixed fees for services rendered. This structure provides financial stability for doctors aiding in the retention of experienced medical professionals * Intense Competition and Pricing Pressures: The hospital operates in a highly competitive healthcare market, facing pressure from established multi-specialty hospitals, specialty clinics, and government healthcare facilities. Competition extends to attracting patients and retaining skilled medical professionals. Pricing pressures arise due to negotiated rates with insurance providers, corporate tie-ups, and patient affordability concerns. The need to balance competitive pricing with high-quality care and operational sustainability remains a key challenge. Key strengths * Experienced and qualified promoters: The hospital is led by a team with experience in healthcare, entrepreneurship, and infrastructure development. Promoters have infused funds through unsecured loans and CCDs to support operations in the initial phase. As of December 31, 2024, unsecured loans stood at INR42.76 crore, and CCDs at INR57.70 crore. Dr Vijender Reddy Teegala (MBBS, MS Ortho, M Ch Ortho) is an orthopaedic surgeon specialising in joint replacements with experience of over 20 years and has previously worked at Apollo Hospitals and KIMS. Srinivas Chakravarthi Gutta, the Managing Director, has experience in IT consulting, healthcare diagnostics, and media. Prabhakar Raju Konda, the Executive Director, has been involved in infrastructure development and project execution, including work at ALPS Infra in railway and expressway projects. * Improving operations despite initial losses: In FY24, the company recognised a revenue of INR24.02 crore, with the hospital being operational from September 2023. For FY25, the revenue improved to INR92.69 crore, supported by an increase in occupancy rates (40% for 9MFY25, compared to 25% in FY24) and increase in O/P registrations. Given the presence of high fixed costs and the current scale of operations, the company incurred a loss of INR61.84 crore in FY25 and INR33.85 crore in FY24. However, there is support from promoters to fund the cash flow shortfall. * Experienced doctors and tie-ups with corporates: Arete has onboarded specialist doctors as consultants, including those with prior experience at hospitals such as Apollo, KIMS, and Care. Arete has tie-ups with reputed corporates such as NTPC, NMDC, ONGC, and ITC, ensuring smooth and timely collections without payment delays. The hospital does not operate under government healthcare schemes, mitigating risks related to delayed reimbursements. * Steady and non-discretionary demand for healthcare services: Healthcare is a fundamental necessity, and demand for medical services remains largely inelastic, unaffected by economic downturns. Unlike discretionary sectors, hospitals experience consistent patient footfall, driven by emergency and elective treatments. Rising awareness about preventive healthcare, an increase in non-communicable diseases such as diabetes and cardiovascular conditions, and an aging population further ensure stable long-term demand for hospitals. Liquidity: Not applicable Assumptions/Covenants: Not applicable Incorporated in 2021, Arete operates a multi-specialty hospital under the brand name Arete Hospitals. The hospital spans over 3 lakh square feet across 14 floors with a total capacity of 280 beds, of which, over 130 beds are currently operational. The hospital commenced operations in September 2023 and has onboarded senior specialist doctors as consultants from reputed institutions such as KIMS and Apollo. AROWANA EXPORTS: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Arowana Exports Private Limited (AEPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term Bank 7.00 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 30, 2025, placed the rating(s) of AEPL under the 'issuer non-cooperating' category as AEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AEPL 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 Incorporated in September 2014, as a private limited company, by Mr. Rajendra Vitthal Shinde and Mrs. Sheetal Rajendra Shinde, Arowana Exports Private Limited (AEPL) is a 100% export oriented unit and is engaged in processing and export of sea foods, majorly shrimps. The company has commenced operations from September 2014. The company exports products under the brand name of “Arowana” mainly to South Africa, Spain, Germany, Australia, Portugal, China, Hong Kong, Vietnam and Malaysia and procures fish from local fishermen operating in western and eastern coastline of India. DKM AGENCIES: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of DKM Agencies Private Limited (DAPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.30 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.20 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 DAPL under the 'issuer non-cooperating' category as DAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DAPL 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 DKM Agencies Private Limited (DKM) was incorporated in March 1999 and is currently being managed by Mr. Sachin Malik and Ms. Nainy Malik. DKM is engaged in trading of food products such as food chemicals, juices, dairy products, bakery products, frozen food, etc, at its outlet located in Ludhiana, Punjab. ECOMOTEL HOTEL: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ecomotel Hotel Limited (EHL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.65 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 EHL under the 'issuer non-cooperating' category as EHL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. EHL 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 Ecomotel Hotel Limited (EHL) is a special purpose vehicle promoted by Celebrations, a part of the Celebrations Group which operates multiple specialty theme luxury hotels and resorts in Central India and LCL, a Hindustan Construction Company Limited (HCC) group company. EHL operates a mid-priced 130 room hotel at Lavasa under the brand name 'Mercure Lavasa'. The hotel's built-up area is around 77,000 square feet with 97 standard rooms, 31 superior rooms and 2 family rooms. Also, the hotel operates four inhouse restaurants suiting different requirement of customers. The hotel is operated by AAPC Singapore PTE Limited (Mercure Hotels) who are paid 6% of gross room rent as operating fees, in addition to other fees as per agreement. FRONTIER PROTECTIVEWEAR: CRISIL Reaffirms B INR3.78cr Loan Rating ----------------------------------------------------------------- Crisil Ratings has reaffirmed its ratings on the bank loan facilities of Frontier Protectivewear Private Limited (FPPL) at 'Crisil B/Stable/Crisil A4'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.5 Crisil A4 (Reaffirmed) Cash Credit 2 Crisil B/Stable (Reaffirmed) Cash Credit 1.72 Crisil B/Stable (Reaffirmed) Cash Credit 3.78 Crisil B/Stable (Reaffirmed) The rating continues to reflect the modest scale of FPPL's operations, modest financial risk profile, and moderately intensive working capital operations. These weaknesses are partially offset by the experience of the promoters in the safety-garment manufacturing industry. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of FPPL Key Rating Drivers - Weaknesses * Modest scale of operations: Scale of operations in FY25 remains modest at INR9.76 crore. Over the years, the company has worked for government orders and has worked on its product development basis which significant orders has been received. Around INR18 crore of revenue has been recorded in the books till January 2026, and the same is expected to be around INR20 crore in FY26. Materialization of the orders is expected to significantly support revenue growth over the medium term. * Modest financial risk profile: Networth is modest at around Rs.4 crore as on March 31, 2025. Gearing of the business remained modest at around 2.7 times in FY25. Debt protection metrics of the business is expected to be around 1.6 times in the medium term. The financial risk profile of the business is expected to remain modest over the medium term. * Moderate Working Capital intensive operations: Working Capital operations of the business has remained moderately intensive. It is marked by GCA days of around 945 days in FY25. The same is primarily driven by inventory days of around 510 days in FY25. Increased working capital limits and its steady utilization is expected to support the working capital operations over the medium term. Key Rating Drivers - Strengths * Experience of the promoters: Benefits from the promoters' experience of over a decade, their strong understanding of local market dynamics, and healthy relations with customers and suppliers should continue to support the business Liquidity Stretched Bank limit utilization is moderate at around 40% in the last 12 months ending December 25. Cash accruals are expected to be around INR1-1.20 crore which are sufficient against term debt obligation of less than Rs.0.2 crore over the medium term. Current ratios are healthy at 2.1 times on March 31, 2025. Outlook Stable Crisil Ratings believes FPPL will continue to benefit from the experience of the promoters. Rating sensitivity factors Upward factors: * Moderate revenue growth along with stable operating margins resulting in accruals of around INR2.5 crore over the medium term * Efficient working capital management and no major debt funded capital expenditure adversely impacting financial risk profile Downward factors: * Significant decline in revenue along with fall in margins leading to accruals of lower than INR0.5 crore over the medium term * Intense working capital management and any major large debt funded capex plans resulting in weakening of the financial risk profile FPPL was set up as a proprietorship in 2003; it got reconstituted as a private-limited company in 2015. The company manufactures industrial safety garments catering to various industries and has a diversified product portfolio. Ms. Sweta Chaudhry and Mr. Dharam Chand Chaudhry are the promoters. GMR RAJAHMUNDRY: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of GMR Rajahmundry Energy Limited (GREL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2,419.41 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 138.02 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 24, 2025, placed the rating(s) of GREL under the 'issuer non-cooperating' category as GREL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GREL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 10, 2025, December 20, 2025, December 30, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in November 2009, GMR Rajahmundry Energy Limited (GREL) is a Special Purpose Vehicle (SPV) promoted by GMR Generation Assets Limited to set up a 768 MW (2x384 MW) gas-based Combined Cycle Power Plant (CCPP) at Vemagiri, Dist. East Godavari, Andhra Pradesh. GREL has been set up adjacent to the existing 389 MW gas-based CCPP of GMR Vemagiri Power Generation Limited, the project achieved Commercial Operations Date (COD) on October 22, 2015. IND BARATH: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ind Barath Thermotek Private Limited (IBTPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non Convertible 779.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain Under ISSUER NOT COOPERATING Category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, via its press release dated March 26, 2018, placed the rating of IBTPL under the 'issuer non-cooperating' category as IBTPL had failed to provide information for monitoring of the rating. IBTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails from February 23, 2026 to March 15, 2026. In line with the extant Securities and Exchange Board of India (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). The ratings takes into account stretched liquidity position with continued delays in debt servicing. Rating sensitivities: Factors likely to lead to rating actions: Not applicable Analytical approach: Standalone Outlook: Not applicable Detailed description of key rating drivers: At the time of last rating on April 09, 2025, the following were the rating strengths and weaknesses. Key strengths * Long track record of group in the power segment: The group has experience in successfully commissioning power projects with varied fuels like coal, gas, biomass, hydro and wind. Mr. K Raghu Ramakrishna Raju, the promoter of the Ind-Barath group, has more than 15 years of experience in the power sector. Key weaknesses * Stretched liquidity position: The cashflows of IBTPL is majorly dependent on the commencement of business operation and performance of the company; Ind Barath Energy (Utkal) Limited (IBEUL) as IBTPL was floated to provide O&M to the said company. On account of delayed project implementation of IBEUL and non-commencement of business operation, there has been no cashflow generation for IBTPL also resulting in stretched liquidity and delays in debt servicing obligation. Liquidity: Not applicable Assumptions/Covenants: Not applicable Environment, social, and governance (ESG) risks: Not applicable IBTPL belongs to Ind Barath Group and is a subsidiary (99.9%) of Ind-Barath Power Infra Limited (IBPIL), the flagship company of the group. Incorporated on December 15, 2014, IBTPL was set-up to carry out Operation and Maintenance (O&M) activity of the subsidiary Ind-Barath Energy Utkal Limited which is setting up a 700 MW (2*350MW) coal based power plant in Orissa. INDIAN PERIPHERAL: CRISIL Assigns B+ Rating on INR1cr Cash Loan --------------------------------------------------------------- Crisil Ratings has assigned its 'Crisil B+/Stable/Crisil A4' ratings to the bank facilities of Indian Peripheral Development Company (IPDC). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.5 Crisil A4 (Assigned) Cash Credit 1 Crisil B+/Stable (Assigned) Channel Financing 1 Crisil B+/Stable (Assigned) Channel Financing 1 Crisil B+/Stable (Assigned) Channel Financing 0.5 Crisil B+/Stable (Assigned) Proposed Fund- Based Bank Limits 16 Crisil B+/Stable (Assigned) The ratings reflect IPDC's susceptibility of the operating margin to volatility in raw material prices, modest scale of operations, working capital intensive operations. These weaknesses are partially offset by the extensive industry experience of the promoter. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of IPDC. Key Rating Drivers - Strengths * Extensive industry experience of the promoter: The promoter has an experience of 18 years in Electrical Components & Equipment industry. This has given him an understanding of the dynamics of the market, and enabled him to establish relationships with suppliers and customers. Key Rating Drivers - Weaknesses * Susceptibility of the operating margin to volatility in raw material prices: Operating margins are exposed to volatility in its raw material prices as raw material cost accounts for over 60-70% of the operating revenue. * Modest scale of operations: IPDCs business profile is constrained by its scale of operations in the intensely competitive Electrical Components & Equipment industry. IPDCs scale of operations will continue limit its operating flexibility. * Working capital intensive operations: Gross current assets were at 225.4-373.9 days over the three fiscals ended March 31, 2025. Its intensive working capital management is reflected in its gross current assets (GCA) of 373.9 days as on March 31, 2025. Its large working capital requirements arise from its high debtor and inventory levels. It is required to extend long credit period. Furthermore, due to its business need, it holds large work in process & inventory. Liquidity: Stretched Bank limit utilisation is moderate at around 77.67 percent for the past twelve months ended February 2026. Cash accrual are expected to be over INR0.38 – 0.58 crore which are sufficient against nil term debt. In addition, it will be act as cushion to the liquidity of the firm. Current ratio was moderate at 1.04 times on March 31, 2025. Outlook: Stable Crisil Ratings believes IPDC will continue to benefit from the extensive experience of its promoter, and established relationships with clients. Rating sensitivity factors Upward factors * Sustained improvement in scale of operation by 20% and sustenance of operating margin, leading to higher cash accruals * Improvement in working capital cycle Downward factors * Decline in scale of operations leading to fall in revenue by 20 percent and decline in profitability margin, hence leading to lower net cash accrual. * Large debt-funded capital expenditure weakens capital structure * Witnesses a substantial increase in its working capital requirements thus weakening its liquidity & financial profile. IPDC was established as a proprietorship firm by Mr. Sandeep Yadav in 2019. IPDC is engaged in manufacturing of steel tubular pole (STP) and HDP steel structure for transmission & distribution (T&D) lines & sub-station upto 400 KV. It's manufacturing facility is located at Haridwar, Uttarakhand with a total installed capacity of 6200 units for STP and 300 MT per month for HDP steel structure. JD HARDSCAPES: CARE Raises Rating on INR29.14cr LT Loan to B+ ------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of JD Hardscapes Pvt Ltd (JDHPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 29.14 CARE B+; Stable; Rating removed Facilities from ISSUER NOT COOPERATING category and Upgraded from CARE B; Stable Rationale and key rating drivers In the absence of minimum information required for the purpose of rating, CARE Ratings Limited (CAREedge Ratings) was unable to express an opinion on the ratings of JDHPL and in line with the extant SEBI guidelines, CAREedge Ratings revised the rating of the bank facilities of the firm from 'CARE B+ Stable' to 'CARE B; Stable; Issuer Not Cooperating'. However, the company has now submitted the requisite information to CAREedge Ratings. Accordingly, CAREedge Ratings has carried out a full review of the rating and the rating has been revised to 'CARE B+; Stable'. Revision in the rating assigned to the bank facilities of JDHPL factors in commencement of the production unit. The ratings continue to be constrained by its nascent stage of operation, intense competition from small unorganised players, and profitability susceptible to volatility in raw material prices. However, these weaknesses are offset by experienced management with expertise in a similar product line and the favourable location of the unit. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Scaling up of revenue with TOI above Rs.30 crore along with sustenance of healthy PBILDT margin. Negative factors * Any major deviation in projected turnover and profitability leading to stretch on repayment. Analytical approach: Standalone Outlook: Stable CARE Ratings believes that the entity shall sustain its moderate financial risk profile over the medium term. Detailed description of key rating drivers: Key weaknesses * Nascent stage of operation: The company had completed the trial run of the machine in May 2024; however, commercial production could not commence until January 2025. This delay was primarily due to the time required to curate and streamline the entire manufacturing process - including curing, packaging, and product development. With over 300 SKUs encompassing a wide range of product varieties and colours, significant effort was needed to ensure readiness for full-scale production. As a result, JDHPL was operational only in Q4FY25 and therefore reported moderate TOI of INR2.02 crore and reported a net loss of INR1.24 crore after capitalising majority of its expenses. However, business activity gained momentum in FY26, resulting in an improved turnover of around INR28 crore, as maintained by the management. * Profitability being susceptible to volatility of raw material prices: The main raw material of the entity is ordinary portland cement, sand, and concrete. While other raw materials are expected to be purchased from local suppliers, cement is to be purchased from key cement players in the region. Given cement is the major raw material contributor, the price volatility may impact the profitability of the company. * Competition from small unorganized players: JDHPL will operate in paver block and kerbs/tiles manufacturing industry, which is highly fragmented with the presence of numerous independent small-scale enterprises owing to low entry barriers and low technical complexity of the work which makes market highly competitive. * Leveraged capital structure: The company's capital structure deteriorated, as reflected in an increase in overall gearing ratio from 4.43x on March 31, 2024 to 8.48x on March 31, 2025. This deterioration was due to an increase in unsecured loans, availing of working capital, and losses leading to a reduction in net worth. The total outside liabilities to net worth also increased to 9.58x on March 31, 2025 from 4.94x on March 31, 2024. Going forward, the capital structure is expected to improve with loan repayment and accretion of profit to reserves. Key strengths * Experienced promoters with experience in similar set of product lines: JDHPL is promoted by Jubin Shah and Divy Laheja. The promoter, Jubin Shah is a commerce graduate having an experience of more than a decade in similar line of business. He is also the director and promoter of Ecorex Buildtech Pvt Ltd (engaged in AAC Block manufacturing), established in the year 2012. The other promoter, Divy Laheja is also a commerce graduate, engaged into business of manufacturing of concrete pavers for more than nine years and is a third-generation entrepreneur working in this field. * Favourable location of the unit: The company is located at about 40-45 km away from its key suppliers of cement, resulting in easy availability of better-quality cement in the region which is primary raw material required for manufacturing of paver blocks. Furthermore, in terms of connectivity the nearest railway station is at about 15-km away. Liquidity: Stretched The liquidity profile of the company remains stretched due to recently commenced operations. In FY26, the company has a debt repayment obligation of around INR2.8 crore, against which it is expected to generate sufficient cash accruals. However, in case of any shortfall, the promoters have stated that they will infuse funds as required to meet working capital needs and repayment obligations. Also, the average utilisation of its working capital limit remained high at ~90 to 95%. JDHPL, incorporated on February 04, 2021, is promoted by Mr Jubin Shah and Mr Divy Laheja. The company has set up an industrial unit for Paver blocks manufacturing having capacity of 75,00,000 sq. ft. and tiles/kerbs manufacturing of combined capacity of 30,45,000 sq. ft. at a project cost of around Rs.42 crore. KARVY DIGIKONNECT: CRISIL Lowers Rating on INR20cr Cash Loan to D ----------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Karvy DigiKonnect Limited (KDK; a part of the Karvy Data Management Services Ltd (KDMSL) group), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 20 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil C ISSUER NOT COOPERATING') Term Loan 5 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil C ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with KDMSL 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 KDK, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KDK is consistent with 'Assessing Information Adequacy Risk'. The rating on the bank facilities of KDK has been downgraded to 'Crisil D Issuer not cooperating' from 'Crisil C Issuer not cooperating' basis initiation of bankruptcy proceedings due to default in payments as per publicly available NCLT order dated March 24, 2026. KDK, incorporated in 1994, provides a complete range of inbound, outbound, and back-office service solutions across multiple domains and industry verticals, such as telecom, banking, financial services, and insurance, retail, travel, hospitality, and healthcare. DGPL, wholly owned by KDK, is an international call centre that provides inbound and outbound support to its clients. LAKSHMI ENGINEERING: CRISIL Reaffirms B+ Rating on INR10cr Loan --------------------------------------------------------------- Crisil Ratings has reaffirmed its 'Crisil B+/Stable' rating on the long-term bank loan facility of Lakshmi Engineering and Drilling (LED). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Secured Overdraft Facility 10 Crisil B+/Stable (Reaffirmed) The rating continues to reflect the modest scale of operations with high customer concentration, and the below-average financial risk profile of LED. These weaknesses are partially offset by the extensive experience of the partners in the oil and gas drilling industry. Analytical approach Crisil Ratings has evaluated the standalone business and financial risk profiles of LED. Key rating drivers - Weaknesses * Modest scale of operations and customer concentration in revenue: Revenue was modest at INR15.28 crore till February 2026 in fiscal 2026 and estimated at INR20 crore for the entire fiscal. Moreover, the entire revenue comes from just two customers, Oil and Natural Gas Corporation Ltd (ONGC) and Alphageo India Ltd (AIL) The revenue is expected to increase in fiscal 2027, backed by the firm's order book of INR98 crore as on March 31, 2026. * Below-average financial risk profile: The financial risk profile is constrained by modest networth of INR9 crore as on March 31, 2026. The capital structure is expected to improve with no capital withdrawal and steady accretion to reserve. Debt protection metrics were moderate with interest coverage estimated at 2-3 times for fiscal 2026 and expected to improve with better performance. However, sustenance of the improved financial metrics remains monitorable. Key rating drivers - Strengths * Extensive experience of the partners: The partners' experience of two decades in the oil and gas drilling business and strong relationship with the customers (AIL and ONGC), will continue to support the business. Liquidity Stretched Bank limit utilisation was high at 93.10% on average for the 12 months through February 2026. Annual cash accrual is expected at INR1–2 crore against yearly term debt obligation of INR50–70 lakh over the medium term, and the surplus will cushion liquidity. The current ratio remains moderate, estimated at 1.40 times on March 31, 2026. Outlook Stable Crisil Ratings believes LED will continue to benefit from the extensive experience of its partners. Rating sensitivity factors Upward factors: * Healthy revenue growth and stable operating margin leading to rise in net cash accrual to INR2.22 crore on a sustained basis * Sustenance of healthy capital structure and debt protection metrics Downward factors * Steep decline in revenue to less than INR2.5 crore along with dip in operating margin * Large debt-funded capital expenditure or capital withdrawal or stretched working capital cycle, weakening the financial risk profile and liquidity LED was set up in 2012 as a partnership firm by M Chitti Babu, Padmavathi, Chandra Sekhara Rao and their family members. The firm provides seismic survey services and undertakes drilling of wells. It is based in Vijayawada, Andhra Pradesh. NEW PASHCHIM: CRISIL Lowers Rating on INR45cr Cash Loan to B+ ------------------------------------------------------------- Crisil Ratings has downgraded its rating on the long-term bank facilities of New Pashchim Maharashtra Patra Depot (NPMPD) to 'Crisil B+/Stable' from 'Crisil BB-/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 45 Crisil B+/Stable (Downgraded from 'Crisil BB-/Stable') Cash Credit 10 Crisil B+/Stable (Downgraded from 'Crisil BB-/Stable') Inventory Funding 45 Crisil B+/Stable (Downgraded from Facility 'Crisil BB-/Stable') The downgrade reflects weakening of financial and liquidity profile. Gearing stood at 3.65 times and total outside liabilities to adjusted net worth at 4.22 times as on March 31, 2025 which stood at 3.13 times and 3.68 times as on March 31, 2024 due to increase in working capital debt. Furthermore, liquidity is stretched with average bank limit utilization of 96% in last twelve months ending in December 2025 with cash credit limits being overdrawn in few months at month ends due to interest being debited which is credited the next day. Improvement in bank limit utilization along with improvement in financial risk profile will remain key monitorable. The ratings continue to reflect the extensive experience of the proprietor in the steel roofing business, efficient working capital cycle. This strength is partially offset by weak financial risk profile of the firm and modest operating margins. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profile of NPMPD. Unsecured loan of INR44 crore as on March 31, 2025, extended by the proprietor and family, has been treated as 75% equity and 25% debt, as the funds are expected to remain in business over the medium term. The balance unsecured loan of INR6.34 crore has been treated as debt. Key Rating Drivers - Weaknesses * Average financial risk profile: Financial risk profile is marked by high gearing and total outside liabilities to adjusted networth (TOL/ANW) ratios of 3.65 times and 4.22 times as on March 31, 2025 which increased from 3.13 times and 3.68 times respectively, as on March 31, 2024. Debt protection metrics have also been weak in the past due to high gearing and low accrual from operations. Interest coverage and net cash accrual to total debt ratios stood at 1.26 times and 0.02 time, respectively, for fiscal 2025. High dependence on working capital debt and modest operating margin may keep debt protection metrics constrained over the medium term. * Modest operating margin: Operating margin has been modest in the range of 3 3.8% over the three fiscals through March 2025, owing to intense competition and limited value addition in the steel roofing business. Operating margin are expected to remain in similar lines over the medium term. Key Rating Drivers - Strengths * Extensive experience of the proprietor: The decade-long experience of the proprietor in the steel roofing business and his strong understanding of market dynamics and technologies will enable the firm to forge significant business linkages. The proprietor and his family members will also continue to extend financial support as and when required. * Efficient working capital cycle: Gross current assets were at 132 days as on March 31, 2025, due to inventory of around 61 days and receivables of 45 days. GCA Days were high owing to high cash and bank balances which were majorly encumbered. Overall working capital cycle is expected to remain efficient over the medium term. Liquidity Stretched Bank limit utilisation averaged around 96% for the 12 months ended December 2025. Expected cash accrual of over INR4 crore should suffice to cover the term debt obligation of INR1-3 crore yearly over the medium term. Outlook Stable Crisil Ratings believes NPMPD will continue to benefit from the extensive experience of its proprietor in the steel roofing business and his established relationships with clients Rating sensitivity factors Upward factors * Sustained improvement in revenues and operating margin, leading to higher cash accrual. * Improvement in capital structure with TOLANW below 3.5 times and BLU below 90% consistently Downward factors * Decline in revenue and operating margin, leading to net cash accrual lower than INR2 crore. * Substantial increase in working capital requirement or debt funded capex, weakening financial risk profile * Any further increase in bank limit utilization. NPMPD was formed as a proprietory concern of Mr Prashant Bedmutha in 1994. The firm primarily manufactures steel roofs at its plant in Sangli, Maharashtra, which has a capacity of 2,500 tonnes per month. These are marketed under its own brand, Duratuff. The firm has recently started manufacturing mild steel and electric resistance welded pipes at its plant at Pune, Maharashtra. PACIFIC GARMENTS: CARE Keeps B- Ratings in Not Cooperating Category ------------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Pacific Garments Private Limited (PGPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 0.69 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 2.26 CARE B-; Stable/CARE A4; Short Term ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term 3.05 CARE A4; ISSUER NOT Bank 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 5, 2025, placed the rating(s) of PGPL under the 'issuer non-cooperating' category as PGPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PGPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 22, 2025, January 01, 2026, January 11, 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 Noida-based, (Uttar Pradesh) Pacific Garments Private Limited (PGPL) was incorporated in 1995. The company is engaged in manufacturing of readymade garments for men, women and kids' segments (tops, bottoms, skirts, shirts, t-shirts etc). The manufacturing facility of the company is located in Noida, Uttar Pradesh. PINK CITY: CARE Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Pink City Expressway Private Limited (PCEPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1,790.55 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 PCEPL under the 'issuer non-cooperating' category as PCEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PCEPL 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 Pink City Expressway Private Limited (PCEPL) is an SPV formed by ETA Group of Dubai and KMC Group of Hyderabad (51:49 JV). IKSHU Infrastructure Pvt Ltd was inducted in FY13 with 13% stake dilution by each of the sponsors. The company was incorporated on April 2, 2008 to undertake the improvement, operation and maintenance including strengthening and widening of the existing 4-lane road to 6-lane highway with service lane on either side from 42.7 km to 273 km (a length of 225.6 km) in states of Haryana and Rajasthan on NH-8 (Gurgaon-Kotputli-Jaipur Section) on BOT basis. CARE does not have any update on the latest developments in this regard. RAWALWASIA TEXTILE: CARE Cuts Rating on INR13cr LT/ST Loans to B- ----------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Rawalwasia Textile Industries Private Limited (RTIPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 13.00 CARE B-; Stable/CARE A4; Short Term ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category and LT rating downgraded from CARE B; Stable and ST rating reaffirmed Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated February 7, 2025, placed the rating(s) of RTIPL under the 'issuer non-cooperating' category as RTIPL had failed to provide information for monitoring of the rating and as agreed to in its Rating Agreement. RTIPL continues to be noncooperative despite repeated requests for submission of information through e-mails dated December 24, 2025, January 3, 2026, January 13, 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). The ratings assigned to the bank facilities of RTIPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Surat-based (Gujarat) RTIPL was incorporated in the year 1993 as a private limited company with an objective to carry out the business of yarn manufacturing on job work basis. Till March 2013 it was carrying out the job work for its group entity namely Rawalwasia Yarn Dyeing Private Limited. However, the company discontinued the entire operations from February, 2014 and started coal trading from March, 2014 onwards. RTIPL imports coal from Indonesia and sells coal to local players in Surat to different companies which are into yarn dyeing and printing. Due to higher CNG charges in Surat many textile companies are now using thermo pack technology which uses coal to heat boilers. SECUREKLOUD TECH: CARE Reaffirms D Rating on INR15.42cr Loan ------------------------------------------------------------ CARE Ratings has reaffirmed ratings on certain bank facilities of SecureKloud Technologies Limited (SecureKloud), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 15.42 CARE D Reaffirmed Bank Facilities Rationale and key rating drivers The rating assigned to the bank facilities of SecureKloud factor in the delays in debt servicing. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Satisfactory track record of timely repayment and servicing of debt obligation for a continuous period of 90 days. * Improvement in liquidity position * Resolution of governance related issues and strengthening of the corporate governance architecture in the company and management Analytical approach: Consolidated SecureKloud Technologies Limited, along with its subsidiaries, operates under common management and in a similar line of business, with strong operational linkages and a high degree of integration across entities; accordingly, the consolidated financials have been considered for analysis. Detailed description of key rating drivers: Key Weaknesses * Delay in debt servicing: There are instances of delays in debt servicing of its term loans. * Moderation in scale of operation and continued operating losses: The company's scale of operations has declined significantly, with consolidated revenue decreasing from INR340.86 crore in FY2024 to INR168.74 crore in FY2025, and further to INR28.92 crore in the first nine months of FY2026. This continued moderation is primarily attributable to governance-related challenges, which has impacted the company's ability to secure new orders, acquire new customers, and renew existing contracts. The company has also been incurring operating losses, with PBILDT losses of approximately INR26.58 crore in FY2024 and INR19.17 crore in FY2025. For 9M FY2026, the company reported operating losses of INR2.59 crore. The modest scale of operations has resulted in low employee utilization, adversely impacting the profitability. * Modest financial risk profile marked by negative tangible net worth: The company's tangible net-worth has seen an erosion after the write-off INR 624.95 crore of capitalised internally developed software in FY20. Due to continuous operating losses, the tangible net-worth continued to remain negative. The company has a total debt of INR 106.50 crore as on March 31, 2025, out of which INR 32.87 crore is in the form of unsecured loans from related parties. On June 14, 2025, the company's U.S. subsidiary, SecureKloud Technologies Inc., filed for bankruptcy following the loss of key customers and non-renewal of major contracts over the years. As a result, SecureKloud Technologies Ltd recognized provision for one-time exceptional losses of approximately INR127 crore in its Q2 FY2026 further deteriorating the financial risk profile. * Presence in highly competitive industry: The company has a relatively moderate scale of operations in a highly competitive industry which would restrict the company's bargaining power with high value clients. It faces competition from IT giants and other small-scale players. The company is also exposed to risks of regulatory framework and immigration policy changes in USA. All the above would put pressure on the margins of the company. * Impact of SEBI Order and governance issues: Pursuant to receipt of certain complaints alleging inter-alia financial misreporting/ irregularities by promoters and management of the Company and the resignation of the Company's statutory auditor, viz. Deloitte Haskins and Sells citing various corporate governance issues including fraud relating to irregularities and inconsistencies in financial statements and books of accounts of the Company, SEBI had initiated an investigation and Grant Thornton was appointed as forensic auditor. In this regard, SEBI has issued a final order with directives and penalties for the company and its officials. In SEBI order dated Dec 16, 2022, Mr. Suresh Venkatachari, Mr. R S Ramani and Mr. Gurumurthy Jayaraman were prohibited from being associated with the securities market in any manner, including as a director or Key Managerial Personnel in a listed company or an intermediary registered with SEBI, for a period of one year, from the date of coming into force of the direction. Following this order, the promoter Mr. Suresh Venkatachari stepped down as chairman of the company with effect from January 19, 2023. Subsequently after the lapse of the restriction period stipulated by SEBI, Mr. Suresh Venkatachari was appointed as Chairman & CEO. The company had filed an appeal against this order before the Securities Appellate Tribunal (SAT). Subsequently the order was received on March 9, 2026. The SAT partly allowed the appeal by setting aside the direction to recover INR3.83 crore from Mr. Suresh Venkatachari, while the remaining portion of the original order remains unchanged. Key strengths * Domain and Industry Expertise with Strategic Cloud Partnerships: SecureKloud is focussed on cloud transformation and data pipeline management services. Since its inception, the company has developed in-house patented softwares such as CloudEz platform and has continued to develop technology platforms like DataEz, readbl.ai, blockedge.io and CloudAuth etc. Furthermore, the company has also tied up as a service partner with public cloud system providers such as AWS, Azure, Google Cloud Services, IBM Smart Cloud and VMWare. The promoter and senior management team possess extensive experience in the IT and cloud services domain, which supports the company's capabilities in delivering specialized solutions and driving business development. The company presently focusing on scaling its new product offerings, including DocuGenie, a document reader application supporting multiple Indian languages, which has already secured several customers and provides near-term revenue visibility. Additionally, other business segments, such as Cloud Managed Services (CMS) offerings for specific vendors, are gaining traction in the domestic market. Liquidity: Poor The liquidity of the company remained weak with negative cash accruals at consolidated level. The company had a consolidated cash and bank balance of INR15.56 crore as on September 30, 2025, and at standalone level, cash balance stood at INR0.22 crore. The average working capital utilisation stood high at ~98.53% for the past 12 months ended November 2025. There was delay in servicing of term debt in February 2026. SecureKloud Technologies Limited (SecureKloud) was originally promoted as 8K Miles Software Services Limited by Mr Venkatachari Suresh, Mr R. S. Ramani and Mr M. V Bhaskar in the year 2008. The company provides software services (strategic advisory, implementation, and development services), managed services and support (post implementation support and cloud hosting services) and platform services (solutions delivery model). The company has technological partnerships with Amazon Web Services, Microsoft Azure, IBM, Google Cloud Platform and CA Technologies. They are one of the preferred managed service partners for Amazon Web Services. SHAPOORJI PALLONJI: Seeks to Delay Paying US$1.5 Billion of Debt ---------------------------------------------------------------- Bloomberg News reports that Shapoorji Pallonji Group, the Indian conglomerate behind the nation's biggest-ever private credit deal, is trying to delay paying a separate debt, underscoring mounting strains amid volatile markets. Bloomberg relates that the company, controlled by billionaire Shapoor Mistry, has asked investors to let it repay INR143 billion ($1.5 billion) of zero-coupon notes at its unit Goswami Infratech Pvt. at the end of June instead of the current April 30 deadline, according to the people, who asked not to be identified as the discussions are private. According to Bloomberg, Goswami Infratech is looking to refinance its existing bond through a planned dollar bond sale which has a more complex structure, the people said. Extending the maturity of this debt at the same interest rate would give the company additional time to complete its refinancing, they said. The extension request underscores mounting pressure on the borrower to secure funding, with geopolitical tensions and delays in unlocking value from its Tata Sons Ltd. stake complicating refinancing efforts. Bloomberg relates that the infrastructure-focused conglomerate has been meeting investors in Hong Kong and Singapore this week, and is scheduled to hold virtual calls with US-based investors as part of plans for its debut dollar bond sale of as much as $1 billion, the people said. The final size of the offering has yet to be determined and will depend on investor demand, they said. In addition to the proposed offshore issuance, the remaining refinancing needs are expected to be met through local debt markets, the people said. The group is pursuing a combination of funding options as it looks to complete the refinancing before the extended deadline. The borrowing is partly backed by Shapoorji Pallonji's 18.4% stake in Tata Sons, the holding company of India's Tata Group, a conglomerate spanning more than 30 companies, Bloomberg relays. The stake was accumulated by the Mistry family over several decades between 1965 and 1995. A unit of the group has also secured approval from its major lenders to ease a key debt condition after falling collateral values pushed it closer to its borrowing limits. The pressure came after a decline in the derived value of Tata Sons shares pledged as collateral, which have been affected by a slump in shares of Tata Consultancy Services. The conglomerate has been India's top private credit borrower, including a $3.4 billion financing last year that was the country's biggest such deal, Bloomberg notes. The Shapoorji Pallonji Group provides diversified business services. The Company offers engineering and construction, infrastructure, water, energy, real estate, water, and financial services. The Shapoorji Pallonji Group serves customers worldwide. SHIVMANI EXPORTS: CARE Lowers Rating on INR0.40cr LT Loan to B -------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Shivmani Exports Private Limited (SEPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term bank 0.40 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Downgraded from CARE B+; Stable and moved to ISSUER NOT COOPERATING category Short-term bank 12.95 CARE A4; ISSUER NOT Facilities COOPERATING; Rating moved to ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. has been seeking information from SEPL to monitor the ratings vide email communications dated March 9, 2026, March 23, 2026, among others and numerous phone calls. However, despite repeated requests, the company has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Further, SEPL has not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. The rating on SEPL's bank facilities will now be denoted as CARE B; ISSUER NOT COOPERATING/ CARE A4 ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. The ratings have been revised on account of lack of clarity on future growth strategy and inability to monitor the performance of the entity, which is critical for assessing the credit risk profile of the company. The revision in ratings also factor in the moderation in financial performance in FY25. The ratings continue to remain constrained by its small scale of operation, moderate capital structure and debt protection metrics, susceptibility to volatility in raw material price and foreign exchange fluctuation risk and highly fragmented and regulated industry impacting profitability and business operations. The aforesaid constraints are partially offset by its experienced promoters having past track record of operation, strategic location of the plant, and reduced dependence on European countries. Analytical approach: Standalone Outlook: Stable Stable outlook reflects that CARE Ratings believes that the entity shall sustain its moderate financial risk profile over the medium term. Detailed description of key rating drivers: At the time of last rating on April 7, 2025, the following were the rating strengths and weaknesses (updated for the information available from client). Key weaknesses * Small scale of operation: The total operating income (TOI) remained small at INR33.53 crore in FY25 (INR43.52 crore in FY24). The small size deprives it from the benefits of economies of scale and restricts the financial flexibility of the company in times of stress. * Moderation in financial performance in FY25: The TOI moderated y-o-y by ~23% and stood at INR33.53 crore in FY25 as against INR43.52 crore in FY24. The operating margin stood stable at 6.92% in FY25. However PAT margin moderated and stood at 0.23% in FY25 as against 1.64% in FY24. * Moderate capital structure and debt protection metrics: The capital structure of the company continues to remain moderate, marked by overall gearing ratio of 1.30x as on March 31, 2025 (1.26x as on March 31, 2025). The debt service coverage indicators continue to remain moderate, with high TD/GCA of 16.31x as on March 31, 2025 (9.86x as on March 31, 2024). The interest coverage ratio moderated and stood at 1.49x in FY25 as against 1.97x in FY24. * Susceptibility to volatility in raw material price and foreign exchange fluctuation risk: SEPL does not have any tannery unit for manufacturing of finished leather, its basic raw material for manufacturing of leather goods like bags, wallet etc. Thus, in the absence of backward integration of its basic raw material, it has to depend upon local suppliers for purchase of finished leather. However, the company takes forward contracts against foreign exchange fluctuations to mitigate the forex risk. * Highly fragmented and regulated industry impacting profitability and business operations: Leather industry is highly competitive in nature with presence of a large number of unorganized players in the market which shrinks the profitability margins. Furthermore, the Indian leather industry, to some extent, is impacted by Government policies which have been put in place for maintaining competitiveness of the domestic players. Some of the Government policies include import and export incentives by way of duty drawbacks. Key strengths * Experienced promoters having long track record of operation: SEPL has a long track record of operation of around two decades in the leather business. Darshan Singh Sabharwal, Managing Director, have more than 3 decades of experience in leather industry and Tejender Singh Sabharwal have around 20 years of experience in the same business. * Strategic location of the plant: The manufacturing facility of SEPL is located at Picnic Garden, Kolkata which is in close proximity to the various tanneries situated at Calcutta Leather Complex for sourcing of finished leather, the main raw material for manufacturing of fashion leather products. Moreover, the company exports major part of its products to overseas market through vessels from Kolkata port. Thus, the company gets the benefit of its location. * Reduced dependence on European countries: Around 40% of the exports are being made to European countries like UK, Germany, France, Netherland, Spain, etc. Uncertainty associated with economic environment in European Union will impact the financial risk profile of its key customers which will in turn affect the business of SEPL. With decline in demand from European market, the company is exploring new markets like USA and also exploring domestic market. The company has gradually diversified its export business and is now focusing on the US market, which has become a significant source of revenue. Incorporated on February 2003, Kolkata based SEPL is promoted by Darshan Singh Sabharwal and Tejinder Kaur Sabharwal. Since inception, SEPL is engaged in the manufacturing of leather related products such as bags, wallet and other leather accessories which is majorly exported to USA and to European countries viz. Germany, France, Netherland, Spain, Italy, Finland and United Kingdom (UK). SIDDI RAMESHWAR: CARE Lowers Rating on INR40cr LT Loan to B+ ------------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of Sri Siddi Rameshwar Agro Industries Private Limited (SSRAIPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term bank 40.00 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Downgraded from CARE BB-; Stable and moved to ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd has been seeking information from SSRAIPL to monitor the ratings vide e mail communications/letters dated November 18, 2025, to March 20, 2026, and numerous phone calls. However, despite repeated requests, the company has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the ratings on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. The rating on SSRAIPL's bank facilities will now be denoted as CARE B+; Stable; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings have been revised on account of non-availability of requisite information due to non-cooperation by Sri Siddi Rameshwar Agro Industries Private Limited with CARE's effort to undertake a review of the outstanding ratings as CARE views information availability risk as key factor in its assessment of credit risk profile. Analytical approach: Standalone Outlook: Stable CARE Ratings believes that the entity shall sustain its moderate financial risk profile over the medium term. Detailed description of key rating drivers: At the time of last rating on April 1, 2025, the following were the rating weaknesses and strengths. Key weaknesses * Small scale of operations with thin profitability margins: The total operating income of SSRAIPL increased by ~38% from Rs. 141.37 crore in FY21 (A) to Rs.195.04 crore in FY24 (A). The same was on an increasing trend for last four years ended FY24 due to steady increase in the production of paddy over the years. SSRAIPL reported revenue of about Rs. 193.43 crore in 10MFY25 which is 99% of total revenue of FY24. SSRAIPL reported stable yet thin PBILDT margins in the range of 4-5% during FY21-FY24 (A). The firm has reported PBILDT margin and PAT margin of 5.07% and 0.57% respectively in FY24 against 4.20% and 0.08% respectively during FY23. This increase was due to the decrease in the cost of procuring raw material, mainly, Paddy. * Leveraged capital structure and debt coverage indicators: The total debt of SSRAIPL majorly comprises of working capital borrowings, unsecured loans from promoters and term loans. The capital structure represented by overall gearing has remained high over the past 4 years ending FY24 majorly on account of high utilisation of working capital limits which stood at 96% for the past 12 months ending February 2025. Overall gearing stood at 4.51x as on March 31, 2024 as against 5.05x as on March 31, 2023. Despite improvement, the same remained leveraged. However, it is to be noted that more than 40% of o/s debt comprises of unsecured loans from promoters. The debt coverage indicators of the company represented by PBILDT interest coverage ratio improved from 1.38x in FY23 to 1.52x in FY24 (A) on account of increase in profitability. The company's total debt to GCA remained elongated but improved from 44 years in FY23 to ~30 years in FY24 (A) on account of improvement in GCA. * Presence in highly competitive and fragmented rice milling industry: SSRAIPL operates in the rice milling and processing industry, which is inherently exposed to risks from agro-climatic conditions and the seasonality of agricultural products. The rice milling industry is highly fragmented and competitive due to low entry barriers and the presence of many players in both the organized and unorganized sectors. This fragmentation, along with the regulation of rice prices by the Government of India (GOI) through the fixation of Minimum Support Price (MSP) to protect farmers' interests, limits the purchasing power of industry players. Additionally, the sale of rice in the open market is regulated by quotas, based on targets set by the GOI for the central pool. Key strengths * Well-established firm with experienced promoters: Kaparthi Shravan Kumar, Director, is an industry leader with over 25 years of experience in the rice industry. With a profound understanding of input quality and its impact on production, he specializes in rice milling and is renowned as a prominent figure in the industry in Telangana and Andhra Pradesh. Known for his consumer-centric approach, he is dedicated to delivering unparalleled quality through state-of-the-art infrastructure and manufacturing setups. He is accompanied by his son, Mr. Kaparthi Shubham Chandra as Director. Mr. Kaparthi Shubham Chandra is young and ambitious individual, with a passion for new ideas and innovation, is actively engaged in the family business. * Stable industry outlook: The India rice milling industry is poised for significant growth in the coming years, driven by factors such as a rising population, increasing demand for processed and convenience foods, and changing consumer preferences towards packaged food products. The growth in the organized retail sector and government initiatives to promote mechanized farming operations, like paddy parboiling, further support this trend. Additionally, the rising global demand for parboiled rice, fueled by health awareness and a preference for nutritious food, is a major driver of the market's expansion. Liquidity: Not applicable Incorporated in November 2008, Sri Siddi Rameshwar Agro Industries Private Limited is a leading manufacturer and supplier of high-quality rice products with state-of-the-art manufacturing facilities and a strong commitment to quality. It specializes in producing raw rice, parboiled rice, broken rice and rice bran. The rice mill is located at Kaloor village of Nizamabad district, Telangana. The installed production capacity of the rice mill is 20 tons per hour. SSAIPL sells its rice in the retail market under the brand name 'KCP'. Mr. Kaparthi Shravan Kumar, Director, is an industry leader with over 25 years of experience in the rice industry along with Mr. Kaparthi Shubham Chandra, director, is the son of Mr. Kaparthi Shravan Kumar. SUPREME MANOR: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities and non-convertible debentures of Supreme Manor Wada Bhiwandi Infrastructure Private Limited (SMWBIPL) continue to be 'Crisil D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil D (ISSUER NOT COOPERATING; Rating continues at the same level) Non Convertible 36.72 Crisil D (ISSUER NOT Debentures COOPERATING; Rating continues at the same level) Crisil Ratings has been following up with SMWBIPL for getting information through letter and email, dated February 28, 2026. However, the issuer has continued to be non-cooperative. This led Crisil Ratings to carry out rating surveillance with the best available information. The investors, lenders, and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non-cooperation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component. Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings has not received any information on either financial performance or strategic intent of SMWBIPL. This restricts Crisil Rating's ability to take a forward-looking view on the entity's credit quality. Crisil Ratings believes that the rating action on SMWBIPL is consistent with 'Assessing information adequacy risk'. Based on the last available information, the rating on bank facilities and non-convertible debentures (NCDs) of SMWBIPL continues to be 'Crisil D/Issuer not cooperating'. Disclosure in line with SEBI Circular for Supreme Manor Wada Bhiwandi Infrastructure Private Limited Crisil Ratings has not received any information on the repayment of debt obligations (including interest payments) for Supreme Manor Wada Bhiwandi Infrastructure Private Limited For details on due date and ISIN instrument refers to the respective columns in table below. The investors, lenders and all other market participants should exercise due caution while using these ratings due to limitations regarding information availability. SMWBIPL has been incorporated as a special-purpose vehicle for four-laning of 54.32 kms Manor - Wada section of SH-34, and 40.07 kms Wada - Bhiwandi section of SH-35, on a built, operate and transfer (BOT) toll basis. The scope of work includes widening of the existing 94.39 kms two-lane road stretch and its improvement, operation and maintenance. The entire project highway is located in the district of Thane. T.C. MOTORS: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of T. C. Motors Private Limited (TCMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 25.57 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 27, 2025, placed the rating(s) of TCMPL under the 'issuer non-cooperating' category as TCMPL had failed to provide information for monitoring of the rating and as agreed to in its Rating Agreement. TCMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 23, 2025, January 2, 2026 and April 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: Stable T. C. Motors Private Limited (TCMPL) was incorporated during December 2009 by one Chowdhury family from Howrah. Subsequently, the company started to initiate an auto dealership business and has setup a selling and servicing facility at Salap More in Howrah. The company has entered into dealership authority from TATA Motors Limited (TML) for selling and servicing passenger vehicles. The day-to-day affairs of the company are looked after by Mr. Anuj Chowdhury (Director) with adequate support from other six directors and a team of experienced personnel. TTK CONSTRUCTION: CARE Lowers Rating on INR30cr LT Loan to B ------------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of TTK Construction (TTK), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term bank 30.00 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Downgraded from CARE B+; Stable Long Term/ 85.00 CARE B; Stable/CARE A4; Short Term ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING Category and LT rating downgraded from CARE B+; Stable and ST rating reaffirmed Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 30, 2025, placed the rating(s) of TTK under the 'issuer non-cooperating' category as TTK had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TTK 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). The ratings assigned to the bank facilities of TTK have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable TTK Construction (TTK), a partnership firm founded in 2006 in Madurai, Tamil Nadu, by Mr. T. Thanikodi and his family members, Ms. T. Pavalakodi, Mr. T. Sivakumar, and Mr. T. Rajavel Pandian. TTK holds a Class I registration with the National Highways (NH) and primarily focuses on constructing and maintaining roads, bridges, and irrigation projects for government entities, including the Department of Highways and city corporations. UMACHI FOODS: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Umachi Foods & Commodities Private Limited (UFC) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Working Capital 9 CRISIL D (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with UFC 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 UFC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on UFC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of UFC continues to be 'Crisil D Issuer not cooperating'. UFC began operations in 2014; since then it has been engaged in bulk trading of packaged basmati rice. The company is primarily engaged in domestic supply as well as exports to the Middle-East. The basmati rice is procured from rice mills directly as well as through dealers and agents based in Delhi, Haryana, Punjab, and Uttar Pradesh. VISAKHA FOODS: CARE Keeps C Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Visakha Foods Private Limited (VFPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.84 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term 0.64 CARE A4; ISSUER NOT Bank 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 January 23, 2025, placed the rating(s) of VFPL under the 'issuer non-cooperating' category as VFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 9, 2025, December 19, 2025, December 29, 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: Stable Vizag based, Visakha Foods Private Limited (VFPL) was incorporated in the year 2001 and promoted by Mr. Ravi Aditya, Mr. GVL Prasad, Mr. Ravi Avinash and Ms. Ravi Hemalatha. Presently, the company is engaged in manufacturing of food products like Pasta and Vermicelli. VIZEBH COMPOSITECH: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Vizebh Compositech Private Limited (VCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 23, 2025, placed the rating(s) of VCPL under the 'issuer non-cooperating' category as VCPL had failed to provide information for monitoring of the rating and as agreed to in its Rating Agreement. VCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 9, 2025, December 19, 2025, December 29, 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 Gujarat (Vadodara) based VCPL was incorporated in October, 2013 by Mr.Pradeep Mahalik, Mr.Amrish Patel, and Mr. Jinesh Patel. VCPL is into manufacturing of different variants of composites, including non-composites, sheet-moulding compound/dough moulding compound/bulk-moulding compound, fiber-reinforced polymers, carbon composites, composites advanced material, and thermoplastic polymer products. The company has started its commercial production from March, 2016. ========= J A P A N ========= NISSAN MOTOR: CEO Ivan Espinosa Plans 20% Reduction in Models ------------------------------------------------------------- The Japan Times reports that a year after taking charge of ailing automaker Nissan Motor, CEO Ivan Espinosa has unveiled a makeover to freshen its aging lineup and set ambitious targets to boost U.S. and China sales to levels not seen in years. The Japan Times relates that the Japanese automaker plans to reduce the number of models from the current 56 to 45 and streamline 80% of its volume into three main "families" of vehicles that are built on shared platforms and that are geared for its biggest regions, it said in a statement on April 14. According to The Japan Times, the long-awaited strategy marks Mr. Espinosa's first effort to reshape Nissan after scaling back its troubled, two-decade partnership with Renault and, more recently, an aborted merger with Honda Motor. The Japan Times says the company is suffering from steep losses and mountainous debt, while its outdated range has failed to keep up with changing tastes and a shift to electric vehicles and hybrids in its key markets of Japan, China and the U.S. "This is how our portfolio strategy comes to life, anchored in profitability and built around a leaner, stronger lineup," Mr. Espinosa told reporters at Nissan's headquarters in Yokohama. As part of its reboot, the Yokohama-based manufacturer aims to sell more than 1 million cars each in the American and Chinese markets by 2030, reaching a level it hasn't hit since its 2019 fiscal year in the U.S. and the 2021 fiscal year in China, according to The Japan Times. It hopes to do so with fresher products, including V6-engine hybrid versions of its best-selling Rogue compact crossover and a resuscitated Xterra SUV for the U.S. The Japan Times relates that the renewed push into hybrids in the U.S. comes after the company abandoned them in 2019, forcing it to sit out a recent boom in sales of gas-electrics by rivals Honda and Toyota Motor. Unlike hybrids from those two peers, Nissan is using a technology it debuted a decade ago in its home market that uses a gas engine to charge batteries which propel the vehicle. Nissan said it will prioritize fast vehicle development and cost efficiencies in China, strengthening its all-electric vehicle offerings and using the country as an export hub to overseas markets such as Latin America and Southeast Asia. It plans to target those two regions with shipments of its Chinese-made N7 midsize sedan and Frontier Pro pickup, The Japan Times relays. In Japan, Nissan said it will push deeper into smaller vehicles with a new compact car it expects to sell 550,000 units of annually by the fiscal year ending in 2031. The Japan Times adds that the carmaker also reiterated plans to upgrade its advanced driver-assistance systems, starting with an enhanced version of its ProPilot technology in its latest Elgrand minivan due out this summer in Japan. That will deploy "end-to-end autonomous" technology by early 2028, which aligns with an announcement last year to upgrade cruise control and lane-keeping functions. About Nissan Motor Japan-based Nissan Motor Co., Ltd. manufactures and distributes automobiles and related parts. The Company produces luxury cars, sports cars, commercial vehicles, and more. Nissan Motor markets its products worldwide. Fitch Ratings, in February 2026, affirmed Nissan Motor's Long-Term Issuer Default Ratings (IDRs) at 'BB' and Short-Term IDRs at 'B'. Fitch also affirmed Nissan Motor's senior unsecured rating at 'BB'. S&P Global Ratings, in November 2025, lowered its long-term ratings on Nissan Motor and its overseas subsidiaries to 'BB-' from 'BB' and affirmed its short-term ratings at 'B'. The negative outlook reflects S&P's view that prolonged weak profitability and negative FOCF may further deteriorate the company's creditworthiness. Moody's Ratings, in February 2025, also downgraded to Ba1 from Baa3 the senior unsecured rating for Nissan Motor Co., Ltd. At the same time, Moody's have assigned a Ba1 corporate family rating and withdrawn the company's Baa3 issuer rating. Moody's have also maintained the negative rating outlook. ===================== N E W Z E A L A N D ===================== CBL CORPORATION: FMA Agrees to Settle IPO Proceeding With Director ------------------------------------------------------------------ The Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko has entered into a settlement with CBL Corporation Limited (CBL) director Peter Harris, to resolve its claims against him in its proceeding relating to CBL's 2015 Initial Public Offering (IPO). Under the settlement, Mr. Harris has agreed to make admissions of liability in relation to two contraventions of the Financial Markets Conduct Act 2013. Margot Gatland, the FMA's Head of Enforcement, said the settlement is a significant milestone in the long‑running proceedings arising from the collapse of CBL in 2018. "The FMA has entered into a settlement with Mr. Harris in respect of liability while allowing remaining issues relating to the appropriate penalty to be determined by the Court. "While admissions have been made, the amount of any pecuniary penalty to be imposed and whether a banning order should be made against Mr Harris remain in dispute. These issues will be determined by the High Court at a disputed penalty hearing in due course." The IPO Proceeding continues against CBL, which is in liquidation, and the executor of the estate of former director Alistair Hutchison. The trial of those matters, which is separate to the disputed penalty hearing against Mr. Harris, scheduled to commence in the High Court on April 14 2026. About CBL Corp. Founded in 1973, CBL Corporation Limited together with its subsidiaries, provided insurance and reinsurance products and services primarily in New Zealand. It offered financial risk products, builders' risks, sureties, guarantees, and contractor bonds primarily in Europe and Scandinavia; deposit guarantees in Australia; and bonding and fiduciary services to the Mexican commercial sector. The company also provided a range of specialty products, such as credit enhancement, surety bonds, specialized property insurance, aviation, and rural risk in Australia, as well as distributes construction-sector insurance products in France through a network of brokers. CBL Corp. went into voluntary administration in late February 2018, in a move to prevent other regulators from taking action after the Reserve Bank moved to have its subsidiary CBL Insurance placed in interim liquidation. On Feb. 23, 2018, KordaMentha New Zealand partners Brendon Gibson and Neale Jackson were appointed Voluntary Administrators by the Board of CBL Corporation Ltd and certain of its subsidiaries. The administration relates to New Zealand-domiciled companies. Messrs. Gibson and Jackson are administrators to these CBL entities: CBL Corporation Limited; LBC Holdings New Zealand Ltd; LBC Holdings Americas Ltd; LBC Holdings UK Ltd; LBC Holdings Europe Ltd; LBC Holdings Australasia Ltd; LBC Treasury Company Ltd; Deposit Power Ltd; South British Funding Ltd; and CBL Corporate Services Ltd. In November 2018, the High Court in Auckland placed CBL Insurance into liquidation with Kare Johnstone and Andrew Grenfell from McGrathNicol appointed as liquidators. ISTAR MANAGED: Creditors' Proofs of Debt Due on May 8 ----------------------------------------------------- Creditors of Istar Managed Services Limited are required to file their proofs of debt by May 8, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 29, 2026. The company's liquidator is: Simon Dalton Gerry Rea Partners PO Box 3015 Auckland SPAS DIRECT: Court to Hear Wind-Up Petition on April 30 ------------------------------------------------------- A petition to wind up the operations of Spas Direct NZ Limited will be heard before the High Court at Auckland on April 30, 2026, at 10:45 a.m. Mactodd Limited filed the petition against the company on March 16, 2026. The Petitioner's solicitor is: Scott Donaldson Level 2, Remarkables House 26 Hawthorne Drive Queenstown 9300 SPEED POWER: Court to Hear Wind-Up Petition on May 7 ---------------------------------------------------- A petition to wind up the operations of Speed Power And Stability Systems Manufacturing Co. Limited will be heard before the High Court at Christchurch on May 7, 2026, at 10:00 a.m. South Hyde Consulting & Investments Limited filed the petition against the company on Jan. 29, 2026. The Petitioner's solicitor is: Sharon Ward Williams McKenzie 4 Durham Street Rangiora 7440 TC STEEL: Creditors' Proofs of Debt Due on May 11 ------------------------------------------------- Creditors of TC Steel Reinforcing Limited 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 April 2, 2026. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 ZENSCAPE LIMITED: Creditors' Proofs of Debt Due on May 8 -------------------------------------------------------- Creditors of Zenscape Limited are required to file their proofs of debt by May 8, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 1, 2026. The company's liquidators are: Leon Francis Bowker Kristal Pihama c/o KPMG 18 Viaduct Harbour Avenue PO Box 1584 Shortland Street Auckland 1140 ================= S I N G A P O R E ================= ACROPHYTE HOSPITALITY: Auditors Raise Going-Concern Doubts ---------------------------------------------------------- The Business Times reports that Acrophyte Hospitality Trust's auditors have raised doubts about whether the Singapore-listed hospitality group can refinance a US$198.5 million loan that falls due in September, flagging a material uncertainty over its ability to continue operating. According to BT, the auditors noted that while the managers of the stapled group have obtained non-binding expressions of interest from lending banks for the refinancing, formal negotiations and due diligence are expected to take place only closer to the loan's maturity date. The timing and terms of any refinancing therefore remain uncertain, the managers said in a bourse filing on April 13. As at Dec. 31, 2025, the stapled group and its real estate investment trust arm reported net current liabilities of US$181.3 million and US$166.2 million respectively, while its business trust arm had net current liabilities of US$33.4 million, BT discloses. BT relates that the managers said they remain confident in Acrophyte Hospitality Trust's ability to secure the required refinancing, pointing to the lending banks' track record of consistent support in past refinancing exercises. They also noted that the audit opinion remains unqualified, and that the FY2025 financial statements were still prepared on the basis that the trust will continue operating. BT says the auditors' concerns come as Acrophyte Hospitality Trust is in the middle of a strategic review launched in May 2025. The stapled group is in talks with its sponsor Tang Organization - formerly known as Chip Eng Seng Corporation – over a possible deal. Acrophyte Hospitality Trust's portfolio comprises 31 upscale select-service hotels with a total of 4,061 rooms across 16 US states, franchised under brands including Hyatt, Marriott and Hilton. Acrophyte Hospitality Trust (formerly known as ARA US Hospitality Trust) is a hospitality stapled group comprising Acrophyte Hospitality Property Trust (formerly known as ARA US Hospitality Property Trust) and Acrophyte Hospitality Management Trust (formerly known as ARA US Hospitality Management Trust). ACRO-HT invests in income-producing real estate assets used primarily for hospitality purposes located in the United States. EVO AMUSEMENT: Court to Hear Wind-Up Petition on May 8 ------------------------------------------------------ A petition to wind up the operations of Evo Amusement Pte. Ltd. will be heard before the High Court of Singapore on May 8, 2026, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on April 7, 2026. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 FLORAL BOTCHAN: Creditors' Proofs of Debt Due on May 15 ------------------------------------------------------- Creditors of Floral Botchan Pte. Ltd. and Floral Totoro Pte. Ltd. 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 6, 2026. The company's liquidators are: Quar Lian Huat Lu Let Fun c/o Tricor Singapore Pte. Ltd. 9 Raffles Place #26-01 Republic Plaza Singapore 048619 GREENARC 88: Creditors' Proofs of Debt Due on May 15 ---------------------------------------------------- Creditors of Greenarc 88 Pte. Ltd. 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 6, 2026. The company's liquidators are: Quar Lian Huat Lu Let Fun c/o Tricor Singapore Pte. Ltd. 9 Raffles Place #26-01 Republic Plaza Singapore 048619 SWIFT TECH: Court to Hear Wind-Up Petition on May 8 --------------------------------------------------- A petition to wind up the operations of Swift Tech Solutions Pte. Ltd. will be heard before the High Court of Singapore on May 8, 2026, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on April 7, 2026. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 TE JAPAN: Creditors' Proofs of Debt Due on May 15 ------------------------------------------------- Creditors of Te Japan Income Partners I Pte. Ltd. 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 6, 2026. The company's liquidators are: Quar Lian Huat Lu Let Fun c/o Tricor Singapore Pte. Ltd. 9 Raffles Place #26-01 Republic Plaza Singapore 048619 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. 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