260416.mbx

260416.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 Thursday, April 16, 2026, Vol. 29, No. 76 Headlines A U S T R A L I A ACCEPT GROUP: First Creditors' Meeting Set for April 21 ALLIED CREDIT 2026-1: Fitch Assigns BB(EXP)sf Rating on Cl. E Notes ANGLE ASSET 2025-1: Moody's Upgrades Rating on Class F Notes to B2 AXIFY PTY: First Creditors' Meeting Set for April 21 CDNI CARE: FWC Rejects Company's Objection in Redundancy Dispute EVOLVE GROUP: First Creditors' Meeting Set for April 22 FINANCIAL SERVICES: Shane Monte Silva Banned for 5 Years METRO FINANCE 2026-1: Moody's Assigns (P)B2 Rating to Cl. F Notes PLS GROUP: Fitch Assigns 'BB' Issuer Default Rating, Outlook Stable TWCIM PTY: First Creditors' Meeting Set for April 20 W.L STEEL: First Creditors' Meeting Set for April 23 C H I N A AIXIN LIFE: Delays 2025 Annual Report Due to Incomplete Financials CHINA JINMAO: Moody's Cuts CFR to Ba3 & Alters Outlook to Stable CHINA PHARMA: Reports $3.2 Million Net Loss for 2025 DATASEA INC: Receives Nasdaq Minimum Bid Price Deficiency Notice LONGFOR GROUP: Posts RMB7.46 Billion in Q1 Contracted Sales H O N G K O N G NAGACORP LTD: Moody's Downgrades CFR to B2, Outlook Stable I N D I A ACTION FOR: CRISIL Lowers Rating on INR8cr LT Loan to B AIR INDIA: Asks Tata, Singapore Air for Funds After US$2.4BB Loss AMAN CONSTRUCTION: CRISIL Lowers Rating on INR5cr Cash Loan to B AMSURE CONSULTANTS: Voluntary Liquidation Process Case Summary ANVITHA LIFE: CRISIL Lowers Rating on INR6cr Term Loan to B ASTALAXMI SPINNING: CARE Keeps B- Debt Rating in Not Cooperating BASUNDHARA GREEN: CARE Keeps D Debt Rating in Not Cooperating DURGA AUTOMOTIVES: CARE Keeps D Debt Rating in Not Cooperating GRAMPUS LABORATORIES: CARE Keeps B- Debt Rating in Not Cooperating HIND OFFSHORE: CRISIL Lowers Rating on INR150cr Term Loan to B INFO TECH: CRISIL Lowers Rating on INR1cr LT Loan to B KALLAM TEXTILES: Insolvency Resolution Process Case Summary KGN MOTORS: CARE Keeps D Debt Rating in Not Cooperating Category KISHAN LAL: CRISIL Withdraws B Rating on INR50cr Loan KOCHAR ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating LAKSHMAN VEER: CRISIL Lowers Rating on INR15cr Cash Loan to B MADRAS RACE: CRISIL Lowers Rating on INR10cr LT Loan to B MITTAL CLOTHING: CARE Keeps B- Debt Rating in Not Cooperating ORION WATER: Liquidation Process Case Summary PALLADAM STEELS: CRISIL Moves D Debt Ratings to Not Cooperating POPULAR WHEELERS: CRISIL Lowers Rating on INR24.5cr Loan to B PRINCE FOUNDATIONS: Insolvency Resolution Process Case Summary SAMRUDDHI REALTY: CRISIL Keeps D Debt Rating in Not Cooperating SAVALIA COTTON: CARE Keeps D Debt Ratings in Not Cooperating SBI MACQUARIE: Voluntary Liquidation Process Case Summary SLIDEWELL MEILLEUR: CRISIL Lowers Rating on INR21.85cr Loan to B STARLINE CARS: CRISIL Lowers Rating on INR57cr e-DFS to B SUNRISE AUTOMOBILES: CARE Keeps B- Debt Rating in Not Cooperating TECHNOVISION AUTO: CRISIL Lowers Rating on INR14cr Loan to B VENKATA SRINIVASA: CARE Cuts Rating on INR50.50cr LT Loan to B+ VIDEOCON INDUSTRIES: NCLT Orders Insolvency Proceedings vs Dhoot VISION NON-WOVENS: CRISIL Lowers Rating on INR27.89cr Loan to B YOGESH POULTRY: CARE Keeps B- Debt Rating in Not Cooperating N E W Z E A L A N D APL KWIKFORM: First Creditors' Meeting Set for April 17 CANNAKIWI NZ: Placed in Liquidation Owing NZD2 Million DIACYN COMPANY: Creditors' Proofs of Debt Due on May 22 LS GROOMING: Court to Hear Wind-Up Petition on April 24 NEW LEAF: Creditors' Proofs of Debt Due on June 2 YOUR ACCOUNTING: Court to Hear Wind-Up Petition on April 23 P A K I S T A N PAKISTAN: Fitch Affirms 'B-' Foreign Currency IDR, Outlook Stable P H I L I P P I N E S ALLIANCE SELECT: Posts US$1.8 Million Net Loss in 2025 S I N G A P O R E ECOSUBSEA SINGAPORE: Creditors' Meetings Set for April 28 FOODXERVICES INC: Creditors' Meetings Set for April 22 GRACE OCEAN: Maryland Reaches Settlement With Dali Owners KLOUDWORK PRIVATE: Court to Hear Wind-Up Petition on May 8 MAXEON SOLAR: Applies for Judicial Management Amid Liquidity Issues YOUTH SPRING: Commences Wind-Up Proceedings S O U T H K O R E A T'WAY AIR: Pushes Unpaid Leave as Fuel Costs Spike Amid Iran Crisis - - - - - ================= A U S T R A L I A ================= ACCEPT GROUP: First Creditors' Meeting Set for April 21 ------------------------------------------------------- A first meeting of the creditors in the proceedings of: - Accept Group Pty Ltd; - First 7 Years Pty Ltd; - Believe Early Learning Pty Ltd; - Believe Early Learning Eaglehawk Pty Ltd; and - Believe Early Learning Mooroopna Pty Ltd will be held on April 21, 2026, at 3:30 p.m. via virtual meeting technology. Andrew Blundell and Chris Bergin of Cathro & Partners were appointed as administrators of the company on April 10, 2026. ALLIED CREDIT 2026-1: Fitch Assigns BB(EXP)sf Rating on Cl. E Notes ------------------------------------------------------------------- Fitch Ratings has assigned expected ratings to Allied Credit ABS Trust 2026-1 - Series 1's pass-through floating-rate notes. The notes are backed by a pool of first-ranking Australian automotive loan receivables originated by entities related to Allied Credit Pty Ltd (Allied Credit). The notes will be issued by AMAL Trustees Limited as trustee for Allied Credit ABS Trust 2026-1 - Series 1. Entity/Debt Rating ----------- ------ Allied Credit ABS Trust 2026-1 – Series 1 A LT AAA(EXP)sf Expected Rating A-X LT AAA(EXP)sf Expected Rating B LT AA(EXP)sf Expected Rating C LT A(EXP)sf Expected Rating D LT BBB(EXP)sf Expected Rating E LT BB(EXP)sf Expected Rating G LT NR(EXP)sf Expected Rating Transaction Summary The total collateral pool at the 31 January 2026 cut-off date was AUD500 million and consisted of 12,669 receivables with a weighted-average (WA) seasoning of 5.2 months, WA remaining maturity of 58.3 months and an average contract balance of AUD39,465. KEY RATING DRIVERS Stress Commensurate with Ratings: Fitch has assigned base-case default expectations and 'AAAsf' default multiples as follows: Platinum: 1.0% (7.50x) Titanium: 3.0% (5.50x) Gold: 5.0% (5.00x) Silver: 8.0% (4.50x) The recovery base case is 35.0% with a 'AAAsf' recovery haircut of 50.0%. The WA base-case default assumption is 2.2% and the 'AAAsf' default multiple is 5.8x. Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 2.6% in 2025 and unemployment was 4.3% in February 2026. Fitch forecasts GDP growth of 2.4% in 2026 and 2.1% in 2027, with unemployment at 4.5% in both years. Excess Spread Limited by Commission Note Repayment: The transaction includes a class A-X note to fund the purchase-price component related to the unamortised commission paid to introducers for the origination of the receivables. The note will not be collateralised, but will amortise in line with an amortisation schedule. The note's repayment limits the availability of excess spread to cover losses, as it ranks senior in the interest waterfall, above the class B to E notes. The class A to E notes will receive principal repayments pro rata upon satisfaction of the stepdown criteria. Fitch's cash flow analysis incorporates the transaction's structural features and tests the robustness of the rated notes by stressing default and recovery rates, prepayments, interest-rate movements and default timing. Counterparty Risks Addressed: Counterparty risk is mitigated by documented structural mechanisms that ensure remedial action takes place should the ratings of the swap providers or transaction account bank fall below a certain level. The transaction includes interest-rate swaps with a fixed schedule, which Fitch expects to be rebalanced, depending on the level of prepayments and defaults. Hence, the transaction is modelled as fully hedged at all times. Low Operational and Servicing Risk: All receivables were originated by related entities of Allied Credit and serviced by Allied Retail Finance Pty Ltd. Fitch undertook an operational review and found that the operations of the originator and servicer were consistent with market standards for auto lenders. Allied Credit is not rated by Fitch. Servicer disruption risk is mitigated by back-up servicing arrangements. The nominated backup servicer is AMAL Asset Management Limited. Fitch undertook an operational and file review and found that the operations of the originator and servicer were comparable with those of other auto and equipment lenders. No Residual Value Risk: There is no residual value exposure in this transaction. However, 22.8% of the portfolio by loan value (including guaranteed future value loans) has balloon amounts payable at maturity. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Transaction performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce credit enhancement available to the notes. Downgrade Sensitivities Unanticipated increases in the frequency of defaults and decreases in recoveries on defaulted receivables could produce loss levels higher than Fitch's base case, and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Fitch therefore conducts sensitivity analysis by stressing a transaction's initial base-case assumptions; these include increasing WA defaults and decreasing the WA recovery rate. The rating sensitivity section provides insight into the model-implied sensitivities the transaction faces when assumptions - defaults or recoveries - are modified, while holding others equal. The modelling process uses the modification of default and loss assumptions to reflect asset performance in up and down environments. The results should only be considered as one potential outcome, as the transaction is exposed to multiple dynamic risk factors. Notes: A / A-X / B / C / D / E Expected rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf 10% defaults increase: AAAsf / AAAsf / AA-sf / A-sf / BBB-sf / BB-sf 25% defaults increase: AA+sf / AAAsf / A+sf / BBB+sf / BB+sf / B+sf 50% defaults increase: AAsf / AAAsf / A-sf / BBB-sf / BBsf / Bsf 10% recoveries decrease: AAAsf / AAAsf / AA-sf / A-sf / BBB-sf / BBsf 25% recoveries decrease: AAAsf / AAAsf / AA-sf / A-sf / BBB-sf / BB-sf 50% recoveries decrease: AAAsf / AAAsf / AA-sf / BBB+sf / BBB-sf / BB-sf 10% defaults increase / 10% recoveries decrease: AAAsf / AAAsf / AA-sf / A-sf / BBB-sf / BB-sf 25% defaults increase / 25% recoveries decrease: AA+sf / AAAsf / Asf / BBBsf / BBsf / B+sf 50% defaults increase / 50% recoveries decrease: AA-sf / AAAsf / BBB+sf / BB+sf / BB-sf / less than Bsf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Economic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. Upgrade Sensitivities The class A and A-X notes are at the highest level on Fitch's scale and cannot be upgraded. Notes: B / C / D / E Expected rating: AAsf / Asf / BBBsf / BBsf 10% defaults decrease / 10% recoveries increase: AA+sf / A+sf / BBB+sf / BB+sf USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY As part of its ongoing monitoring, Fitch reviewed a small targeted sample of Allied Credit's origination files and found the information contained in the files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Prior to the transaction closing, Fitch sought to receive a third-party assessment conducted on the asset portfolio information, but none was made available to Fitch. Overall, Fitch's assessment of the asset pool information relied upon for the agency's rating analysis, according to its applicable rating methodologies, indicates that it is adequately reliable. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. ANGLE ASSET 2025-1: Moody's Upgrades Rating on Class F Notes to B2 ------------------------------------------------------------------ Moody's Ratings has upgraded the ratings on five classes of notes issued by Perpetual Corporate Trust Limited as trustee of Angle Asset Finance - Radian Trust 2025-1. The affected ratings are as follows: Issuer: Angle Asset Finance - Radian Trust 2025-1 Class B Notes, Upgraded to Aa1 (sf); previously on Jun 5, 2025 Definitive Rating Assigned Aa2 (sf) Class C Notes, Upgraded to Aa3 (sf); previously on Jun 5, 2025 Definitive Rating Assigned A2 (sf) Class D Notes, Upgraded to A2 (sf); previously on Jun 5, 2025 Definitive Rating Assigned Baa2 (sf) Class E Notes, Upgraded to Baa3 (sf); previously on Jun 5, 2025 Definitive Rating Assigned Ba2 (sf) Class F Notes, Upgraded to B2 (sf); previously on Jun 5, 2025 Definitive Rating Assigned B3 (sf) A comprehensive review of all credit ratings for the respective transaction(s) has been conducted during a rating committee. RATINGS RATIONALE The upgrades were a result of the increase in credit enhancement available for the affected notes and performance to date. No action was taken on the remaining rated class in the transaction as credit enhancement remains commensurate with the current rating for the notes. Following the March 2026 payment date, the credit enhancement available for the Class B, Class C, Class D, Class E and Class F Notes has increased to 23.1%, 17.3%, 14%, 8.3% and 4.4% respectively, from 17.6%, 13.2%, 10.7%, 6.3% and 3.4% at closing. Principal collections have been distributed on a sequential basis starting from the Class A Notes. Current outstanding notes as a percentage of the total closing balance is 76.2%. As of end-February 2026, 1.4% of the outstanding pool was 30-plus days delinquent, and 0.5% was 90-plus days delinquent. The portfolio has incurred losses of 0.2% (as a percentage of the original pool balance) to date, all of which have been covered by excess spread. Based on the observed performance to date and loan attributes, Moody's have decreased Moody's mean default assumption to 5.5% as a percentage of the original pool balance (equivalent to 7% as a percentage of the outstanding pool balance) from 6.4% of the original pool balance at closing. Moody's have also decreased the Aaa portfolio credit enhancement (PCE) to 25% from 28% at closing. Moody's analysis has also considered various scenarios involving different mean default rate and PCE to evaluate the resiliency of the note ratings. The transaction is a securitisation of auto and equipment loans and operating leases originated by A.C.N 603 303 126 Pty Ltd trading as Angle Asset Finance, an Australian non-bank asset finance provider. The obligors in the pool are primarily small-to-medium enterprises domiciled in Australia. The underlying assets backing the receivables include, among others, cars, trucks, other wheeled assets and other equipment. The principal methodology used in these ratings was "Equipment Lease and Loan Securitizations" published in June 2025. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in the notes' available credit enhancement. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the notes' available credit enhancement, and (3) a deterioration in the credit quality of the transaction counterparties. AXIFY PTY: First Creditors' Meeting Set for April 21 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Axify Pty Ltd will be held on April 21, 2026, at 11:00 a.m. via virtual meeting. Andrew John Scott of Teneo was appointed as administrator of the company on April 9, 2026. CDNI CARE: FWC Rejects Company's Objection in Redundancy Dispute ---------------------------------------------------------------- HR Leader reports that the Fair Work Commission has scrapped the jurisdictional objection of a company under voluntary administration after the court found that it failed to consult an employee before making him redundant, rejecting the company's claim that it had such urgency in reducing costs that it had no time for consultation. According to HR Leader, Commissioner Damian Sloan awarded the worker his unfair dismissal claim and ordered his employer to pay him $554.85 plus superannuation in compensation, within a month. HR Leader relates that the worker commenced employment as a disability support worker for CDNI Care in January 2023. After working in his role for over two years, his employer told staff that it was experiencing financial difficulties, which could require wage cuts and redundancies for workers who elected "not to accept redeployment under the revised terms", Mr. Sloan found. Following this informal announcement, the worker sought a voluntary redundancy, to which his employer responded, saying that this was "not then being contemplated", the commission heard. In August 2025, CDNI held an all-staff meeting, formally disclosing its financial difficulties and appointing a voluntary administrator to assist in preserving employment and continuing operations, HR Leader recalls. The voluntary administrator, Rajiv Ghedia of Westburn Advisory, sent a letter to some employees the next day, stating that it was business as usual and an immediate reduction in employee pay was deemed necessary, HR Leader relays. This letter was not sent to the worker, who instead received a termination letter from Ghedia two days later, which was also sent to nine other workers, resulting in redundancy. HR Leader says the administrator made a further 13 employees redundant one month later and docked the pay of the 90 remaining employees. Several days after the worker filed an unfair dismissal application in September 2025, the company commissioned a proposed deed of company arrangement (DOCA) (executed in October 2025), under which the worker was projected to receive his outstanding entitlements and redundancy pay in April 2028. No other CDNI employee who was made redundant had an application concerning their dismissal reach the commission for a hearing, HR Leader notes. Although Mr. Sloan accepted that CDNI needed to reduce employee wages and overheads to secure ongoing viability, he scrutinised its decision not to consult or explain why the worker had been selected for redundancy, a requirement governed by the award covering the worker, Social, Community, Home Care and Disability Services Industry Award 2010 (award). HR Leader says the court rejected CDNI's submission that "there was such urgency in reducing costs that there was no time to conduct any consultation," determining that the dismissal was not a genuine redundancy. The commission upheld the worker's unfair dismissal application, ordering CDNI to pay him compensation for lost wages of $554.85, one week's pay, plus superannuation, for the anticipated period of employment, adds HR Leader. EVOLVE GROUP: First Creditors' Meeting Set for April 22 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Evolve Group Pty Ltd will be held on April 22, 2026, at 10:00 a.m. at the offices of of DVT Mcleods, at Level 5, 145 Eagle Street, in Brisbane, QLD. Bill Karageozis and Nick Keramos of DVT Mcleods were appointed as administrators of the company on April 10, 2026. FINANCIAL SERVICES: Shane Monte Silva Banned for 5 Years -------------------------------------------------------- Former financial adviser Shane Monte Silva has been banned from the financial services industry for five years after the Australian Securities & Investments Commission (ASIC) found he failed to act in certain clients' best interests when recommending they switch their superannuation funds to invest in schemes including the Shield Master Fund (Shield) and the First Guardian Master Fund (First Guardian). Between July and August 2023, while an authorised representative of Financial Services Group Australia Pty Ltd (in liquidation) (FSGA), Mr. Monte Silva provided advice to five clients to switch superannuation funds and invest in specific managed investment schemes, including Shield and First Guardian. In a review of the advice provided by Mr Monte Silva, ASIC found that an adviser of his experience should have been aware that he was not acting in the client's best interests by providing them with a Statement of Advice (SOA) in his or another adviser's name, containing material misleading information, that recommended they roll over their entire superannuation savings into one or more high risk products, particularly in circumstances where the fact find had been carried out by an unlicensed third party referrer, where the SOA had been prepared by a paraplanner, and where he was only meeting the client for the first time during a phone call between the client and third party referrer. The banning order took effect from Dec. 11, 2025. Mr. Monte Silva has made an application to the Administrative Review Tribunal to review ASIC's decision. Mr. Monte Silva had also brought a stay and confidentiality application and the stay application has been withdrawn and the confidentiality application dismissed. Mr. Monte Silva was an authorised representative of FSGA (in liquidation) from May 24, 2023 to March 10, 2025 whilst employed as a financial adviser at AS Financial Planning Pty Ltd. Around 11,800 people invested their money, including their superannuation retirement savings, into the Shield and First Guardian managed investments. In many cases, this happened after people were contacted by lead generators and referred to financial advisers. These advisers often told investors to roll over their existing superannuation balances into a choice superannuation fund available on a platform or to set up a self-managed super fund (SMSF) to facilitate investment into Shield and First Guardian products. METRO FINANCE 2026-1: Moody's Assigns (P)B2 Rating to Cl. F Notes ----------------------------------------------------------------- Moody's Ratings has assigned provisional ratings to notes to be issued by AMAL Trustees Pty Limited in its capacity as trustee of Metro Finance 2026-1 Trust. Issuer: AMAL Trustees Pty Limited in its capacity as trustee of Metro Finance 2026-1 Trust AUD667.50 million Class A Notes, Assigned (P)Aaa (sf) AUD31.50 million Class B Notes, Assigned (P)Aa2 (sf) AUD22.50 million Class C Notes, Assigned (P)A2 (sf) AUD5.25 million Class D Notes, Assigned (P)Baa2 (sf) AUD18.00 million Class E Notes, Assigned (P)Ba2 (sf) AUD0.75 million Class F Notes, Assigned (P)B2 (sf) The AUD2.25 million Class G1 Notes and AUD2.25 million Class G2 Notes are not rated by us. Metro Finance 2026-1 Trust is a static cash securitisation of a portfolio of Australian commercial auto and equipment loans and leases, and novated leases secured by motor vehicles originated by Metro Finance Pty Limited (Metro Finance). Metro Finance was established in 2011 as a commercial auto and equipment lender. It targets prime borrowers for auto and equipment assets in low volatility industries. Metro Finance originates its lending through the commercial auto and equipment broker and aggregator industry nationally. This is Metro Finance's first auto and equipment asset backed securitisation for 2026. RATINGS RATIONALE The provisional ratings take into account, among other factors, (1) Moody's evaluations of the underlying receivables and their expected performance, (2) an evaluation of the capital structure and credit enhancement provided to the notes, (3) the availability of excess spread over the life of the transaction, (4) the liquidity facility in the amount of 2.0% of the rated notes' balance, subject to a floor of AUD500,000, (5) the legal structure, (6) the experience of Metro Finance as servicer, and (7) the presence of AMAL Asset Management Limited (AMAL) as the back-up servicer. According to Moody's analysis, the transaction benefits from strong historical performance data which compares favourably to other originators of commercial auto and equipment loans and leases. The key challenge in the transaction is the inclusion of around 52.1% of receivables extended to prime commercial obligors on a no-income-verification basis and around 73.4% of receivables requiring a balloon payment at the end of the receivable term. Loans with a balloon payment are subject to higher refinancing risk and, consequently, default risk. Moody's have incorporated an additional stress into Moody's default assumptions to account for this. Moody's portfolio credit enhancement ("PCE") — representing the loss that Moody's expects the portfolio to suffer in the event of a severe recession scenario — is 10.3%. Moody's mean expected default rate for this transaction is 1.6% and Moody's recovery rate is 45.0%. The default rate, recovery rate and PCE are parameters used by us to calibrate Moody's lognormal portfolio loss distribution curve and to associate a probability with each potential future loss scenario in the cash flow model to rate auto ABS. Key transactional features are as follows: -- Principal collections will be at first distributed sequentially. Once the step down conditions are satisfied, all notes may participate in proportional principal collections distribution. The step down conditions include, among others, subordination to the Class A notes of at least 1.5 times the initial Class A subordination, no charge offs on any of the notes and average arrears greater than 90 days not exceeding 4.0% of the aggregate loan amount. Principal pay-down will revert to sequential once the aggregate stated amount of the notes is less than 20.0% of the aggregate invested amount of the notes at closing, or on or after the payment date in August 2029. -- A swap provided by National Australia Bank Limited (Aa1/P-1/Aa1(cr)/P-1(cr)) will hedge the interest rate mismatch between the fixed rate assets and the floating rate liabilities. The notional balance of the swap will follow a schedule based on the repayment profile of the assets, assuming a certain prepayment rate.- AMAL is the back-up servicer. If Metro Finance is terminated as servicer, AMAL will take over the servicing role in accordance with the standby servicing deed and its back-up servicing plan. Key pool features are as follows: -- 52.1% of the receivables were extended to prime commercial obligors on a no-income verification basis, referred to as "streamlined". This streamlined product allows obligors who meet certain stringent requirements to access the loan without providing financial statements. -- 73.4% of the receivables are loans with a balloon payment at the end of the receivable term. The aggregate balloon exposure as a percentage of current portfolio balance is 24.8%. -- The weighted average interest rate of the portfolio is 7.2%. -- The weighted average remaining term of the portfolio is 46.7 months. The weighted average seasoning of the initial portfolio is 10 months. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Moody's Global Approach to Rating Auto Loan- and Lease-Backed ABS" published in June 2025. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the notes include a rapid build-up of credit enhancement due to sequential amortisation or better-than-expected collateral performance. The Australian job market is a primary driver of performance. Factors that could lead to a downgrade of the notes are worse-than-expected collateral performance, poor servicing, error on the part of transaction parties, a deterioration in the credit quality of transaction counterparties, a lack of transactional governance, or fraud. PLS GROUP: Fitch Assigns 'BB' Issuer Default Rating, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has published Australia-based PLS Group Limited's Issuer Default Rating (IDR) of 'BB'. The Outlook is Stable. Fitch has also assigned PLS's proposed USD500 million senior unsecured notes a rating of 'BB'. The bonds are rated at the same level as PLS's Long-Term IDR as they constitute its unconditional, unsecured and unsubordinated obligations. The rating reflects PLS's strong business profile, supported by its position as a leading lithium producer with a production capacity of 1 million tonnes per annum (mtpa), long reserve life and flexibility on production levels. This is balanced by PLS's limited product diversification relative to peers, with production focused only on spodumene concentrate and its cost position in the second half of the lithium cost curve. The Stable Outlook reflects PLS's strong financial position, net cash position and conservative capital allocation. Fitch expects the placement of new bonds to be leverage-neutral as proceeds will be also used to repay outstanding debt. Key Rating Drivers Price Sensitivity: PLS is an upstream lithium producer, making its cash flow highly sensitive to lithium prices, which have been highly volatile. The company is a price-taker, evident from the drop in its Fitch-calculated EBITDA margin to 8% in the financial year ended June 2025 (FY25) from a high of 81% in FY23 after realised spodumene prices fell materially. The company is focused on capturing additional value through vertical integration in the battery-material supply chain. Its diversification plan includes an 18% stake in a 43,000 tonne per annum lithium hydroxide plant, jointly operated with South Korea's POSCO, and a potential new lithium conversion plant with China-based Ganfeng. Fitch believes these measures can reduce margin volatility through the cycle and improve PLS's scale and diversification. Improving Lithium Prices: PLS's underlying EBITDA rose to AUD253 million in 1HFY26 from AUD97 million in FY25, largely reflecting a rebound in lithium prices to USD1,105/tonne (SC6 equivalent) (FY25: USD769/tonne). Fitch expects the higher lithium prices and a moderation in PLS's capex intensity, following the completion of its capacity expansion to 1 million tonnes (P1,000), to support its cash flow generation, with its free cash flow (FCF) remaining positive over FY26-FY28 under its price assumptions. Significant Operational Scale; Single Commodity: PLS is the third-largest primary lithium producer globally, with the company expecting to raise annual production to 820,000-870,000 tonnes in FY26 (FY25: 755,000 tonnes), following the completion of the P1000 expansion project. The company also plans to restart production at its Ngungaju plant from July 2026 that will add another 200,000 tonnes per annum. Potential expansion of the Pilgangoora operations to 2mtpa will provide an additional growth option, with the feasibility study of the P2000 project scheduled for completion by end-2026. Flexible Operational Model: PLS owns 100% of its operational assets and sells spodumene to top-tier lithium converters under medium-term off-take agreements. This model allows flexibility in choosing medium-term marketing strategies between spot markets and off-takers, as well as volumes allocated to other options, such as conversion to higher-grade battery chemicals. The company's cost model is also adaptable to market conditions, as it can switch each of its two plants on and off to manage operational and capital costs. Cost Position to Improve: Fitch expects PLS's free-on-board (FOB) costs to improve in FY26 to AUD600/tonne and AUD550/tonne by FY28 (FY25: AUD627/tonne), driven by growing production at the Pilgangoora operations following its P1000 expansion. Fitch expects the Pilgan plant, once it operates at full capacity, to increase scale and improve processing efficiency. The Ngungaju plant will stay at its relatively high-cost position on the industry curve, but margins will be supported by a new two-year off-take agreement with Canmax Technologies Co. Ltd, including a floor price of USD1,000/tonne. Liquidity and Balance-Sheet Strength: PLS's financial profile is strong, with a net cash position maintained in the last three years. Fitch expects PLS to sustain the net cash position through FY26 (FY25: -8.1x), supported by improving lithium prices. This provides the company with financial flexibility and allows it to fund growth through the cycle. PLS's two key growth projects - P2000 and Colina - may reach a final investment decision in the next two years, which would increase leverage. However, Fitch expects the company to maintain a conservative balance sheet through the cycle with EBITDA net leverage remaining close to its long-term target of below 1.5x. Middle East Conflict: Fitch believes a prolonged conflict could make spodumene prices more volatile. Middle East tensions and weak electric-vehicle sales may weigh on the lithium demand outlook, dampening prices. The conflict's impact on oil prices would also spill over to the price of diesel, which is extensively used in Australian mining. Conflict around the Strait of Hormuz risks disrupting shipping and threatening the supply of sulphur, explosives and other chemicals used in the mining, flotation and beneficiation processes for lithium production. However, the increase in material cost is likely to have a limited impact due to its low contribution to the total input cost. Peer Analysis PLS's operational scale and market position compare well with its closest peer, Mineral Resources Limited (MinRes, BB-/Stable). MinRes is a smaller lithium producer, operating its two largest mines with joint-venture partners, but it is better diversified through significant exposure to iron ore and mining services, which are less affected by volatile commodity cycles. MinRes' financial profile is somewhat weaker, and its ratings also reflect corporate governance issues. PLS's commodity diversification is also weaker than that of Sibanye-Stillwater Limited (BB/Negative), which holds a diverse portfolio of platinum group metals (PGM) and gold assets and is developing a lithium project in Finland. The cost positions of both mining companies are weak, which somewhat reduces the diversification benefits for Sibanye-Stillwater when prices for its core PGM commodity decline. It also has higher leverage due to growth investment in battery materials. PLS is a large player in the lithium market, with 100% ownership of one of the largest hard-rock lithium mines, Pilgangoora, located in a Tier 1 mining jurisdiction, Australia. This is comparable with the position of other Australian single-commodity companies, such as Northern Star Resources Ltd (NST, BBB-/Stable). Both have strong financial profiles, but NST is materially larger and is exposed to gold, which is considered less volatile than lithium. Fitch’s Key Rating-Case Assumptions - Spodumene concentrate price of around USD1,412/tonne in 2026 and USD1,392/tonne in 2027 before a gradual decrease to USD1,027/tonne by 2029; - Spodumene concentrate production to increases to 1.1 mtpa on average in FY27 -FY29; - FOB costs of AUD600/tonne on average in FY26-FY29; - Dividend payments to resume in FY27 at a payout ratio of 30% of FCF; - Capex forecast does not include any major growth projects after FY26. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): management (bbb, lower), sector characteristics (bbb, lower), market and competitive positioning (bb, higher), diversification and asset quality (bb-, moderate), company operational characteristics (bb, higher), profitability (bbb-, moderate), financial structure (bbb+, lower), and financial flexibility (bb+, moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year FY24, 20% for the historical year FY25, 20% for the forecast year FY26, 20% for the forecast year FY27 and 20% for the forecast year FY28. - The governance assessment of 'Good' results in no adjustment. - The operating environment assessment of 'a' results in no adjustment. - The SCP is 'bb'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'BB'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA net leverage rising to above 2.5x on a sustained basis - Expectations of negative Fitch-defined FCF over the cycle Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Positive rating action is unlikely in the near term. Fitch may consider positive rating action if lithium fundamentals improve such that demand outpaces industry capacity or if the company strengthens its integration in downstream segments, improves its cost position and/or operational scale such that its sensitivity to price volatility is reduced, and maintains EBITDA net leverage below 1.5x. Liquidity and Debt Structure PLS had cash of AUD954.4 million at end-December 2025 (FYE25: AUD974.4 million). It had AUD375 million outstanding on its revolving credit facilities (RCF) due FY28 and AUD90 million of convertible bonds (including accumulated interest) due FY27. The company plans to repay its RCF following the placement of the USD500 million in senior unsecured notes and reduce RCF limits to AUD500 million from AUD1 billion. Issuer Profile PLS is an Australian independent hard rock lithium producer. Its main mining asset is the 100%-owned Pilgangoora operation located in the Pilbara region, Western Australia, with nameplate capacity of 1mtpa. PLS is also developing the Colina lithium project in Brazil, and holds an 18% interest in a lithium hydroxide monohydrate chemical facility in Korea. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for PLS. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ PLS Group Limited LT IDR BB Publish senior unsecured LT BB New Rating TWCIM PTY: First Creditors' Meeting Set for April 20 ---------------------------------------------------- A first meeting of the creditors in the proceedings of TWCIM Pty Ltd will be held on April 20, 2026, at 10:00 a.m. via virtual meeting. Bruce Neil Mulvaney of Bruce Mulvaney & Co was appointed as administrator of the company on April 8, 2026. W.L STEEL: First Creditors' Meeting Set for April 23 ---------------------------------------------------- A first meeting of the creditors in the proceedings of W.L Steel Shelving Installations Pty Ltd (ATF 'WL Steel Shelving Installations Pty Ltd and ATF The Lombo Family Trust' ABN 68 772 761 763) will be held on April 23, 2026, at 10:00 a.m. via virtual meeting. Rajiv Ghedia of Westburn Advisory was appointed as administrator of the company on April 13, 2026. ========= C H I N A ========= AIXIN LIFE: Delays 2025 Annual Report Due to Incomplete Financials ------------------------------------------------------------------ AiXin Life International, Inc. disclosed in a regulatory filing that it was unable to timely file its Annual Report on Form 10-K for the year ended December 31, 2025, due to a delay in completing the financial statements required to be included in the Report, and the review procedures related thereto, which delay could not be eliminated by the Company without unreasonable effort and expense. About AiXin Life International Sichuan Province, China-based AiXin Life International, Inc. is a Colorado holding company and conducts substantially all of its operations through its operating companies established in the People's Republic of China, or the PRC. The Company focuses on providing health and wellness products to the growing middle class in China. It currently develops, manufactures, markets, and sells premium-quality healthcare, nutritional products, and wellness supplements, including herbs and greens, traditional Chinese remedies, functional products such as weight management products, probiotics, foods, and drinks. The Company also provides advertising and marketing services to clients who engage us to market and distribute their products. As of September 30, 2025, the Company had $3,372,467 in total assets, $9,196,866 in total liabilities, and $5,824,399 in total stockholders' deficit. Irvine, California-based YCM CPA INC., the Company's auditor, issued a "going concern" qualification in its report dated May 6, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company had a working capital deficit as of December 31, 2024 and a net loss and negative cash flows from operations for the year ended December 31, 2024. These conditions raise substantial doubt about the Company's ability to continue as a going concern. CHINA JINMAO: Moody's Cuts CFR to Ba3 & Alters Outlook to Stable ---------------------------------------------------------------- Moody's Ratings has downgraded the following ratings of China Jinmao Holdings Group Limited (China Jinmao) and its wholly owned subsidiary: 1. China Jinmao's corporate family rating (CFR) to Ba3 from Ba2; and 2. Backed senior unsecured rating on the bonds issued by Franshion Brilliant Limited and guaranteed by China Jinmao, to Ba3 from Ba2. At the same time, Moody's have changed the outlook to stable from negative on all entities. "The downgrade reflects China Jinmao's still-elevated leverage, which is unlikely to return to a level appropriate for its previous ratings in the next 6-12 months. Despite good sales performance, growth in debt outpaced incremental EBITDA in 2025, due primarily to lower-than-expected recognized revenue," says Daniel Zhou, a Moody's Ratings Assistant Vice President and Analyst. "The stable outlook reflects Moody's expectations that the company's credit metrics will gradually stabilize over the next 12-18 months, supported by higher revenue growth and improving gross margins. Moody's also expects China Jinmao to maintain linkage with its state-owned largest shareholder Sinochem Hong Kong (Group) Company Limited (Sinochem HK, Baa1 stable), which benefits the company's funding and operations," adds Zhou. RATINGS RATIONALE China Jinmao's Ba3 CFR reflects its track record of developing landmark integrated projects, good-quality land bank in higher-tier cities, good access to funding, and close linkage with a state-owned enterprise (SOE) shareholder. These strengths are counterbalanced by China Jinmao's exposure to cyclicality in the Chinese property sector and the high leverage. China Jinmao's leverage remained elevated at approximately 11.0x in 2025, exceeding Moody's earlier projection of 9.3x. This was mainly driven by lower-than-expected revenue recognition and a moderate increase in debt during the year. Specifically, the company's 2025 revenue grew by just 0.5% year-on-year, while its adjusted debt level rose by about 5%. Moody's expects the company's leverage to gradually trend to around 9.2x in 2026, supported primarily by projected revenue growth of 20%-25% during the year. Despite this expected improvement, leverage remains weak for its previous Ba2 rating. China Jinmao recorded a good sales growth of about 16% year-on-year in 2025 and maintained positive momentum in the first three months of 2026. This sales growth reflects the company's good-quality land bank in higher-tier cities and the competitiveness of its product offerings, and it will gradually translate into revenue growth over the next one to two years. At the same time, the company's reported gross profit margin will likely edge up over the next one to two years as its higher-cost inventory destocking process gradually concludes. Moody's expects higher margin projects will contribute an increasing share of revenue, which also helps margins. China Jinmao's reported gross profit margin improved to 15.5% in 2025, from 14.6% in 2024. However, Moody's don't expect the company's adjusted debt level will decrease significantly in the near future because it will continue investing in land acquisition—particularly in higher tier cities—to sustain its sales scale. Moody's estimates China Jinmao to allocate approximately 45%-50% of its contracted sales proceeds to land replenishment in 2026. As the parent's flagship property development platform, China Jinmao maintains a close association with Sinochem HK, which is in turn wholly-owned by Sinochem Holdings Corporation Ltd. (Sinochem Holdings), a state-owned enterprise under the central government. Sinochem HK exercises strong influence over China Jinmao and consolidates China Jinmao's financials within its financial statements. This linkage will continue to benefit China Jinmao's funding access given its SOE background, supporting its ability to replenish land for property development and sustain its operating scale. China Jinmao's liquidity is good, underpinned by the company's good access to funding. Moody's expects the company's cash holdings, along with its operating cash flow, to cover its short-term debt and committed land payments over the next 12-18 months. In terms of environmental, social and governance factors, Moody's have considered China Jinmao's relatively complex organization structure that includes a large number of subsidiaries, joint ventures and associates. The risk is tempered by China Jinmao's track record in maintaining stable operations and the close linkage with its state-owned largest shareholder. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade China Jinmao's ratings if the company strengthens its financial position. Specifically, Moody's could upgrade the ratings if the company's adjusted debt/EBITDA falls below 7.5x and EBIT interest coverage rises above 3.0x for a sustained period. Moody's could downgrade China Jinmao's ratings if the company's sales decline significantly, or its liquidity deteriorates because of weak sales or aggressive expansion. Credit metrics indicative of downgrade rating pressure include adjusted debt/EBITDA staying above 9.0x, or EBIT interest coverage below 1.75x, for a prolonged period. This rating action is based on a baseline scenario of a contained impact on energy markets notwithstanding ongoing disruption to oil supply and limited damage to production or infrastructure. Although China Jinmao has no direct project exposure to the Middle East region, its credit profile may be exposed the macro financial conditions risk transmission channel, which could lead to a more consequential impact on creditworthiness. The principal methodology used in these ratings was Homebuilding and Property Development published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. China Jinmao Holdings Group Limited develops residential and commercial properties in first-tier and major second-tier cities in China. The company listed on the Hong Kong Stock Exchange in 2007. At the end of 2025, China Jinmao was 38.36% owned by Sinochem HK, which was in turn 100% owned by Sinochem Holdings. CHINA PHARMA: Reports $3.2 Million Net Loss for 2025 ---------------------------------------------------- China Pharma Holdings, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Singapore-based Enrome LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 31, 2026, citing that as of December 31, 2025 and 2024, the Company had a working capital deficit of $5.1 million and $1.7million, respectively. In addition, the Company had incurred net losses of $3.2 million and $4.7 million and had positive and negative cash flows from operating activities of $0.1 million and $0.5 million for the years ended December 31, 2025 and 2024, respectively. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had cash and cash equivalents of $0.3 million and an accumulated deficit of $47.2 million and the Company's current liabilities exceeded current assets by $5.1 million. The Company's Chairperson, Chief Executive Officer and Interim Chief Financial Officer Ms. Li has advanced an additional $0.26 million during fiscal year 2025 for an aggregate of $1,435,136 as of December 31, 2025 to provide working capital and enabled the Company to make the required payments related to its former construction loan facility and current lines of credit. The Company anticipates operating losses to continue for the foreseeable future due to, among other things, costs related to the production of its existing products, debt service costs and selling and administrative costs. To alleviate the conditions that raise substantial doubt about the Company's ability to continue as a going concern, management plans to enhance the sales model of advance payment, and further strengthen its collection of accounts receivable. Further, the Company is currently exploring strategic alternatives to accelerate the launch of nutrition products. In addition, management believes that the Company's existing property, plant and equipment can serve as collateral to support additional bank loans. The Company will implement multiple measures simultaneously across procurement, production, human resources, and marketing to reduce operating costs. In procurement, the Company will consolidate purchasing activities where practical to enhance bargaining power with suppliers. In production, operations will be optimized through approaches such as centralized manufacturing cycles and shifting energy-intensive processes to off-peak hours to reduce power costs. Production personnel will be deployed efficiently to minimize labor expenses while maintaining quality standards. In human resources, the Company will optimize staffing levels and implement targeted incentives to improve work efficiency and output quality, thereby controlling labor costs. Marketing expenditures will be focused on high-return channels through data-driven targeting and channel optimization. Additionally, the Company will enhance employee training in production techniques and cost management principles, fostering a culture of cost awareness throughout the organization. Management believes that, if successfully implemented, these measures may improve the Company's cash position and allow the Company to fund its operations in the next twelve months, however, there can be no assurance that the Company will be able to fully execute the planned initiatives, achieve its strategic alternatives, and resolve the conditions raising substantial doubt about its ability to continue as a going concern. Pursuant to the requirements of Accounting Standards Codification (ASC) 205-40, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern management must evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that the financial statements are issued. This evaluation initially does not take into consideration the potential mitigating effect of management's plans that have not been fully implemented as of the date the financial statements are issued. When substantial doubt exists under this methodology, management evaluates whether the mitigating effect of its plans sufficiently alleviates substantial doubt about the Company's ability to continue as a going concern. The mitigating effect of management's plans, however, is only considered if both: (1) it is probable that the plans will be effectively implemented within one year after the date that the financial statements are issued, and (2) it is probable that the plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued. Under ASC 205-40, the strategic alternatives being pursued by the Company cannot be considered probable at this time because none of the Company's current plans have been finalized at the time of the issuance of these financial statements and the implementation of any such plan is not probable of being effectively implemented as none of the plans are entirely within the Company's control. Accordingly, substantial doubt is deemed to exist about the Company's ability to continue as a going concern within the next 12 months A full text copy of the Company's Form 10-K is available at https://tinyurl.com/nahu39tj About China Pharma China Pharma Holdings, Inc. is a specialty pharmaceutical company that develops, manufactures, and markets a diversified portfolio of products, focusing on conditions with high incidence and high mortality rates in China, including cardiovascular, CNS, infectious, and digestive diseases. The Company's cost-effective business model is driven by market demand and supported by new GMP-certified product lines covering the major dosage forms. In addition, the Company has a broad and expanding nationwide distribution network across all major cities and provinces in China. The Company's wholly-owned subsidiary, Hainan Helpson Medical & Biotechnology Co., Ltd., is located in Haikou City, Hainan Province. As of December 31, 2025, the Company had $31 million in total assets, $8.3 million in total liabilities, and $22.7 million in total stockholders' equity. DATASEA INC: Receives Nasdaq Minimum Bid Price Deficiency Notice ---------------------------------------------------------------- Datasea Inc. disclosed in a regulatory filing that it received a staff determination notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC, informing the Company that its common stock, par value $0.001 per share, fails to comply with the $1 minimum bid price required for continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2) for the 30 consecutive business days prior to March 27, 2026, . Nasdaq's notice has no immediate effect on the listing of the Common Stock on The Nasdaq Capital Market. Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided an initial compliance period of 180 calendar days, or until September 23, 2026, to regain compliance with the minimum bid price requirement. To regain compliance, the closing bid price of the Common Stock must meet or exceed $1.00 per share for a minimum of ten consecutive business days prior to the Compliance Date. If the Company is unable to regain compliance by the Compliance Date, the Company may be eligible for an additional 180 calendar day compliance period to demonstrate compliance with the bid price requirement. To qualify, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the bid price requirement, and will need to provide written notice to Nasdaq of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split, if necessary. If the Company does not qualify for the second compliance period or fails to regain compliance during the second 180-day period, Nasdaq will notify the Company of its determination to delist the Common Stock, at which point the Company would have an opportunity to appeal the delisting determination to a Hearings Panel. The Company intends to monitor the closing bid price of the Common Stock and may, if appropriate, consider implementing available options to regain compliance with the minimum bid price requirement under the Nasdaq Listing Rules. About Datasea Headquartered in Beijing, People's Republic of China, Datasea Inc. -- http://www.dataseainc.com-- is a technology company incorporated in Nevada, USA, on Sept. 26, 2014, with subsidiaries and operating entities located in Delaware, US, and China. The company provides acoustic business services (focusing on high-tech acoustic technologies and applications such as ultrasound, infrasound, and Schumann resonance), 5G application services (5G AI multimodal digital business), and other products and services to various corporate and individual customers. Los Angeles, California-based Kreit & Chiu CPA LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated Sept. 26, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2025, citing that the Company has suffered recurring losses from operations, negative working capital, and accumulated deficit, which raise substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $8.64 million in total assets, $5.17 million in total liabilities, and a total stockholders' equity of $3.47 million. LONGFOR GROUP: Posts RMB7.46 Billion in Q1 Contracted Sales ----------------------------------------------------------- TipRanks reports that Longfor Group Holdings reported unaudited operating data for the first quarter of 2026, posting aggregated contracted sales of RMB7.46 billion on 842,000 square meters of gross floor area, with March alone contributing RMB3.01 billion and 315,000 square meters. Contracted sales attributable to shareholders reached RMB2.02 billion on 226,000 square meters, while revenue from property operation and property service totaled about RMB6.62 billion before tax adjustment, underscoring continued cash inflow from both development and recurring service businesses but remaining subject to revision when audited financial statements are released. According to TipRanks, the group booked around RMB3.63 billion in property operation revenue and RMB2.99 billion in property service revenue in the quarter, highlighting the importance of its asset-light and services segments alongside traditional development. Management cautioned that the figures are preliminary, unaudited, and provided for reference only, signaling that investors should be mindful of potential adjustments and underlying market uncertainties when assessing the company's performance and valuation. About Longfor Group Longfor Group Holdings Limited operates as a real estate development company. The Company develops and markets residential areas, office buildings, hotels, restaurants, and other related areas. Longfor Group Holdings also provides community management, landscape greening materials maintenance, real estate agencies, and other services. As reported in the Troubled Company Reporter-Asia Pacific in late November 2025, S&P Global Ratings lowered its long-term issuer credit rating on Longfor Group Holdings Ltd. to 'BB-' from 'BB'. At the same time, S&P lowered the long-term issue rating on the company's senior unsecured notes to 'B+' from 'BB-'. The TCR-AP reported in mid-February 2026 that Fitch Ratings has affirmed Longfor Group Holdings Limited's Long-Term Foreign-Currency Issuer Default Rating (IDR) and senior unsecured rating at 'BB-'. ================= H O N G K O N G ================= NAGACORP LTD: Moody's Downgrades CFR to B2, Outlook Stable ---------------------------------------------------------- Moody's Ratings has upgraded NagaCorp Ltd.'s (NagaCorp) corporate family rating to B2 from B3. The outlook is stable. "The upgrade reflects continued improvement in NagaCorp's earnings and cash flow, supported by resilient performance at its mass market and premium segments," says Anthony Prayugo, a Moody's Ratings Analyst. RATINGS RATIONALE NagaCorp's B2 CFR reflects the dominant position of NagaWorld, the company's integrated casino and hotel complex in Phnom Penh, Cambodia (B2 stable), supported by the country's low labor costs and favorable gaming tax rates. These factors support a competitive cost structure for the company. The B2 rating incorporates as risks the company's single-site operations, exposure to political risk and the evolving regulatory framework in Cambodia, uncertainty around its expansion-related capital spending, and limited access to external financing. Additionally, NagaCorp faces competition from other gaming operators in Asia. NagaCorp reported gross gaming revenue (GGR) of $692 million and EBITDA of $404 million in 2025, representing year-on-year increases of 27% and 39%, respectively. The improvement was driven by higher business volumes across both the mass market and premium segments, as well as the introduction of higher-margin products. Moody's expects NagaCorp to continue generating EBITDA in excess of $400 million in 2026, broadly in line with 2025 levels. Continued foreign direct investment inflows into Cambodia should support increased visitation by business travelers and expatriates, underpinning stable earnings generation. While the company's capital spending plans for the Naga 3 expansion remain uncertain following the withdrawal of promoter funding, Moody's expects associated funding risks to remain manageable. Although a revised capital expenditure budget has not yet been disclosed, Moody's expects the final budget to be materially lower than the initial $3.5 billion estimate and to be largely funded through internally generated cash flows. Importantly, NagaCorp retains flexibility over the timing and pace of the expenditure, with no binding completion deadline. As a result, NagaCorp's credit metrics will remain strong, supported by low leverage. The company had $184 million of debt (including lease liabilities) at end December 2025, including a $70 million shareholder loan scheduled for repayment in May 2026. Moody's expects leverage, as measured by debt/EBITDA, to remain below 0.5x in 2026-2027. NagaCorp has very good liquidity. As of December 31, 2025, the company had cash and deposits of $372 million. Together with expected operating cash flow of around $821 million through December 2027, these sources are sufficient to cover the company's cash uses, which include the repayment of the $70 million shareholder loan in May 2026, estimated capital spending of $455 million and dividends of $240 million. This rating action is based on a baseline scenario of a contained impact on energy markets notwithstanding ongoing disruption to oil supply and limited damage to production or infrastructure. Nevertheless, Moody's recognizes that NagaCorp's credit profile may be susceptible to a more adverse scenario in the conflict, reflecting its activity in a sector exposed to the macro financial conditions risk transmission channel, which could lead to a more consequential impact on creditworthiness. OUTLOOK The stable outlook reflects Moody's views that NagaCorp will continue to grow its earnings and generate free cash flow over the next 12-18 months while preserving strong credit metrics. Furthermore, Moody's expects the company to maintain adequate liquidity as it progresses with its expansion project. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING NagaCorp's rating is unlikely to be upgraded given its single-site operations and limited access to external financing. Moody's could downgrade NagaCorp's ratings if (1) Cambodia's rating is downgraded; (2) the operating environment deteriorates, resulting in protracted weakness in earnings; or (3) the company embarks on aggressive growth plans that strain its free cash flow and liquidity. Credit metrics indicative of a downgrade include adjusted debt/EBITDA exceeding 3.0x and adjusted retained cash flow/net debt falling below 25%, on a sustained basis. The principal methodology used in this rating was Gaming published in September 2025. The B2 rating is five notches below the scorecard-indicated outcome of Baa3. The difference reflects NagaCorp's exposure to the political and regulatory risks in Cambodia. NagaCorp was incorporated in the Cayman Islands in 2003 and has been listed on the Hong Kong Stock Exchange since 2006. NagaCorp is owned by SAKAI GLOBAL HOLDINGS LTD. ("Sakai Global"), which in turn is controlled by the Chen family. Sakai Global held a 69% stake in the company as of June 30, 2025. ========= I N D I A ========= ACTION FOR: CRISIL Lowers Rating on INR8cr LT Loan to B ------------------------------------------------------- CRISIL Ratings has migrated the ratings on certain bank facilities of Action For Rural Development (ARD), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 8 Crisil B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Migrated from 'Crisil BB-/Stable') Crisil Ratings has been consistently following up with ARD for obtaining information through letter and email dated March 10, 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 ARD, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ARD is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of ARD to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB-/Stable'. Established in 2009, ARD is a registered not-for-profit organisation (NGO-trust) working for the upliftment and rehabilitation of rural areas in Uttar Pradesh. It is primarily associated with Swachh Bharat Mission and Jal Jeevan Mission and provides information, education and communication, human resource development, behavioural change communication services at the ground level. The trust is managed by Mr Badruddin Khan (Founder and President). AIR INDIA: Asks Tata, Singapore Air for Funds After US$2.4BB Loss ----------------------------------------------------------------- Bloomberg News reports that Air India racked up a wider-than-expected annual loss of more than US$2.4 billion, prompting the company to seek financial aid from its shareholders, according to people familiar with the situation. The loss for the fiscal year ended March 31 – a period punctuated by the deadly crash of a Boeing 787 Dreamliner, the closure of Pakistani airspace to Indian carriers and the Middle East conflict – is larger than US$1.6 billion internal company loss estimate reported by Bloomberg News in January. Air India's controlling shareholder, Tata Group, as well as Singapore Airlines – which owns 25.1 per cent in the carrier – are in talks to inject some much-needed cash, said the people, who asked not to be identified discussing private information, Bloomberg relays. The size of the infusion is still being discussed but may be less than what the carrier needs, meaning Air India would have to look for other financing options, the people said. According to Bloomberg, the record loss comes at a critical juncture for Air India. Chief executive officer Campbell Wilson last week announced his intention to step down later this year. The airline was ranked worst for safety issues in the aviation regulator's latest annual audit, and despite ambitious fleet expansion plans has struggled to lift yields and improve service to desired levels. Stemming the losses has also been set as one of the key conditions for approving a third term for Tata Group chairman Natarajan Chandrasekaran, Bloomberg News reported in February. The airline had started the fiscal year on a positive note, posting operating profits in the first few weeks of April 2025, the people said. That turned after Pakistan closed its airspace to Indian airlines following a brief conflict in May, forcing them into longer routes to the US and Europe. A deadly crash in June of a Boeing Dreamliner, which killed more than 240 people, sent the carrier reeling, prompting it to reduce international and domestic services, Bloomberg notes. US President Donald Trump's punitive tariffs on India and a crackdown on foreign worker visas also hit the carrier's bottom line, the people said, Bloomberg relays. The rolling crises have thwarted the airline's target to break even operationally in the fiscal year ended March 31. Air India has also been one of the foreign carriers most affected by the outbreak of hostilities in the Middle East – a region which accounts for 16 per cent of its total capacity and which is now largely grounded, the people, as cited by Bloomberg, said. The conflict has further impacted flights to Europe and America, which now must take longer, more costly routes at a time when jet fuel prices have surged. About Air India Air India Ltd -- http://www.airindia.com/-- offers passenger and cargo air transportation services. It operates a wide range of aircraft under three categories, namely, wide body, narrow body Air India Express, and Alliance Air. Air India also offers cargo handling and accommodation services. The company serves domestic and international destinations in Asia-Pacific, Europe, Africa, the Middle East, and North America. The company also provides aircraft maintenance and engineering support services. Air India is owned by the Tata Group (74.9%) and Singapore Airlines (25.1%). Air India reported consolidated annual net losses of INR10,859 crore, INR4,444 crore and INR11,387 crore for the financial years 2025, 2024 and 2023, respectively. AMAN CONSTRUCTION: CRISIL Lowers Rating on INR5cr Cash Loan to B ---------------------------------------------------------------- CRISIL Ratings has migrated the ratings on certain bank facilities of Aman Construction, as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 4 Crisil A4 (ISSUER NOT COOPERATING; Migrated from 'Crisil A4') Cash Credit 5 Crisil B /Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil B+/Stable') Proposed Non Fund 3.09 Crisil A4 (ISSUER NOT based limits COOPERATING; Migrated from 'Crisil A4') Term Loan 0.71 Crisil B /Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil B+/Stable') Crisil Ratings has been consistently following up with Aman Construction for obtaining information through letter and email, dated March 18, 2026, among others, apart from telephonic communication. However, the issuer has remained non-cooperative. Investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'Issuer not cooperating' as the rating is arrived at without any management interaction and is based on best-available or limited or dated information on the company. Such non-cooperation by a rated entity may be a result of deterioration in its credit risk profile. Ratings with 'Issuer not cooperating' suffix lack a forward-looking component. Detailed rationale Despite repeated attempts to engage with the management of Aman Construction, Crisil Ratings has not received any information on either the financial performance or strategic intent of Aman Construction, which restricts the ability of Crisil Ratings to take a forward looking view on the entity's credit quality. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the ratings on the bank facilities of Aman Construction to 'Crisil B/Stable/Crisil A4 Issuer not cooperating' from 'Crisil B+/Stable/Crisil A4'. Crisil Rating believes that rating action on Aman Construction is consistent with the criteria detailed in 'Assessing information adequacy risk'. Based in Bhuj, Gujarat, Aman Construction undertakes civil construction works, such as construction of buildings, roads, dams, pipelines and sump. The partners, Manoj C Joshi and Asha S. Joshi, manage the operations. AMSURE CONSULTANTS: Voluntary Liquidation Process Case Summary -------------------------------------------------------------- Debtor: Amsure Consultants Limited Level 15 Eros Corporate Towers, Nehru Place, South Delhi, New Delhi, Delhi, India, 110019 Liquidation Commencement Date: March 31, 2026 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Monika Agarwal 205, Chopra Complex, 8, Preet Vihar Community Centre, New Delhi - 110092 Tel: 98739 24087 Email: cacsmonika.agarwal@gmail.com liquidator.amsure@gmail.com Last date for submission of claims: April 30, 2026 ANVITHA LIFE: CRISIL Lowers Rating on INR6cr Term Loan to B ----------------------------------------------------------- CRISIL Ratings has migrated the ratings on certain bank facilities of Anvitha Life Care Private Limited (ALCPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil B+/Stable') Proposed Working 4 Crisil B/Stable (ISSUER NOT Capital Facility COOPERATING; Migrated from 'Crisil B+/Stable') Term Loan 6 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil B+/Stable') Crisil Ratings has been consistently following up with ALCPL for obtaining information through letter and email dated March 10, 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 ALCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ALCPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of ALCPL to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable'. ALCPL was incorporated in 2016. ALCPL is engaged in the manufacturing of Active Pharmaceutical Ingredients (APIs) and intermediaries. Its manufacturing facility is located at Attivaram village, Ozili Mandal, Naidupeta, Nellore Dist., Andhra Pradesh. ALCPL is promoted by Mr. T. Prakasam and Mrs. T. Lalithaa Prakasam. ASTALAXMI SPINNING: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sree Astalaxmi Spinning Mills Private Limited (SASMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.84 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated January 27, 2025, placed the rating(s) of SASMPL under the 'issuer non-cooperating' category as SASMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SASMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 23, 2025, January 2, 2026, April 2, 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 Sree Astalaxmi Spinning Mills Private Limited (SASMPL) was incorporated in the year 2001 by Mr. Mahesh Kumar, Mr. Raghunath Mittal, Mr. Mukesh Agarwal and Mr. Athimoolam Perumal Samy. The company is engaged in cotton yarn spinning with a capacity of 41,328 spindles as on March 31, 2016 and the manufacturing facility is located at Adilabad, Telangana. BASUNDHARA GREEN: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Basundhara Green Power Limited (BGPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.20 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated February 4, 2025, placed the rating(s) of BGPL under the 'issuer non-cooperating' category as BGPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BGPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 21, 2025, December 31, 2025, January 10, 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 Basundhara Green Power Limited (Now BHRAMRI DEVI KRISHI UDYOG LIMITED) was incorporated in December 2009 by Shri Ranjan Kumar Barai, Shri Gobardhan Mondal and Smt. Suparna Bhattacharya of West Bengal. The company is currently engaged in fish farming & cultivation with its unit being located at Jalpaiguri, West Bengal. Further, BGPL has undertaken expansion of its existing fish farming & cultivation unit by enhancing its capacity by 18 MTPA. The total cost of the expansion project was Rs.5.14crore (excluding margins for working capital) funded at a debt equity ratio of 1.24:1. The project was commissioned in February 2017. BGPL is in the process of setting up a new poultry farming unit for production of broiler meat. DURGA AUTOMOTIVES: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Durga Automotives Private Limited (DAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 19.40 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated February 4, 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 21, 2025, December 31, 2025, January 10, 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 Durga Automotives Private Limited (DAPL) was incorporated on October 12, 1998, and its registered office is situated at Dagapur, Pradhan Nagar, Siliguri, West Bengal. The company is promoted by Mr. Sanjay Bansal, Mrs. Anita Agarwalla and Mr. Ashwin Bansal. DAPL is an authorized dealer of Hyundai Motor India Ltd. (HMIL) for its passenger vehicles and Piaggio Vehicles Private Limited (PVPL) for its commercial vehicles. It is engaged in the sale of vehicles, spare parts and servicing activities. The company presently operates one showroom cum sales office and workshop including spare parts for PVPL at Siliguri. Further, DAPL has three showrooms (one each in Siliguri, Coochbehar and Jaigaon) and four workshops (2 in Siliguri and one each in Coochbehar and Jaigaon) for HMIL. GRAMPUS LABORATORIES: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Grampus Laboratories (GL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.71 CARE B-; Stable; Issuer not Facilities cooperating; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.00 CARE A4; Issuer Not Facilities Cooperating; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated February 25, 2025, placed the rating(s) of GL under the 'issuer non-cooperating' category as GL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 11, 2026, January 21, 2026, January 31, 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 Grampus Laboratories (GL) was established as a partnership concern in June, 2005 and is currently being managed by Mr. P.K. Maini and Mr. Manav Maini as its partners sharing profit and loss in 3:1 ratio. GL is engaged in the manufacturing of veterinary medicines (used for animals) and external medicines (used to kill germs and parasites in wool) in multiple dosage forms including tablets, capsules, injections, liquids, ointments and dry powder at its manufacturing facility located at Sirmour, Himachal Pradesh. Further, the firm is also engaged in trading of injections and feed supplements through its trading unit located at Ambala (Haryana). HIND OFFSHORE: CRISIL Lowers Rating on INR150cr Term Loan to B -------------------------------------------------------------- CRISIL Ratings has migrated the ratings on certain bank facilities of Hind Offshore Private Limited (HOPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Term Loan 150 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BBB-/Stable') Crisil Ratings has been consistently following up with HOPL for obtaining information through letter and email dated March 17, 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 HOPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HOPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of HOPL to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BBB-/Stable'. HOPL, set up by Mr M C Kshirsagar in 1990, provides offshore logistics services to companies such as Oil and Natural Gas Corporation Ltd and Larsen & Toubro Ltd. It has accommodation/construction barges, platform supply vessels, anchor-handling tug supply vessels, utility crew boats, and seismic survey vessels. INFO TECH: CRISIL Lowers Rating on INR1cr LT Loan to B ------------------------------------------------------ CRISIL Ratings has migrated the ratings on certain bank facilities of Info Tech Solutions (ITS), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 1 Crisil B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Migrated from 'Crisil BB-/Stable') Crisil Ratings has been consistently following up with ITS for obtaining information through letter and email dated March 10, 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 ITS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ITS is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of ITS to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB-/Stable'. Set up in 2019 as a proprietorship firm by Mr Irashad Ahamad, ITS is associated with the Jal Jeevan Mission and works towards the information, education and communication, human resource development and behavioral change programmes at ground level. KALLAM TEXTILES: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Kallam Textiles Limited NH-5, Chowdavaram, Guntur District - 522019 Andhra Pradesh Insolvency Commencement Date: April 6, 2026 Court: National Company Law Tribunal, Amavarati Bench Estimated date of closure of insolvency resolution process: October 3, 2026 Insolvency professional: Chillale Rajesh Interim Resolution Professional: Chillale Rajesh B-725, Western Plaza, O.U. Colony, H.S. Darga, Hyderabad, 500008 Telangana Email: chillalerajesh@yahoo.co.in ktl.cirp@gmail.com Last date for submission of claims: April 20, 2026 KGN MOTORS: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of KGN Motors Private Limited (KMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.89 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 27, 2025, placed the rating(s) of KMPL under the 'issuer non-cooperating' category as KMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 13, 2026, January 23, 2026, February 2, 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 2007 in Pune, Maharashtra, KGN Motors Private Limited (KMPL) is a private limited company promoted by Ms. Hasina Riyaz Inamdar and Mr. Mubin Riyaz Inamdar and is a flagship company of KGN Group. The company is an authorized dealer for trucks and buses of Ashok Leyland Limited (ALL). The company was initially into spares and services business for ALL and subsequently ventured into sales business [3S (sales, spares and services)] for ALL in 2014. KISHAN LAL: CRISIL Withdraws B Rating on INR50cr Loan ----------------------------------------------------- CRISIL Ratings has withdrawn the ratings on certain bank facilities of Kishan Lal Pawan Kumar Jain (KLPKJ), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 29.5 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BBB/Stable'; Rating Withdrawn) Channel Financing 4.5 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BBB/Stable'; Rating Withdrawn) Channel Financing 50 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BBB/Stable'; Rating Withdrawn) Channel Financing 0.5 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BBB/Stable'; Rating Withdrawn) Crisil Ratings has been consistently following up with KLPKJ for obtaining information through letters and emails dated January 7, 2026 and 02 February, 2026, among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non-cooperation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KLPKJ, which restricts Crisil Ratings' ability to take a forward-looking view of the entity's credit quality. Crisil Ratings believes that rating action on KLPKJ is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of KLPKJ to 'Crisil B/Stable Issuer Not Cooperating' from 'Crisil BBB/Stable'. Crisil Ratings has withdrawn its rating on the bank facilities of KLPKJ at the request of the company and after receiving no objection certificate from the banks. The rating action is in line with Crisil Rating's policy on withdrawal of its rating on bank loan facilities. KLPKJ was set up in 1944 by Mr Kishanlal Jain and Mr Pawan Kumar Jain. The firm is an authorised distributor for TSL across 56 districts of Uttar Pradesh. It is owned and managed by Mr Apurv Jain, Mr Ajai Kumar Jain, Mr Alok Kumar Jain and Mr Arun Kumar Jain. KOCHAR ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Kochar Enterprises Private Limited (KEPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 5.78 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short term Bank 0.32 CARE A4; 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 23, 2025, placed the rating(s) of KEPL under the 'issuer non-cooperating' category as KEPL had failed to provide information for monitoring of the rating and as agreed to in its Rating Agreement. KEPL 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 Kochar Enterprises Pvt. Ltd. (KEPL), incorporated in December, 2006, was promoted by Kochar family of Kolkata, to set up a flour milling & processing unit and sale of its by-products like suji, wheat bran etc. in the domestic market. After incorporation, the company was non-operational for about seven years and during 2013 the company started to install a flour milling unit at Sainthia in Birbhum district of West Bengal along with an agro commodity trading business. The commercial operation of the flour mill has been started from November 2014. LAKSHMAN VEER: CRISIL Lowers Rating on INR15cr Cash Loan to B ------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Lakshman Veer Steel Private Limited (LSPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 Crisil D (ISSUER NOT COOPERATING; Downgraded from Crisil B/Stable ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with LSPL for obtaining information through letter and email dated September 5, 2025, apart from telephonic communication. However, the issuer has remained non-cooperative. 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 has been arrived at without any interaction with the management and is based on best-available, limited or dated information regarding the firm. Such non-cooperation by a rated entity may be a result of weakening of its credit risk profile. Rating with the 'issuer not cooperating' suffix lacks a forward-looking component. Detailed Rationale Despite repeated attempts to engage with the management of LSPL, Crisil Ratings did not receive any information on the financial performance or strategic intent of the entity. This restricts the ability of Crisil Ratings to take a forward-looking view on the credit quality of the firm. The rating action on LSPL is consistent with the criteria detailed in 'Assessing information adequacy risk'. Based on the publicly-available information, Crisil Ratings has downgraded its rating on the long-term bank facilities of LSPL to 'Crisil D Issuer not cooperating' from 'Crisil B/Stable Issuer not cooperating'. As per information available in the public domain, there remains delinquency in the entity's accounts and clarity about the same from the management and bankers is awaited. LSPL, established in 2006, manufactures TMT bars in dimensions of 8 millimetre (mm) to 32 mm, at its facility in Jaipur, Rajasthan. The facility has installed capacity of 2000/2500/4000 tonne per month, depending on the size of the bars. MADRAS RACE: CRISIL Lowers Rating on INR10cr LT Loan to B --------------------------------------------------------- CRISIL Ratings has migrated the ratings on certain bank facilities of Madras Race Club (MRC), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 10 Crisil B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Migrated from 'Crisil BB/Stable') Crisil Ratings has been consistently following up with MRC for obtaining NDS through letters/emails dated January 30, 2026, February 27, 2026 and March 31, 2026 among others, apart from telephonic communication to seek the same. After non-receipt of NDS for 2 consecutive months, we also sent a letter dated March 25, 2026 reminding the issuer to share the NDS. However, the issuer has remained non cooperative. Crisil Ratings has also tried to reach out to the lenders of MRC to confirm timely debt servicing during these months, but awaits any feedback. '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 NDSs from MRC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Further, non-sharing of NDS by issuers may reflect operational issues faced by issuers in some cases. On the other hand, it may be a beginning of a general non-cooperation and may extend to non-submission of other information. Crisil Ratings believes that rating action on MRC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MRC migrated to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB/Stable'. MRC was established in October 1992, located at Chennai. MRC operates a fully integrated leisure, sports, entertainment and business activity club named 'MRC' popular for conducting horse racing and other club activities such as as banquet, yoga hall, seminar hall, conference room, open lawn and sports facilities for cricket, tennis, badminton, table tennis, billiards, pool etc. The operations are managed by Dr.Muthiah Ramaswamy (Chairman & Senior Steward), Mr. Chanduranga Kanthraj Urs, Dr.T.Dhevanathan Yadav, Mr.SP.Lakshmanan, Mr.RM.Ramaswamy and other committee members. MITTAL CLOTHING: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Mittal Clothing Company (MCC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 20.51 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 February 4, 2025, placed the rating(s) of MCC under the 'issuer non-cooperating' category as MCC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MCC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 21, 2025, December 31, 2025, January 10, 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 Mittal Clothing Company (MCC) was established in 1995 as a partnership firm and is promoted by Mr. Gajanand Mittal and his family members. Mr. Gajanan has four decades of experience in the same line of business. MCC is engaged in manufacturing of knitted readymade garments (Men's, Ladies and Children's wear). The firm operates with two manufacturing units located at Yeshwanthpur, Karnataka and Tirupur, Tamil Nadu which is a hub for manufacturing of readymade garments in South India. The firm's manufacturing facility at Bangalore has designing capabilities for cutting, embroidering, printing, ironing and packing whereas the other unit located at Tirupur (Tamil Nadu) is the sourcing facility for yarn, fabric and accessories. ORION WATER: Liquidation Process Case Summary --------------------------------------------- Debtor: Orion Water Treatment Private Limited Survey No. 1436, Plot 852, VGP Ramanujar Town Part II, Sriperumbudur Village & Taluk, Kanchipuram District, Tamil Nadu, India, 602105 Liquidation Commencement Date: March 27, 2026 Court: National Company Law Tribunal, Chennai Bench Liquidator: Sandeep Kothari Prince Plaza, Office No. 9, 1st Floor, No. 73, Pantheon Road, Egmore, Chennai, Tamil Nadu, 600008 Email: ipsandeepkothari@gmail.com orionwatercirp@gmail.com Last date for submission of claims: April 29, 2026 PALLADAM STEELS: CRISIL Moves D Debt Ratings to Not Cooperating --------------------------------------------------------------- CRISIL Ratings has migrated the ratings on certain bank facilities of Palladam Steels Private Limited (PSPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.50 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Proposed Long Term Bank Loan Facility 52.38 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Term Loan 15.12 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with PSPL for obtaining information through letter and email dated March 24, 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 PSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PSPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of PSPL to 'Crisil D Issuer not cooperating'. Incorporated in 2022, PSPL manufactures steel products such as round bars and iron rods. Its manufacturing facility is in Coimbatore, Tamil Nadu. The company also operates a wind mill with installed capacity of 5.4 MW. PSPL is owned and managed by V K Padmanaban and P Poombavai. POPULAR WHEELERS: CRISIL Lowers Rating on INR24.5cr Loan to B ------------------------------------------------------------- CRISIL Ratings has migrated the ratings on certain bank facilities of Popular Wheelers India Private Limited (PWIPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Adhoc Limit 5 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB+/Stable') Cash Credit 24.5 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB+/Stable') Inventory Funding 24.5 Crisil B/Stable (ISSUER NOT Facility COOPERATING; Migrated from 'Crisil BB+/Stable') Proposed Fund- 15 Crisil B/Stable (ISSUER NOT Based Bank Limits COOPERATING; Migrated from 'Crisil BB+/Stable') Crisil Ratings has been consistently following up with PWIPL for obtaining information through letter and email dated March 18, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non 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 PWIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PWIPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of PWIPL to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB+/Stable'. Incorporated in 2000, PWIPL has been an authorised dealer for passenger cars of MSIL in Ahmedabad since 2002. It has five showrooms, including a Nexa outlet. Mr Jashubhai Patel and his family members are the promoters. PRINCE FOUNDATIONS: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Prince Foundations Limited 61, Old No. 17, Ormes Road, Kilpauk, Chennai - 600010 Insolvency Commencement Date: March 26, 2026 Court: National Company Law Tribunal, Chennai Bench Estimated date of closure of insolvency resolution process: September 22, 2026 Insolvency professional: Sudhir GS Interim Resolution Professional: Sudhir GS No. 11, Subham, Jayalakshmi Street, Keelkatallai, Chennai, 600117 Email: sudhircaip@gmail.com 7th Floor, KRD GEE GEE Crystal, Dr. Radhakrishnan Salai, Mylapore, Chennai, 600004 Email: ibc.princefoundation@gmail.com Last date for submission of claims: April 13, 2026 SAMRUDDHI REALTY: CRISIL Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- Crisil Ratings said the rating on the non-convertible debentures of Samruddhi Realty Limited (SRL) continues to be on 'Crisil D issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Non-Convertible 75.0 Crisil D (Issuer Not Debentures LT Cooperating) Crisil Ratings has been following up with SRL for getting information through emails and letters, dated February 13, 2025 and 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 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 has not received any information on either the financial performance or strategic intent of the company, which restricts Crisil Ratings' ability to take a forward-looking view on its credit quality. Crisil Ratings believes that the rating action is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on the non-convertible debentures of SRL continues to be on 'Crisil D issuer not cooperating'. Also, the company has been under liquidation process since March 2020. SRL was set up in 2003 by Mr V R Manjunath, Mr Hemang Rawal and Mr Ravindra Madhudi. The company develops real estate in Bengaluru and currently undertakes only residential projects. It has around 17 lakh square foot (sq ft) of ongoing and has 23 lack sq ft of planned projects. It is listed on the Bombay Stock Exchange in the small and medium enterprise segment. SAVALIA COTTON: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Savalia Cotton Ginning and Pressing Private Limited (SCGPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 44.22 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated February 6, 2025, placed the rating(s) of SCGPPL under the 'issuer non-cooperating' category as SCGPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SCGPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 23, 2025, January 2, 2026, January 12, 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 November 1999, Rajkot-based, SCGPL is promoted by Mr Utpal Savalia and Mr Jitendra Bhalara and is engaged in cotton ginning & pressing and trading of cotton & cotton seeds. As on March 31, 2015, SCGPL had an installed capacity of 13,000 Metric Tonne Per Annum (MTPA) of cotton ginning at its processing unit located at Shapar Industrial Area near Rajkot in Gujarat. SBI MACQUARIE: Voluntary Liquidation Process Case Summary --------------------------------------------------------- Debtor: SBI Macquarie Infrastructure Management Private Limited 92, Level 9, 2 North Avenue, Maxer Maxity, Bandra Kurla Complex, Bandra (East), Mumbai, Maharashtra, India, 400051 Liquidation Commencement Date: April 1, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Pranav J. Damania 407, Sanjar Enclave, Opposite Milap Cinema, S.V Road, Kandivali West, Mumbai - 400067 Tel: +91 98204 69825 Email: pranav@winadvisors.co.in Last date for submission of claims: May 1, 2026 SLIDEWELL MEILLEUR: CRISIL Lowers Rating on INR21.85cr Loan to B ---------------------------------------------------------------- CRISIL Ratings has migrated the ratings on certain bank facilities of Slidewell Meilleur Tech Private Limited (SMTPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil B+/Stable') Channel Financing 1 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil B+/Stable') Loan Against 7.85 Crisil B/Stable (ISSUER NOT Property COOPERATING; Migrated from 'Crisil B+/Stable') Loan Against 4.82 Crisil B/Stable (ISSUER NOT Property COOPERATING; Migrated from 'Crisil B+/Stable') Term Loan 21.85 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil B+/Stable') Term Loan 3 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil B+/Stable') Term Loan 2.7 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil B+/Stable') Term Loan 0.28 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil B+/Stable') Working Capital 3.5 Crisil B/Stable (ISSUER NOT Term Loan COOPERATING; Migrated from 'Crisil B+/Stable') Crisil Ratings has been consistently following up with SMTPL for obtaining NDS through letters/emails dated January 30, 2026, February 27, 2026 and March 31, 2026 among others, apart from telephonic communication to seek the same. After non-receipt of NDS for 2 consecutive months, Crisil also sent a letter dated March 25, 2026 reminding the issuer to share the NDS. However, the issuer has remained non cooperative. Crisil Ratings has also tried to reach out to the lenders of SMTPL to confirm timely debt servicing during these months, but awaits any feedback. '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 NDSs from SMTPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Further, non-sharing of NDS by issuers may reflect operational issues faced by issuers in some cases. On the other hand, it may be a beginning of a general non-cooperation and may extend to non-submission of other information. Crisil Ratings believes that rating action on SMTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SMTPL migrated to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB/Stable'. Initially set up in 1988 and subsequently reconstituted as a private limited company in 2011, SMTPL manufactures parts of auto components (all types of sliding windows, butterfly windows, footsteps, fuel filler neck, tubular footrest and skie rack) and parts of power equipment. SMTPL has its manufacturing facilities in Nashik, Maharashtra. SMTPL is currently owned and managed by Ms Neeta Milind Jambotkar, Mr Ambar Satyasheel Pradhan, Mr Vallari Ambar Pradhan and Mr Milind Dattatraya Jambotkar. STARLINE CARS: CRISIL Lowers Rating on INR57cr e-DFS to B --------------------------------------------------------- CRISIL Ratings has migrated the ratings on certain bank facilities of Starline Cars Private Limited (SCPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB+/Stable') Electronic Dealer 57 Crisil B/Stable (ISSUER NOT Financing Scheme COOPERATING; Migrated from (e-DFS) 'Crisil BB+/Stable') Electronic Dealer 10 Crisil B/Stable (ISSUER NOT Financing Scheme COOPERATING; Migrated from (e-DFS) 'Crisil BB+/Stable') Crisil Ratings has been consistently following up with SCPL for obtaining NDS through letters/emails dated January 30, 2026, February 27, 2026 and March 31, 2026 among others, apart from telephonic communication to seek the same. After non-receipt of NDS for 2 consecutive months, we also sent a letter dated March 25, 2026 reminding the issuer to share the NDS. However, the issuer has remained non cooperative. Crisil Ratings has also tried to reach out to the lenders of SCPL to confirm timely debt servicing during these months, but awaits any feedback. '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 NDSs from SCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Further, non-sharing of NDS by issuers may reflect operational issues faced by issuers in some cases. On the other hand, it may be a beginning of a general non-cooperation and may extend to non-submission of other information. Crisil Ratings believes that rating action on SCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SCPL migrated to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB+/Stable'. Incorporated in 1998, SCPL is an authorised automobile dealer of MSIL through the latter's normal channel as well as NEXA channel. SCPL has multiple authorised showrooms and service centres in northern Gujarat. Its registered office is in Mehsana, Gujarat. The company is promoted and managed by Mr Raman Patel, Mr Rasik Patel and Mr Amrut Patel. SUNRISE AUTOMOBILES: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sunrise Automobiles Private Limited (SAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B-; 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 27, 2025, placed the rating(s) of SAPL under the 'issuer non-cooperating' category as SAPL had failed to provide information for monitoring of the rating and as agreed to in its Rating Agreement. SAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 23, 2025, January 2, 2026, 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: Not Applicable Mehsana (Gujarat) based SAPL, was incorporated in 2010 by Mr. Ashok Chaudhary and his family members. SAPL was operating as authorized dealer of AMW Motors Ltd. since its incorporation. However, in September 2015, company has surrendered its dealership with AMW Motors Ltd. and currently operates as an authorized dealer and service provider of Ashok Leyland Limited in Mehsana and Patan. Currently, SAPL has a showroom with service centers for Ashok Leyland at Mehsana. TECHNOVISION AUTO: CRISIL Lowers Rating on INR14cr Loan to B ------------------------------------------------------------ CRISIL Ratings has migrated the ratings on certain bank facilities of Technovision Auto Components Private Limited (TACPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 14 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BBB+/Stable') Crisil Ratings has been consistently following up with TACPL for obtaining information through letter and email dated March 17, 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 TACPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TACPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of TACPL to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BBB+/Stable'. TACPL was established as a proprietorship firm in 2000 and was later reconstituted as a private limited company in 2006. The company manufactures auto component parts such as gear fork shift, aluminium break piston and railway parts. TACPL markets it under its brand name, Technovision. Its manufacturing facility is in Jaysingpur, Maharashtra, and it is owned and managed by Mr. Nilesh Suresh Kulkarni. VENKATA SRINIVASA: CARE Cuts Rating on INR50.50cr LT Loan to B+ --------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Sri Venkata Srinivasa Oils Private Limited (SVSO), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 50.50 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Downgraded from CARE BB; Negative and moved to ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) has been seeking information from SVSO to monitor the rating vide e-mail communications dated March 20,2026, March 18,2026 and February 24,2026 , among others and numerous phone calls. However, despite repeated requests, the company has not provided the requisite information for monitoring ratings. In line with the extant SEBI guidelines, CARE Ratings Limited (CareEdge Ratings) has reviewed ratings based on the best available information, which in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. SME has not paid the surveillance fees for the rating exercise as agreed to in its rating agreement. Ratings on SVSO bank facilities will now be denoted as 'CARE B+; Stable; ISSUER NOT COOPERATING; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and public at large) are hence requested to exercise caution while using above rating(s). The rating assigned to bank facilities of Sri Venkata Srinivasa Oils Private Limited (SVSO) is tempered by decline in scale of operations, delay in the commencement of the commercial production at refinery project, profitability margins susceptible to fluctuating raw material prices and moderate capital structure. The ratings however derive comfort from experienced promoters and management team, favourable plant location in the vicinity of raw materials, stable demand outlook for edible oils industry in India, long standing client relationships and satisfactory debt coverage indicators. CARE Ratings Ltd. has revised the ratings of Sri Venkata Srinivasa Oils Private Limited and assigned a Negative Outlook, citing a decline in operational scale and losses reported in FY24. The company's performance will continue to be monitored going forward. Analytical approach: Standalone Outlook: Stable CareEdge Ratings believes that the company will continue to benefit from the extensive experience of promoters and management in the industry. Detailed description of key rating drivers: Key weaknesses * Decline in scale of operations coupled with a loss in FY25: SVSO's scale of operations declined to INR64.37 crore in FY25 (A) from INR66.94 crore in FY24 (A). This decline was attributed to the unavailability of required working capital during the peak season (January to June), which impacted the procurement of raw materials. Additional factors included a cost overrun associated with the forward integration of the company's vegetable oil refinery for processing rice bran oil and the commencement of term loan repayments prior to the stabilization of the industrial asset. These factors resulted in the company reporting a net loss of INR1.65 crore for FY25. * Volatility in raw material costs: SVSOPL's key raw material is rice bran, which accounts for around 80-90% of the total raw material cost and approximately 91% of the cost of sales in FY25. As an agro-commodity, rice bran is exposed to price volatility influenced by factors such as demand supply dynamics, seasonal availability, and prices of substitute crops. Consequently, the company's profitability margins are affected by fluctuations in raw material costs. The cost per metric tonne of raw material decreased in FY24 to INR20,564/MT from INR26,454/MT in FY23, leading to an increase in the PBILDT margin from 9.89% in FY23 to 17.20% in FY24. However, marginds remained lower in FY25, the company reported a net loss of INR1.65 crore in FY25, due to higher interest and finance costs. * Moderate capital structure and debt coverage metrics: The debt profile of SVSO comprises of term and working capital loan. Capital structure of SVSO remained leveraged with overall gearing of 1.62x as on March 31, 2025, as against 2.43x as on March 31, 2024. There is deterioration in the overall gearing of the company during FY22-FY24 on account of increase in unsecured loan and working capital limits which was availed for the forward expansion of the existing business. However, due to delay in commencement of the planned capex the fruits of the same is yet to be reaped. The debt coverage indicators remained moderate with total debt to gross cash accruals (GCA) at 15.77x as on March 31, 2025 (PYE: 10.92x as on March 31, 2024), TOL/TNW stands at 1.98x as on March 31, 2025 (PYE: 2.99x as on March 31, 2024) and PBILDT interest coverage ratio remained comfortable and stands at 1.60x in FY25 (FY24: 2.01x). * Working capital intensive nature of operations: The company operates in an industry which is working capital intensive. The operating cycle of the company remained elongated at 305days in FY25 remain high due to high inventory holdings. Further the company also maintains high levels of inventory because of the seasonal nature of the industry it operates in. The collection period stood at 77 days in FY25 while the credit period extended to the farmers is generally 80-85 days. Nevertheless, the working capital utilization of the company remained high at 99% for the 12 months ended on Feb. 28, 2025. Key strengths * Experienced Promoters: SVSO was established in the year 2009, promoted by Mr. Inuganti Janardhana Rao (Managing Director) who has more than five decades of experience in rice milling, oils, pulses and jute. The day-to-day operations of the company are mainly looked after by Mr. Inuganti Ramakrishna (Executive Director) who has more than two decade of industry experience and Mr. Ch. Rajagopal (Whole-time Director) with good experience in plant operations and logistics. By virtue of the long-standing experience of the promoters, the company benefits in terms of efficient procurement of Rice Bran from the nearby Rice mills. * Favourable location of the plant in the vicinity of raw material: SVSO's plant is located in Gullapadu Village, Srikakulam District which is surrounded by numerous rice mills operating in the region. The main raw material for the plant is Rice Bran which is purchased mainly from the neighbouring rice mills located in Srikakulam and Vizinagaram districts and adjoining state of Orissa. This helps SVSO to procure and transfer raw materials to the plant efficiently in shorter time interval and at lower transportation cost. * Long standing client relationship with moderate concentration risk: Mr. Inuganti Janardhana Rao has been engaged in the oil mill industry for close to five decades. Over the years, he has been able to establish good relationship with the local rice millers from whom majority of the raw material is procured and also with the oil refineries and aqua/poultry feed companies who are its major customers. The top 5 clients of the company have contributed about 90% of total revenue in FY24 (as against 67% in FY23) indicating increase in client concentration risk y-o-y. However, this risk is mitigated as the company has long and an established relationship of more than 5 years who provide repeat orders to the company. * Stable demand outlook albeit intense competition in the industry: Edible oil industry is expected to grow annually by 7- 8%, with rising demand owing to increase in population, disposable incomes and growth of food processing sector. The consumption of edible oil in India has been rising steadily which can be attributed to factors such as better standard of living growth in demand for fried processed food products and branded packaged edible oil. India's annual per capita consumption is well below the world average; thus, signifying substantial growth potential for the edible oil industry. Furthermore, India is a major participant in the export market for DOC and is one of the largest exporters of DOC from Asia. Moreover, there is a rising demand for DOC from the domestic poultry and cattle feed industry to meet the requirement for animal protein products. However, the industry is highly fragmented and competitive with presence of many unorganized players apart from few large, organised players, which limits the pricing power and profitability of the players. Liquidity: Adequate SVSO's liquidity position remained adequate though tightly matched marked by gross cash accruals of INR5.67 crore as against the debt repayment obligations of INR4.36 crore in FY25. The entity's fund-based working capital limit utilisation is high at 99% for the last twelve months ending January 2025. Liquidity: Adequate SVSO's liquidity position remained adequate though tightly matched marked by gross cash accruals of INR5.67 crore as against the debt repayment obligations of INR4.36 crore in FY25. The entity's fund-based working capital limit utilisation is high at 99% for the last twelve months ending January 2025. Liquidity: Adequate SVSO's liquidity position remained adequate though tightly matched marked by gross cash accruals of INR5.67 crore as against the debt repayment obligations of INR4.36 crore in FY25. The entity's fund-based working capital limit utilisation is high at 99% for the last twelve months ending January 2025. Sri Venkata Srinivasa Oils Private Limited (SVSO) was incorporated on March 13, 2009. The company belongs to the Sri Venkata Srinivasa (SVS) group and is promoted by Mr. Inuganti Janardhana Rao, the Managing Director, his son- Mr. Inuganti Rama Krishna (Executive Director) and his son in law- Mr. Chelikani Rajagopal (Director). SVSO was incorporated as a unit in the line of Solvent extraction of oil from rice bran and oil-bearing cakes. The company's manufacturing facilities are located in Srikakulam District, Andhra Pradesh with an effective installed capacity for RB oil of 13500 metric tonnes (MT) and for DORB and De-Oiled Cake (DOC) of 61500 MT. The company expanded the operations by establishing forward integration by entering physical refinery of vegetable oil by setting up a refinery unit to process 120 Mts of RB Oil per day (operating for 240 days in a year) and alternative process 200 Mts of Crude Palm Oil per day (operating for the remaining 120 days in a year). The commercial production started from January 2023. VIDEOCON INDUSTRIES: NCLT Orders Insolvency Proceedings vs Dhoot ---------------------------------------------------------------- The Times of India reports that the National Company Law Tribunal (NCLT) has directed initiation of insolvency proceedings against Videocon's former chairman and MD Venugopal Dhoot for defaulting on loans of Rs6,158 crore, as a personal guarantor of two group companies. Admitting a plea from State Bank of India (SBI), NCLT said Venugopal Dhoot has "committed defaults in repayment of loan amount" granted by the financial creditor. "Venugopal Nandlal Dhoot, personal guarantor to Videocon Industries Ltd and Videocon Telecommunications Ltd has also committed default in repayment of the loan facility demanded by the financial creditor after invocation of the personal guarantee," said an order passed by NCLT on April 8, TOI relays. The Mumbai bench of the insolvency tribunal has also appointed Asish Narayan as a resolution professional and directed him to issue a public notice within seven days of passing this order on the website of the NCLT, TOI discloses. "The Resolution Professional shall submit the repayment plan along with his report on the plan to this authority within a period of 21 days from the last date of submission of claims, as provided under Section 106," said NCLT. TOI notes that under Section 95 of the Insolvency & Bankruptcy Code (IBC), insolvency proceedings are initiated against a person, after being "satisfied that Corporate Debtor (Videocon) has committed default in repayment of loan amount granted by the financial creditor and personal guarantors have committed default in repayment of the loan facility". Two other Dhoot brothers - Rajkumar Nandlal Dhoot and Pradeep Nandlal Dhoot - are already facing insolvency proceedings, adds TOI. About Videocon Industries Videocon Industries sells consumer products like color televisions, washing machines, air conditioners, refrigerators, microwave ovens and many other home appliances in India. Videocon, owned by the Dhoot family, was taken to bankruptcy court after it failed to repay INR230 crore to SBI in 2017. It was among the first 12 companies pushed into bankruptcy after directions from the Reserve Bank of India in 2017. On June 6, 2018, National Company Law Tribunal (NCLT), Mumbai bench, admitted a petition for initiating insolvency resolution process against the company under the Insolvency and Bankruptcy Code, 2016. The company's total debt stood at over INR635 billion in 2019, according to Business Standard, citing bankruptcy case-related disclosures on the company's website. VISION NON-WOVENS: CRISIL Lowers Rating on INR27.89cr Loan to B --------------------------------------------------------------- CRISIL Ratings has migrated the ratings on certain bank facilities of Vision Non-Wovens Private Limited (VNWPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8.5 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil B+/Stable') Cash Credit/ 3 Crisil B/Stable (ISSUER NOT Overdraft facility COOPERATING; Migrated from 'Crisil B+/Stable') Proposed Long Term 7.58 Crisil B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Migrated from 'Crisil B+/Stable') Term Loan 2.25 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil B+/Stable') Term Loan 0.8 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil B+/Stable') Term Loan 0.23 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil B+/Stable') Term Loan 27.89 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil B+/Stable') Term Loan 2.75 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil B+/Stable') Crisil Ratings has been consistently following up with VNWPL for obtaining information through letter and email dated March 18, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non 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 VNWPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VNWPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of VNWPL to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable'. Incorporated in 2020, VNWPL is promoted and managed by Mr Hardik P Shah, Mr Parag G Shah, Mr Dhiren M Shah, Mr Rajesh P Khimasiya and Mr Gaurang K Shah. The company manufactures non-woven fabric, mainly spunbond and spunmelt, at its facility in Jamnagar, Gujarat, which has installed capacity of 4,000 tonne. YOGESH POULTRY: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Yogesh Poultry and Breeding Farm (YPBF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.04 CARE B-; Stable; Issuer not Facilities cooperating; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated February 25, 2025, placed the rating(s) of YPBF under the 'issuer non-cooperating' category as YPBF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. YPBF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 11, 2026, January 21, 2026, January 31, 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 Haryana-based, Yogesh Poultry and Breeding Farm (YPBF) was established in February 2014 as a partnership firm by Mr. Rajesh Kumar and Mrs. Savita Devi, the firm has succeeded an erstwhile proprietorship firm, Yogesh Poultry Farm established in 1997. YPBF is engaged in poultry business which includes broiler farming, layer farming, and broiler hatchery which involves growing of one day chick into egg laying birds. The processing facility of the firm is located at Bhiwani, Haryana. ===================== N E W Z E A L A N D ===================== APL KWIKFORM: First Creditors' Meeting Set for April 17 ------------------------------------------------------- A first meeting of the creditors in the proceedings of APL Kwikform Pty Limited will be held on April 17, 2026, at 11:00 a.m. at the offices of Buddle Findlay, at Level 18, HSBC Tower, 188 Quay Street, in Auckland. Kare Johnstone of McGrathNicol was appointed as administrator of the company on April 7, 2026. CANNAKIWI NZ: Placed in Liquidation Owing NZD2 Million ------------------------------------------------------ Jaime Lyth at BusinessDesk reports that a Christchurch medical cannabis company has been tipped into liquidation owing over NZD2 million, while its directors are overseas. Cannakiwi NZ was placed into liquidation on March 5, 2026, following an application by the Ministry of Business, Innovation and Employment (MBIE). KPMG liquidators Kristal Pihama and Leon Bowker were appointed to liquidate the company after it defaulted under funding arrangements it originally entered into with Callaghan Innovation. Christchurch-based Cannakiwi NZ Limited grew and sold medicinal cannabis. DIACYN COMPANY: Creditors' Proofs of Debt Due on May 22 ------------------------------------------------------- Creditors of Diacyn Company Limited (trading as Howick Medical Practice) and Re:Formed Limited are required to file their proofs of debt by May 22, 2026, to be included in the company's dividend distribution. The companies commenced wind-up proceedings on April 2, 2026. The company's liquidators are: Derek Ah Sam Paul Vlasic Rodgers Reidy (NZ) PO Box 45220 Te Atatu Auckland 0651 LS GROOMING: Court to Hear Wind-Up Petition on April 24 ------------------------------------------------------- A petition to wind up the operations of LS Grooming Services Limited will be heard before the High Court at Auckland on April 24, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Feb. 26, 2026. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 NEW LEAF: Creditors' Proofs of Debt Due on June 2 ------------------------------------------------- Creditors of New Leaf Building Limited are required to file their proofs of debt by June 2, 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: David Edward Thomas Don't Be Limited c/o 13C/65 Chapel Street Tauranga Central Shopping Centre YOUR ACCOUNTING: Court to Hear Wind-Up Petition on April 23 ----------------------------------------------------------- A petition to wind up the operations of Your Accounting & Taxation Specialist Limited will be heard before the High Court at Auckland on April 23, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Feb. 27, 2026. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 =============== P A K I S T A N =============== PAKISTAN: Fitch Affirms 'B-' Foreign Currency IDR, Outlook Stable ----------------------------------------------------------------- Fitch Ratings has affirmed Pakistan's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B-' with a Stable Outlook. Pakistan's rating affirmation reflects progress on fiscal consolidation and macro stability measures, broadly in line with its IMF programme and supporting its funding capacity. Foreign exchange (FX) buffers rebuilt over the past year provide a cushion against the economic impact of the war in the Middle East, while Pakistan's role as ceasefire broker may provide tangible benefits and partly offset external pressures. The country's high exposure to the global energy price shock nonetheless remains a key risk, particularly if it leads to a sharp drop in FX reserves. Key Rating Drivers IMF Support Key: The authorities reached a staff-level agreement with the IMF on the third review of Pakistan's Extended Credit Facility (ECF) and second review of the Resilience and Sustainability Facility in March 2026, unlocking a combined USD1.2 billion if the agreement is approved by the IMF board. The programme will continue to provide a key policy anchor, particularly for the fiscal framework, and will help mobilise additional multilateral and bilateral support. Vulnerability to Energy Shock: Pakistan sources up to 90% of oil from the Gulf and has limited storage capacity, creating high exposure to the Middle East conflict and constricted energy supply via the Strait of Hormuz. Fuel subsidies since early March have been funded by reallocating expenditure from other areas of the budget, while costs have been reduced by large pump-price hikes and the switch to a more targeted support scheme from April. Fitch expects the overall impact on the fiscal deficit to be contained, as the government is likely to cut other spending. Mounting Inflationary Pressures: Higher world energy prices will raise inflation in the coming months, especially with the switch to more targeted subsidy support and base effects. Fitch expects inflation to average 7.9% in FY26 (ending 30 June 2026), above the FY25 level but well below the 23.4% in FY24. The State Bank of Pakistan (SBP) cut the policy rate to 10.5% by end-2025, from 22.0% at end-May 2024, and market interest rates fell in tandem. However, the term interbank rate had risen to about 100bp above the policy rate by early April, on inflation concerns tied to the tight energy supply. The shock will detract from GDP growth, but Fitch still expects growth of 3.1% in FY26, up slightly from 3.0% in FY25, due to improved confidence from lower borrowing costs. Large External Funding Needs: Fitch assumes external debt amortisations will rise to USD12.8 billion (2.9% of GDP) in FY26, from almost USD8 billion in FY25. A USD3.5 billion deposit will be repaid to the UAE in April. Its amortisation projections exclude another USD9.2 billion in bilateral deposits and loans Fitch expects to be rolled over. Fitch expects debt to be financed mainly by IMF and other multilateral and bilateral inflows, followed by commercial financing. Pakistan plans to issue a panda bond this fiscal year. Large, Stable Fiscal Deficits: Fitch expects the primary surplus to narrow to 2.1% of GDP in FY26, 0.3pp below the official target. This will follow a rise in non-interest current expenditures and limits to sustained gains in tax revenue/GDP, due to capacity constraints and difficulties executing federal tax reforms at the provincial level. Fitch expects the primary surplus to shrink further in FY27 as extraordinarily high SBP dividends are unlikely to continue in its view, while lower interest payments as a share of GDP will help keep fiscal deficits stable at about 5.3% of GDP. Debt/GDP to Decline: A primary surplus and lower domestic borrowing costs should lower general government debt/GDP to 68.9% in FY26 from 70.7% in FY25, still well above the 'B' median of 51.3% of GDP in 2026. Fitch expects the ratio to decline only gradually over the medium term as the primary surplus narrows. Pakistan's general government interest/revenue ratio should remain very high at 46.5% ('B' median: 12.1%). Current Account Returns to Deficit: Fitch expects the current account to return to a small deficit of 1.1% in FY26 from a rare surplus of 0.5% in FY25. Pakistan's FX policy continues to exhibit rigidities in its view despite a push towards currency liberalisation in 2023, and the rupee has appreciated by 30% in real effective terms from its early 2023 trough, likely contributing to large merchandise trade deficits. Hydrocarbons typically comprise between a quarter and a third of goods imports. FX Reserves to Decline Modestly: Large and sustained net FX purchases by the SBP on the interbank market and a gold price rally led to foreign reserves of just under USD28.4 billion in February 2026. Non-gold reserves rose by about USD5.1 billion yoy to USD17.5 billion. Fitch expects the current account deficit, and repayment of a USD1.3 billion Eurobond and the UAE deposits in April to bring FX reserves down to USD21.3 billion by end-FY26. This will cover 2.9 months of current external payments, from USD22.6 billion at end-FY25. Net FX reserves remain negative, reflecting FX reserve deposits of domestic commercial banks, a Chinese central bank swap line and bilateral deposits at the SBP. Tense Border Situation: Tensions between Pakistan and Afghanistan have escalated since February 2026, involving broad military mobilisation. Nevertheless, the potential impact on trade and the wider economy is likely to be limited. Its baseline does not include further escalation, given Pakistan's financing constraints, but the conflict presents a considerable risk to its commitment to fiscal consolidation. ESG - Governance: Pakistan has an ESG Relevance Score of '5' for both Political Stability and Rights and for the Rule of Law, Institutional and Regulatory Quality and Control of Corruption. These scores reflect the high weight that the World Bank Governance Indicators (WBGI) have in its proprietary Sovereign Rating Model (SRM). Pakistan has a low WBGI ranking at the 18th percentile. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - External Finances: Renewed deterioration in external liquidity conditions; for example, from continued high oil prices and a sharp reduction in remittance inflows. - Public Finances: Stalling fiscal consolidation efforts leading to a material rise in government debt and worsening debt-servicing metrics. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - External Finances: Further significant easing of external financing risks, including evidence of greater ability to source external funding and a sustained recovery in foreign-currency reserves beyond Fitch's forecasts. - Public Finances: Significant declines in government debt and debt-servicing burdens; for example, due to the implementation of fiscal consolidation plans in line with IMF programme commitments, leading to structural improvements in tax revenue generation. Sovereign Rating Model (SRM) and Qualitative Overlay (QO) Fitch's proprietary SRM assigns Pakistan a score equivalent to a rating of 'CCC+' on the Long-Term Foreign-Currency IDR scale. Fitch's sovereign rating committee adjusted the output from the SRM score to arrive at the final Long-Term Foreign-Currency IDR by applying its QO, relative to SRM data and output, as follows: - Structural: Fitch has reintroduced the +1 notch to offset the negative impact on the SRM of Pakistan's take-up of the Debt Service Suspension Initiative (DSSI), which prompted a reset of the "years since defaults or restructuring event" variable. This reflects that the impact of the DSSI at the current level of the SRM score leads to a lower SRM implied rating. - Macro: Fitch removed the +1 notch, to reflect a material improvement in macro-policy credibility and macro stability that is partly captured by its baseline scenario feeding into the SRM, given the increased uncertainty due to the shock from the war in the Middle East. Fitch's SRM is the agency's proprietary multiple regression rating model that employs 18 variables based on three-year centred averages, including one year of forecasts, to produce a score equivalent to a Long-Term Foreign-Currency IDR. Fitch's QO is a forward-looking qualitative framework designed to allow for adjustment to the SRM output to assign the final rating, reflecting factors within its criteria that are not fully quantifiable and/or not fully reflected in the SRM. Debt Instruments: Key Rating Drivers Senior Unsecured Debt Equalised: The senior unsecured long-term debt ratings are equalised with the applicable Long-Term Foreign-Currency IDR, reflecting Fitch's expectation of average recovery prospects in a default scenario. A Recovery Rating of 'RR4' has been assigned to these debt instruments. Country Ceiling The Country Ceiling for Pakistan is 'B-', in line with the Long-Term Foreign-Currency IDR. This reflects no material constraints and incentives, relative to the IDR, against capital or exchange controls being imposed that would prevent or significantly impede the private sector from converting local currency into foreign currency and transferring the proceeds to non-resident creditors to service debt payments. Fitch's Country Ceiling Model produced a starting point uplift of 0 notches above the IDR. Fitch's rating committee did not apply a qualitative adjustment to the model result. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Pakistan. ESG Considerations Pakistan has an ESG Relevance Score of '5' for Political Stability and Rights as WBGIs have the highest weight in Fitch's SRM and are therefore highly relevant to the rating and a key rating driver with a high weight. As Pakistan has a percentile rank below 50 for the respective governance indicator, this has a negative impact on the credit profile. Pakistan has an ESG Relevance Score of '5' for Rule of Law, Institutional & Regulatory Quality and Control of Corruption as WBGIs have the highest weight in Fitch's SRM and are therefore highly relevant to the rating and are a key rating driver with a high weight. As Pakistan has a percentile rank below 50 for the respective governance indicators, this has a negative impact on the credit profile. Pakistan has an ESG Relevance Score of '4' for Human Rights and Political Freedoms as the Voice and Accountability pillar of the WBGIs is relevant to the rating and a rating driver. As Pakistan has a percentile rank below 50 for the respective governance indicator, this has a negative impact on the credit profile. Pakistan has an ESG Relevance Score of '4' for Creditor Rights as willingness to service and repay debt is relevant to the rating and is a rating driver for Pakistan, as for all sovereigns. As Pakistan participated in the DSSI in 2020, this has a negative impact on the credit profile, albeit offset by the QO adjustment. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Pakistan LT IDR B- Affirmed B- ST IDR B Affirmed B LC LT IDR B- Affirmed B- LC ST IDR B Affirmed B Country Ceiling B- Affirmed B- senior unsecured LT B- Affirmed RR4 B- The Pakistan Global Sukuk Programme Company Limited senior unsecured LT B- Affirmed RR4 B- ===================== P H I L I P P I N E S ===================== ALLIANCE SELECT: Posts US$1.8 Million Net Loss in 2025 ------------------------------------------------------ BusinessWorld reports that Alliance Select Foods International, Inc. (ASFII) reported a net loss for 2025 as higher costs and weaker margins offset revenue growth. In a regulatory filing on April 14, the listed seafood company posted a net loss after tax of $1.8 million for 2025, compared with a $3 million loss in 2024, BusinessWorld discloses. Gross profit declined to $5.9 million from $8.04 million a year earlier, as higher raw material, labor, and overhead costs, a weaker product mix, and increased interest expenses weighed on margins. According to BusinessWorld, ASFII said interest costs peaked in the fourth quarter, contributing to margin pressure. Consolidated net revenues rose 7.9% to $78.1 million from $72.5 million in 2024, marking a third straight year of growth. Export sales increased as the company expanded into new markets and introduced new products, although gains were partly offset by a decline in co-packing and lower frozen loin volumes amid stronger competition from China and Ecuador. "ASFII was significantly affected by a less favorable portfolio mix and operational headwinds. We are actively addressing these issues to improve performance and restore profitability. The outlook for 2026 is challenged by increased cost of fish and transport, paired with uneven demand," BusinessWorld quotes ASFII President and Chief Executive Officer Jeoffrey P. Yulo as saying. The company said other segments posted stronger results, driven mainly by canned and pouch products, while its local business also recorded growth, BusinessWorld relays. Alliance Select Foods International, Inc. (FOOD) is primarily engaged in processing, canning, and exporting tuna. FOOD exports its canned tuna products to Europe, North and South America, Asia, Africa, and the Middle East. FOOD's products include processed tuna, smoked and raw salmon, fishmeal, and fish oil. ================= S I N G A P O R E ================= ECOSUBSEA SINGAPORE: Creditors' Meetings Set for April 28 --------------------------------------------------------- Ecosubsea Singapore Pte. Ltd. will hold a meeting for its creditors on April 28, 2026, at 4:00 p.m., via videoconference. Agenda of the meeting includes: a. to receive a full statement of the company's affairs together with a list of creditors and the estimated amount of their claims; b. to consider the nomination of the Liquidator for the Company and on the appointment of Ms Ellyn Tan Huixian c/o Forvis Mazars Consulting Pte. Ltd. as the sole Liquidator of the Company; c. to resolve that the Liquidator be at liberty to open, maintain and operate any bank account or an account for monies received by her as Liquidator of the Company, with such bank as the Liquidator deems fit; and d. any other business. Ms. Ellyn Tan Huixian of Forvis Mazars Consulting was appointed as provisional liquidator of the Company on March 30, 2026. FOODXERVICES INC: Creditors' Meetings Set for April 22 ------------------------------------------------------ Foodxervices Inc Pte. Ltd. will hold a meeting for its creditors on April 22, 2026, at 2:30 p.m., via virtual conference. Agenda of the meeting includes: a. to receive a full statement of the company's affairs together with a list of creditors and the estimated amount of their claims; b. to appoint Luke Anthony Furler and Tan Kim Han to act as the Joint and Several Liquidators of the Company for the purpose of such winding up be confirmed; c. to resolve that the Joint and Several Liquidators be at liberty to open, maintain and operate any bank account or an account for monies received by them as Joint and Several Liquidators of the Company, with such bank as the Joint and Several Liquidators see fit; d. to appoint a Committee of Inspection of not more than 5 members, if thought fit; e. That should a Committee of Inspection be formed, the Joint and Several Liquidators be granted full exercise of their powers pursuant to Section 144 of the Insolvency, Restructuring and Dissolution Act 2018; and f. any other business. GRACE OCEAN: Maryland Reaches Settlement With Dali Owners --------------------------------------------------------- Attorney General Anthony G. Brown on April 9, 2026, announced that the State of Maryland has reached a settlement in principle with Grace Ocean Private Limited and Synergy Marine Pte Ltd., the owner and operator of the M/V Dali, resolving a portion of the State's claims arising from the cargo ship's March 26, 2024 allision with the Francis Scott Key Bridge. The settlement resolves claims brought against the vessel interest by the Office of the Attorney General's Civil Litigation Division on behalf of the State and its agencies, including the Maryland Transportation Authority (MDTA), the Maryland Port Administration (MPA), and the Maryland Department of the Environment (MDE), in coordination with a team of outside counsel with expertise in maritime law and complex litigation. This settlement does not resolve any claims the State may have against the shipbuilder, Hyundai. "For two years, Maryland workers, families, and communities have carried the weight of a disaster that should never have happened. The Dali's crash into the Key Bridge disrupted the Port of Baltimore, devastated livelihoods, and sent economic shockwaves across our State that are still being felt today," said Attorney General Brown. "Our work is not finished, but this settlement is an important step toward making Maryland whole." The settlement is being finalized. The Office of the Attorney General will have no further comment on the matter at this time. Two years ago, the M/V Dali's allision with the Francis Scott Key Bridge set off an unprecedented catastrophe for the State of Maryland. Six construction workers lost their lives. Thousands more felt the economic and human consequences in the months and years that followed. The collapse of one of the region's most vital infrastructure arteries brought shipping at the Port of Baltimore to a complete halt, disrupted the livelihoods of thousands of workers, rerouted traffic through communities already bearing disproportionate burdens, and triggered economic ripple effects still being felt across the state. The State's claims, filed in U.S. District Court for the District of Maryland in September 2024, alleged that the disaster was the result of negligence, mismanagement, and the reckless operation of a vessel that was not seaworthy and should never have left port. The State sought damages on behalf of its agencies for the destruction of the bridge, harm to the Patapsco River and surrounding environment, lost revenues, and the wide-ranging economic losses sustained by Maryland and its residents. Singaporean companies Grace Ocean Private Limited and Synergy Marine Pte Ltd are the owner and manager of MV Dali. On March 26, 2024, the Dali catastrophically allided with the Francis Scott Key Bridge, precipitating its immediate downfall, claiming lives, ravaging local property, and crippling economic lifeline at the Baltimore Harbor. Since the disastrous allision, commercial activities in and around Baltimore have virtually come to a standstill. It could take several years for the area to recover fully. The Francis Scott Key Bridge was a 1.6-mile span over the Patapsco River at the outer crossing of the Baltimore Harbor. KLOUDWORK PRIVATE: Court to Hear Wind-Up Petition on May 8 ---------------------------------------------------------- A petition to wind up the operations of Kloudwork Private 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 MAXEON SOLAR: Applies for Judicial Management Amid Liquidity Issues ------------------------------------------------------------------- Maxeon Solar Technologies, Ltd. released a business update, including its application to be placed under judicial management in Singapore, as it continues to face significant liquidity challenges. I. Application by the Company to be placed under judicial management in Singapore As previously disclosed, since the second half of fiscal year 2024, the Company has engaged in a variety of restructuring transactions, including divestment of certain of its subsidiaries, as well as the sale of its non-U.S., 'rest-of-the-world' distributed generation business, to overcome financial challenges stemming from the continued denial of entry for certain shipments of its products by the U.S. Customs & Border Protection (CBP), increasing price competition, as well as business development challenges arising from the impact of recently enacted legislation such as One Big Beautiful Bill Act on available tax and other incentives. The funds received by the Company from these restructuring transactions were utilized to meet: i) trade payables that had become due, ii) tax and other operating expenses, iii) costs related to module purchasing agreement with a third party for modules assembled in the U.S., iv) costs related to restructuring efforts, including severance expenses and v) interest payments on our outstanding debt. CBP's continued denial of entry of certain shipments of the Company's products into the United States, has negatively impacted the Company' ability to generate cash flow from the sale of such products. CBP's continued denial of entry for certain shipments of the Company's products has also impacted the Company's ability to fulfil certain contractual commitments and in a number of cases, customers have commenced legal actions against the Company, alleging breach of contract and seeking damages upward of $70M. The Company's legal action at the U.S. Court of International Trade to contest CBP's decision is ongoing, however, there is no imminent solution expected. The development of Maxeon 8 technology has suffered from certain setbacks, including an unsuccessful collaboration arrangement under the Amended BDSA, resulting in the Company having to self-fund any further capital expenditures for research & development. The Company has also been in negotiations with potential investors and financing providers to explore debt and/ or equity financing to address its liquidity issues or to take advantage of tax and other incentives in the U.S. in light of recently enacted legislation such as the OBBBA, however, these discussions remain in early stages with no visibility into whether they will have successful outcomes. Management of the Company, together with the board of directors, has given careful consideration to these and other factors deemed relevant and determined that there are significant doubts as to the sufficiency of the Company's working capital to meet its short-term financial obligations as they become due. Following approval by the Company's board of directors, on April 1, 2026, the Company announced that together with its subsidiary, Maxeon Solar Pte Ltd. (MSPL), they have each filed a voluntary application with the High Court of the Republic of Singapore to place the Company or MSPL, as the case may be, under: (a) judicial management pursuant to section 91 of the Insolvency, Restructuring and Dissolution Act 2018 of Singapore. The JM Applications indicate that the board of directors of the Company has proposed the appointment of Mr. Tan Wei Cheong and Mr. Lim Loo Khoon of Deloitte Singapore SR&T Restructuring Services Pte. Ltd. as the joint and several judicial managers of the Company and MSPL to manage their affairs, business and property during the judicial management period. A separate application was filed pursuant to section 92 of the IRDA for the appointment of Messrs. Tan and Lim of Deloitte Singapore SR&T Restructuring Services Pte. Ltd. as the joint and several interim judicial managers of the Company and MSPL, pending the substantive hearing of the JM Applications. Judicial management under Singapore law is a court‑ordered corporate restructuring process which aims to provide a company which is in financial trouble, some "breathing space" to restructure and rehabilitate its business and/or to achieve a better realization of its assets than it would have in a liquidation scenario. The Applications are intended to preserve and maximize value for all stakeholders (including the customers and creditors of all Company affiliates), and to establish a stable platform to seek an optimum solution for the benefit of the Group's stakeholders, including an opportunity to continue discussions with potential investors. Funds which the Company has received in connection with the Termination Agreements and the Assignment Agreement may be used for operating and restructuring costs during the judicial management of the Company. The Applications seek to achieve one or more of the statutory purposes of judicial management, namely: (a) the survival of the Company and MSPL as a going concern, (b) Court's approval of a compromise or an arrangement between the Company or MSPL, as the case may be, and the Company's creditors or any class of them, the Company's members or any class of them, and/or the holders of units of shares of the Company or any class of them, and (c) a more advantageous realization of the Company's or MSPL's, as the case may be, assets or property than on a winding up scenario. Following the filing of the Applications, an automatic statutory moratorium has been imposed from the date of the Applications until the determination of the JM Applications, during which period, no step may be taken to enforce any security over any property of the Company or MSPL, as the case may be, and no other legal proceedings may be commenced or continued against the Company or MSPL, as the case may be, except with the leave of the Court and subject to such terms as the Court may impose, amongst other restrictions. The Applications will be heard on a date to be fixed by the Court. Further announcements will be made as soon as practicable to update the shareholders of the Company and the market on the developments relating to the Applications and any associated restructuring transaction. The Company and the Group continue to evaluate all strategic alternatives to maximize value for stakeholders. II. Mechanics of Judicial Management Under Section 91 of the IRDA As mentioned, judicial management under Singapore law is a court‑ordered corporate restructuring process which aims to provide a company which is in financial trouble, some "breathing space" to restructure and rehabilitate its business and/or to achieve a better realization of its assets than it would have in a liquidation scenario. A judicial manager, who is an independent licensed insolvency practitioner appointed by the Court, is appointed to manage the affairs, business and property of the company. Following the appointment of the judicial manager, the powers of the directors to manage and control the company will cease, and such powers of the directors will be conferred on the judicial manager. A judicial manager, once appointed, will assess whether the Company can be preserved as a going concern, restructured through a subsequent compromise or arrangement, or realized in a manner more advantageous than liquidation, and he will have to prepare and send to the creditors of the Company a statement of his proposals as to how such purposes can be achieved. The creditors will then vote to approve the judicial manager's proposals at a meeting of creditors convened for such a purpose. The judicial manager will take into his custody or under his control all the property of the Company and has the power to sell or otherwise dispose of the property of the Company. While a judicial manager would exercise his best efforts to rehabilitate the Company's business as going concern and in doing so focus on value preservation of the Company's assets, there can be no assurance that the Company can be successfully rehabilitated and/or restructured as a going concern and/or achieve a better realization of its assets than in a liquidation scenario. A judicial manager is typically appointed for an initial period of 180 days, and upon expiration of that period, the Company is then discharged from judicial management unless the judicial manager applies to the Court to extend his term of office or obtain such extension by a resolution of the Company's creditors. III. Termination of Material Agreements Termination of Amended Bilateral Development Services Agreement As previously disclosed, Zhonghuan Hong Kong Limited, a Hong Kong company and a subsidiary of TCL Zhonghuan Renewable Energy Technology Co Ltd., Lumetech PTE Ltd., a subsidiary of TZE and purchaser of SPML, and Maxeon Solar Pte Ltd., a subsidiary of the Company entered into a Bilateral Development Services Agreement in connection with sale of 100% of the Company's equity interest in its wholly owned indirect subsidiary, SunPower Philippines Manufacturing Ltd (SPML) in February 2025, which was subsequently amended on September 17, 2025. Following a review of collaboration efforts of the parties and performance under the Amended BDSA, the parties mutually agreed to terminate the Amended BDSA. Under the terms of the termination agreement dated March 26, 2026 entered into among TZE HK, Lumetech and MSPL, certain intellectual property created or conceived under the Amended BDSA on and prior to the BDSA Termination Date shall be deemed as a part of the Foreground IP. The Foreground IP is solely owned by TZE, except for US Patents (as such term is defined in the Amended BDSA), which remain jointly owned by the Company and TZE. The parties have agreed that Sections 5 (except Section 5.2(a)), 6 and 7 of the Amended BDSA will survive the termination of the Amended BDSA and continue in full force and effect insofar as they relate to the Foreground IP. The parties have also agreed that as consideration for the termination, TZE will pay the Company a termination fee in the sum of US$2,520,000. Such payment will be made within 5 Business Days of the BDSA Termination Date and if not paid by that time, will accrue interest at a rate of 8% per annum. Termination of the Procurement Agency Agreement In connection with the SPML sale transaction, the Company also entered into a procurement agency agreement with Lumetech on February 28, 2025, where certain "Target Assets" comprising certain specifically identified assets and liabilities associated with the business activities within the country of The Philippines that are held by the Company or its subsidiaries, will be transferred and sold to certain subsidiaries of TZE. As the research and development activities related to the Target Assets have effectively ceased, the parties mutually agreed to terminate the Procurement Agency Agreement and on March 26, 2026 and entered into a termination agreement of the Procurement Agency Agreement. In consideration for the termination of the Procurement Agency Agreement and release of all obligations thereunder, TZE's subsidiary shall pay a termination fee in the aggregate sum of USD$196,500. Such payment will be made within 5 Business Days of the date of the PAA Termination Agreement and if not paid by that time, will accrue interest at a rate of 8% per annum. Settlement Agreement with Huansheng Parties The Company has seconded certain personnel to TCL Zhonghuan Energy Technology (Jiangsu) Co., Ltd. (formerly known as Huansheng Photovoltaic (Jiangsu) Co., Ltd.), a subsidiary of TZE, to support HSPV's efforts to market its solar panels in certain markets outside of China and the United States. There are outstanding payments of approximately USD$827,377 due from HSPV to the Company in connection with these secondments. The Company, MSPL and SunPower Solar Energy Technology (Tianjin) Co., Ltd, a subsidiary of the Company, on the other hand, owe to HSPV and its affiliates, Huansheng New Energy (Jiangsu) Co., Ltd and Tianjin Huanrui Electronic Technology Co., Ltd., a total aggregate amount of approximately USD$502,803 in relation to secondment fees, research & development expenses, rental of facilities and purchase of solar modules. The Company has received USD$160,124.85 from HSPV. The parties have entered into a settlement agreement dated March 27, 2026 under which HSPV has agreed to pay the outstanding net balance, following the deduction of the amounts owed by the Company and its subsidiaries and the prior payment by HSPV, of USD$164,449 to the Company in full and final settlement of all amounts owed between the parties. The value of the amounts owed between the Company and HSPV and their respective affiliates are derived from converting CNY to USD at a rate of 1 CNY = US$0.143. Full text copies of the BDSA Termination Agreement, the PAA Termination Agreement and the Huansheng Parties Settlement Agreement and the transactions contemplated are available at https://tinyurl.com/5jwxawwn, https://tinyurl.com/yc5xp3ja and https://tinyurl.com/32zp2xkz. IV. Entry into Assignment Agreement As previously disclosed, MSPL entered into a Patent License Agreement with Shanghai Aiko Solar Energy Co., Ltd. ("Aiko") on February 5, 2026. Aiko is required to pay MSPL an installment payment in the amount of approximately US$14 million on April 30,2026. MSPL also has the benefit of a guaranty executed by the Chairman of Aiko in his individual capacity pursuant to which, the Guarantor has guaranteed in full the performance of all of Aiko's obligations, duties, liabilities and undertakings under the Agreement. The Patent License Agreement permits MSPL to designate a payee for payments due under the agreement and MSPL had nominated its licensing agent, Maoxing Holdings Corporation, as payee. In light of the Company's liquidity issues, MSPL has entered into an assignment agreement with the Licensing Agent on March 30, 2026, pursuant to which MSPL has agreed to assign the right to receive the April 2026 License Fee Payment, and related rights under the Guarantee to the Licensing Agent, in exchange for a payment from the Licensing Agent of approximately US$7.9 million in three instalments which MSPL expects to receive before the end of April. The value of the amounts of the April 2026 License Fee Payment and the payment from the Licensing Agent to the Company are derived from converting CNY to USD at a rate of 1 CNY = US$0.143. Full text copy of the Assignment Agreement is available at https://tinyurl.com/2zjyzybw The Termination Agreements and the Assignment Agreement contain representations, warranties, covenants and agreements, which were made only for purposes of such agreements and as of a specified date. The representations and warranties in the Termination Agreements and the Assignment Agreement reflect negotiations between the parties to such agreements and are not intended as statements of fact to be relied upon by stockholders, or any individual or other entity other than the parties. In particular, the representations, warranties, covenants and agreements in the Termination Agreements and/ or the Assignment Agreement may be subject to limitations agreed by the parties and have been made for purposes of allocating risk among the parties rather than establishing matters of fact. In addition, the parties may apply standards of materiality in a way that is different from what may be viewed as material by investors. As such, the representations and warranties in the Termination Agreements and the Assignment Agreement may not describe the actual state of affairs at the date they were made or at any other time and you should not rely on them as statements of fact. Moreover, information concerning the subject matter of the representations and warranties may change after the date of the Termination Agreements and the Assignment Agreement, and unless required by applicable law, the Company undertakes no obligation to update such information. About Maxeon Solar Maxeon Solar Technologies, Ltd. is a Singapore-based company that designs and manufactures photovoltaic panels. The company was previously a division of the American SunPower company before it was spun off in August 2020. Maxeon is still the primary provider of solar panels for SunPower. Singapore-based Ernst & Young LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 30, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and negative free cash flows and has stated that substantial doubt exists about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $186.31 million in total assets, $507.96 million in total liabilities, and $21.65 million in net deficit. YOUTH SPRING: Commences Wind-Up Proceedings ------------------------------------------- Members of Youth Spring SG Pte. Ltd. on April 9, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Tan Eng Soon 7500A Beach Road #05-303/304 The Plaza Singapore 199591 ===================== S O U T H K O R E A ===================== T'WAY AIR: Pushes Unpaid Leave as Fuel Costs Spike Amid Iran Crisis ------------------------------------------------------------------- Lee Gyu-lee at The Korea Times reports that low-cost carrier T'way Air is offering voluntary unpaid leave for its cabin crew as financial pressures mount amid a surge in the won-dollar exchange rate and soaring fuel prices triggered by the U.S.-Iran conflict. The Korea Times relates that the carrier recently notified its cabin crew that it would accept applications for unpaid leave, marking its first such move since August 2024. It said the measure aims to ease fatigue among the crew and balance workloads following recent adjustments in flight schedules. The carrier, hit by the fallout from the Middle East crisis, became the first Korean airline to enter emergency management mode on March 16, signaling that it will implement additional measures in stages if necessary, according to The Korea Times. The carrier is facing mounting liquidity pressure from rising costs and weakening passenger demand, after posting operating losses of KRW12.3 billion ($9.5 million) in 2024 and KRW265.5 billion in 2025, The Korea Times discloses. "The temporary leave is designed to offer greater flexibility in working conditions for cabin crew, and will be available for a limited period only to those who choose to participate," the company's official said. With oil prices climbing and geopolitical tensions showing no signs of easing, other carriers, both major and low-cost operators, have also stepped up cost-cutting measures, given that fuel accounts for roughly 30 percent of operating costs, The Korea Times notes. According to The Korea Times, Korean Air and Asiana Airlines have also declared an emergency management system, focusing on streamlining operations and delaying nonessential investments. Asiana Airlines reduced a total of 14 round-trip flights across four international routes to Cambodia's Phnom Penh and China's The The Korea Times relates that Changchun, Harbin and Yanji as a temporary measure in April and May, offering alternative flights on nearby dates and fee waivers to customers affected by the schedule changes. The Korea Times adds that low-cost carriers have also scaled back operations on certain routes this month, with Air Busan suspending 20 flights on routes from Busan to Guam, Vietnam's Da Nang and the Philippines' Cebu. Aero K will partially halt four routes through June, whereas Eastar Jet will be suspending more than 50 flights in May. Jin Air has suspended a total of 45 flights throughout this month, including routes from Incheon to Guam, the Philippines' Clark and Vietnam's Nha Trang. Air Premia, which operates mainly mid- to long-haul routes, will suspend 50 flights from Incheon to destinations in the Americas and Southeast Asia during April and May. T'way Air Co., Ltd., formerly Hansung Airlines, is a South Korean low-cost airline based in Seongsu-dong, Seongdong-gu, Seoul. It operates scheduled domestic, regional and long-haul flights from its two bases at Gimpo and Incheon. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***