260505.mbx

260505.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, May 5, 2026, Vol. 29, No. 89 Headlines A U S T R A L I A ALLIED CREDIT 2026-1: Fitch Assigns 'BBsf' Rating on Class E Notes DAINTREE BIDCO: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable INSPIRETEK HOLDINGS: Second Creditors' Meeting Set for May 11 KGB COATINGS-SITE: First Creditors' Meeting Set for May 11 MISTER POOLS: First Creditors' Meeting Set for May 11 NOVUS ENERGY: First Creditors' Meeting Set for May 12 R & B PARTNERS: First Creditors' Meeting Set for May 11 TRITON TRUST 9: Fitch Affirms 'BB-sf' Rating on Class E Notes C A M B O D I A PRINCE GLOBAL: Foreign Representatives Win Provisional Relief Bid PRINCE GLOBAL: Judge Allows Liquidators to Obtain U.S. Bank Records C H I N A ZW DATA: Registers 500,000 Shares to Omnibus Equity Plan I N D I A AABHA INDUSTRIES: Liquidation Process Case Summary DAILY THANTHI: CRISIL Withdraws B Rating on INR83.76cr Term Loan DHANYA TMT: CRISIL Keeps D Debt Rating in Not Cooperating Category DIVINE SUPER: Insolvency Resolution Process Case Summary IMOST ACADEMY: NCLT Kochi Admits Company to Insolvency JAIPRAKASH ASSOCIATES: NCLAT Rejects Vedanta Plea, Clears Adani Bid KISSAN RICELAND: CRISIL Keeps D Debt Ratings in Not Cooperating MADHUBAN BUILDERS: CRISIL Keeps D Debt Rating in Not Cooperating MAHESH INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating MAHESHWARI FABTEX: CRISIL Keeps D Debt Ratings in Not Cooperating MEGAMILES BEARING: CRISIL Keeps C Debt Rating in Not Cooperating MHETRE FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating MITTAPALLI AGRO PRODUCTS: CRISIL Keeps D Ratings in Not Coop. MITTAPALLI AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating MODERN CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating MY BIKE: CRISIL Keeps D Debt Rating in Not Cooperating Category MY CAR INDORE: CRISIL Keeps D Debt Ratings in Not Cooperating MY CAR: CRISIL Keeps D Debt Ratings in Not Cooperating Category MY EQUIPMENTS: CRISIL Keeps D Debt Ratings in Not Cooperating MY FONE: CRISIL Keeps D Debt Rating in Not Cooperating Category MY STORE: CRISIL Keeps D Debt Ratings in Not Cooperating Category NAVANIDHI ELECTRONICS: CRISIL Keeps D Ratings in Not Cooperating NECTAR BOTTLING: CRISIL Reaffirms B Rating on INR7.12cr Loan NUCLEUS SATELLITE: CRISIL Keeps C Debt Ratings in Not Cooperating SWADESH GREEN: ICRA Keeps D Debt Ratings in Not Cooperating TAMIL NADU: ICRA Keeps D Debt Rating in Not Cooperating Category TRANS GLOBAL: ICRA Keeps B+/A4 Debt Ratings in Not Cooperating TRENTIAL TECHNOLOGIES: Voluntary Liquidation Process Case Summary VIJAY PULSE: ICRA Withdraws B Rating on INR7.50cr LT Loan WINDSOR INDUSTRIES: ICRA Keeps B+ Debt Rating in Not Cooperating M A L A Y S I A CROPMATE BHD: MACC Partially Lifts Freeze on Firm's Bank Accounts GIIB HOLDINGS: Mulls Investment in Healthcare Biz After Bursa Query INDUSTRONICS BHD: Enters PN17 After Audit Disclaimer of Opinion N E P A L HETAUDA CEMENT: Shuts Down for Lack of Raw Materials N E W Z E A L A N D ASPECT INFORMATION: Creditors' Proofs of Debt Due on May 22 FIJI FOOD: Court to Hear Wind-Up Petition on May 7 JAMIESON TRANSPORT: Owes About NZD300,000 to Creditors JAY MATAJI: Creditors' Proofs of Debt Due on May 25 JCK HOLDINGS: Creditors' Proofs of Debt Due on May 25 SGAH INVESTMENTS: Court to Hear Wind-Up Petition on May 8 S I N G A P O R E AL FALAH: Members' Final Meeting Set for May 29 AXIOMA ASIA: Members' Final Meeting Set for June 2 FOODXERVICES INC: Placed in Liquidation LEND EAST: Creditors' Meetings Scheduled for May 21 MAXEON SOLAR: Faces Nasdaq Delisting Over Singapore Court Order MAXEON SOLAR: George Guo Steps Down as CEO and Director SCHUBERT HOLDINGS: Members' Final Meeting Set for June 2 - - - - - ================= A U S T R A L I A ================= ALLIED CREDIT 2026-1: Fitch Assigns 'BBsf' Rating on Class E Notes ------------------------------------------------------------------ Fitch Ratings has assigned final ratings to Allied Credit ABS Trust 2026-1 - Series 1's pass-through floating-rate notes. The notes are backed by a pool of first-ranking Australian automotive loan receivables originated by entities related to Allied Credit Pty Ltd (Allied Credit). The notes were issued by AMAL Trustees Limited as trustee for Allied Credit ABS Trust 2026-1 - Series 1. Entity/Debt Rating Prior ----------- ------ ----- Allied Credit ABS Trust 2026-1 – Series 1 A AU3FN0108916 LT AAAsf New Rating AAA(EXP)sf A-X AU3FN0108924 LT AAAsf New Rating AAA(EXP)sf B AU3FN0108932 LT AAsf New Rating AA(EXP)sf C AU3FN0108940 LT Asf New Rating A(EXP)sf D AU3FN0108957 LT BBBsf New Rating BBB(EXP)sf E AU3FN0108965 LT BBsf New Rating BB(EXP)sf G LT NRsf New Rating NR(EXP)sf Transaction Summary The total collateral pool at the 28 February 2026 cut-off date was AUD750 million, up from AUD500 million at the time of expected ratings. The pool consisted of 19,245 receivables with a weighted-average (WA) seasoning of 6.1 months, WA remaining maturity of 57.5 months and an average contract balance of AUD38,971. KEY RATING DRIVERS Stress Commensurate with Ratings: Fitch has assigned base-case default expectations and 'AAAsf' default multiples as follows: Platinum: 1.0% (7.50x) Titanium: 3.0% (5.50x) Gold: 5.0% (5.00x) Silver: 8.0% (4.50x) The recovery base case is 35.0% with a 'AAAsf' recovery haircut of 50.0%. The WA base-case default assumption is 2.2% and the 'AAAsf' default multiple is 5.8x. Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 2.6% in 2025 and unemployment was 4.3% in March 2026. Fitch forecasts GDP growth of 2.4% in 2026 and 2.1% in 2027, with unemployment at 4.5% in both years. Excess Spread Limited by Commission Note Repayment: The transaction includes a class A-X note to fund the purchase-price component related to the unamortised commission paid to introducers for the origination of the receivables. The note will not be collateralised, but will amortise in line with an amortisation schedule. The note's repayment limits the availability of excess spread to cover losses, as it ranks senior in the interest waterfall, above the class B to E notes. The class A to E notes will receive principal repayments pro rata upon satisfaction of the step-down criteria. Fitch's cash flow analysis incorporates the transaction's structural features and tests the robustness of the rated notes by stressing default and recovery rates, prepayments, interest-rate movements and default timing. Counterparty Risks Addressed: Counterparty risk is mitigated by documented structural mechanisms that ensure remedial action takes place should the ratings of the swap providers or transaction account bank fall below a certain level. The transaction includes interest-rate swaps with a fixed schedule, which Fitch expects to be rebalanced, depending on the level of prepayments and defaults. Hence, the transaction is modelled as fully hedged at all times. Low Operational and Servicing Risk: All receivables were originated by related entities of Allied Credit and serviced by Allied Retail Finance Pty Ltd. Fitch undertook an operational review and found that the operations of the originator and servicer were consistent with market standards for auto lenders. Allied Credit is not rated by Fitch. Servicer disruption risk is mitigated by back-up servicing arrangements. The nominated backup servicer is AMAL Asset Management Limited. Fitch undertook an operational and file review and found that the operations of the originator and servicer were comparable with those of other auto and equipment lenders. No Residual Value Risk: There is no residual value exposure in this transaction. However, 22.8% of the portfolio by loan value (including guaranteed future value loans) has balloon amounts payable at maturity. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Transaction performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce credit enhancement available to the notes. Downgrade Sensitivities Unanticipated increases in the frequency of defaults and decreases in recoveries on defaulted receivables could produce loss levels higher than Fitch's base case, and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Fitch therefore conducts sensitivity analysis by stressing a transaction's initial base-case assumptions; these include increasing WA defaults and decreasing the WA recovery rate. The rating sensitivity section provides insight into the model-implied sensitivities the transaction faces when assumptions - defaults or recoveries - are modified, while holding others equal. The modelling process uses the modification of default and loss assumptions to reflect asset performance in up and down environments. The results should only be considered as one potential outcome, as the transaction is exposed to multiple dynamic risk factors. Notes: A / A-X / B / C / D / E Rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf 10% defaults increase: AAAsf / AAAsf / AA-sf / A-sf / BBB-sf / BBsf 25% defaults increase: AAAsf / AAAsf / A+sf / BBB+sf / BB+sf / BB-sf 50% defaults increase: AA+sf / AAAsf / A-sf / BBBsf / BBsf / Bsf 10% recoveries decrease: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf 25% recoveries decrease: AAAsf / AAAsf / AA-sf / A-sf / BBB-sf / BBsf 50% recoveries decrease: AAAsf / AAAsf / AA-sf / A-sf / BBB-sf / BB-sf 10% defaults increase / 10% recoveries decrease: AAAsf / AAAsf / AA-sf / A-sf / BBB-sf / BBsf 25% defaults increase / 25% recoveries decrease: AA+sf / AAAsf / Asf / BBBsf / BB+sf / B+sf 50% defaults increase / 50% recoveries decrease: AAsf / AAAsf / BBB+sf / BB+sf / BB-sf / less than Bsf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Economic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. Upgrade Sensitivities The class A and A-X notes are at the highest level on Fitch's scale and cannot be upgraded. Notes: B / C / D / E Rating: AAsf / Asf / BBBsf / BBsf 10% defaults decrease / 10% recoveries increase: AA+sf / A+sf / BBB+sf / BB+sf USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY As part of its ongoing monitoring, Fitch reviewed a small, targeted sample of Allied Credit's origination files and found the information contained in the files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Prior to the transaction closing, Fitch sought to receive a third-party assessment conducted on the asset portfolio information, but none was made available to Fitch. Overall, Fitch's assessment of the asset pool information relied upon for the agency's rating analysis, according to its applicable rating methodologies, indicates that it is adequately reliable. Date of Relevant Committee 09 April 2026 ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. DAINTREE BIDCO: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable ---------------------------------------------------------------- Fitch Ratings has assigned Australia's Daintree Bidco Pty Ltd a final Long-Term Issuer Default Rating (IDR) of 'BB-', with a Stable Outlook. The term loans of Daintree Bidco and its co-borrower, Daintree Finco, LLC have also been assigned final long-term ratings of 'BB-'. This follows the completion of Daintree Bidco's acquisition of Insignia Financial Ltd, and the receipt of final financing documents in line with information previously received. Daintree Bidco and Daintree Finco are acquisition and funding vehicles for the private-equity purchase of Insignia, one of Australia's largest wealth managers with key business lines in superannuation, wealth platform administration, investment management and wealth advice. The investment is led by CC Capital Partners, LLC, a US-based private investment firm with holdings spanning financial services, media, consumer brands and supply-chain software companies. Key Rating Drivers Consolidated Group Rating: The ratings are driven by Daintree Bidco's consolidated credit profile after the acquisition of Insignia and its subsidiaries, reflecting Fitch's view of Insignia's prominent retail wealth-management franchise, experienced management, and strengthening profitability as the company's regulatory remediation and business transformation plans progress. Counterbalancing these factors are the high consolidated starting leverage due to acquisition funding, and moderate cash EBITDA coverage of interest expenses in the near term. Mandatory Savings Underpin Industry Growth: Australia's wealth-management industry is supported by mandated superannuation contributions of 12% of employee salaries, which will drive steady net fund inflows that are likely to persist over the next decade. Assets under large superannuation funds regulated by the Australian Prudential Regulation Authority expanded at a CAGR of about 8% over the past seven years, backed by savings contributions and investment gains. Diversified Wealth Platform: Insignia is one of Australia's largest wealth managers, with funds under management and administration (FUMA) of around AUD342 billion at end-December 2025. Its superannuation, investment management and advice services enable it to capture synergies along the wealth-management value chain. Growth has been supplemented by acquisitions, which brought scale and brand advantages but also added integration costs and remedial work on past conduct and compliance findings. Fitch understands that the bulk of committed regulatory remediation has been carried out and net fund flows have improved over the past 18 months. Strengthening Operating Performance: Insignia aims to boost operating performance over the next five years by streamlining products and infrastructure to optimise costs and strengthening product features to boost customer engagement and fund flows. These initiatives are broad in scope and subject to execution risk, although Fitch believes management has the experience to navigate such transitions. Reviving Net Fund Flows: Management actions to reduce product fees and improve service features should continue to support net new money flows. Wrap platform net flows have remained positive since the fiscal year ended June 2025 (FY25), although FUMA and net revenue growth will remain dependent on market movements. EBITDA Improvement: Fitch expects operating profit and EBITDA to expand, backed by lower operating, transition and remediation costs. Insignia's underlying profit continued to improve in 1HFY26 as rising FUMA and earlier cost-reduction initiatives offset budgeted fee-margin compression, while reported net profit rebounded substantially on lower remediation and restructuring expenses. Both profit measures are tracking well relative to Fitch's full-year assumptions. Profitability remains linked to changes in FUMA due to fund flows and investment fluctuations, and will be subject to execution risk on management's strategic initiatives and remediation progress. Management expects to complete its remedial work by 2026 and estimates that provisions of AUD54 million at end-December 2025 should adequately cover remaining needs. High Starting Leverage: The rating is constrained by high post-transaction consolidated leverage due to the acquisition funding. Fitch projects gross debt/EBITDA to decline below 4x by FY27 and FY28 as the group gradually improves its operating performance and reduces debt, but higher initial leverage raises risks from unexpected earnings weakness, such as from a prolonged market downturn or additional transition or remediation costs. Its EBITDA calculation deducts business transition, restructuring and remediation costs. Lower Interest Coverage: Higher post-acquisition leverage raises the interest burden from Insignia's 1HFY26 run rate. Fitch projects consolidated EBITDA interest coverage of slightly above 2.5x in FY27 due to increased interest expense, and believe this metric will be sensitive to capital market movements and execution risk from the group's profit expansion initiatives. Revolving credit and letter-of-credit facilities totalling AUD275 million should offset this by providing short-term liquidity flexibility. Consistent deleveraging and stronger profitability, in line with management targets, should also strengthen EBITDA interest coverage over time. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Consolidated gross debt/EBITDA sustained above 5x after remediation, transition and restructuring costs, without credible plans to reduce leverage, or with plans to re-leverage the balance sheet to extract dividends and capital - Consolidated EBITDA interest coverage persistently weaker than 3x after deducting remediation, transition and restructuring costs - Significant new regulatory expenses, operational disruption or a severe and prolonged market downturn leading to significant declines in FUMA and earnings Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Sustained positive net fund flows indicating a strengthened wealth-management franchise - EBITDA margin, excluding remediation, transition and restructuring costs, remaining above 20% - Consolidated gross debt/EBITDA, after remediation, transition and restructuring costs, declining towards 3x on a sustained basis - Consolidated EBITDA interest coverage sustained above 4x - Completion or significant progress on remediation plans with expenses broadly as provisioned DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS Fitch has assigned final 'BB-' ratings to the term B-1 and term B-2 loans raised by Daintree Bidco and Daintree Finco. The loans are rated at the same level as Daintree Bidco's Long-Term IDR as they constitute the borrowers' direct and unsubordinated obligations and will be backed by guarantees and collateral from Daintree Bidco and Daintree Finco, their parent, Daintree Holdco Pty Ltd, and their non-excluded subsidiaries. Fitch does not apply any upward notching to the loan ratings as there is no material unsecured debt providing a junior debt buffer to the term loans. The loans will be subject to a guarantor coverage test such that the consolidated EBITDA and consolidated total assets of Daintree Holdco, its financing vehicles, and the specified or designated subsidiaries within the covenant testing group should constitute at least 85% of the consolidated EBITDA and consolidated total assets of the testing group. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The term loan ratings will move in tandem with Daintree Bidco's Long-Term IDR. Additionally, if the Long-Term IDR is downgraded to 'B+' or below, Fitch may notch down the term loan ratings relative to the IDR if Fitch estimates that recoveries on the loans will be below average, as set out in Fitch's Non-Bank Financial Institutions Rating Criteria. ADJUSTMENTS The business profile score has been assigned below the implied score due to the following adjustment reason: business model (negative). The earnings and profitability score has been assigned above the implied score due to the following adjustment reason: historical and future metrics (positive). The funding, liquidity and coverage score has been assigned below the implied score due to the following adjustment reason: historical and future metrics (negative). ESG Considerations Daintree Bidco has an ESG Relevance Score of '4' for Customer Welfare - Fair Messaging, Privacy & Data Security due to the group's exposure to regulatory scrutiny on customer-related practices and pricing transparency, which has had 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. Entity/Debt Rating Prior ----------- ------ ----- Daintree Bidco Pty Ltd LT IDR BB- New Rating BB-(EXP) senior secured LT BB- New Rating BB-(EXP) Daintree Finco, LLC senior secured LT BB- New Rating BB-(EXP) INSPIRETEK HOLDINGS: Second Creditors' Meeting Set for May 11 ------------------------------------------------------------- A second meeting of creditors in the proceedings of Inspiretek Holdings Limited has been set for May 11, 2026, at 10:00 a.m. at the offices of Pearce & Heers, at Level 10, 127 Creek Street, in Brisbane, Queensland. 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 8, 2026 at 2:00 p.m. Michael Dullaway and Mark Pearce of Pearce & Heers Insolvency Accountants were appointed as administrators of the company on April 1, 2026. KGB COATINGS-SITE: First Creditors' Meeting Set for May 11 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of KGB Coatings-Site Services Pty Ltd and KGB Protective Coatings Pty Ltd will be held on May 11, 2026, at 11:00 a.m. at the offices of SV Partners Newcastle, at Suite 2, Level 1, 1 Market Street, in Newcastle, NSW, and via virtual meeting technology. Daniel Jon Quinn and Ian James Purchas of SV Partners were appointed as administrators of the company on April 29, 2026. MISTER POOLS: First Creditors' Meeting Set for May 11 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Mister Pools Pty Ltd will be held on May 11, 2026, at 10:00 a.m. at the offices of Worrells, at Suite 5B, 55 Kembla Street, in Wollongong, NSW, and via virtual meeting technology. Stephen John Hundy and Daniel Ivan Cvitanovic of Worrells were appointed as administrators of the company on April 29, 2026. NOVUS ENERGY: First Creditors' Meeting Set for May 12 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Novus Energy Trading Company Pty Ltd will be held on May 12, 2026, at 11:00 a.m. at the offices Dye & Co. Pty Ltd, at 165 Camberwell Road, in Hawthorn East, and via Microsoft Teams. Shane Leslie Deane and Nicholas Giasoumi of Dye & Co. Pty Ltd were appointed as administrators of the company on May 1, 2026. R & B PARTNERS: First Creditors' Meeting Set for May 11 ------------------------------------------------------- A first meeting of the creditors in the proceedings of R & B Partners Pty Ltd, trading as The Cabinet House, will be held on May 11, 2026, at 11:00 a.m. via virtual meeting. Matthew Charles Hudson and Abdul Chambal of SV Partners were appointed as administrators of the company on April 29, 2026. TRITON TRUST 9: Fitch Affirms 'BB-sf' Rating on Class E Notes ------------------------------------------------------------- Fitch Ratings has affirmed five note classes from Triton Trust No.9 NTX Warehouse Series 2018-1. The warehouse transaction is backed by a pool of first-ranking Australian full- and low-documentation conforming mortgage loans originated by Columbus Capital Pty Limited. The notes were issued by Perpetual Corporate Trust Limited as trustee for Triton Trust No.9 NTX Warehouse Series 2018-1. Entity/Debt Rating Prior ----------- ------ ----- Triton Trust No.9 NTX Warehouse Series 2018-1 A LT AAsf Affirmed AAsf B LT Asf Affirmed Asf C LT BBB+sf Affirmed BBB+sf D LT BB+sf Affirmed BB+sf E LT BB-sf Affirmed BB-sf Transaction Summary The transaction is a warehouse that purchases receivables on a revolving basis. The asset pool is subject to eligibility criteria and portfolio parameters. The transaction has performance triggers to protect debtholders from deterioration in portfolio credit quality, which require rectification or may otherwise trigger an amortisation event, during which all collections would be applied to pay down the debt according to the principal waterfall. KEY RATING DRIVERS Portfolio Parameters Drive Losses: The transaction is currently within the availability period and Fitch's analysis is therefore based on a proxy pool that was further stressed by Fitch. The stress levels were determined based on originator and historical data, as well as Fitch's forward-looking view. Stresses were applied to several portfolio characteristics to reflect both the historical portfolio composition and Fitch's expected future composition of the pool. The asset and cash flow models were not updated for this review, in line with Fitch's APAC Residential Mortgage Rating Criteria, as the portfolio composition has been consistent with the stressed pool assumptions and the asset performance have remained stable since the previous review, despite term-out impacts. The 30+ day and 90+ day arrears were 1.6% and 1.0%, respectively, as of end-March 2026, slightly above Fitch's 4Q25 RMBS Performance Monitor of 1.2% and 0.6%. Transaction performance has been strong, with no losses since closing. Limited Liquidity Risk: Fitch's payment interruption risk is mitigated by a liquidity reserve sized at 1.4% of the outstanding note balance, subject to a documented floor of AUD375,000. Other structural features include minimum documented credit enhancement for the class A, B, C, D and E notes of 6.5%, 4.0%, 2.5%, 1.45% and 0.95%, respectively, during the availability period. The transaction switches to a sequential amortisation structure following the availability period, with no pro rata paydown permitted. Payment of class A subordinated interest and class B, C, D and E residual interest is excluded from Fitch's rating analysis. Class A subordinated interest ranks below losses if an amortisation event is continuing, while class B, C, D and E residual interest ranks below losses when the outstanding asset balance falls below AUD16.5 million. Non-payment of subordinated or residual interest will not constitute an event of default, as outlined in the transaction documentation. Operational and Servicing Risk: Columbus Capital is a diversified non-bank financial institution that commenced lending in 2006. Fitch undertook an operational review and found that the operations of the servicer were comparable with market standards and that there were no material changes that may affect Columbus Capital's ongoing ability to undertake administration and collection activities. Originator Adjustment for the Application of a Non-Standard Servicing Buffer: Fitch has applied a 1.2x portfolio-level originator adjustment to mortgages that would not pass the serviceability assessment if the lender applied what Fitch considers a standard non-bank serviceability assessment rate: the higher of a lender-defined floor and the mortgage rate plus 2.0%. The adjustment applies to 15% of the proxy pool, as Fitch believes this may increase the credit risk of these mortgages. Fitch may revise the adjustment if additional information indicates the impact is higher or lower than assumed. Tight Labour Market Supports Outlook: Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 2.6% in 2025 and unemployment was 4.3% in March 2026. Fitch forecasts GDP growth of 2.4% in 2026 and 2.1% in 2027, with unemployment at 4.5% in both years. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The performance of the transaction may be affected by changes in market conditions and economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce credit enhancement available to the notes. Downgrade Sensitivity Unanticipated increases in the frequency of defaults and loss severity on defaulted receivables could produce loss levels higher than Fitch's base case and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions. The rating sensitivity section provides insight into the model-implied sensitivities the transaction faces when assumptions - weighted-average frequency foreclosure or weighted-average recovery rate - are modified, while holding others equal. The modelling process uses the modification of default and loss assumptions to reflect asset performance in up and down environments. The results should only be considered as one potential outcome, as the transaction is exposed to multiple dynamic risk factors. Fitch's previous rating sensitivities were discussed in rating action commentary published on 5 June 2025. 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. Fitch's previous rating sensitivities were discussed in rating action commentary published on 5 June 2025. 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 has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third-party assessment of the asset portfolio information as part of its ongoing monitoring. Prior to the transaction closing, Fitch sought to receive a third-party assessment conducted on the asset portfolio information, but none was made available 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 Triton Trust No.9 NTX Warehouse Series 2018-1 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 Australian RMBS sector. This is because the serviceability assessment rate used for 15% of the proxy 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. =============== C A M B O D I A =============== PRINCE GLOBAL: Foreign Representatives Win Provisional Relief Bid ----------------------------------------------------------------- Chief Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York granted the motion filed by Prince Global Holdings Limited's Foreign Representatives for provisional relief under section 1519 of the Bankruptcy Code. Prince Global Holdings Limited, Auspicious Tycoon Limited, Bright Team Global Limited, Delightful Thrive Limited, Even Sincerity Limited, Fulam Investment Limited, Giant Victory Holdings Limited, Golden Ascend International Limited, Harmonic State Limited, Luminous Glow Limited, Mighty Divine Limited, Noble Title Limited, Oriental Charm Holdings Investment Limited, Pacific Charm Holdings Investment Limited, Praise Marble Limited, Prince Global Group Limited, Respectful Steed Limited, Retain Prosper Limited, Simply Advanced Limited, Southern Heritage Limited, Star Merit Global Limited, Starry Bloom Limited, Sure Tycoon Limited, Towards Sunshine Limited, and United Riches Global Limited (the "Objecting Debtors") filed an objection to the provisional relief motion. Amber Hill Ventures Limited ("Amber Hill") and Lateral Bridge Global Limited ("Lateral Bridge") also filed an objection to the motion. Prince Group Holdings Limited and its affiliated debtors (collectively, the "Debtors") are entities incorporated in the British Virgin Islands ("BVI") as a business company pursuant to the BVI Business Companies Act, 2004, which is a form of limited liability company comparable to a corporation under U.S. law. The Debtors did not operate independently, rather they were part of a complex corporate structure that Prince Group employed to hold real property, investments, financial accounts, and assets around the world. Chen Zhi served as Chairman of the Prince Group since 2015, which operated more than 100 business entities in over 30 countries. Mr. Chen has been a citizen of China, Cambodia, Vanuatu, St. Lucia, and Cyprus, and resided at various times in in Cambodia, Singapore, Taiwan, and the United Kingdom. Mr. Chen is the sole shareholder and director of several of the Debtors, while others are held via intermediate holding companies or are registered by individuals associated with Mr. Chen or the Prince Group. The Prince Group was purportedly focused on real estate development, financial services, consumer services, technology, food and beverages, and lifestyle businesses. However, Mr. Chen and his associates allegedly grew the Prince Group into one of the largest transnational criminal organizations in Asia. It operated publicly disclosed businesses in Cambodia including Prince Real Estate Group, Prince Huan Yu Real Estate Group, Prince Bank, and Awesome Global. On October 14, 2025, Mr. Chen, the alleged chairman and key figure of the Prince Group, was charged by the DOJ with wire fraud conspiracy and money laundering conspiracy. Chen was allegedly responsible for overseeing the operation of the Prince Group's forced-labor scam compounds that stole billions of dollars from people across the world. The scams involved cryptocurrency investment fraud and other schemes that leveraged the Prince Group's network of businesses to launder the illegal proceeds of criminal activity. The Prince Group's fraud scheme targeted victims in the United States and across the globe. On October 14, 2025, the United States Attorney's Office for the Eastern District of New York and the DOJ's National Security Division filed a civil forfeiture complaint (the "Forfeiture Complaint") against the Prince Group in the U.S. District Court of Eastern District of New York. The action sought forfeiture of about 127,271 Bitcoin worth an estimated $8.7 billion. The funds are alleged to be proceeds of the Prince Group's fraud and money laundering schemes. In addition, on October 14, 2025, the Prince Group, Mr. Chen, and 146 associated individuals and entities were sanctioned by the Office of Foreign Assets Control ("OFAC"), the Financial Crimes Enforcement Network ("FinCEN"), and the United Kingdom's Foreign, Commonwealth and Development Office. The United Kingdom's sanctions were automatically extended and adopted by BVI and the Cayman Islands in their capacities as British Overseas Territories due to the Overseas Territories Orders in Council. Mr. Chen was arrested in Cambodia and extradited to China on January 6, 2026, and remains in Chinese Custody. BVI Insolvency Proceedings and Appointment of JPLs Pursuant to section 162(1)(c) of the BVI Insolvency Act, 2003 (the "BVI Insolvency Act") the Attorney General of the BVI is permitted to seek the appointment of a liquidator on public interest grounds. January 5, 2026, the Attorney General of the BVI, Dawn J. Smith (the "BVI Attorney General"), applied to the BVI Court for the appointment of the JPLs as liquidators pursuant to sections 162(1)(a) and (c) of the BVI Insolvency Act (the "Liquidation Applications"). The BVI Attorney General also sought the appointment of the JPLs as provisional liquidators of the Debtors pursuant to section 170 of the BVI Insolvency Act. Following an ex parte hearing on January 9, 2026, the Honorable Justice Abbas Mithani of the BVI Court granted orders (collectively, the "BVI Orders"), which appointed the JPLs as provisional liquidators of the Debtors. The JPLs displaced the Debtors' prior directors and officers, and exclusive authority over the affairs and assets of the Debtors is now vested in the JPLs. (Id. Â¶ 42.) The BVI Orders vest the JPLs with broad authority, including the authority to seek relief in the United States to protect the Debtors' estates. On January 29, 2026, the BVI Court continued the BVI Orders pending final determination of the Liquidation Applications which was scheduled for hearing April 16â€“17, 2026, but has now moved to early May. The JPLs commenced an investigation into the Debtors' financial affairs and assets pursuant to their powers under the BVI Orders to protect and retrieve the assets and records of the Debtors if necessary. The Foreign Representatives claim that the JPLs have limited visibility into the Debtors' assets as the Prince Group has deliberately obfuscated its corporate structure and books and records. Accordingly, the JPLs' knowledge of the Debtors' financial affairs and assets is primarily based upon publicly available information. The JPLs have engaged with the Debtors' former registered agent, and various regulatory and law enforcement authorities across multiple jurisdictions. Chapter 15 Relief The Foreign Representatives argue that, absent the requested relief, the JPLs' investigation of the Debtors would be jeopardized as they would be unable to obtain records, communications, contracts, account information, and transactional documents located in the United States or held by U.S. counterparties, their ability to investigate the Debtors' affairs and the Prince Group's use of U.S. financial infrastructure. There is also a risk to sanctions relief that has been obtained thus far, as the relief is predicated upon the JPLs' status as court-appointed fiduciaries. Absent recognition, the JPLs standing in the U.S. would be uncertain. The Foreign Representatives further contend that the Debtors are likely to qualify for recognition as a foreign main proceeding, as the Debtors were formed under the laws of the BVI, have continuously maintained their registered offices there, and the JPLs are administering the Debtors under the supervision of the BVI Court. The Foreign Representatives submit that the requested provisional relief pending recognition is necessary. The Objecting Debtors contend that the JPLs have been kept them "in the dark" regarding the activities they have taken with respect to the Debtors' assets. The Objecting Debtors contend that the ex parte relief sought by the JPLs falls outside of that which is authorized by section 1519 of the Code. The Objecting Debtors also claim that the requested relief poses due process concerns to non-Debtors, as the JPLs do not specify to which non-debtors are to benefit from this protection. The protections granted by the BVI Court do not apply to non-debtors and the Objecting Debtors request that the Court deny the requested relief. The Court finds the Foreign Representatives have met their burden for provisional relief under section 1519 of the Code. According to the Court, the BVI Proceeding is likely a "foreign proceeding" within the meaning of section 101(23) for the Code. The Objecting Debtors contend that the BVI Proceeding is not a "foreign proceeding" because it is not collective and because it was initiated for investigative purposes and not for reorganization or liquidation. However, the BVI Proceeding was initiated under the BVI Insolvency Act with the express purpose of liquidating the Debtors. The JPLs have the power to pay classes of creditors in full, and to compromise debts and liabilities. No evidence has been presented to indicate that the Debtors' registered offices are not its COMI and the Court, at this stage, finds that the BVI is the COMI for each of the Debtors. The Court further finds the JPLs have demonstrated that the provisional relief is necessary to prevent acts inconsistent with the BVI Orders and protect assets within the territorial jurisdiction of the United States. Absent the requested relief, the JPLs are unable to know the status of, and positions taken in, ongoing discussions and litigation with U.S. governmental entities, and the JPLs need to settle the issue of who is the rightful representative of the Debtors. The Objecting Debtors argue that Chapter 15 does not permit the requested relief because it exceeds the JPLs BVI-law authority. They have not provided any indication that the requested relief would be contrary to the public policy of the BVI, and the Court should accordingly find that the requested discovery is appropriate under section 1519 and 1521 of the Code. The Foreign Representatives have provided testimony that irreparable harm is likely to result in the absence of the requested relief. According to the Court, the Foreign Representatives have likely demonstrated that asset dissipation poses a substantial threat to the Debtors. Prince Group's complex corporate structure and history of concealment of assets complicates the Foreign Representative's attempts to trace assets, and absent judicial intervention, the assets may disappear. The Objecting Debtors claim that the JPLs have failed to demonstrate harm that would occur in the absence of the requested relief because the JPLs have failed to identify property located within the U.S., and any litigation the JPLs may face is not harm to the Debtors or their stakeholders as required by section 1519(a) of the Code. The Court finds the balance of harms favors the Foreign Representatives. The Foreign Representatives have explained how the interim relief will protect the Debtors' estates and thereby serve the creditor body. Additionally, the discovery recipients will not be significantly harmed, and the discovery appears necessary for the Foreign Representative to preserve the Debtors' assets. The Court says the Objecting Debtors' argument that the relief is not urgently needed is unpersuasive. In this matter, the Debtors note that the BVI Attorney General placed the Debtors into liquidation on public-interest grounds, with the aim of protecting creditors, not prejudicing them. According to the Court, all parties who may be impacted by the entry of the Provisional Relief Order may seek relief from the Bankruptcy Court or the BVI Court and are therefore sufficiently protected. The Objecting Debtors argue that the JPLs should not be permitted to sell assets prior to recognition. This contention is now moot in light of the JPLs decision to amend the Proposed Order and remove "realization" of assets from the JPLs' authority. A copy of the Court's Memorandum Opinion dated April 23, 2026, is available at: https://urlcurt.com/u?l=Diwkfu from PacerMonitor.com. Attorneys for the Proposed Foreign Representatives: Andrew G. Dietderich, Esq, Sharon Cohen Levin, Esq. Christopher J. Dunne, Esq. Jacob M. Croke, Esq.. Alexa J. Kranzley, Esq. SULLIVAN & CROMWELL LLP 125 Broad Street New York, NY 10004 E-mail: dietdericha@sullcrom.com levinsc@sullcrom.com dunnec@sullcrom.com Attorneys for Amber Hill Ventures Limited and Lateral Bridge Global Limited: Daniel J. Saval, Esq. Jeremy O. Bressman, Esq. Adam M. Lavine, Esq. Martine B. Forneret, Esq. KOBRE & KIM LLP 800 Third Avenue New York, NY 10022 E-mail: daniel.saval@kobrekim.com jeremy.bressman@kobrekim.com adam.lavine@kobrekim.com Attorneys for Alleged Objecting Debtors: Matthew L. Schwartz, Esq BOIES SCHILLER FLEXNER LLP 55 Hudson Yards New York, NY 10001 E-mail: mlschwartz@bsfllp.com About Prince Global Holdings Limited Prince Global Holdings Limited is an international financial services firm engaged in investment and asset management activities. Prince Global Holdings Limited sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10769) on April 8, 2026. In its petition, the Debtor did not specify estimated assets or liabilities. Honorable Bankruptcy Judge Martin Glenn handles the case. The Debtor is represented by Andrew G. Dietderich, Esq. of Sullivan & Cromwell LLP. PRINCE GLOBAL: Judge Allows Liquidators to Obtain U.S. Bank Records ------------------------------------------------------------------- Hilary Russ of Law360 Bankruptcy Authority reports that on Wednesday, April 22, 2026, a bankruptcy judge in New York granted joint liquidators of Prince Global Holdings authority to obtain discovery from U.S. banks in connection with an alleged fraud and human trafficking operation linked to the debtor. The liquidators sought permission to subpoena financial institutions for records that may reveal the movement and location of funds connected to the company. The information is expected to support ongoing efforts to recover assets and advance parallel proceedings abroad, the report states. In approving the request, the court concluded that the discovery would assist the foreign liquidation and was consistent with the goals of Chapter 15. The decision clears the way for expanded investigative efforts within the United States, according to Law360. About Prince Global Holdings Limited Prince Global Holdings Limited is an international financial services firm engaged in investment and asset management activities. Prince Global Holdings Limited sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10769) on April 8, 2026. In its petition, the Debtor did not specify estimated assets or liabilities. Honorable Bankruptcy Judge Martin Glenn handles the case. The Debtor is represented by Andrew G. Dietderich, Esq. of Sullivan & Cromwell LLP. ========= C H I N A ========= ZW DATA: Registers 500,000 Shares to Omnibus Equity Plan -------------------------------------------------------- ZW Data Action Technologies Inc. filed a registration statement on Form S-8 with the Securities and Exchange Commission to register 500,000 shares reserved and available for issuance pursuant to the ZW Data Action Technologies Inc. 2025 Omnibus Equity Incentive Plan adopted by the Board of Directors of the Company and approved by the Company's shareholders at the 2025 annual shareholder meeting. A full text copy of the Registration Statement is available at https://tinyurl.com/4bzcrvev About ZW Data Action Technologies Beijing, China-based ZW Data Action Technologies Inc., established in 2003, is an ecological enterprise that provides digital services to sales and marketing channels through blockchain, big data, and precision marketing. ZW Data Action is committed to empowering SMEs to achieve more efficient and accurate operations and management, resulting in additional value for clients. Hong Kong, China-based ARK Pro CPA & Co, issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has accumulated deficit from recurring net losses and significant net operating cash outflow for the year ended December 31, 2025. All these factors raise substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had US$38.9 million in total assets, US$687 thousand in total liabilities, and US$38.2 million in total stockholders' equity. ========= I N D I A ========= AABHA INDUSTRIES: Liquidation Process Case Summary -------------------------------------------------- Debtor: Aabha Industries Limited B-VI-796/12/5, Street No.7, Gaushalla Chowk, Madhopuri, Ludhiana, Punjab, India, 141008 Liquidation Commencement Date: April 21, 2026 Court: National Company Law Tribunal, Chandigarh Bench Liquidator: Rajesh Mehru 2761/II, Gurdev Nagar, Imperial Hotel Street, Ludhiana, Punjab, 141001 Email: rajesh_mehru@yahoo.co.in cirp.aabhaindustries@gmail.com Last date for submission of claims: May 25, 2026 DAILY THANTHI: CRISIL Withdraws B Rating on INR83.76cr Term Loan ---------------------------------------------------------------- Crisil Ratings has withdrawn its ratings on the bank facilities of Daily Thanthi (DT) 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 ---------- ----------- ------- Cash Credit 40 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Cash Credit 10 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Cash Credit 25 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Proposed Long Term 35.79 Crisil B/Stable/Issuer Not Bank Loan Facility Cooperating (Withdrawn) Term Loan 83.76 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Crisil Ratings has been consistently following up with DT for obtaining information through letter and email dated January 19, 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 DT. 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 DT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of DT continues to be 'Crisil B/Stable Issuer Not Cooperating'. Set up in 1942, Madurai (Tamil Nadu)-based TDT publishes The Daily Thanthi newspaper. TDT has its head office at Chennai; its day-to-day operations are managed by Mr. S. Balasubramanian Adithan. DT has 16 editions published from Chennai, Madurai, Tiruchirappalli, Coimbatore, Tirunelveli, Vellore, Cuddalore, Salem, Bengaluru, Puducherry, Erode, Nagercoil, Tanjavur, Dindigul, Tiruppur, and Mumbai. DHANYA TMT: CRISIL Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of Dhanya TMT Private Limited (DTPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 13 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with DTPL 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 DTPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of DTPL continues to be 'Crisil D Issuer not cooperating'. Established in 2012, Bengaluru-based DTPL (earlier knows as Amsteel Industries Private Limited) manufactures thermo-mechanically treated (TMT) bars. DIVINE SUPER: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Divine Super Specialty Hospital Private Limited F No. D 314 Block (A), Lake View Mansion, Tunki Tola Kokar, Ranchi, Jharkhand, Pin - 834001, India Insolvency Commencement Date: April 21, 2026 Court: National Company Law Tribunal, Amaravati Bench Estimated date of closure of insolvency resolution process: October 18, 2026 Insolvency professional: Ashok Kumar Agarwal Interim Resolution Professional: Ashok Kumar Agarwal Ashwini-D/4, Neelachal Abasan Co-operative Society Limited 98 Rajdanga Gold Park, Kasba, E.K.T., Kolkata, West Bengal 700107 Email: ashok.agarwal@singhiipsolutions.com c/o Singhi IP Solutions Private Limited Raja Chambers, 1st Floor, 4 Kiran Shankar Roy Road, Kolkata - 700001 Tel No: 98310 60452 Email: cirp.divinehospital@gmail.com Last date for submission of claims: May 6, 2026 IMOST ACADEMY: NCLT Kochi Admits Company to Insolvency ------------------------------------------------------ LiveLawBiz reports that the National Company Law Tribunal (NCLT) at Kochi has admitted an insolvency petition filed by Axis Bank Limited to initiate the Corporate Insolvency Resolution Process against IMOST Academy (India) Private Limited, holding that once debt and default are established, objections based on reputational impact cannot defeat admission. A coram of Judicial Member Vinay Goel rejected the academy's contention that initiation of CIRP would adversely affect its international standing, LiveLawBiz relates. "If the insolvency process is initiated against the respondent, it would have a negative impact on its image in the international market. Having considered the submission made on behalf of the Respondent, this Adjudicating Authority is of the opinion that such a defence is not tenable once debt and default are established," the tribunal observed. IMOST Academy, a privately run educational institution in Ernakulam, had approached Axis Bank in 2019 seeking financial assistance to procure land, construct buildings, and acquire equipment for setting up a training institute, recalls LiveLawBiz. LiveLawBiz relates that the bank sanctioned a term loan of Rs.6.5 crore and a working capital facility of Rs.75 lakh, and later extended additional facilities under the Emergency Credit Line Guarantee Scheme between 2020 and 2022. Following defaults and an acknowledgment of liability on June 20, 2024, the loan account was classified as a non-performing asset on June 29, 2024. The bank issued recall notices seeking repayment. As on February 22, 2026, the outstanding default stood at INR5.70 crore, LiveLawBiz discloses. With no repayment forthcoming, Axis Bank moved the Tribunal under Section 7 of the Insolvency and Bankruptcy Code. Opposing the plea, the corporate debtor argued that Axis Bank had already initiated insolvency proceedings against its corporate guarantor, Euro Tech Maritime Academy Private Limited, for the same debt and had failed to disclose this fact. It contended that the present petition was therefore liable to be rejected for suppression of material facts. JAIPRAKASH ASSOCIATES: NCLAT Rejects Vedanta Plea, Clears Adani Bid ------------------------------------------------------------------- Hindustan Times reports that the National Company Law Appellate Tribunal (NCLAT) on May 4 dismissed appeals filed by mining firm Vedanta Ltd challenging the selection of Adani Enterprises as the successful bidder for debt-laden Jaiprakash Associates Ltd (JAL) under the insolvency process. NCLAT chairperson justice Ashok Bhushan and technical member Barun Mitra held that there was no merit in the appeals filed by Vedanta, Hindustan Times relates. Hindustan Times says the decision clears the way for Adani to acquire the debt-ridden JAL for around INR14,500 crore. According to Hindustan Times, Vedanta had approached the NCLAT challenging a March 2026 order of the Allahabad bench of the National Company Law Tribunal (NCLT), which approved Adani's acquisition of JAL. Vedanta's challenge was primarily on the ground that there existed a substantial gap between competing bids. While Adani Enterprises' plan, approved by lenders, is valued at INR14,535 crore, Vedanta had offered INR17,926 crore - a difference of nearly INR3,400 crore. The NCLAT, however, held that the Committee of Creditors (CoC), which chose Adani's lower bid over Vedanta's, had taken the decision in its "commercial wisdom," Hindustan Times relates. "There is nothing legally perverse and untenable in the CoC's decision," the NCLAT said while dismissing Vedanta's petitions. Before the tribunal reserved its verdict on April 23, Vedanta's counsel, senior advocate Abhijeet Sinha, had argued that the gap between the bids went to the heart of the Insolvency and Bankruptcy Code (IBC), which prioritises value maximisation. He contended that Vedanta's resolution plan was not properly evaluated and that key components of its offer were overlooked, suggesting a lack of application of mind by the CoC. Hindustan Times says the CoC, represented by Solicitor General Tushar Mehta, defended the decision and maintained that the process adhered strictly to IBC norms. Mehta told the tribunal that bidders do not have a vested right to be selected merely on the basis of the highest financial offer. About JAL Jaiprakash Associates Ltd (JAL) is the flagship company of the Jaypee group and is engaged in engineering and construction, cement, real estate and hospitality businesses. JAL was one of the leading cement manufacturers with an installed capacity of ~28 million tonnes per annum (mtpa) and under implementation capacity of ~5 mtpa on a consolidated basis as on March 31, 2018. JAL is also engaged in the construction business in the field of civil engineering, design and construction of hydro-power, river valley projects. JAL is also undertaking power generation, power transmission, real estate, road BOT, healthcare and fertilizer businesses through its various subsidiaries/SPVs. JAL featured in Reserve Bank of India's second list of at least 26 defaulters with which it wants creditors to start the process of debt resolution before initiating bankruptcy proceedings. In September 2018, ICICI Bank had filed an insolvency petition against JAL under Section 7 of IBC, claiming a default of more than INR16,000 crore. On June 3, 2024, the Allahabad bench of National Company Law Tribunal (NCLT) admitted the insolvency plea filed by ICICI Bank. The tribunal also appointed Bhuvan Madan as Interim Resolution Professional of JAL after suspending the board of the company. Bhuvan Madan is the resolution professional (RP) for the JAL. SBI has also moved NCLT against JAL, claiming a total default of INR6,893.15 crore as of Sept. 15, 2022. KISSAN RICELAND: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kissan Riceland Private Limited (KRPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 25 CRISIL D (Issuer Not Cooperating) Proposed Long Term 2 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Proposed Non Fund 1.77 CRISIL D (Issuer Not based limits Cooperating) Standby Line 2 CRISIL D (Issuer Not of Credit Cooperating) Term Loan 1.23 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KRPL 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 KRPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KRPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KRPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. KRPL was incorporated in 2016, promoted by Mr Ashok Garg, Mr Sushil Garg, and Mr Tarsem Chand. The company took over the operations of their partnership firm, Kissan Rice Mills, effective from April 2016. It primarily mills and processes basmati and non-basmati rice, which it sells domestically. The manufacturing unit is in Kaithal, Haryana. MADHUBAN BUILDERS: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Madhuban Builders (MB) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 8 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MB 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 MB, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MB is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MB continues to be 'Crisil D Issuer not cooperating'. MB was established by Mr Rajesh Majethia in 1996 as a proprietorship firm to undertake residential real estate development in Pune. The firm has one ongoing residential project, Serene Spaces, which has 108 saleable units. MAHESH INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Mahesh Industries Private Limited (MIPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12 CRISIL D (Issuer Not Cooperating) Foreign Letter 60 CRISIL D (Issuer Not of Credit Cooperating) Crisil Ratings has been consistently following up with MIPL 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 MIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. MTPL, incorporated in 1998, trades in hardwood timber imported from Malaysia. The company has sawmill operations in Gandhidham, where timber logs imported at Kandla Port (both in Gujarat) are sawn and then sold to timber traders in Haryana, Delhi, Punjab, Uttar Pradesh, and other states. MIPL trades in softwood imported from Europe and sells the sawn timber to traders and retailers in the domestic market. MIPL operates around 22 sawmills whereas MTPL operates around 10 sawmills. MAHESHWARI FABTEX: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Maheshwari Fabtex Private Limited (MFPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL D (Issuer Not Cooperating) Long Term Loan 1.5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with MFPL 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 MFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MFPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2002, MFPL primarily trades in grey and shirting fabric. In 2009, it started undertaking job work (for weaving grey fabric from yarn) for local dealers and traders. The manufacturing unit is in Bhiwandi, while the head office is in Mumbai. The promoters also operate two other entities: Khator Fibre and Fabrics Ltd and Goyal Creations Pvt Ltd. Operations are managed by Ms Bina Devi Khator and her nephew, Mr Praful Khator. MEGAMILES BEARING: CRISIL Keeps C Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Megamiles Bearing Cups Private Limited (MBCPL) continue to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL C (Issuer Not Cooperating) Letter of Credit 1.5 CRISIL A4 (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MBCPL 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 MBCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MBCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MBCPL continues to be 'Crisil C/Crisil A4 Issuer not cooperating'. MBCPL, incorporated in 1990, is promoted by Mr. Y.S. Mahadev, Mr. S. Rudra Prasad, and Mr. B.S. Divakar. It is engaged in manufacturing cold forged and CNC machined components for automotive applications. MHETRE FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Mhetre Foods Private Limited (MFPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL D (Issuer Not Cooperating) Long Term Loan 7.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MFPL 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 MFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MFPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2011, MFPL processes vegetables and commenced operations in September 2015. The company, promoted by Mr Dilip Mhetre, Mr Prakash Mhetre and Mr Vikas Mhetre, is based in Daund (Maharashtra). MITTAPALLI AGRO PRODUCTS: CRISIL Keeps D Ratings in Not Coop. ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Mittapalli Agro Products Private Limited (MAPPL; part of the Mittapalli group) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.5 Crisil D (Issuer Not Cooperating) Export Packing 39 Crisil D (Issuer Not Credit Cooperating) Foreign Exchange 0.5 Crisil D (Issuer Not Forward Cooperating) Crisil Ratings has been consistently following up with MAPPL 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 MAPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MAPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MAPPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. About the Group 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. MITTAPALLI AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Mittapalli Agro Enterprises (MAE; part of the Mittapalli group) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 Crisil D (Issuer Not Cooperating) Packing Credit 7 Crisil D (Issuer Not Cooperating) Proposed Long Term 3 Crisil D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with MAE 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 MAE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MAE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MAE continues to be 'Crisil D/Crisil D Issuer not cooperating'. About the Group 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. MODERN CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Modern Construction Co. (Delhi) (MCCD) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 17.5 CRISIL D (Issuer Not Cooperating) Cash Credit 27.25 CRISIL D (Issuer Not Cooperating) Proposed Bank 12.50 CRISIL D (Issuer Not Guarantee Cooperating) Proposed Cash 3.75 CRISIL D (Issuer Not Credit Limit Cooperating) Crisil Ratings has been consistently following up with MCCD 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 MCCD, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MCCD is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MCCD continues to be 'Crisil D/Crisil D Issuer not cooperating'. MCCD was set up as a proprietorship concern, Modern Construction Co, in 1976 by the late Mr M K Jain. The firm got its current name in 1987 and is now a partnership firm managed by Mr Nirmal Jain, Mr Manish Jain, and Ms Ruchika Jain. It undertakes contracts to construct multi-storied buildings, shopping malls, institutions, schools, townships, administrative buildings, hostels, factories, roads, bungalows, farmhouses, research laboratories, and hospitals in NCR and western Rajasthan. It also undertakes electric works and finishing in the buildings it constructs. MY BIKE: CRISIL Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of MY Bike (MB) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MB 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 MB, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MB is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MB continues to be 'Crisil D Issuer not cooperating'. MB was established as a partnership firm in 2008 by Mr. Saurabh Garg and his cousin, Mr. Vijay Garg. The firm is an authorised dealer for all two wheelers of Hero MotoCorp Ltd (HMCL) in Bhopal (Madhya Pradesh), where it has two showrooms and three workshops. The firm also deals in spare parts for HMCL vehicles. MY CAR INDORE: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of My Car (Indore) Private Limited (MCIPL) 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 13.02 CRISIL D (Issuer Not Cooperating) Cash Credit 8 CRISIL D (Issuer Not Cooperating) Cash Credit 8 CRISIL D (Issuer Not Cooperating) Cash Credit 4 CRISIL D (Issuer Not Cooperating) Term Loan 0.98 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MCIPL 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 MCIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MCIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MCIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. MCIPL, set up in 2009 by Mr. Saurabh Garg, is an authorised dealer of Maruti Suzuki India Ltd (MSIL) in Madhya Pradesh. It has two showrooms in Indore. The company also deals in MSIL spare parts. MY CAR: CRISIL Keeps D Debt Ratings in Not Cooperating Category --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of MY Car (Bhopal) Private Limited (MCBPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 35 CRISIL D (ISSUER NOT COOPERATING) Inventory Funding 10 CRISIL D (ISSUER NOT COOPERATING) Facility Inventory Funding 5 CRISIL D (ISSUER NOT COOPERATING) Facility Inventory Funding 10 CRISIL D (ISSUER NOT COOPERATING) Facility Proposed Long Term 10 CRISIL D (ISSUER NOT COOPERATING) Bank Loan Facility Crisil Ratings has been consistently following up with MCBPL 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 MCBPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MCBPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MCBPL continues to be 'Crisil D Issuer not cooperating'. MCBPL was set up in 2003 by Mr. Saurabh Garg. The company, an authorised dealer of MSIL, operates four showrooms in MP of which two are in Bhopal. MCBPL also deals in MSIL's spare parts. MY EQUIPMENTS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of My Equipments Private Limited (MEPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL D (Issuer Not Cooperating) Cash Credit 4 CRISIL D (Issuer Not Cooperating) Inventory Funding 3 CRISIL D (Issuer Not Facility Cooperating) Inventory Funding 10 CRISIL D (Issuer Not Facility Cooperating) Term Loan 1 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MEPL 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.' etailed 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 MEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MEPL continues to be 'Crisil D Issuer not cooperating'. MEPL was incorporated in June 2012, promoted by Mr. Saurabh Garg and his family members. The company is an authorized dealer for heavy earth-moving equipment of JCB in 11 districts of Madhya Pradesh. MEPL has five outlets across these districts. MY FONE: CRISIL Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of MY Fone Teleservices Private Limited (MFTPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MFTPL 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 MFTPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MFTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MFTPL continues to be 'Crisil D Issuer not cooperating'. MFTPL, founded in Bhopal (Madhya Pradesh) in 2008, by Mr. Saurabh Garg and his family members, distributes mobile handsets and accessories; and computers and laptops of various brands in Bhopal (Madhya Pradesh). MY STORE: CRISIL Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of MY Store Private Limited (MSPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1 CRISIL D (Issuer Not Cooperating) Cash Credit 10 CRISIL D (Issuer Not Cooperating) Term Loan 5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MSPL 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 MSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MSPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. MSPL, incorporated in 2008, by Mr. Saurabh Garg, operates franchisee stores of brands like Levi's, Nike, Arvind Lifestyle. The company also operates one multibrand retail store under the name ' MyWays. The company has 30 retail shops across 10 cities including Mumbai, Pune, Bhopal, Delhi NCR, etc. The registered office of the company is in Bhopal. NAVANIDHI ELECTRONICS: CRISIL Keeps D Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Navanidhi Electronics Private Limited (NEPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3.85 CRISIL D (Issuer Not Cooperating) Letter of Credit 2 CRISIL D (Issuer Not Cooperating) Open Cash Credit 7.65 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with NEPL 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 NEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of NEPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. NEPL was set up as a partnership firm named NNE in 1983, and got its current name in 1984. NNE was engaged in design, development, manufacture and testing of amplifiers, filters, broadband antennae, power combiners /dividers and telecom masts. Mr Adithe Ramanadha Sastry is the promoter. The manufacturing and assembly facility is based in Hyderabad. NECTAR BOTTLING: CRISIL Reaffirms B Rating on INR7.12cr Loan ------------------------------------------------------------ CRISIL Ratings has reaffirmed its 'Crisil B/Stable' rating on the long-term bank facilities of Nectar Bottling & Marketing Llp (NBML). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Secured Overdraft 7.12 Crisil B/Stable (Reaffirmed) Facility The rating continues to reflect the modest scale of operations and susceptibility to geographical concentration risk and government regulations. These weaknesses are partially offset by the extensive experience of the partners in manufacturing and marketing of Indian-Made Foreign Liquor (IMFL) and their business arrangement with John Distilleries Pvt Ltd (JDPL). Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of NBML. Key Rating Drivers - Weaknesses * Modest scale of operations amidst intense competition: NBML operates on a modest scale amidst intense competition in the distillers and vintners business. Operating income is estimated to be around INR12.6 crore in fiscal 2026. * Susceptibility to geographical concentration risk and government regulations: The firm's operations remain susceptible to any change in government policies with respect to production and distribution of liquor, taxation and state excise duty, or any significant modification in the duty structure. Furthermore, NBML has limited geographical reach as bulk of the revenue comes from Andhra Pradesh (AP). Key Rating Drivers - Strengths * Extensive experience of the partners: The three-decade-long experience of the partners in manufacturing and marketing of IMFL has given them a strong understanding of market dynamics and maintain healthy relationships with suppliers and customers. * Business arrangement with JDPL: The firm has tied up with JDPL to promote its brands, namely Original Choice whisky and Mont Castle brandy. The firm will manufacture and distribute the brands in AP, against royalty payment. This arrangement is expected to support the business risk profile. Liquidity Stretched Bank limit utilisation was moderate, averaging around 73% for the 12 months ended January 31, 2026. Cash accrual of over INR0.43 crore is expected over the medium term, against nil debt obligation. Current ratio is estimated to be healthy at 1.9 times on March 31, 2026. High gearing and modest networth limit financial flexibility to raise additional debt in case of any adverse conditions or downturn in the business. Outlook Stable Crisil Ratings believes NBML will continue to benefit from the extensive experience of its partners in manufacturing and marketing of IMFL. Rating sensitivity factors Upward factors * Sustained revenue growth with a steady operating margin leading to higher cash accrual of around INR40 lakh. * Sustenance of financial risk profile. Downward factors * Any large, debt-funded capital expenditure (capex) or elongation in the working capital cycle leading to weakening in the financial risk profile. * Decline in the operating performance and steep fall in cash accrual to less than INR20 lakh. NBML was set up as a partnership firm in Hyderabad.The firm is engaged in manufacturing and marketing of IMFL. Operations are managed by Vikram Reddy K, Vijay Kumar Reddy K and their family members. NUCLEUS SATELLITE: CRISIL Keeps C Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Nucleus Satellite Communications (Madras) Private Limited (NSCPL) continue to be 'CRISIL C/CRISIL A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.35 CRISIL A4 (Issuer Not Cooperating) Cash Credit 12 CRISIL C (ISSUER NOT COOPERATING) Proposed Long Term 3 CRISIL C (ISSUER NOT Bank Loan Facility COOPERATING) Crisil Ratings has been consistently following up with NSCPL 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 NSCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NSCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of NSCPL continues to be 'Crisil C/Crisil A4 Issuer not cooperating'. NSCPL, established in 1995, manufactures dish antennas for DTH operators. Operations are managed by Mr. V Raman and his brother, Mr. V Lakshman. The company is planning a capex of Rs.300 million, equally funded by debt and equity. The management intends to shift its manufacturing base from Kanchipuram, Tamil Nadu, to Sri City, Andhra Pradesh; operations in the new location are expected to start from March 2017. SWADESH GREEN: ICRA Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long Term and Short-Term ratings of Swadesh Green Infra Limited (SGIL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING." Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 27.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 7.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Short-term 2.00 [ICRA]D; ISSUER NOT COOPERATING; Non fund based- Continues to remain under the Others 'Issuer Not Cooperating' Category Unallocated 13.50 [ICRA]D; ISSUER NOT COOPERATING; Limits Rating Continues to remain under 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding SGIL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with SGIL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Swadesh Green Infra Limited (SGIL) was incorporated as a private limited company in March 2015. The company is involved in trading and fabrication of iron and steel products. Prior to the incorporation of the company, it was known as Lakshmi Agro Industries, a proprietorship concern of Mr. Ravi Gupta. The business was transferred to SGIL in March 2015 with Mr. Ravi Gupta as the Chairman. The company is an authorised dealer of SAIL and deals with multiple products such as HR coils/sheets, CR coils/sheets, and other related products. SGIL also provides value-added services, which include cut-to-length and slitting. The stocking locations arefully modernised with overhead cranes,along with highly experienced technical manpower to cater to uninterrupted and timely deliveries. The fully-automated machines and precise processes result in high-quality output. TAMIL NADU: ICRA Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- ICRA has kept the Long-Term rating of Tamil Nadu Dindigul Karur Expressways Limited (TNDK) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING." Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 65.11 [ICRA]D; ISSUER NOT COOPERATING; Fund Based- Rating continues to remain under Term Loan 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding TNDK's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with TNDK, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. TNDK is a special purpose vehicle (SPV) promoted by Madhucon Projects Ltd (MPL) and SREI Infrastructure Finance. It was formed to strengthen and widen the existing 68-km long stretch between Karur and Dindigul on NH-7. The project scope includes improvement, operations, and management of the existing four-lane stretches in the adjacent section from Karur Bypass (chainage 292.600 km) to the end of Karur Bypass (chainage 305.600 km) covering a total length of 9.60 km. The project has been awarded by the National Highway Authority of India (NHAI) on a BOT (toll) basis, with a concession period of 20 years starting from October 2006. The project was initially delayed by about seven months, with the actual commercial operations date (COD) declared in November 2009 instead of April 2009. This highway formsthe major arterial route that serves a significant volume of passenger traffic traveling to various important cities like Madurai, Kanyakumari, Rameswaram, Coimbatore and Kodaikanal. This route is also a part of the feeder to the Tuticorin Port for the Bangalore-side traffic. TRANS GLOBAL: ICRA Keeps B+/A4 Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long Term and Short-Term ratings of Trans Global Securities Limited (TGSL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING." Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 21.00 [ICRA]B+(Stable) ISSUER NOT Short Term COOPERATING/[ICRA]A4 ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding TGSL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with TGSL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 1995 by the sibling duo of Mr. Sunil Gupta and Mr. Sushil Gupta, Trans Global Securities Limited (TGSL) is a securities broking company registered with the National Stock Exchange (NSE) and BSE. TGSL is primarily engagedin proprietary trading and has a small presence in the securities broking business. It is a self-clearing agent in the derivatives(futures & options) and cash segments and is also a member of Central Depository Services (India) Limited (CDSL). Its broking operations are conducted through its registered office in Kolkata and the Mumbai branch. TRENTIAL TECHNOLOGIES: Voluntary Liquidation Process Case Summary ----------------------------------------------------------------- Debtor: Trential Technologies Private Limited No. 53, 4th Block, Behind Sony World Signal, 5th Cross, 100ft Road, Koramangala Extension, Bangalore, Karnataka, India, 560034 Liquidation Commencement Date: April 27, 2026 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Kondisetty Kumar Dushyantha No.1, Ashoka Pillar, 5th Floor, 3rd Cross Jayanagar, I Block, Bangalore - 560011 Tel No: 080 26560400 Email: dushyanthak@gmail.com Last date for submission of claims: May 27, 2026 VIJAY PULSE: ICRA Withdraws B Rating on INR7.50cr LT Loan --------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Vijay Pulse Pvt. Ltd. in accordance with its withdrawal policy and closure of the rated facilities, as evidenced by the No Due Certificate issued by the lender. Consequently, there are no dues pending from Vijay Pulse Pvt. Ltd. towards the rated bank facilities, and the withdrawal is based on the confirmation received from the lenders regarding the same. The Key Rating Drivers and their Description, Liquidity Position, Rating Sensitivities, Key financial indicators have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 7.50 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Cash Credit Long Term- 0.17 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Term Loan Established in the name of Shiv Pulse in early 1995 as a milling unit for processing of pigeon peas (tuver dal). Later in 2002, the entity started processing gram flour in the name of Vijay Pulse Private Limited (VPPL). The company is managed by Mr. Uday Vikani and two other directors. The Company's manufacturing facility is located at Veraval, Shapar (Rajkot), Gujarat with current installed annual capacity of producing 10500 MTPA of gram flour. WINDSOR INDUSTRIES: ICRA Keeps B+ Debt Rating in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term rating of Windsor Industries Private Limited (WIPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term- 9.90 [ICRA]B+(Stable) ISSUER NOT Fund based- COOPERATING Cash Credit The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding WIPL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with WIPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Windsor Industries Pvt. Ltd. (WIPL) is an entity under Windsor Group owned by Mr. P S Sahni which is engaged in the manufacturing of expanded polystyrene (EPS) packaging goods, thermocol blocks, foam disposable goods such as cups and plates. Erstwhile, this company was known under the name of Vinca Polypacks Pvt. Ltd. till December 19, 2013. In October 2013, the high court of Punjab & Haryana approved the amalgamation of group companies namely, Bestilo Packagings Pvt. Ltd. and Windsor Polymers Pvt. Ltd. w.e.f. April 1, 2012 under a scheme of amalgamation as per section 391 to 394 of the Companies Act 1956. =============== M A L A Y S I A =============== CROPMATE BHD: MACC Partially Lifts Freeze on Firm's Bank Accounts ----------------------------------------------------------------- Free Malaysia Today reports that the Malaysian Anti-Corruption Commission has partially released some of the frozen bank accounts of Cropmate Bhd and its subsidiary. In a bourse filing May 4, the fertiliser manufacturer said it was notified about the development by its solicitor on May 1, Free Malaysia Today relates. "The company has, through its solicitor, submitted a further letter of representation to MACC to seek the unfreezing of all the bank accounts of the affected company and its subsidiary," it said. Free Malaysia Today says the update follows Cropmate's external auditors raising concerns about the company's ability to continue operating beyond Dec 31, 2025, citing frozen accounts and uncertainty over how long the freeze will last and its impact. On April 24, Cropmate said MACC had frozen several bank accounts belonging to the company and its subsidiary as part of an investigation under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001, according to Free Malaysia Today. The company said at the time it had not been informed of the full details or circumstances that led to the investigation. It has since appointed Hisyam Teh Poh Teik as its lead counsel, together with MUSTAFA, LING & CO as its Solicitor on record, Free Malaysia Today adds. Cropmate Berhad, through its subsidiary, Cropmate Fertilizer Sdn. Bhd., engages in the formulation and blending of conventional and specialty fertilizers in Malaysia. The company offers compact compound; granular blend fertilizers; and specialty fertilizers, such as semi-organic, organic, and liquid fertilisers. It also trades in straight fertilizers, including nitrogen, phosphorus, and potassium fertilisers, and related products. GIIB HOLDINGS: Mulls Investment in Healthcare Biz After Bursa Query ------------------------------------------------------------------- The Edge Malaysia reports that GIIB Holdings Bhd said it is evaluating a potential investment in a healthcare-related business in response to Bursa Malaysia's query over the recent surge in its share price. According to the Edge, the company said the proposal is still at a preliminary stage, with key details and terms yet to be finalised. GIIB's principal activities include rubber compounding, tyre retreading, rubber trading and property development. "The board wishes to inform that the company is currently in the midst of considering a potential investment in a healthcare-related business," GIIB said in a bourse filing on May 4, adding that it will make the necessary announcements should there be any material developments. Apart from this, the group said it is not aware of any other unannounced corporate developments that could explain the unusual trading activity, the Edge relays. It also claims ignorance of any specific rumours or reports concerning its business and affairs that may have contributed to the sharp movement in its shares. The Edge says the response came after Bursa Malaysia issued an unusual market activity (UMA) query following a sharp rise in GIIB's share price on May 4, which climbed as much as 50% intraday before closing 45.45% higher at 16 sen, a more than four-year high, with 56.8 million shares traded. It was the fifth most actively traded stock on the exchange. According to the Edge, the stock surged despite the group's auditor recently flagging a material uncertainty related to its ability to continue as a going concern, citing losses, negative operating cash flow and a mismatch between short-term liabilities and assets. The Edge relates that the auditors had also issued a qualified opinion on GIIB's financial statements for the financial year ended Dec. 31, 2025 (FY2025), partly due to their inability to verify the deconsolidation of its glove manufacturing unit and the recoverability of amounts owed to the group. GIIB Holdings Berhad, an investment holding company, engages in the rubber business in Malaysia, Oceania, Africa, Europe, Middle East, South America, North America, and Rest of Asia. The company operates through Rubber Compounds, Property Development, Re-Treading Services, Trading, and Others segments. It also engages in manufacturing of rubber compounds; and retreading of tires for motor vehicles and earthmovers, as well as trading of tires related products. In addition, the company is involved in the property development and construction activities; and retail and wholesale of natural rubber and the related goods. GIIB Holdings Berhad offers its products under the Supercool and Rübtek brands. INDUSTRONICS BHD: Enters PN17 After Audit Disclaimer of Opinion --------------------------------------------------------------- The Malaysian Reserve reports that INDUSTRONICS Bhd has been classified as a Practice Note 17 (PN17) affected listed issuer after its external auditors issued a disclaimer of opinion on the group's financial statements for the financial period ended Dec. 31, 2025, citing pervasive limitations in audit scope and insufficient audit evidence. According to the Malaysian Reserve, the auditors said they were unable to obtain sufficient appropriate audit evidence over multiple key areas, including inventories, receivables, revenue, cost of sales, cash and bank balances, and payables. It also highlighted the absence of prior auditors' working papers and incomplete appointment of component auditors for certain subsidiaries, which prevented them from verifying opening balances and completing group audit procedures, the Malaysian Reserve relays. Inventories were stated at MYR21 million as at June 30, 2024 and MYR1 million as at Dec. 31, 2025, while trade and other receivables amounted to MYR42 million and MYR71 million respectively over the same periods. Revenue and cost of sales for the 18-month period were reported at MYR40 million and MYR38 million, but auditors said supporting documentation such as invoices and delivery records was insufficient for verification, the Malaysian Reserve discloses. The Malaysian Reserve relates that the audit report also flagged going concern uncertainty, noting that the group had ceased its principal business operations after the reporting period. Its ability to continue as a going concern depends on restructuring initiatives and financial support from related parties, for which sufficient evidence could not be obtained. Following the disclaimer of opinion, Industronics triggered PN17 criteria under Bursa Malaysia's Main Market Listing Requirements and is now required to submit a regularisation plan within 12 months, appoint a sponsor within three months, and comply with monthly disclosure obligations. The company said it is still formulating its restructuring plan and will announce developments as they arise, the Malaysian Reserve adds. Industronics Berhad designs, manufactures, and installs electronics and microprocessor controlled products, telecommunication equipment supply, AV multimedia systems, intelligent transportation systems, and major system integration projects. The Company, through its subsidiaries, provides security and fire alarm systems installation and engineering services. ========= N E P A L ========= HETAUDA CEMENT: Shuts Down for Lack of Raw Materials ---------------------------------------------------- The Himalayan Times reports that Hetauda Cement Industry, which had been grappling with financial crisis for a long time, has shut down due to a shortage of raw materials. The industry that produced clinker last month has halted production due to a shortage of raw materials. "We do not have coal, limestones or other raw materials. There is no immediate possibility of supply of raw materials either. Even though there is an agreement for the supply of raw materials, the contractor could not transport them due to lack of funds, so the industry had to be shut down," said Bhaktiram Shrestha, the Assistant Manager of the Industry, Himalayan Times relays. He said that 5,000 tonnes of clinker have been produced from the raw materials in stock with the industry and cement manufactured from this is now being 'packaged'. An industry with a daily production capacity of 16,000 bags of cement is almost always closed for one or the other reason, according to Himalayan Times. Due to some problems with the factory's machinery during clinker production, the machine is currently under repair. Due to financial constraints, employees have not got their salaries for 10 months, according to Himalayan Times. There are 166 permanent employees, 100 daily wage workers, and 52 security personnel in the factory. Hetauda Cement Industries Ltd. is a Building Materials company located in Hetauda, Central Region, Nepal. ===================== N E W Z E A L A N D ===================== ASPECT INFORMATION: Creditors' Proofs of Debt Due on May 22 ----------------------------------------------------------- Creditors of Aspect Information Solutions Limited are required to file their proofs of debt by May 22, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 23, 2026. The company's liquidator is: John Marshall Scutter Fervor Limited Level 1 17–19 Seaview Road Paraparaumu Beach FIJI FOOD: Court to Hear Wind-Up Petition on May 7 -------------------------------------------------- A petition to wind up the operations of Fiji Food Distributors NZ Limited (formerly Spice Heaven Limited and Krazy Price Mart Limited) will be heard before the High Court at Christchurch on May 7, 2026, at 10:00 a.m. Nishal Nikesh Lal filed the petition against the company on March 3, 2026. The Petitioner's solicitor is: Rupert Ward Rupert Ward, Barrister and Solicitor 40 Kinloch Street St Albans, Christchurch JAMIESON TRANSPORT: Owes About NZD300,000 to Creditors ------------------------------------------------------ The Press reports that liquidators have been called in to a number of businesses across South Canterbury in recent years, with the latest a transport company estimated to owe creditors about NZD300,000. Geraldine-based Jamieson Transport Ltd was put into liquidation on April 12 following a special resolution of the shareholders, The Press notes. The latest data released by Centrix, New Zealand's credit bureau, shows almost 3,000 companies were placed into liquidation across the country in the year to the end of February. Brenton Hunt was appointed as liquidator of the company on April 12, 2026. JAY MATAJI: Creditors' Proofs of Debt Due on May 25 --------------------------------------------------- Creditors of Jay Mataji Food Pty Limited are required to file their proofs of debt by May 25, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 23, 2026. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 JCK HOLDINGS: Creditors' Proofs of Debt Due on May 25 ----------------------------------------------------- Creditors of JCK Holdings Limited (trading as Verona Café & Bar) are required to file their proofs of debt by May 25, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 23, 2026. The company's liquidators are: Leon Francis Bowker Kristal Pihama c/o KPMG 18 Viaduct Harbour Avenue PO Box 1584 Shortland Street Auckland 1140 SGAH INVESTMENTS: Court to Hear Wind-Up Petition on May 8 --------------------------------------------------------- A petition to wind up the operations of SGAH Investments Limited will be heard before the High Court at Auckland on May 8, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on March 19, 2026. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 ================= S I N G A P O R E ================= AL FALAH: Members' Final Meeting Set for May 29 ----------------------------------------------- Members of Al Falah Investments Pte Ltd will hold their final meeting on May 29, 2026, at 10:00 a.m., at 6 Shenton Way, OUE Downtown 2, #33-00, in Singapore. At the meeting, Lim Loo Khoon and Tan Wei Cheong, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. AXIOMA ASIA: Members' Final Meeting Set for June 2 -------------------------------------------------- Members of Axioma (Asia) Pte Ltd will hold their final meeting on June 2, 2026, at 10:00 a.m., via electronic means. At the meeting, Gary Loh Weng Fatt and Dev Kumar Harish Nandwani of BDO Advisory, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. FOODXERVICES INC: Placed in Liquidation --------------------------------------- Luke Anthony Furler and Tan Kim Han of Quantuma (Singapore) on April 22, 2026, were appointed as liquidators of Foodxervices Inc Pte Ltd. The liquidators can be reached at: Tan Kim Han Luke Anthony Furler c/o Quantuma (Singapore) Pte Ltd 137 Amoy Street #02-03, Far East Square Singapore 049965 LEND EAST: Creditors' Meetings Scheduled for May 21 --------------------------------------------------- Lend East Pte. Ltd. will hold a meeting for its creditors on May 21, 2026, at 10:30 a.m., via electronic means. Agenda of the meeting includes (1) the appointment of a new liquidator and (2) any other business. The company's liquidators can be reached at: Abuthahir Abdul Gafoor Yessica Budiman c/o 11 Collyer Quay #07-02 The Arcade Singapore 049317 MAXEON SOLAR: Faces Nasdaq Delisting Over Singapore Court Order --------------------------------------------------------------- Maxeon Solar Technologies, Ltd. (Under Interim Judicial Management) disclosed in a regulatory filing that it received a written notice from The Nasdaq Stock Market LLC that, because the Company had (a) filed a voluntary application with the High Court of the Republic Singapore to place the Company under judicial management pursuant to section 91 of the Insolvency, Restructuring and Dissolution Act 2018 of Singapore, and (b) the Court had ordered on April 9, 2026 that the Company be placed under interim judicial management pursuant to section 92 of the IRDA pending the determination of the JM Application, and in accordance with Listing Rules 5101, 5110(b) and IM-5101-1, the staff of Nasdaq's Listing Qualifications department has determined that the Company's securities will be delisted from Nasdaq. The Notice states that unless the Company requests an appeal of this determination, trading of the Company's securities will be suspended. The Company is evaluating if it will request a hearing before the Nasdaq Hearings Panel to appeal the Staff's determination and will provide a further update once it has determined whether or not to do so. About Maxeon Solar Maxeon Solar Technologies, Ltd. is a Singapore-based company that designs and manufactures photovoltaic panels. The company was previously a division of the American SunPower company before it was spun off in August 2020. Maxeon is still the primary provider of solar panels for SunPower. Singapore-based Ernst & Young LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 30, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and negative free cash flows and has stated that substantial doubt exists about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $186.31 million in total assets, $507.96 million in total liabilities, and $21.65 million in net deficit. MAXEON SOLAR: George Guo Steps Down as CEO and Director ------------------------------------------------------- Maxeon Solar Technologies, Ltd. disclosed in a regulatory filing that George Guo sent a notice of his intended resignation as a director and the Chief Executive Officer, and as a director of the subsidiaries of the Company for which he had been a director, in each case effective from May 25, 2026. The Interim Judicial Managers are reviewing the notice of Mr Guo's resignation and will make further disclosures as to its acceptance and any terms related thereto in due course. As previously disclosed, on April 9, 2026, the Company and its subsidiary, Maxeon Solar Pte. Ltd. were placed under the interim judicial management of Mr. Tan Wei Cheong and Mr. Lim Loo Khoon of Deloitte Singapore SR&T Restructuring Services Pte. Ltd. as joint and several interim judicial mangers, pursuant to an order made by the General Division of the High Court of the Republic of Singapore, pending the court's determination of the Companies' applications to be placed under judicial management. As ordered by the Court, the affairs, business and property of the Companies shall be managed by the Interim Judicial Managers during the period in which the order for the appointment of the Interim Judicial Managers is in effect. About Maxeon Solar Maxeon Solar Technologies, Ltd. is a Singapore-based company that designs and manufactures photovoltaic panels. The company was previously a division of the American SunPower company before it was spun off in August 2020. Maxeon is still the primary provider of solar panels for SunPower. Singapore-based Ernst & Young LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 30, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and negative free cash flows and has stated that substantial doubt exists about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $186.31 million in total assets, $507.96 million in total liabilities, and $21.65 million in net deficit. SCHUBERT HOLDINGS: Members' Final Meeting Set for June 2 -------------------------------------------------------- Members of Schubert Holdings Pte Ltd will hold their final meeting on June 2, 2026, at 3:00 p.m., via Zoom meeting. At the meeting, Tan Kim Swee Bernard (Chen Jinrui Bernard) and Ong Jun Loong, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. ********* 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. 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