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260429.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, April 29, 2026, Vol. 29, No. 85 Headlines A U S T R A L I A 864 WHOLESALE: First Creditors' Meeting Set for May 7 ALL ABOUT YOU: First Creditors' Meeting Set for May 6 DAVID JONES: Posts AUD96MM Loss in FY2025, Says Turnaround is Here GRADE ONE: ASIC Disqualifies Director Lambros Hilellis for 5 Years HUDSON GLOBAL: First Creditors' Meeting Set for May 5 SHOREBARGE PTY: First Creditors' Meeting Set for May 5 USNEHA PTY: Second Creditors' Meeting Set for May 5 VENTURECROWD HOLDINGS: In Administration as Creditors Seek AUD7.3MM [] Health Insurers' Accused of "Bullying" as More Hospitals Close C H I N A HENGLI GROUP: Restructures Singapore Unit Amid US Sanction I N D I A BESTOVO FOODS: CRISIL Keeps B Debt Ratings in Not Cooperating BL FOOD: CRISIL Keeps B Debt Ratings in Not Cooperating Category CENTURION REMEDIES: CRISIL Cuts Rating on LT/ST Loans to D CONCORDE DESIGNS: CRISIL Keeps D Debt Ratings in Not Cooperating DEWA PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating DUDHGANGA VEDGANGA: CRISIL Withdraws B Rating on INR240cr Loan HARSHIL AGROTECH: Insolvency Resolution Process Case Summary IMMORTAL TYRES: CRISIL Keeps B Debt Ratings in Not Cooperating JLA INFRAVILLE: Insolvency Resolution Process Case Summary JOYS STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating Category K N K CHEMICALS: CRISIL Keeps B Debt Rating in Not Cooperating KALYAN GRAND: CRISIL Keeps B- Debt Ratings in Not Cooperating KANIKA FURNITURE: CRISIL Keeps D Debt Ratings in Not Cooperating KIMIYA ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating KREYA INFRATECH: CRISIL Keeps D Debt Ratings in Not Cooperating LAXMISREE RICEMILL: CARE Keeps D Debt Ratings in Not Cooperating MITTAPALLI AGRO EXPORTS: CRISIL Keeps D Rating in Not Cooperating MONTAGE PROMOTERS: CRISIL Keeps D Debt Ratings in Not Cooperating MSR INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating Category NAMAN SS: CRISIL Lowers Rating on INR15cr Cash Loan to B NAVJEEVAN HATCHERIES: CRISIL Keeps D Ratings in Not Cooperating NEO MICRONS: Insolvency Resolution Process Case Summary NOVAGEN HEALTHCARE: CRISIL Keeps B Ratings in Not Cooperating PARADIGM TUNNELING: CRISIL Keeps D Ratings in Not Cooperating PARANJAPE SCHEMES: CRISIL Moves D Debt Rating to Not Cooperating PARAS STEEL: CRISIL Lowers Rating on INR28cr Cash Loan to B PEE GEE: CRISIL Keeps B- Debt Ratings in Not Cooperating Category RANCOM HEALTHCARE: Voluntary Liquidation Process Case Summary SARAN DAIRY: CRISIL Lowers Rating on INR5.35cr Term Loan to D SHAPOORJI PALLONJI: Delays Paying 20.75% Bond Issued by Unit STROS ESQUIRE: Voluntary Liquidation Process Case Summary UTKAL STEEL: Insolvency Resolution Process Case Summary VIVIMED LABS: Insolvency Resolution Process Case Summary M A L A Y S I A 1MDB: Goldman Sachs Settles Shareholder Lawsuit Over 1MDB Scandal N E W Z E A L A N D AVANTI TOTARA 2026-1: Fitch Assigns BB(EXP)sf Rating on Cl. E Notes GROW NZ: Court to Hear Wind-Up Petition on May 7 J&S HOPE: Creditors' Proofs of Debt Due on May 29 JCK HOLDINGS: Verona Cafe Placed In Liquidation After 30 Years ONE STOP: Creditors' Proofs of Debt Due on May 22 OREWA BEACH: Creditors' Proofs of Debt Due on May 25 TC EARTHMOVERS: Court to Hear Wind-Up Petition on May 11 S I N G A P O R E HERITAGE HORIZON: Court to Hear Wind-Up Petition on May 15 METAPARK PTE: Commences Wind-Up Proceedings ONWARDS MEDIA: Court to Hear Wind-Up Petition on May 8 SOLE RELIEF: Court to Hear Wind-Up Petition on May 8 ZHONGZHEN GLOBAL: Court to Hear Wind-Up Petition on May 15 - - - - - ================= A U S T R A L I A ================= 864 WHOLESALE: First Creditors' Meeting Set for May 7 ----------------------------------------------------- A first meeting of the creditors in the proceedings of 864 Wholesale Cars Pty Ltd will be held on May 7, 2026, at 10:30 a.m. at the offices of Worrells, at Level 15, 300 Queen Street, in Brisbane, QLD and via Via Microsoft Teams upon request. Christopher Richard Cook of Worrells was appointed as administrator of the company on April 24, 2026. ALL ABOUT YOU: First Creditors' Meeting Set for May 6 ----------------------------------------------------- A first meeting of the creditors in the proceedings of All About You Clinic Pty Ltd ATF All About You Business Trust (trading as You By Dr Shauna Watts) will be held on May 6, 2026, at 10:00 a.m. via virtual meeting technology. Matthew Charles Hudson and Abdul Chambal of SV Partners were appointed as administrators of the company on April 24, 2026. DAVID JONES: Posts AUD96MM Loss in FY2025, Says Turnaround is Here ------------------------------------------------------------------ Carrie LaFrenz at The Australian Financial Review reports that David Jones losses blew out last financial year to almost $96 million as the cost of refurbishments and a slowdown in consumer spending hurt the department store chain's earnings. Filings with the corporate regulator revealed the group slid to a pre-tax loss of AUD95.5 million in the year to June 29, widening from a loss of AUD74.1 million in the year prior. Sales fell 8.7 per cent to AUD2 billion last year, the Financial Review discloses. David Jones is owned by private equity group Anchorage Capital Partners, which acquired the department store chain from South African retailer Woolworths Holdings. Anchorage has invested about AUD250 million into David Jones to help turn around the company under a five-year plan led by its chief executive, Scott Fyfe. In the first eight months of the 2026 financial year, there were signs that the turnaround was beginning to emerge, the Financial Review says. In that period, David Jones reported earnings before interest tax and depreciation rose fourfold to AUD51 million, and that sales were up 3.6 per cent, while costs continued to fall. "What you can see from our 2026 results is that growth is starting to come, even in a challenging market, which, I think, is really encouraging for the business. The loss in 2025 was very much in line with our expectations," the Financial Review quotes Mr. Fyfe as saying. He said the investment in refreshing David Jones' brand, refurbishing its stores, and the investment made in its loyalty program, app and online offering, was now beginning to pay off. "David Jones reward customers are spending 22 per cent more than non-customers, and they're shopping more frequently," he said. An Anchorage Capital spokesman said the firm remained committed to its ownership of David Jones, the Financial Review relays. "We have successfully returned this icon to Australian hands, recapitalised the business with a AUD190 million facility not due to expire until late 2028, and executed a transformation that many said was impossible," the spokesman said. "David Jones is now debt-lean, operationally efficient, and remains the undisputed home of premium retail in Australia." After reports that David Jones had missed or delayed payments to some suppliers, there was speculation about its financial health, the Financial Review states. However, Mr. Fyfe said David Jones had 82 different ways of paying suppliers, and in January introduced a new payment platform to standardise payments to its partners, which had caused some issues. "This was always going to be a complicated process, and we have been working through the transition and teething issues with our suppliers," he said. "We are currently working with the financiers to ensure we have the right payment solutions and banking facility to pay suppliers promptly. We expect this to be resolved in the next few weeks." The Financial Review adds that David Jones remains in discussions with its key lender Gordon Brothers to renegotiate the terms and conditions of its AUD190 million debt facility, which expires in October 2028. The majority of those funds, AUD150 million, come with restrictions that depend on the value of David Jones' assets. "There is no extension; we're working with Gordon Brothers on the facility we currently have in place," Mr. Fyfe said. "We've got more stock in the business because of our newly refurbished stores reopening. We've got new channels to the business, and we want to make sure we maximise all the opportunities we've got." About David Jones David Jones Pty Limited is an Australian upmarket department store. As Troubled Company Reporter-Asia Paicific in mid-June 2025, Anchorage Capital Partners is considering ways of providing financial support to ailing retailer David Jones as the department store slides into a deep loss and warns of challenging conditions. Anchorage acquired David Jones in 2022 from Woolworths Holdings, the South African retailer which also owns Country Road Group, the report notes. It does not publicise its accounts, but filings with the corporate regulator show the company slid to a AUD74.4 million loss in the 12 months to June 29, the Australian Financial Review said. GRADE ONE: ASIC Disqualifies Director Lambros Hilellis for 5 Years ------------------------------------------------------------------ The Australia Securities & Investments Commission (ASIC) has disqualified Lambros Hilellis, of Kingsgrove, New South Wales, from managing corporations for the maximum period of 5 years due to his involvement in the failure of the following four companies: * Grade One Security Monitoring Rangers Pty Ltd ACN 156 567 967 * Atlantis Services Aust Pty Ltd ACN 600 383 775 * Polyseal Waterproofing Qld Pty Ltd ACN 149 962 872, and * Apollo Security Pty Ltd ACN 154 881 973. At the time of ASIC's decision, the four companies owed a total of approximately AUD12.4 million to unsecured creditors, including approximately AUD3.7 million owed to the ATO. The companies operated in security services and the building and construction industry. ASIC found that Mr. Hilellis: * failed to act in good faith and in the best interests of Grade One Security by allowing amounts totalling AUD197,000 to be paid from the company bank account to third parties without reasonable explanation * failed to exercise due care and diligence to ensure that statutory lodgement obligations were met * improperly used his position to cause a detriment by causing false income tax returns to be lodged with the ATO * failed to keep proper financial records, to submit a ROCAP and to deliver company books to the liquidator * failed to act with care and diligence by lending monies to related companies without reasonable prospects of repayment, and * traded whilst insolvent in respect of Atlantis Services Aus Pty Ltd. Mr. Hilellis' conduct falls amongst the worst category of misconduct in terms of lack of honesty and integrity and complete disregard for his duties as a director. As a result, Hilellis was disqualified for the maximum period allowable under section 206F of the Corporations Act 2001. In disqualifying Mr. Hilellis, ASIC relied on supplementary reports lodged by the liquidator Stephen Hundy and Chad Rapsey of Rapsey Griffiths. ASIC assisted the liquidators to prepare reports by providing funding from the Assetless Administration Fund. Mr. Hilellis is disqualified from managing corporations until 29 March 2031. Mr. Hilellis has the right to seek a review of ASIC's decision by the Administrative Review Tribunal. Section 206F of the Corporations Act allows ASIC to disqualify a person from managing corporations for a maximum period of five years if, within a seven year period, the person was an officer of two or more companies, and those companies were wound up and a liquidator provides a report to ASIC about each of the company's inability to pay its debts. ASIC also maintains a banned and disqualified persons register that provides information about people who have been disqualified from: * involvement in the management of a corporation * auditing self-managed superannuation funds (SMSFs), or * practicing in the financial services or credit industry. HUDSON GLOBAL: First Creditors' Meeting Set for May 5 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Hudson Global Resources (Aust) Pty Limited will be held on May 5, 2026, at 10:00 a.m. at the offices of WLP Restructuring, at Suite 19.02, Level 19, 1-7 Castlereagh St, in Sydney, NSW and via Microsoft Teams. Glenn Livingstone, Benjamin Ho and Nicholas Charlwood of WLP Restructuring were appointed as administrators of the company on April 22, 2026. SHOREBARGE PTY: First Creditors' Meeting Set for May 5 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Shorebarge Pty Ltd will be held on May 5, 2026, at 9:30 a.m. via teleconference facilities. Andrew Quinn and Liam Bellamy of Mackay Goodwin were appointed as administrators of the company on April 22, 2026. USNEHA PTY: Second Creditors' Meeting Set for May 5 --------------------------------------------------- A second meeting of creditors in the proceedings of Usneha Pty Limited has been set for May 5, 2026, at 3:00 p.m. via virtual meeting. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by May 4, 2026 at 5:00 p.m. Lindsay Stephen Bainbridge and Timothy James Bradd of Pitcher Partners were appointed as administrator of the company on March 19, 2026. VENTURECROWD HOLDINGS: In Administration as Creditors Seek AUD7.3MM ------------------------------------------------------------------- SmartCompany reports that the parent company of equity crowdfunding platform VentureCrowd has plunged into administration, with an initial meeting of creditors hearing claims of AUD7.3 million in outstanding debts. But co-founder and chief executive officer Steve Maarbani has called the process a corporate debt restructure, with VentureCrowd's operating subsidiaries and managed funds unaffected by the process, SmartCompany relates. Launched in 2013, the Sydney-based VentureCrowd hosts funding campaigns for high-growth private companies, construction projects, and sidecar funds. In 2022, the business used its own crowdfunding platform to raise AUD3.9 million for VentureCrowd Holdings Pty Ltd, as part of a broader AUD10 million Series A round. But it faced legal hardship two years after that headline-grabbing raise, as the Queensland Supreme Court ordered it to pay more than AUD2.4 million to a former shareholder in a contested share buyback deal, SmartCompany says. VentureCrowd Holding Pty Ltd filed an appeal, which was ultimately dismissed by agreement in early 2025. SmartCompany relates that the business returned to its own equity crowdfunding platform last year for a ‘Series B+' campaign, seeking to raise another AUD1 million for the holding company. However, the most recent equity crowdfunding campaign fell short: the VentureCrowd website shows the company raised AUD348,000 of its AUD1 million target by the campaign's March 26 cutoff. Now, documents listed by the Australian Securities and Investments Commission show a party with a security interest in VentureCrowd Holdings Pty Ltd appointed W. Roland Robson to serve as administrator on April 9, SmartCompany reports. In a statement provided to SmartCompany on April 28, Mr. Maarbani confirmed the VentureCrowd parent company is "undergoing a restructure of its corporate debt and is doing so by way of external administration". "All our regulatory obligations continue to be met and all relevant stakeholders have been fully informed," he continued. "The operational subsidiaries continue to trade as normal while the debt restructure is resolved." The public VentureCrowd platform continues to trade through the process, with multiple campaigns currently open to wholesale investors or expressions of interest, SmartCompany relays. According to SmartCompany, a report prepared after the first meeting of creditors, held on April 22, shows the secured party was not alone: nearly a dozen parties were represented, alleging claims totalling AUD7.3 million. SmartCompany relates that Derek Finch, founder and legal practitioner director of Finch Litigation Lawyers, said some proof of debt claims are related to funds invested in schemes across the VentureCrowd group. VentureCrowd Holdings Pty Ltd "is the parent and ultimate holding company of the group, so it's the apex infrastructure," Mr. Finch told SmartCompany on April 27. "And so for that reason, it is obviously a critical company in the group, all paths lead back to it. Investors "obviously are looking to the administrators for some more detailed information about what's happened to their money, what's happened to their investments," he said. The initial creditors' report showed "robust discussion" took place between Mr. Robson and creditors over which proof of debt claims should be admitted, and whether they related to other companies in the group. SmartCompany adds that Mr. Maarbani said the administration was limited to VentureCrowd Holdings Pty Ltd specifically, and "does not affect any of our operating subsidiaries nor any of our managed funds, including the entities in our group that hold AFSLs [Australian Financial Services Licences]". Mr. Robson also advised creditors they may receive more value through a Deed of Company Arrangement, rather than plunging the holding company directly into liquidation. However, at the same meeting, creditors resolved to replace Mr. Robson with Barry Wight and Stephen Earel of Cor Cordis as administrators for VentureCrowd Holdings Pty Ltd. Mr. Finch, who is retained by one client in the matter, said creditors are waiting for more clarity from the new administrators. "We're really all dependent on the administrators obviously carrying out their investigations and releasing more information to creditors at this point in time," he told SmartCompany. "My client just doesn't have the level of detail about the current state of, at least in the case of VCH, what its current position truly is," he added. "And that, as you can imagine, is front of mind at the moment as to how that plays out into the broader group of companies." [] Health Insurers' Accused of "Bullying" as More Hospitals Close ----------------------------------------------------------------- ABC News reports that a former Bupa executive has accused health insurers of using "almost bullying" tactics in their negotiations with private hospitals. As private hospitals and units close around the country, the industry has pointed much of the blame at large insurers using negotiations to drive down prices and reduce the sustainability of hospitals, particularly smaller players, according to the ABC. It comes after the ABC revealed the stifling nature of contracts between major health insurer Bupa and private hospitals, and some of its negotiating tactics to get agreements in place. Private hospitals said it is not just Bupa engaging in problematic behaviour, with other insurers also accused of misusing their market power in contract negotiations with hospitals. According to the ABC, the Australian Private Hospitals Association (APHA) said it was particularly concerned by the use of "take it or leave it" low-ball offers from insurers in contract negotiations. However, the body representing insurers, Private Healthcare Australia (PHA), said insurers have continued to increase payments to hospitals. There have been about 80 hospital closures since 2020, Department of Health figures indicate, and the APHA estimated a further 80 hospital services have also closed, the ABC notes. While some are down to natural turnover, the industry argues the closures have been accelerated by growing power imbalances in the market, combined with the failure of Medicare rebates to keep up with costs. Health insurers made a combined AUD2.1 billion in 2024–25. In the previous financial year, they made AUD2.2 billion before tax, the ABC discloses. David du Plessis was the head of hospital partnerships at Bupa in 2022 and now represents small private hospitals in contract negotiations. He has described "aggressive behaviours" during his negotiations with health insurers that were "almost bullying," the ABC relays. "In many instances, [it's] to try and force them to accept contracts that are probably not really commensurate with the inflation costs that the hospital's experiencing," the ABC quotes Mr. du Plessis as saying. "They really don't have any ability to extract reasonable rates from that." Mr. du Plessis warned that unless something changed, more hospitals would close. "Or, be so non-viable with certain services that we're going to see service offerings closing, like obstetrics and maternity services that we've seen over the last five years close progressively around Australia." However, peak body PHA chief executive Rachel David disputed closure concerns and said there were more hospitals now than 10 years ago, and insufficient transparency on data to determine the amount of service closures, the ABC relates. "Workforce availability, changing patterns of demand, and advances in care delivery are reshaping how services are provided." ========= C H I N A ========= HENGLI GROUP: Restructures Singapore Unit Amid US Sanction ---------------------------------------------------------- Bloomberg News reports that Hengli Group has changed the ownership structure of its Singapore-based oil trading arm after the US sanctioned its refining unit, according to sources with knowledge of the matter. The change means the Singapore entity, Hengli Petrochemical International, is now only 5 per cent owned by Hengli Petrochemical (Dalian) Refinery, which was sanctioned by the US Treasury Department's Office of Foreign Assets Control (OFAC) on April 24 over alleged links to Iran, the sources said, asking not to be named due to the sensitivity of the matter, Bloomberg relays. Bloomberg relates that the Singapore unit is now no longer majority-owned by an entity targeted by the US, and thus should not be treated as being sanctioned by association, the sources said, citing a notice from Hengli to its clients. Hengli is the second-largest private refiner in China, operating a modern oil-processing and chemical complex in Liaoning province. OFAC cited oil purchases from Iran when sanctioning Hengli, although the company has denied the claim. According to Bloomberg, the US also sanctioned shipping companies and tankers involved in the Iran oil trade, ramping up pressure on the Islamic Republic as the war in the Middle East drags on. Bloomberg says the Singapore unit is responsible for the trading and sourcing of crude feedstock for Hengli's China-based oil-processing plants among other businesses. Before the sanctions, Hengli's Dalian unit held complete ownership of the Singapore entity. The remaining 95 per cent of the company is now owned by Dalian Changxing International Trade, which is a Chinese government-linked trading house, according to the sources. Hengli Group Co., Ltd manufactures artificial fiber products. The Company produces and sells superb glossy fiber, polyester composite fiber, high quality polyester drawn yarn, and more. Hengli Group also conducts oil refining, real estate development, industrial investment, goods and technology import and export, and other businesses. ========= I N D I A ========= BESTOVO FOODS: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Bestovo Foods Private Limited (BFPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.5 CRISIL B/Stable (ISSUER NOT COOPERATING) Proposed Term 1.8 CRISIL B/Stable (ISSUER NOT Loan COOPERATING) Term Loan 6.7 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with BFPL for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BFPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in August 2015, BFPL, is into manufacturing of powdered egg. The company, promoted by Mr. P Surendranath who has over 15 years of industry experience. BL FOOD: CRISIL Keeps B Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of BL Food Industries (BLFI) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Open Cash Credit 9.75 CRISIL B/Stable (ISSUER NOT COOPERATING) Term Loan .25 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with BLFI for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BLFI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BLFI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BLFI continues to be 'Crisil B/Stable Issuer not cooperating'. Established in 2014, BLFI mills and processes paddy into basmati and non-basmati rice at its facility in Nizamabad, Andhra Pradesh. The firm's partners are Mr G Shekar, Ms G Jyothi, Mr G Balaiah, Ms G Bharatamma, Mr G Srinivas, Mr K Ramesh, and Mr R Srinivas. CENTURION REMEDIES: CRISIL Cuts Rating on LT/ST Loans to D ---------------------------------------------------------- CRISIL Ratings has downgraded its ratings on the bank facilities of Centurion Remedies Private Limited (CRPL) to 'Crisil D/Crisil D Issuer not cooperating' from 'Crisil B/Stable/Crisil A4 Issuer not cooperating' as the company is in insolvency resolution process under the provisions of Insolvency and Bankruptcy Code, 2016 (IBC) by order of National Company Law Tribunal (NCLT) dated April 20, 2026. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Short Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil A4 ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with CRPL for obtaining information through letter and email dated December 5, 2025, 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 while using the rating assigned/reviewed with the suffix 'Issuer not cooperating'. These ratings lack a forward-looking component as these are 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 CRPL. With the Interim Resolution Professional taking over the company's affairs, the management has highlighted constraints in sharing information, which restricts the Crisil Ratings ability to take a forward-looking view on the entity's credit quality. Crisil Ratings believes that the rating action on CRPL is consistent with 'Assessing Information Adequacy Risk'. Incorporated in 2003, CRPL manufactures and exports tablets, capsules and ointment among other products. The company has two manufacturing facilities in Vadodara, Gujarat, and is promoted by Ambalal V Patel. CONCORDE DESIGNS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Concorde Designs Private Limited (CDPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2 CRISIL D (Issuer Not Cooperating) Cash Credit 10 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with CDPL for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of CDPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CDPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of CDPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. CDPL, incorporated in 2002, is promoted by Mr. Anvay Madhukar Naik. It designs and constructs interior works for corporate customers and provides architectural consulting. DEWA PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Dewa Projects Private Limited (DPPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 10.25 CRISIL D (Issuer Not Cooperating) Term Loan 8.88 CRISIL D (Issuer Not Cooperating) Term Loan 12.15 CRISIL D (Issuer Not Cooperating) Term Loan 13.67 CRISIL D (Issuer Not Cooperating) Term Loan 30.25 CRISIL D (Issuer Not Cooperating) Term Loan 13.68 CRISIL D (Issuer Not Cooperating) Term Loan 9.50 CRISIL D (Issuer Not Cooperating) Term Loan 48.46 CRISIL D (Issuer Not Cooperating) Term Loan 14.14 CRISIL D (Issuer Not Cooperating) Term Loan 40.39 CRISIL D (Issuer Not Cooperating) Term Loan 39.77 CRISIL D (Issuer Not Cooperating) Term Loan 13.55 CRISIL D (Issuer Not Cooperating) Term Loan 32.31 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with DPPL for obtaining information through letter and email dated March 27, 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 DPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of DPPL continues to be 'Crisil D Issuer not cooperating'. DPPL was established in April 2005. The company is constructing residential apartments at Marine Drive, Kochi. The project which is being developed at an estimated cost of over Rs 4,600 crore, is in the early phase of construction. The company has been promoted by Mr. Venugopalan Nair, a Kuwait-based non-resident Indian. DUDHGANGA VEDGANGA: CRISIL Withdraws B Rating on INR240cr Loan -------------------------------------------------------------- CRISIL Ratings has withdrawn its rating on the bank facilities of Dudhganga Vedganga Sahakari Sakhar Karkhana Limited (SDKL) on the request of the company and after receiving no objection certificate from the bank. The rating action is in line with Crisil Rating's policy on withdrawal of its rating on bank loan facilities. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Sugar Pledge 240 Crisil B/Stable/Issuer Not Cash Credit Cooperating (Withdrawn) Sugar Pledge 60 Crisil B/Stable/Issuer Not Cash Credit Cooperating (Withdrawn) Crisil Ratings has been consistently following up with SDKL for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non-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 SDKL. This restricts Crisil Ratings' ability to take a forward-looking view on the credit quality of the entity. Crisil Ratings believes that rating action on SDKL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SDKL continues to be 'Crisil B/Stable Issuer Not Cooperating'. SDKL was incorporated at Bidri (Kolhapur; Maharashtra) in 1963. It has more than 60,000 members, of which around 60% are cane growers. The sugar mill has a command area of around 218 villages near Kolhapur. The chairman, Mr Krishnarao Parasharam Patil is a former Member of the Legislative Assembly of Radhanagari and Bhudargad talukas (both in Kolhapur). SDKL produces sugar at its plant in Kolhapur and has installed capacity of 7,500 TCD. The sugar mill has a 30-megawatt captive power generation capacity, which is fueled using bagasse generated in sugar production. The company has set up a molasses-based distillery plant (60 kilolitre per day), which became functional from April 2024. HARSHIL AGROTECH: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Harshil Agrotech Limited (formerly known as Mirch Technologies (India) Limited) SF 225, I Square, Near Shukan Mall, Science City Road, Sola, Ahmedabad 380060, Gujarat Insolvency Commencement Date: April 17, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Estimated date of closure of insolvency resolution process: October 14, 2026 Insolvency professional: Neeraj Kumar Bajaj Interim Resolution Professional: Neeraj Kumar Bajaj A-502, Vastugram Residency, Vesu, Near Prime Shoppers, Surat, Gujarat - 395007 Email: nkbajajca@gmail.com 6th Floor, 609, 21st Century Building, Ring Road, Surat - 395002 Email: ibc.harshilagrotech@gmail.com Last date for submission of claims: May 1, 2026 IMMORTAL TYRES: CRISIL Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Immortal Tyres Private Limited (ITPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8.5 CRISIL B/Stable (ISSUER NOT COOPERATING) Term Loan 1.5 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with ITPL for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ITPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ITPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ITPL continues to be 'Crisil B/Stable Issuer not cooperating'. ITPL (formerly, Karan Rubber Pvt Ltd) was incorporated in 2011. The company manufactures and exports tyres and tubes for tractors, bikes and e-bikes. The manufacturing facility is located in Ludhiana (Punjab). Mr Paramjeet Singh, Mrs Poonam Deep Kaur and Mr Kanwar Karanjeet Singh are the promoters. JLA INFRAVILLE: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: JLA Infraville Shoppers Limited 17, 2nd Floor, 7th Main Road, II Stage Indiranagar, Bangalore North, Bangalore, Karnataka, India - 560038 Insolvency Commencement Date: April 16, 2026 Court: National Company Law Tribunal, Bengaluru Bench Estimated date of closure of insolvency resolution process: October 13, 2026 Insolvency professional: Dinesh Chander Gupta Interim Resolution Professional: Dinesh Chander Gupta 4819/24, Ansari Road, Near JPH Publishing House, Central Delhi, Delhi - 110002 Email: dcgcomp@gmail.com jislcirp@gmail.com Last date for submission of claims: April 30, 2026 JOYS STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Joys Steel Impex (JSI) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (Issuer Not Cooperating) Cash Credit 13 CRISIL D (Issuer Not Cooperating) Cash Credit 4 CRISIL D (Issuer Not Cooperating) Cash Credit 5 CRISIL D (Issuer Not Cooperating) Cash Credit 7 CRISIL D (Issuer Not Cooperating) Letter of Credit 7 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with JSI for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of JSI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JSI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of JSI continues to be 'Crisil D/Crisil D Issuer not cooperating'. Set up in 2006 as a proprietorship firm by Mr Tejal Shah, JSI trades in carbon steel plates. The firm is based in Mumbai. K N K CHEMICALS: CRISIL Keeps B Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of K. N. K. Chemicals (KNKC; part of the KNK group) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with KNKC for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KNKC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KNKC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KNKC continues to be 'Crisil B/Stable Issuer not cooperating'. About the Group The current promoters took over KNKC in 2010. The firm is a partnership concern, owned and managed by Mr Rajneesh Sharma, Mr Ramesh Chander and Ms Vijay Kumari. It manufactures TMT bars; its facility in Samba, Jammu and Kashmir, has installed capacity of 150 MT per day. In 2013, the management took over SCPL, which was set up in 1986. The purpose of the takeover was backward integration for KNKC as SCPL manufactures mild steel ingots. It supplies only to KNKC. KALYAN GRAND: CRISIL Keeps B- Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kalyan Grand Stay Private Limited (KGSPL) continue to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Term Loan 25.5 CRISIL B-/Stable (Issuer Not Cooperating) Proposed Long Term 1.5 CRISIL B-/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with KGSPL for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KGSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KGSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KGSPL continues to be 'Crisil B-/Stable Issuer not cooperating'. KGSPL was incorporated by Mr Saravana Prakash K and his family members in 2011, and is based in Chennai. The company has a 3-star business hotel, Kalyan Hometel, in Chennai, for which, it has an operational and managerial tie-up with Sarovar. KANIKA FURNITURE: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kanika Furniture Private Limited (KFPL) continue to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3 CRISIL D (Issuer Not Cooperating) Cash Credit 1.5 CRISIL D (Issuer Not Cooperating) Proposed Fund- 0.18 CRISIL D (Issuer Not Based Bank Limits Cooperating) Term Loan 0.23 CRISIL D (Issuer Not Cooperating) Working Capital 1.59 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with KFPL for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KFPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2003 and promoted by Mr Bimal Agarwal and family, KFPL manufactures all types of furniture used in home, offices, and schools. KIMIYA ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kimiya Engineers Private Limited (KEPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 25 CRISIL D (Issuer Not Cooperating) Cash Credit 6 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KEPL for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KEPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. KEPL, established in 2004 by Mr Anurag Verma based in Mumbai executes civil construction projects related to buildings and offices for public and private institutions. KREYA INFRATECH: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the rating on the bank facilities of Kreya Infratech Private Limited (KIPL) continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 6 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with KIPL for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KIPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in Nov 2015, KIPL is involved in engineering and contract work with experience in civil and structural work contracts specialized in, Textile Mills, Export Houses, Hotels, Institutes, Commercial Buildings, Schools, etc. The company has pan India presence and has delivered projects in 14 Indian States LAXMISREE RICEMILL: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Laxmisree Ricemill Private Limited (LRPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.59 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.05 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Crisil Ratings has been consistently following up with LRPL for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of LRPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on LRPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of LRPL continues to be 'Crisil D Issuer not cooperating'. Originally formed as a partnership concern in 2006, and reconstituted as a private limited company in fiscal 2014, LRPL mills and processes parboiled rice at its mill is in Bolpur, West Bengal. Operations are managed by Mr Sanjoy Ghosh. MITTAPALLI AGRO EXPORTS: CRISIL Keeps D Rating in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Mittapalli Agro Exports (MA; part of the Mittapalli group) continues to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 Crisil D (Issuer Not Cooperating) Packing Credit 11 Crisil D (Issuer Not Cooperating) Proposed Long Term 2 Crisil D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with MA for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MA, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MA is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MA continues to be 'Crisil D/Crisil D Issuer not cooperating'. The Mittapalli group is based in Guntur, Andhra Pradesh. MAPPL was incorporated in 2005, promoted by Mr Mittapalli Ramesh Babu. The company processes and trades in tobacco leaves; it sells in the domestic and global markets. The product is mainly used in the manufacture of cigarettes, pipe tobacco, and chewing tobacco. MAE was formed in 2008 as a partnership firm by Mr Babu, Mr M Suvarna, and Mr M Chandra Mohan. The firm processes and trades in tobacco leaves. MA, established in 2009 as a partnership firm by the same partners, also processes and trades in tobacco leaves. MONTAGE PROMOTERS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Montage Promoters Private Limited (MPPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8.5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 8.55 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 0.95 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MPPL for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MPPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in September 2009 and promoted by Mr. Rajesh Shukla, Ms. Anupama Shukla, and Ms. Shweta Shukla, MPPL trades in agro commodities (cotton bales), fast-moving consumer goods (Mad-Croc energy drink), and apparel (Bentbrass Golf); it is also engaged in distribution of pharmaceuticals products. MSR INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of MSR India Limited (MSRIL) continue to be 'CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10.1 CRISIL D (Issuer Not Cooperating) Cash Credit 20 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.4 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with MSRIL for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MSRIL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MSRIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MSRIL continues to be 'Crisil D Issuer not cooperating'. MSRIL was incorporated in 2002. MSRIL is owned & managed by K.V. Rajasekhar Reddy. MSRIL is engaged in manufacturing of copper bottles, battery cell cases and consumer goods such as Pasta, Vermicelli, Chakki Atta, battery cells. MSRIL market it under brand name 'Today' under consumer Goods and 'Dr. Copper' under Copper water bottles. MSRIL manufacturing facility is located in Hyderabad (Telangana). NAMAN SS: CRISIL Lowers Rating on INR15cr Cash Loan to B -------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Naman SS Private Limited (NSPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil BBB-/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with NSPL for obtaining information through letter and email dated March 20, 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 NSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NSPL revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BBB-/Stable Issuer not cooperating'. ARPL was incorporated in 2007. The company trades in non-ferrous and ferrous metal scrap material. It has a processing facility in Faridabad, Haryana, where the material is segregated and recycled. The company is promoted by Mr Abhay Jain, Mr Atul Jain and Mr Amit Jain. PSI was formed as a partnership firm in 2010. The firm manufactures steel products, mainly stainless-steel round bars, bright round bars, flat bars, ingots, angles and strips. The manufacturing facility is in Bhiwadi, Rajasthan. Operations are managed by Mr Abhay Jain and Mr Atul Jain. NSPL trades in ferrous and non-ferrous metal scrap. The company is managed by Mr Atul Jain and Mr Amit Jain. NAVJEEVAN HATCHERIES: CRISIL Keeps D Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Navjeevan Hatcheries Private Limited (NHPL) continue to be 'CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10.5 CRISIL D (ISSUER NOT COOPERATING) Proposed Working 1.2 CRISIL D (ISSUER NOT Capital Facility COOPERATING) Crisil Ratings has been consistently following up with NHPL for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of NHPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NHPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NHPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 1998 by Mr Harshwardhan Joshi, NHPL is engaged in selling eggs, day-old chicks and broiler birds. NEO MICRONS: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Neo Microns Private Limited B-401, Lake View Tower, Opposite Vastrapur Lake, Near Aplha Mall, Vastrapur, Ahmedabad Gujarat - 380015 Insolvency Commencement Date: April 17, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Estimated date of closure of insolvency resolution process: October 14, 2026 Insolvency professional: Bimal Ashok Desai Interim Resolution Professional: Bimal Ashol Desai 217, Florence Pride, Opposite Corporation Garden, Sun Pharma Road, Vadodara, Gujarat 390020, India Email: bimal.a.desai@icai.org cirp.nmpl@gmail.com Last date for submission of claims: May 1, 2026 NOVAGEN HEALTHCARE: CRISIL Keeps B Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Novagen Healthcare Private Limited (NHPL) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 27.7 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with NHPL for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of NHPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NHPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NHPL continues to be 'Crisil B/Stable Issuer not cooperating'. Set up in October 2014, NHPL manufactures pharmaceutical products under the brand, Novagen. The manufacturing facility is at Vadodara. Commercial operations are to start in April 2019. PARADIGM TUNNELING: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Paradigm Tunneling Private Limited (PATUPL) continue to be 'CRISIL B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 8 CRISIL D (Issuer Not Cooperating) Cash Credit 3 CRISIL D (Issuer Not Cooperating) Letter of Credit 3 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PATUPL for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PATUPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PATUPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PATUPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Established in 2013, company is engaged in construction of water drainages, tunneling, large scale water pipelining projects. PARANJAPE SCHEMES: CRISIL Moves D Debt Rating to Not Cooperating ---------------------------------------------------------------- CRISIL Ratings has migrated the rating on Non-Convertible Debentures of Paranjape Schemes (Construction) Limited (PSCL) to 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Non-Convertible 175.0 Crisil D (ISSUER NOT Debentures LT COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with PSCL for obtaining information through letter and email dated April 7, 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 PSCL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PSCL 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 Non Convertible Debentures of PSCL to 'Crisil D Issuer not cooperating'. Incorporated in 1987 by brothers -- Mr. Shashank Paranjape and Mr. Shrikant Paranjape -- as a private-limited company, the entity got reconstituted into a public-limited company in 2005. The Paranjape group is a leading real estate developer in Pune and operates across Mumbai, Chiplun, Kolhapur, Nashik (all in Maharashtra) and Bengaluru. PARAS STEEL: CRISIL Lowers Rating on INR28cr Cash Loan to B ----------------------------------------------------------- CRISIL Ratings has revised the rating on bank facilities of Paras Steel Industries (PSI; part of the Arham Group) to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BBB-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 28 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil BBB-/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with PSI for obtaining information through letter and email dated March 20, 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 PSI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PSI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PSI revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BBB-/Stable Issuer not cooperating'. ARPL was incorporated in 2007. The company trades in non-ferrous and ferrous metal scrap material. It has a processing facility in Faridabad, Haryana, where the material is segregated and recycled. The company is promoted by Mr. Abhay Jain, Mr. Atul Jain and Mr. Amit Jain. PSI was formed as a partnership firm in 2010. The firm manufactures steel products, mainly stainless-steel round bars, bright round bars, flat bars, ingots, angles and strips. The manufacturing facility is in Bhiwadi, Rajasthan. Operations are managed by Mr. Abhay Jain and Mr. Atul Jain. NSPL trades in ferrous and non-ferrous metal scrap. The company is managed by Mr. Atul Jain and Mr. Amit Jain. PEE GEE: CRISIL Keeps B- Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Pee Gee International (Delhi) (PGI) continue to be 'CRISIL B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Buyer Credit Limit 2 CRISIL B-/Stable (Issuer Not Cooperating) Buyer Credit Limit 4 CRISIL B-/Stable (Issuer Not Cooperating) Cash Credit 6 CRISIL B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PGI for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PGI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PGI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PGI continues to be 'Crisil B-/Stable Issuer not cooperating'. Set up as a proprietorship firm in 2002 by Mr Gauri Shankar, Delhi-based PGI trades in aluminium scrap and other metals. RANCOM HEALTHCARE: Voluntary Liquidation Process Case Summary ------------------------------------------------------------- Debtor: Rancom Healthcare Private Limited 1st Floor Block-D, E-101, Phase 2 Transport Nagar, Lucknow, Uttar Pradesh, India - 226012 Liquidation Commencement Date: April 10, 2026 Court: National Company Law Tribunal, Allahabad Bench Liquidator: Babita Jain 35B/6, Ram Mohan Plaza, Madho Kunj, Master Zahurul Hasan Road, Allahabad, Uttar Pradesh, 211002 Email: jainbabita06@gmail.com ibc.rancom@gmail.com Last date for submission of claims: May 18, 2026 SARAN DAIRY: CRISIL Lowers Rating on INR5.35cr Term Loan to D ------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Saran Dairy Producer Company Limited (SDPCL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.6 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B/Stable' ISSUER NOT COOPERATING) Proposed Fund- 3.05 Crisil D (ISSUER NOT Based Bank Limits COOPERATING; Downgraded from 'Crisil B/Stable' ISSUER NOT COOPERATING*) Term Loan 5.35 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B/Stable' ISSUER NOT COOPERATING*) Crisil Ratings has been consistently following up with SDPCL for obtaining information through letters and emails dated March 12, 2025 and March 9, 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 SDPCL, which restricts Crisil Ratings ability to take a forward-looking view on the entity's credit quality. Crisil Ratings believes that rating action on SDPCL is consistent with Assessing Information Adequacy Risk. Based on the last available information, the rating on long term bank facilities of SDPCL have been downgraded to 'Crisil D Issuer not cooperating' from 'Crisil B/Stable Issuer not cooperating' owing to delay in debt servicing, information available publicly. SDPCL, incorporated in 2018, is currently setting up a milk processing unit in Danapur (Manjhagarh in Bihar). The plant is expected to be commissioned in March 2021. Mr Alok Kumar, Mr Prashant Raj, Mr Ashish Kumar, Mr Abhay Kumar and Ms Arunima Singh are the promoters. SHAPOORJI PALLONJI: Delays Paying 20.75% Bond Issued by Unit ------------------------------------------------------------ Bloomberg News reports that Shapoorji Pallonji Group, a major Indian private credit borrower, has delayed the repayment of a 20.75% high-yield bond issued by its unit, Goswami Infratech Pvt. According to Bloomberg, bondholders of the note unanimously agreed to let the company delay paying principal and interest to June 30, people familiar with the matter said. The bondholders received a 25 basis points consent fee for agreeing to push back the maturity from the April 30 deadline, the people said, asking not to be identified discussing private matters. "This situation serves as a compelling case study for the evolving private credit landscape in India," said Ajay Manglunia, executive director at Capri Global Capital Ltd. It was India's biggest high-yield note when Goswami Infratech issued INR143 billion (US$1.5 billion) of the zero-coupon securities in 2023, Bloomberg notes. As of March 31, about INR135.83 billion was outstanding on the bond, including interest, according to a company statement on April 14. Bloomberg says the notes are held by a number of global private credit funds including Cerberus Capital Management LP, Varde Partners LP, Davidson Kempner Capital Management LP and Deutsche Bank AG. The group, controlled by billionaire Shapoor Mistry, is best known for building landmarks such as the Reserve Bank of India building and the Al Alam Palace for the Sultan of Oman. According to Bloomberg, Shapoorji has suffered from liquidity crunches after it piled on debt before the pandemic, prompting it to list subsidiaries and offload assets. Group representatives told some investors earlier this month that the company was considering a potential offering of about $2.6 billion-equivalent of dollar- and rupee-denominated bonds, according to people familiar with the matter, Bloomberg relays. They also said that the proceeds would be used to refinance the Goswami debt that just got extended. Last year, it closed a separate private credit financing of over $3 billion in India's biggest deal yet at a yield of 19.75%, recalls Bloomberg. Such high yields reflect the risks for creditors. The group faces uncertainty about its ability to transfer its stake in privately-held Tata Sons, which makes up most of the collateral for the private credit deal. Tata Sons' directors have the ability to block certain share transfers. The Shapoorji Pallonji Group provides diversified business services. The Company offers engineering and construction, infrastructure, water, energy, real estate, water, and financial services. The Shapoorji Pallonji Group serves customers worldwide. STROS ESQUIRE: Voluntary Liquidation Process Case Summary --------------------------------------------------------- Debtor: Stros Esquire Elevators and Hoists Private Limited 301, Shreeram 10, Haribhakti Colony Extension, Race Course, Vadadora, 390007, Gujarat Liquidation Commencement Date: April 15, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Liquidator: Poonam Basak WeWork, 247 Park, 13th Floor, Vikhroli Corporate Park, LBS Road, Gandhi Nagar, Vikhroli West, Mumbai, Maharashtra - 400079 Email: poonamb.irp@gmail.com seehpl.cirp@gmail.com Last date for submission of claims: May 15, 2026 UTKAL STEEL: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Utkal Steel and Power Private Limited Plot No. 404/612 and 406/613, 1st Floor, Madhapur, PO Keonjhar, Orissa, India, 758001 Insolvency Commencement Date: April 8, 2026 Court: National Company Law Tribunal, Cuttack Bench Estimated date of closure of insolvency resolution process: October 14, 2026 Insolvency professional: Arun Gajwani Interim Resolution Professional: Arun Gajwani B-572, Sainik Colony, Sector-49, Faridabad, Haryana - 121001 Email: arungaj572@gmail.com cirputkalsteel@gmail.com Last date for submission of claims: May 1, 2026 VIVIMED LABS: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Vivimed Labs Limited Registered Address: Plot No. 78-A, Kolhar Industrial Area, Bidar, Karnataka - 585403 Corporate Address: GMR Towers, 3rd & 4th Floor, Greem Lands, Begumpet, Beside the Plaza Hotel, Hyderabad, Telangana - 500016 Insolvency Commencement Date: April 15, 2026 Court: National Company Law Tribunal, Bengaluru Bench Estimated date of closure of insolvency resolution process: October 11, 2026 Insolvency professional: T. Narayana Swamy Interim Resolution Professional: T. Narayana Swamy No. 15, Shubhadeepa, 7th Cross, Bhuvaneshwarinagar, Hebbal Kempapura, Bangalore North, Near Shakthi Ganapathi Temple, Bangalore, Karnataka - 560024 Email: tnswamyubi@gmail.com "VK Commerce," #8, 3rd Floor, 3rd Main Road, Opposite Rajajinagar IT Park, KSSIDC, Rajajinagar Industrial Estate, Bengaluru, Karnataka - 560010 Email: cirp.vivimedlabslimited@gmail.com Last date for submission of claims: May 1, 2026 =============== M A L A Y S I A =============== 1MDB: Goldman Sachs Settles Shareholder Lawsuit Over 1MDB Scandal ----------------------------------------------------------------- Reuters reports that Goldman Sachs has agreed to settle a class-action lawsuit accusing the Wall Street bank of defrauding shareholders about its work for 1MDB, a Malaysian sovereign wealth fund that became embroiled in a corruption scandal. In a letter filed on April 22 in Manhattan federal court, Goldman and the shareholders said they reached an agreement-in-principle to settle, and plan to submit a settlement for preliminary approval by May ⁠20, Reuters relates. Former Malaysian Prime Minister Najib Razak set up 1MDB to promote economic development, with help from Malaysian financier Jho Low, who is now a fugitive. U.S. and Malaysian authorities have said $4.5 billion was siphoned away from 1MDB, with some diverted to offshore bank accounts and shell companies linked to Low. Goldman ⁠helped 1MDB sell $6.5 billion of bonds, and collected an estimated $600 million of fees. According to Reuters, shareholders accused the bank of lying about its role in the fraud while repeatedly touting its supposedly robust risk management. They said Goldman's share price tumbled after investors realized Goldman "actively ⁠facilitated - and handsomely profited from" the fraud, Reuters relates. Goldman agreed in 2020 to pay $2.9 billion in penalties and have a Malaysian unit admit criminal wrongdoing to settle 1MDB probes by ⁠the U.S. Justice Department and other authorities. A Brooklyn, New York judge formally ended the U.S. criminal case against Goldman in May 2024, after the ⁠bank successfully completed a three-year deferred prosecution agreement. One Goldman banker was convicted of helping loot 1MDB, and another pleaded guilty, Reuters notes. About 1MDB Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent Malaysian strategic development company, wholly owned by the Malaysian Minister of Finance. 1MDB was established in 2009 to foster long-term economic development for the country by forging global partnerships, particularly in energy, real estate, tourism, and agribusiness. The Company was founded shortly after Dato Sri Najib Razak became Prime Minister of Malaysia in July 2009. Najib said the establishment of 1MDB into a federal entity was to benefit a majority of Malaysians. 1MDB is said to have raised billions of dollars in bonds, for investment projects and joint ventures, between 2009 and 2013. Among those projects are the Tun Razak Exchange, Tun Razak Exchange's sister project Bandar Malaysia, and the acquisition of three independent power producers. The Company came into heavy scrutiny in 2015 for suspicious money transactions and evidence pointing to money laundering, fraud and theft. The corruption scandal in 1MDB has implicated high-level officials, including Prime Minister Najib Razak, as wells as banks and financial institutions around the world. In 2016, the U.S. Department of Justice filed a lawsuit, alleging that at least US$3.5 billion has been stolen from 1MDB. In September 2020, the alleged amount stolen had been raised to US$4.5 billion and a Malaysian government report listed 1MDB's outstanding debts to be US$7.8 billion. In July 2020, the High Court convicted former Prime Najib Razak on all seven counts of abuse of power, money laundering and criminal breach of trust and was sentenced to 12 years imprisonment and fined MYR210 million. Malaysia has been filing lawsuits over the years in an effort to recover the missing billions of dollars. Among others, in May 2021, Malaysia filed 22 civil suits against entities and people involved in the corruption scandal, including units of Deutsche Bank and JP Morgan. Malaysia said in September 2020 it has so far recovered about US$3.24 billion in assets linked to the 1MDB matter. This amount includes about US$600 million cash and assets returned by U.S. authorities; about US$2.5 billion paid by Goldman Sachs as settlement; as well as $780 million in settlement amounts from Malaysian banking group AmBank and audit firm Deloitte. ===================== N E W Z E A L A N D ===================== AVANTI TOTARA 2026-1: Fitch Assigns BB(EXP)sf Rating on Cl. E Notes ------------------------------------------------------------------- Fitch Ratings has assigned expected ratings to Avanti Totara RMBS 2026-1 Trust's mortgage-backed pass-through floating-rate notes. The issuance consists of notes backed by a pool of first-ranking New Zealand conforming and non-conforming residential full- and low-documentation mortgage loans originated by Avanti Finance Limited. The notes will be issued by The New Zealand Guardian Trust Company Limited in its capacity as trustee of Avanti Totara RMBS 2026-1 Trust. This is a separate and distinct series created under a master trust deed. Entity/Debt Rating ----------- ------ Avanti Totara RMBS 2026-1 Trust A 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 F LT NR(EXP)sf Expected Rating Transaction Summary The collateral pool totalled NZD400 million and consisted of 918 obligors with a weighted-average (WA) current loan/value ratio (LVR) of 62.7% and a WA indexed current LVR of 62.9% at the 31 January 2026 cut-off date. KEY RATING DRIVERS Credit Enhancement Buffers Expected 'AAAsf' Losses: The 'AAAsf' WA foreclosure frequency (WAFF) of 17.9% is driven by the WA unindexed current LVR of 62.7% and, under Fitch's methodology, self-employed loans making up 34.5% of the pool, non-conforming loans 41.9% and investment loans 39.8%. The 'AAAsf' WA recovery rate (WARR) of 62.7% is driven by the WA indexed scheduled LVR of 62.8%. The 'AAAsf' portfolio loss has increased to 6.7%, from 5.7% for the previous transaction, Avanti Rimu RMBS 2025-1 Trust, due to the high WA unindexed current LVR (62.7% against 59.0%), higher proportion of non-conforming borrowers (41.9% against 35.4%), higher proportion of loans with a current LVR at or above 80% (17.5% against 10.4%) and more self-employed borrowers (34.5% against 32.6%). The expected ratings on the class D and E notes are constrained by the large obligor concentration test by three notches and two notches, respectively. Liquidity Risk Mitigated: Fitch's payment interruption risk is mitigated by a liquidity facility sized at 1.0% of the aggregate invested amount of all notes, with a floor of NZD100,000. Structural features include a post-call turbo that redirects excess income to pay note principal sequentially and a re-allocation of class F note principal during the pro rata period in reverse sequential order, starting from the class E note. Notes subordinate to class A pay interest based on the stated balance. Fitch's ratings reflect the timely and ultimate payment of interest, while its cash flow model addresses the risk that interest may not be covered in scenarios where there are charge-offs. This is more conservative than transaction documentation. All note classes can withstand all relevant Fitch cash-flow modelling stresses. Originator Adjustment: Avanti is a non-bank financial institution with over 35 years of experience in origination, underwriting, servicing and special servicing across various asset classes in New Zealand. Fitch undertook an operational review and found that the operations of the originator and servicer were mostly comparable with market standards and that there were no material changes that may affect Avanti's ongoing ability to undertake origination, administration and collection activities. Fitch has applied an originator adjustment of 1.1x at the portfolio's loan-level, which has increased foreclosure frequency (FF) for 38.3% of the pool where mortgages were assessed with a non-standard servicing buffer. Fitch may amend the adjustment if information received over time indicates that the effect may be higher or lower than assumed. Economic Growth Supports Outlook: Transaction performance is supported by New Zealand's economic recovery. Fitch forecasts GDP growth of 2.8% in 2026 and 2027 and for the unemployment rate to fall to 4.9% in 2026 and 4.5% in 2027, from 5.4% in 4Q25. Rated Above Sovereign Local-Currency Issuer Default Rating: Structured finance notes can be rated up to six notches above New Zealand's Long-Term Local-Currency Issuer Default Rating of 'AA+', supporting the 'AAAsf' ratings. 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 the credit enhancement available to the notes. Unanticipated increases in the frequency of defaults 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 coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions. Notes: Class A / B / C / D / E Expected rating: AAAsf / AAsf / A+sf / BBBsf / BBsf Increase defaults by 15%: AA+sf / AA-sf / A+sf / BBBsf / BBsf Increase defaults by 30%: AA+sf / AA-sf / Asf / BBBsf / BBsf Reduce recoveries by 15%: AA+sf / AA-sf / A-sf / BBBsf / BBsf Reduce recoveries by 30%: AAsf / Asf / BBBsf / BB+sf / B+sf Increase defaults by 15% and reduce recoveries by 15%: AA+sf / A+sf / BBB+sf / BBBsf / BB-sf Increase defaults by 30% and reduce recoveries by 30%: A+sf / BBB+sf / BB+sf / BB-sf / B-sf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade could result from macroeconomic 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. The class A1, A2 and A3 notes are at the highest level on Fitch's scale and cannot be upgraded. Notes: Class B / C / D / E Expected rating: AAsf / A+sf / BBBsf / BBsf Reduce defaults by 15% and increase recoveries by 15%: AAAsf / A+sf / BBBsf / BBsf The ratings on the class C, D and E notes are constrained by the large obligor concentration test, which limits the rating to 'A+sf', 'BBBsf' and 'BBsf', respectively. Prepayments on loans with the largest obligor exposure that results in the notes passing Fitch's concentration test could lead to positive rating action, all else being equal. 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 Fitch sought to receive a third-party assessment conducted on the asset portfolio information, but none was made available to Fitch for this transaction. As part of its ongoing monitoring, Fitch reviewed a small, targeted sample of the originator's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations Avanti Totara RMBS 2026-1 Trust has an ESG Relevance Score of '4' for Human Rights, Community Relations, Access & Affordability, above the baseline score of '2' (no impact), for this general issue in the New Zealand RMBS sector. This is because the serviceability assessment rate used for 38.3% of the pool differs from standard market practice. This may have a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. GROW NZ: Court to Hear Wind-Up Petition on May 7 ------------------------------------------------ A petition to wind up the operations of Grow NZ Business Platform Limited will be heard before the High Court at Auckland on May 7, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on March 23, 2026. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 J&S HOPE: Creditors' Proofs of Debt Due on May 29 ------------------------------------------------- Creditors of J&S Hope Company Limited, Dhalla Liquor Limited, South Auckland Interior Linings Limited, Aigo Auckland Limited, Parin Foods Limited and Mazda Builders Limited are required to file their proofs of debt by May 29, 2026, to be included in the company's dividend distribution. J&S Hope Company commenced wind-up proceedings on April 16, 2026. Dhalla Liquor Limited and South Auckland Interior Linings commenced wind-up proceedings on April 17, 2026. Aigo Auckland Limited, Parin Foods Limited and Mazda Builders Limited commenced wind-up proceedings on April 20, 2026. The company's liquidator is: Pritesh Patel Patel & Co. PO Box 23296 Manukau City Auckland 2241 JCK HOLDINGS: Verona Cafe Placed In Liquidation After 30 Years -------------------------------------------------------------- Stuff.co.nz reports that an iconic Auckland cafe that's had a hit New Zealand song named after it has "closed temporarily" due to "unforeseen circumstances". Verona Cafe & Bar has been part of the furniture on Karangahape Road for over 30 years, but last Friday [April 24], a cryptic message went up on the cafe's social media pages, according to Stuff. "We will update you as soon as we know anything. Thank you for all the support and love over the years. We hope to see you all soon," the message read. The notice came as the company under which Verona traded, JCK Holdings Limited, was placed into liquidation on April 23, following an application by Inland Revenue. KPMG liquidator Kristal Pihama told Stuff the grounds for the liquidation included outstanding GST, PAYE, income tax, and a small business loan, with the total amount owed exceeding NZD692,000. He said the liquidators "are actively" looking into the possibility of selling the business, however, they have decided to cease trade until they have received further information, Stuff relays. Verona was one of the oldest cafes left on the infamous Auckland strip, having first opened in 1992, according to Stuff. The cafe has played host to live music, DJs, and live radio over the years, while on its website, they say they have been a "welcoming space" for artists, students, locals, and travellers alike, offering a "unique experience" at different times of the day. Verona's iconic status also extends to popular culture, with the New Zealand band Elemeno P naming its 2003 hit song Verona after the cafe and bar. From their Love & Respect album, the song starts with the line "when I saw you in Verona, you sat down, I moved over". It has previously been reported that the song was about lead singer Dave Gibson's experience of meeting his wife at the cafe. ONE STOP: Creditors' Proofs of Debt Due on May 22 ------------------------------------------------- Creditors of One Stop Promotions Limited and XMT Limited are required to file their proofs of debt by May 22, 2026, to be included in the company's dividend distribution. One Stop Promotions commenced wind-up proceedings on April 15, 2026. XMT Limited commenced wind-up proceedings on April 15, 2026. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 OREWA BEACH: Creditors' Proofs of Debt Due on May 25 ---------------------------------------------------- Creditors of Orewa Beach Fish and Chips Limited, RCCK Networks Limited, Totally Floord Limited and Longevity Construction Limited are required to file their proofs of debt by May 25, 2026, to be included in the company's dividend distribution. Orewa Beach Fish and Chips commenced wind-up proceedings on April 8, 2026. RCCK Networks commenced wind-up proceedings on April 13, 2026. Totally Floord commenced wind-up proceedings on April 14, 2026. Longevity Construction commenced wind-up proceedings on April 20, 2026. The company's liquidators are: Benjamin Francis Garry Whimp C/- Blacklock Rose Limited PO Box 6709 Auckland 1142 TC EARTHMOVERS: Court to Hear Wind-Up Petition on May 11 -------------------------------------------------------- A petition to wind up the operations of TC Earthmovers Limited will be heard before the High Court at Whangarei on May 11, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Feb. 4, 2026. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 ================= S I N G A P O R E ================= HERITAGE HORIZON: Court to Hear Wind-Up Petition on May 15 ---------------------------------------------------------- A petition to wind up the operations of Heritage Horizon Capital Pte. Ltd. will be heard before the High Court of Singapore on May 15, 2026, at 10:00 a.m. Stonex Apac Pte Ltd filed the petition against the company on April 16, 2026. The Petitioner's solicitors are: Rajah & Tann Singapore LLP 9 Straits View #06-07 Marina One West Tower Singapore 018937 METAPARK PTE: Commences Wind-Up Proceedings ------------------------------------------- Members of Metapark Pte. Ltd. on April 15, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Mr. Alton Murray Chun-Wen Poon 10 Anson Road #10-10, International Plaza Singapore 079903 ONWARDS MEDIA: Court to Hear Wind-Up Petition on May 8 ------------------------------------------------------ A petition to wind up the operations of Onwards Media Group Pte. Ltd. will be heard before the High Court of Singapore on May 8, 2026, at 10:00 a.m. The Comptroller of Income Tax filed the petition against the company on April 17, 2026. The Petitioner's solicitors are: Infinitus Law Corporation 77 Robinson Road #16-00, Robinson 77 Singapore 068896 SOLE RELIEF: Court to Hear Wind-Up Petition on May 8 ---------------------------------------------------- A petition to wind up the operations of Sole Relief Pte. Ltd. will be heard before the High Court of Singapore on May 8, 2026, at 10:00 a.m. &7 Trade & Services Pte Ltd filed the petition against the company on April 15, 2026. The Petitioner's solicitors are: Mahmood Gaznavi Chambers LLC 111 North Bridge Road #11-02 Peninsula Plaza Singapore 179098 ZHONGZHEN GLOBAL: Court to Hear Wind-Up Petition on May 15 ---------------------------------------------------------- A petition to wind up the operations of Zhongzhen Global (Singapore) Pte. Ltd. will be heard before the High Court of Singapore on May 15, 2026, at 10:00 a.m. Stonex Financial Ltd filed the petition against the company on April 20, 2026. The Petitioner's solicitors are: Rajah & Tann Singapore LLP 9 Straits View #06-07 Marina One West Tower Singapore 018937 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. 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