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260313.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 Friday, March 13, 2026, Vol. 29, No. 52 Headlines A U S T R A L I A CRIMSON BOND 2026-1: S&P Assigns B (sf) Rating to Class F Notes EMBLEM PROPERTY: First Creditors' Meeting Set for March 18 EVMR PTY: First Creditors' Meeting Set for March 19 HEALTHSCOPE NEW: Three Adelaide Hospitals Set to Exit MINE & RAIL: First Creditors' Meeting Set for March 17 NKA GROUP: First Creditors' Meeting Set for March 19 ORDE SERIES 2026-1: Moody's Puts B2 Rating to AUD12MM Cl. F Notes RICH DIGITAL: First Creditors' Meeting Set for March 17 TASFOODS LTD: Goes Into Voluntary Administration C H I N A COUNTRY GARDEN: Issues More Work Fee Shares Amid Restructuring RETO ECO-SOLUTIONS: Closes $8.7MM Seven Arrows Acquisition WENS FOODSTUFF: Fitch Affirms 'BB' IDR, Outlook Stable I N D I A AGRAWAL TECHNICAL: Ind-Ra Cuts Bank Loan Rating to B- ASHIRWAD SPONGE: Ind-Ra Keeps BB Loan Rating in NonCooperating BAKERI PROJECTS: Ind-Ra Withdraws BB Loan Rating, Outlook Stable CICIL BIOCHEM: CRISIL Keeps D Debt Ratings in Not Cooperating D. VANSH: CRISIL Lowers Rating on INR17cr Cash Loan to D DLA INDUSTRIES: CRISIL Lowers Rating on INR10cr Term Loan to D ELMECH POWER: CRISIL Lowers Rating on INR4cr Loan to D EMS AND EXPORTS: CRISIL Keeps C Debt Rating in Not Cooperating GAYATHRI CASHEWS: CRISIL Lowers Rating on INR20cr Cash Loan to D JOSAN INDUSTRIES: CRISIL Lowers Rating on INR11cr Loan to D JOSAN RICE: CRISIL Lowers Rating on INR10cr Cash Loan to D MPL AUTOMOBILES: CRISIL Keeps B- Debt Ratings in Not Cooperating MUTHULAXMI SPINNING: CRISIL Keeps D Ratings in Not Cooperating NCS AUTO: CRISIL Lowers Rating on INR30cr New LT Loan to D RASHMI STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating RAYBAN FEEDS: CRISIL Keeps D Debt Ratings in Not Cooperating RCM INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating REHAN WINE: CRISIL Lowers Rating on INR11cr Cash Loan to D RISHI RAJ: CRISIL Keeps D Debt Ratings in Not Cooperating Category SABITRI INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating SHRUTI TRAVELS: CRISIL Keeps D Debt Rating in Not Cooperating SMT. VISHNU: CRISIL Keeps D Debt Rating in Not Cooperating Category SR CYLINDERS: CRISIL Keeps D Debt Ratings in Not Cooperating SREEVALSAM EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating SUPER CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating VAAGESWARI EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating VALLABH STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating VANI TRADING: CRISIL Keeps D Debt Ratings in Not Cooperating VASAVI AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating J A P A N NIDEC CORPORATION: Moody's Cuts CFR & Senior Unsecured Rating to B3 M A L A Y S I A 1MDB: Foreign Liquidators Lose Appeal to Sue Two Banks Over Deals MBO CINEMAS: Ceases Operations Permanently PHARMANIAGA: On Track to Exit PN17 as Turnaround Gains Traction N E W Z E A L A N D MASTERPIECE INVESTMENT: Creditors' Proofs of Debt Due on April 10 MELT LIMITED: Court to Hear Wind-Up Petition on March 31 SHARK N TATTIES: Creditors' Proofs of Debt Due on March 25 ST ANDREWS TRADERS: Court to Hear Wind-Up Petition on March 31 WHISTLING REINDEER: Creditors' Proofs of Debt Due on March 30 P H I L I P P I N E S ROYAL AIR: Collapses Into Liquidation as All Flights Cancelled S I N G A P O R E AVANT PROTEINS: Commences Wind-Up Proceedings LAYAN MANAGEMENT: Court to Hear Wind-Up Petition on March 20 SWALLEST PTE: Court Enters Wind-Up Order TARITA TRADING: Court to Hear Wind-Up Petition on April 10 UCARS PTE: Court to Hear Wind-Up Petition on March 20 S O U T H K O R E A [] Seoul's Aging Poor Driven Toward Bankruptcy by Living Costs - - - - - ================= A U S T R A L I A ================= CRIMSON BOND 2026-1: S&P Assigns B (sf) Rating to Class F Notes --------------------------------------------------------------- S&P Global Ratings assigned its ratings to seven classes of residential mortgage-backed securities (RMBS) issued by Perpetual Corporate Trust Ltd. as trustee for Crimson Bond Trust 2026-1. Crimson Bond Trust 2026-1 is a securitization of prime residential mortgage loans originated by BC Securities Pty Ltd. The ratings assigned to the floating-rate RMBS reflect the following factors. The credit risk of the underlying collateral portfolio, which comprises residential mortgage loans to residents of Australia and self-managed superannuation fund borrowers, and the credit support provided to each class of notes are commensurate with the ratings assigned. Credit support is provided by subordination, lenders' mortgage insurance covering 1.7% of the loan portfolio, excess spread, if any, and a loss reserve funded by the trapping of excess spread, subject to conditions. S&P's assessment of credit risk considers BC Securities' underwriting standards and approval process as well as its servicing quality. The rated notes can meet timely payment of interest and ultimate repayment of principal under the rating stresses. Key rating factors are the level of subordination provided, the loss reserve, the principal draw function, the liquidity reserve, and the provision of an extraordinary expense reserve. S&P's analysis is on the basis that the notes are fully redeemed via the principal waterfall mechanism under the transaction documents by their legal final maturity date, and S&P assumes the notes are not called at or beyond the call-option date. S&P said, "Our ratings also take into account the counterparty exposure to National Australia Bank Ltd. as the bank account provider. The transaction documents include downgrade remedy language consistent with our counterparty criteria. "We also have factored into our ratings the legal structure of the trust, which is established as a special-purpose entity and meets our criteria for insolvency remoteness. "We have assessed the servicing and standby servicing arrangements in this transaction under our "Global Framework For Assessing Operational Risk In Structured Finance Transactions" criteria, published Oct. 9, 2014, and concluded that there are no constraints on the maximum rating that can be assigned to the notes." Ratings Assigned Crimson Bond Trust 2026-1 Class A1, A$787.80 million: AAA (sf) Class A2, A$114.20 million: AAA (sf) Class B, A$43.50 million: AA (sf) Class C, A$33.00 million: A (sf) Class D, A$16.00 million: BBB (sf) Class E, A$7.50 million: BB (sf) Class F, A$4.50 million: B (sf) Class G, A$3.50 million: Not rated EMBLEM PROPERTY: First Creditors' Meeting Set for March 18 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Emblem Property Pty Ltd ATF Yellow Co Property Trust will be held on March 18, 2026, at 11:00 a.m. at the offices of Cor Cordis, at Level 29, 360 Collins Street, in Melbourne, VIC, and via virtual meeting technology. Sam Kaso and Matthew Sweeny of Cor Cordis were appointed as administrator of the company on March 5, 2026. EVMR PTY: First Creditors' Meeting Set for March 19 --------------------------------------------------- A first meeting of the creditors in the proceedings of EVMR Pty Limited, trading as '3D Evolution' & 'Five Canons', will be held on March 19, 2026, at 10:00 a.m. via virtual meeting. Rajiv Ghedia of Westburn Advisory was appointed as administrator of the company on March 9, 2026. HEALTHSCOPE NEW: Three Adelaide Hospitals Set to Exit ----------------------------------------------------- Michael Smith at The Australian Financial Review reports that the owner of three Adelaide hospitals is preparing to terminate its management contracts with Healthscope in a move that will whittle down the size of the debt-laden operator's network to 28, as receivers push ahead with plans to turn the company into a not-for-profit operator. According to the Financial Review, the Adelaide Community Healthcare Alliance (ACHA), a not-for-profit group, has advised Healthscope that it plans to sever ties with the company after 23 years and go it alone, removing Ashford Hospital, Flinders Private Hospital and The Memorial Hospital from the existing 31-strong network. Under the arrangement, Healthscope, Australia's second-largest private hospital operator, provides the Adelaide group with IT, payroll and other operational management support, but it does not own the properties or employ the 2500 staff that work there. The arrangement was agreed in 2003 when ACHA was short of cash, and was designed to give them more collective bargaining power with health insurers. The Financial Review says Healthscope confirmed ACHA had advised it intended to terminate the contract. ACHA said that a court ruling of an insolvency event and manager default would allow it to terminate its contract with Healthscope and resume managing the hospitals itself. Five of Healthscope's most profitable hospitals have been sold since the company fell into receivership in May 2025 with debts of AUD1.6 billion, the Financial Review notes. A 10-month sale process has failed to find buyers for the entire network. According to the Financial Review, Healthscope said the separation of the three Adelaide hospitals would not jeopardise its not-for-profit proposal being spearheaded by chief executive Tino La Spina and backed by the company's lenders. Healthscope's landlords, who have concerns about the not-for-profit proposal, will argue that the removal of three more hospitals will weaken the so-called for-purpose model, even though the revenues from the Adelaide facilities are a fraction of what Healthscope gets from Sydney's Prince of Wales Private Hospital, which remains in the portfolio, the Financial Review relays. The Financial Review says Healthscope's property landlords, Northwest and HMC, have previously flagged potential legal action if they are forced to accept lower rents under the not-for-profit model. Calvary Health Care and Healthscope's biggest landlord, Canada's Northwest Healthcare Properties, said on Feburary 21 they were planning to lodge a rival offer for the unsold hospitals in the network within weeks, the Financial Review recalls. That proposal has not yet emerged, but sources said it was in the final stages and would be presented to McGrathNicol by the end of the month. About Healthscope Healthscope provides healthcare services. The Company manages a network of hospitals, clinics, and physicians for the provision of emergency care, women's services, cancer care, and pediatric services. Healthscope operates 38 hospitals across Australia. On May 26, 2025, Keith Crawford, Matthew Caddy, Jason Ireland & Katherine Sozou of McGrathNicol Restructuring were appointed as Receivers and Managers of ANZ Hospitals Pty Ltd and Healthscope NewCo Pty Ltd. The appointments are limited to these two entities only, which are 'holding companies' within the Healthscope Group corporate structure. Craig Shepard, Mark Korda, Andrew Knight and Lara Wiggins of KordaMentha were appointed as administrators of Healthscope Newco Pty Ltd and ANZ Hospitals Pty Ltd on May 26, 2025. According to Sky News Australia, the lenders behind Healthscope have opted to call in receivers to find a buyer for the private hospital operator. Healthscope was purchased by Canadian asset management firm Brookfield in 2019, however, it handed control of the health company to the lenders earlier in May 2025. This syndicate of hedge funds and banks voted on May 26 to put the company into receivership, Sky News Australia said. MINE & RAIL: First Creditors' Meeting Set for March 17 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Mine & Rail Company Pty Ltd will be held on March 17, 2026, at 11:00 a.m. via video conference only. Barry Wight and Thomas Birch of Cor Cordis were appointed as administrators of the company on March 5, 2026. NKA GROUP: First Creditors' Meeting Set for March 19 ---------------------------------------------------- A first meeting of the creditors in the proceedings of NKA Group Pty Ltd, trading as "NJA Roofing", will be held on March 19, 2026, at 11:00 a.m. via Zoom. Mitchell Griffiths of Rapsey Griffiths Turnaround + Advisory was appointed as administrator of the company on March 9, 2026. ORDE SERIES 2026-1: Moody's Puts B2 Rating to AUD12MM Cl. F Notes ----------------------------------------------------------------- Moody's Ratings has assigned the following definitive ratings to the notes issued by BNY Trust Company of Australia Limited as trustee of ORDE Series 2026-1 Trust. Issuer: BNY Trust Company of Australia Limited as trustee of ORDE Series 2026-1 Trust AUD316.00 million Class A1-S Notes, Assigned Aaa (sf) AUD474.00 million Class A1-L Notes, Assigned Aaa (sf) AUD86.00 million Class A2 Notes, Assigned Aaa (sf) AUD59.00 million Class B Notes, Assigned Aa2 (sf) AUD17.00 million Class C Notes, Assigned A2 (sf) AUD14.00 million Class D Notes, Assigned Baa2 (sf) AUD15.00 million Class E Notes, Assigned Ba2 (sf) AUD12.00 million Class F Notes, Assigned B2 (sf) The AUD5.00 million Class G1 Notes and the AUD2.00 million Class G2 Notes are not rated by us. The transaction is a securitisation of first-ranking mortgage loans originated by ORDE Mortgage Custodian Pty Ltd and serviced by ORDE Financial Pty Ltd (ORDE). The mortgage loans are secured over residential properties located in Australia and payable in Australian dollars. ORDE is backed by Fancourt Capital Group. ORDE has assets under management of AUD5.0 billion as of January 2026. RATINGS RATIONALE The definitive ratings take into account, among other factors: -- Evaluation of the underlying receivables and their expected performance; -- Evaluation of the capital structure and credit enhancement provided to the notes; -- The availability of excess spread over the life of the transaction; and -- The liquidity facility in the amount of 1.50% of the note balance. According to Moody's analysis, the transaction benefits from credit strengths such as subordination to the Class A1-S and Class A1-L Notes in excess of the Moody's individual loan analysis (MILAN) Stressed Loss. However, the transaction features some credit weaknesses such as a high exposure to self-employed borrowers and alternative documentation loans of 83.1% and 79.4% respectively. Moody's MILAN Stressed Loss for the collateral pool — representing the loss that Moody's expects the portfolio to suffer in the event of a severe recession scenario — is 9.2%. Moody's expected loss for this transaction is 1.2%, which represents a stressed, through-the-cycle loss relative to Australian historical data. The key transactional features are as follows: -- Under the retention mechanism, excess spread is used to repay principal on the most junior rated notes up to AUD4 million thereby limiting their exposure to losses. At the same time, the retention amount ledger ensures that the level of credit enhancement available to the more senior ranking notes is preserved. -- The notes will be initially repaid sequentially. The Class A1-L to Class F Notes will start receiving their pro-rata share of principal collections if certain step down conditions are satisfied on or after the payment date in March 2028. The step down conditions include, among others, no unreimbursed charge-offs and the subordination to the Class A2 Notes at least doubling since closing. While the Class G1 and Class G2 Notes do not receive principal payments until the other notes are fully repaid, once the step down conditions are satisfied, their pro-rata share of principal collections will be allocated in a reverse sequential order, starting from the Class F Notes. The principal paydown will revert to sequential pay once the aggregate invested amount of all notes is less than or equal to 20.0% of the aggregate initial invested amount of all notes on the issue date, or following the payment date in March 2030. Key pool features are as follows: -- The portfolio has a weighted-average seasoning of 6.5 months. -- The portfolio has a weighted average scheduled LTV ratio of 71.7%. -- Around 83.1% of the loans in the portfolio were extended to self-employed borrowers. The income of these borrowers is subject to higher volatility than salaried borrowers, and they may experience higher default rates. -- Based on Moody's classifications, 79.4% of the loans in the portfolio were extended on an alternative documentation basis. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Residential Mortgage-Backed Securitizations" published in October 2024. Factors that would lead to an upgrade or downgrade of the ratings: Levels of credit protection that are greater than necessary to protect investors against current expectations of loss could lead to an upgrade of the ratings. Moody's expectations of loss could improve from its original expectations because of fewer defaults by underlying obligors or higher recoveries on defaulted loans. The Australian job market and the housing market are primary drivers of performance. A factor that could lead to a downgrade of the notes is worse-than-expected collateral performance. Other reasons that could lead to a downgrade include poor servicing, error on the part of transaction parties, a deterioration in credit quality of transaction counterparties, fraud or lack of transactional governance. RICH DIGITAL: First Creditors' Meeting Set for March 17 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Rich Digital Pty Limited will be held on March 17, 2026, at 11:00 a.m. at the offices of HLB Mann Judd, at Level 5, 10 Shelley Street, in Sydney, NSW and via virtual meeting technology. Matthew Levesque Hocking and Todd Gammel of HLB Mann Judd were appointed as administrators of the company on March 6, 2026. TASFOODS LTD: Goes Into Voluntary Administration ------------------------------------------------ ABC News reports that an oversupply of chicken meat has been blamed for the collapse of Tasmanian agrifood business TasFoods. The ASX-listed company and its subsidiaries fell into the hands of administrators KPMG Australia on March 11, the ABC discloses. The ABC says over several years, the company bought several established family owned food companies and expanded them. But it has struggled to make a profit and sold most of them off. Among the subsidiaries are Nichols Poultry, a chicken farming operation based in Sassafras, Nichols Hatchery, Van Diemen's Land Dairy, Tasmanian Food Co Dairy, and JJJBSM. According to the ABC, the administrators are now in control of TasFoods' assets, trading and day-to-day running. "As administrators, we aim to stabilise operations and collaborate with stakeholders to achieve the best outcome." The ABC relates that KPMG said it planned to continue trading as normal and would prioritise an immediate assessment of the business and its operations. At this stage, it said the company's 160 workers would remain employed and receive entitlements, while it reviewed trading and considered sale and recapitalisation options. The news has hardly come as a shock to Nichols Poultry co-founder Andrew Nichols. "It shouldn't have gone into the heights of big corporate management," the ABC quotes Mr. Nichols as saying. "There is time for something to be pulled out of a fire, and hopefully it can carry on in some form or other." The ABC relates that the semi-retired farmer, who still owns the land Nichols Hatchery operates from, is primarily concerned about animal welfare. "I hope to goodness that that's being well considered. If it's not, then I should be devastated, and very, very vocal, I'm sure," he said. According to the ABC, local chicken farmer Paul Campbell said suppliers and contractors had been tussling over payments for years. "We've had to fight tooth and nail to get our money," he said. "Eventually, we were being paid, albeit late, and drip-fed in bits and pieces, but we were managing to get it up until the 20th of February." Mr. Campbell said he is now owed approximately AUD70,000, the ABC relays. And still under a contract, he said he was still expected to deliver more chickens later this month. "We're in a rural community, so if someone's not being paid, it soon gets around that there's issues there," Mr. Campbell said. The ABC adds that private wealth advisor Sam Baker said the most recent cash flow report showed TasFoods had a debt of AUD10.6 million, largely to NAB. He said that would be unlikely to include leases, and any suppliers that had not been paid. "It doesn't look good at this point," Mr Baker said. Creditors will meet on March 23, 2026, the ABC notes. TasFoods Limited shares will remain suspended from trading while in administration, and updates will be provided to the Australian Securities Exchange (ASX). About TasFoods TasFoods Limited (ASX:TFL) -- https://tasfoods.com.au/ -- engages in the processing, manufacture, and sale of Tasmanian-made food products in Australia. It operates through Dairy, Poultry, and Shared Services segments. The company offers poultry meat products under the Nichols Poultry and Nichols Kitchen brands. It also provides fresh milk, cheese, cream, and butter products under the Pyengana Dairy, Meander Valley Dairy, and Betta Milk brands. It offers its products to food retailers, cafés, restaurants, distributors, and food manufacturers directly, as well as through online stores and websites. TasFoods Limited was incorporated in 1998 and is based in Launceston, Australia. ========= C H I N A ========= COUNTRY GARDEN: Issues More Work Fee Shares Amid Restructuring -------------------------------------------------------------- TipRanks reports that Country Garden has issued additional shares under its existing general mandate as part of its ongoing restructuring arrangements with its coordinating committee of creditors. The move follows earlier issuances of "work fee" shares whose sale proceeds are earmarked to settle advisory and coordination fees owed to the creditor group. According to TipRanks, the company previously issued 135,591,359 CoCom Work Fee Shares at HK$0.40 each, but disposals to date, raising about HK$17.5 million, have proven insufficient to fully cover the roughly US$8.2 million in work fees. To bridge the shortfall, the board approved the allotment of a further 36,000,000 shares at HK$0.30 per share to GLAS HK, which will sell them to generate additional cash to complete payment of the outstanding fees. TipRanks relates that the newly approved tranche represents about 0.09% of Country Garden's enlarged share capital, with an aggregate nominal value of HK$3.6 million. While modest in dilution terms, the issuance underlines the developer's reliance on equity-linked arrangements to meet restructuring-related obligations and maintain cooperation from its creditor committee during a critical phase of its financial overhaul. About Country Garden Country Garden Holdings Company Limited (HKEX:2007), an investment holding company, invests, develops, and constructs real estate properties primarily in Mainland China. The company operates in two segments, Property Development and Construction. It develops residential projects, such as townhouses and condominiums; and car parks and retail shops. The company also develops, operates, and manages hotels. In addition, it researches and develops robots; sells electronic hardware and food; and provides interior decoration, agriculture, landscape design, investment and management consulting, cultural activity planning, and real estate consulting services. As reported in the Troubled Company Reporter-Asia Pacific in late February 2024, Kingboard Holdings-backed money lender Ever Credit on Feb. 27, 2024, filed a winding-up petition against Country Garden to the Hong Kong High Court for non-payment of a US$205 million loan. The TCR-AP reported in late March 2024 that Country Garden has hired Kroll to carry out a liquidation analysis. Kroll, the New York-headquartered financial advisory firm, is expected to conduct an independent business review of Country Garden before projecting a recovery rate for the developer's creditors under a liquidation scenario, according to Reuters. The developer defaulted on US$11 billion of offshore bonds in late 2023 and is in the process of an offshore debt restructuring. Country Garden Holdings sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12175) on October 1, 2025. Honorable Bankruptcy Judge Philip Bentley handles the case. The Debtor is represented by Christopher J. Hunker, Esq. of Linklaters LLP. RETO ECO-SOLUTIONS: Closes $8.7MM Seven Arrows Acquisition ---------------------------------------------------------- ReTo Eco-Solutions, Inc. disclosed in a regulatory filing that it entered into a Share Exchange Agreement, by and among: (i) ReTo as the "Buyer" (ii) Seven Arrows Supply Chain Limited, a British Virgin Islands business company, and (iii) Rei Shiba as the "Seller". Pursuant to the Share Exchange Agreement, subject to the terms and conditions set forth therein, Seller agreed to sell to ReTo, and ReTo agreed to buy, an aggregate of 25,500 ordinary shares, par value $0.01 per share, of Seven Arrows, representing 51% of the issued and outstanding equity interests of Seven Arrows in exchange for newly issued Class A shares, no par value of ReTo. The Share Exchange closed on February 27, 2026. A full text copy of the Share Exchange Agreement is available at https://tinyurl.com/bdzaa6fc Consideration In full payment for the Purchased Shares, ReTo issued 8,670,000 Buyer Class A Shares, at a price $1.00 per share, with an aggregate value of $8,670,000. Following the Closing, 11,013,201 Buyer Class A Shares were issued and outstanding. Escrow Shares At the Closing, all of the Share Consideration otherwise issuable to Seller was deposited into a segregated escrow account with VStock Transfer, LLC, as escrow agent, and held in escrow in accordance with an escrow agreement entered into in connection with the Transactions. The Escrow Earnout Shares will be held in the escrow account and shall vest or be subject to forfeiture during the 36 month period following the Closing. The Escrow Earnout Shares shall also serve as the source of payment for any post-Closing indemnification claims (other than claims arising from fraud, criminal activity or willful misconduct in connection with the Transactions); provided, however, that Seller may elect to pay such indemnification claims by cash in lieu of forfeiture of Buyer Class A Shares held by Seller. Seller will not have the right to vote the Escrow Earnout Shares while they are held in escrow nor shall Seller have the right to create any liens or other restrictions with respect to such Escrow Earnout Shares while such Escrow Earnout Shares are in escrow. Earnout Seller will have a contingent right to receive the Escrow Earnout Shares after the Closing based on the net income and the Contributed Profits of Seven Arrows's operating company during the 3 fiscal years ending December 31, 2026, 2027 and 2028. "Contributed Profits" means with respect to the Operating Company for any fiscal year, the amount equal to 51% of net income, if any, of the Operating Company determined in accordance with GAAP in an applicable year; provided, however, if after the Closing and during the Earnout Period, the Company or its subsidiaries acquire another business or material assets, then the Contributed Profits shall be computed without taking into consideration: (i) the revenues of or generated by such acquired business or material assets or (ii) any impact such acquired business or material assets would have on the net income of the Operating Company. Contributed Profits also excludes: (x) any extraordinary gains (such as from the sale of real property, investments, securities or fixed assets) or any other extraordinary income and (y) any revenues that are non-recurring and earned outside of the ordinary course. Seller shall be entitled to receive the Escrow Earnout Shares as follows: * If: (A) the Operating Company's net income for the fiscal year ending December 31, 2026 is equal to or greater than $510,000 and (B) Buyer receives 51% of the 2026 Net Income in cash pursuant to the Management Services Agreement, then Seller shall be entitled to receive 10% of the Escrow Earnout Shares; provided, however, that the number of 2026 Escrow Earnout Shares that vest and become payable to Seller shall be subject to the adjustments and reduced by the number of shares forfeited by Seller as payment due in respect of its indemnification obligations as described below. * In the event that the Company achieves at least 70% but less than 100% of the 2026 Net Income Target and Buyer receives 100% of the 2026 Contributed Profits, then: (A) a number of 2026 Escrow Earnout Shares equal to the product of (I) the number of 2026 Escrow Earnout Shares and (II) the quotient obtained by dividing 2026 Net Income by the 2026 Net Income Target, shall immediately vest and become payable to Seller and (B) Seller shall forfeit and shall no longer be eligible to receive the remaining 2026 Escrow Earnout Shares (but shall still be eligible to receive 2027 Escrow Earnout Shares and 2028 Escrow Earnout Shares). * In the event that the: (A) Company fails to achieve 70% of 2026 Net Income Target or (B) Buyer fails to receive 100% of the 2026 Contributed Profits, Seller shall forfeit and shall no longer be eligible to receive from the escrow account an aggregate number of Escrow Earnout Shares equal to 100% of the 2026 Escrow Earnout Shares. * If: (A) Operating Company's net income for the fiscal year ending December 31, 2027 is equal to or greater than $1,785,000 and (B) Buyer receives 51% of the 2027 Net Income in cash pursuant to the Management Services Agreement, then Seller shall be entitled to receive 35% of the Escrow Earnout Shares; provided, however, that the number of 2027 Escrow Earnout Shares that vest and become payable to Seller shall be subject to the adjustments and reduced by the number of shares forfeited by Seller as payment due in respect of its indemnification obligations as described below. * In the event that the Company achieves at least 70% but less than 100% of the 2027 Net Income Target and Buyer receives 100% of the 2027 Contributed Profits, then: (A) a number of 2027 Escrow Earnout Shares equal to the product of: (I) the number of 2027 Escrow Earnout Shares and (II) the quotient obtained by dividing 2027 Net Income by the 2027 Net Income Target, shall immediately become payable to Seller and (B) Seller shall forfeit and shall no longer be eligible to receive the remaining 2027 Escrow Earnout Shares (but shall still be eligible to receive 2028 Escrow Earnout Shares). * In the event that: (A) the Company fails to achieve 70% of 2027 Net Income Target or (B) Buyer fails to receive 100% of the 2027 Contributed Profits, Seller shall forfeit and shall no longer be eligible to receive from the escrow account an aggregate number of Escrow Earnout Shares equal to 100% of the 2027 Escrow Earnout Shares. * If: (A) the Operating Company's net income for the fiscal year ending December 31, 2028 is equal to or greater than $2,805,000 and (B) Buyer receives 51% of the 2028 Net Income in cash pursuant to the Management Services Agreement, then Seller shall be entitled to receive 55% of the Escrow Earnout Shares; provided, however, that the number of 2028 Escrow Earnout Shares that vest and become payable to Seller shall be subject to the adjustments and reduced by the number of shares forfeited by Seller as payment due in respect of its indemnification obligations as described below. * In the event that the Company achieves at least 70% but less than 100% of the 2028 Net Income Target and Buyer receives 100% of the 2028 Contributed Profits, then: (A) a number of 2028 Escrow Earnout Shares equal to the product of (I) the number of 2028 Escrow Earnout Shares and (II) the quotient obtained by dividing 2028 Net Income by the 2028 Net Income Target, shall immediately become vested and payable to Seller and (B) Seller shall forfeit and shall no longer be eligible to receive the remaining 2028 Escrow Earnout Shares. * In the event that: (A) the Company fails to achieve 70% of 2028 Net Income Target or (B) Buyer fails to receive 100% of the 2028 Contributed Profits, Seller shall forfeit and shall no longer be eligible to receive from the escrow account an aggregate number of Escrow Earnout Shares equal to 100% of the 2028 Escrow Earnout Shares. If the Company's Net Income in any applicable fiscal year exceeds 100% of the Net Income Target in such fiscal year, Buyer shall issue to Seller a number of Buyer Class A Shares equal to the product of the Excess Profits divided by $1.00 ; provided, however, that the number of Additional Earnout Shares in each applicable year shall not be greater than 100% of the maximum amount of Escrow Earnout Shares in such year. The number of Escrow Earnout Shares shall be appropriately adjusted to reflect any reclassification, recapitalization, share split (including a share consolidation), or combination, exchange, readjustment of shares, or similar transaction, or any share dividend or distribution paid in shares with respect to the Buyer Class A Shares subsequent to the Closing Date. Representations and Warranties The Share Exchange Agreement contains a number of representations and warranties by each of ReTo, Seven Arrows and Seller as of the Closing Date that are customary for transactions similar to the Transactions. Many of the representations and warranties are qualified by materiality or Material Adverse Effect. Certain of the representations are subject to specified exceptions and qualifications contained in the Share Exchange Agreement or in information provided pursuant to certain disclosure schedules to the Share Exchange Agreement. "Material Adverse Effect" means, with respect to any specified person, any fact, event, occurrence, change or effect that has had, or would reasonably be expected to have, individually or in the aggregate, a material adverse effect upon: (a) the business, assets, liabilities, results of operations, prospects or condition (financial or otherwise) of such person and its subsidiaries, taken as a whole, or (b) the ability of such person or any of its subsidiaries on a timely basis to consummate the Transactions or the agreements to which it is a party or bound or to perform its obligations thereunder. Indemnification The representations and warranties of Seven Arrows and Seller generally shall survive until the second anniversary of the Closing except that certain representations and warranties shall survive until the expiration of the applicable statute of limitations and certain other fundamental representations and warranties shall survive indefinitely. The representations and warranties of ReTo do not survive the Closing. Until the Survival Date, ReTo may assert claims against Seller for any and all losses incurred by ReTo with respect to any inaccuracy in or breach of any of the representations or warranties made by Seller or the Company contained in the Share Exchange Agreement. ReTo may assert claims against Seller for any and all losses incurred by ReTo for any breach or non-fulfillment of any covenant, agreement or obligation to be performed by Seller or the Company pursuant to the Share Exchange Agreement at any time. Seller shall indemnify each of Buyer and its affiliates and their respective representatives for any breach of any representations and warranties or covenants of Seven Arrows or Seller in the Share Exchange Agreement and or in any certificate delivered by or on behalf of Seven Arrows or a Seller. Indemnification claims by ReTo for breaches of representations and warranties made by Seller and Seven Arrows, other than certain representations (including certain fundamental representations), are subject to: (i) a deductible of $50,000, following which Seller shall be liable for such losses from the first dollar and (ii) an aggregate cap of $3,000,000. Indemnification claims can only be made against the Escrow Earnout Shares, which is the source of remedy after the Closing, except for claims based on fraud, willful misconduct or intentional misrepresentation; provided, however, that Seller may elect to pay such indemnification claims by cash in lieu of forfeiture of Buyer Class A Shares held by Seller. Any Escrow Earnout Shares that are received by ReTo for indemnification claims will be cancelled by ReTo. Covenants of the Parties Each party to the Share Exchange Agreement agreed to use its commercially reasonable efforts to effect the Transactions. The Share Exchange Agreement contains certain additional covenants by each of the parties, including covenants regarding: (1) litigation support; (2) no insider trading; (3) further assurances; (4) public announcements; (5) confidentiality; (6) intended tax treatment of the Share Exchange; and (7) transfer taxes. Seller agreed not to, and cause its affiliates not to, compete with Seven Arrows for a period of five years after the Closing. Seller also granted to Buyer a right of first refusal with respect to the remaining Company Shares held by Seller and also granted tag-along and drag-along rights to Buyer with respect to such Company Shares. Governing Law The Share Exchange Agreement is governed by the laws of the State of New York. Management Services Agreement In connection with the Transactions, on February 27, 2026, ReTo, Beijing ReTo Hengda Technology Co., Ltd., a company incorporated under the laws of People's Republic of China and wholly-owned subsidiary of ReTo, and the Operating Company entered into a management services agreement pursuant to which ReTo Technology will provide consulting and management advisory services to the Operating Company. In exchange for ReTo Technology's services, the Operating Company will pay an aggregate management fee of up to $2,601,000 subject to certain adjustment pursuant to the Management Services Agreement during the Earnout Period. A copy of the form of Management Services Agreement is available at https://tinyurl.com/tkxerfj4 Consulting Agreement In connection with the Transactions, on February 27, 2026, ReTo entered into a Advisory and Consulting Agreement with certain consultant, pursuant to which ReTo agreed to issue the Consultant and/or its designees an aggregate of 867,000 Buyer Class A Shares, at a price of $1.00 per share, with an aggregate value of $867,000 within five business days following the Closing, in consideration for the Consultant's advisory services rendered related to the Transactions. These shares will be issued in reliance upon exemption afforded by Regulation S and/or Regulation D of from registration under the Securities Act of 1933, as amended. Unregistered Sales of Equity Securities. Based in part upon the representations of Seller in the Share Exchange Agreement, the issuance and sale of Buyer Class A Shares pursuant to the Share Exchange Agreement to Seller as part of the purchase price in the Transactions was made in a private placement transaction exempt for registration in reliance on the exemption afforded by Regulation S and/or Regulation D of the Securities Act, and corresponding provisions of state securities or "blue sky" laws. None of the securities have been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from the registration requirements. About Reto Eco-Solutions Reto Eco-Solutions, Inc., through its operating subsidiaries in China, is engaged in the manufacture and distribution of eco-friendly construction materials (aggregates, bricks, pavers and tiles), made from mining waste (iron tailings), as well as equipment used for the production of these eco-friendly construction materials. Headquartered in Beijing, Peoples Republic of China, the Company also provides consultation, design, project implementation and construction of urban ecological protection projects through its operating subsidiaries in China. It also provides parts, engineering support, consulting, technical advice and service, and other project-related solutions for its manufacturing equipment and environmental protection projects. Irvine, California-based YCM CPA Inc., the Company's auditor since 2021, issued a "going concern" qualification in its report dated May 8, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company reported a net loss of approximately $8.4 million and $16.1 million for the years ended December 31, 2024 and 2023, respectively, and the Company had a working deficit of approximately $2.6 million as of December 31, 2024. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $41.4 in total assets, $7.2 million in total liabilities, and $34.2 in total equity. WENS FOODSTUFF: Fitch Affirms 'BB' IDR, Outlook Stable ------------------------------------------------------ Fitch Ratings has affirmed 12 APAC consumer companies' ratings. These actions follow the update of Fitch's "Corporate Rating Criteria" and the "Sector Navigators - Addendum to the Corporate Rating Criteria" on 9 January 2026. The companies' ratings and Fitch's Outlooks are unaffected by the criteria changes. Key Rating Drivers For each company's full key ratings drivers, see the RACs listed below. Bright Food (Group) Co., Ltd. and Bright Food International Limited (BFI) Fitch Affirms Bright Food at 'BBB+'/Stable; Rates Proposed EUR Notes 'BBB', published on 15 June 2025 COFCO (Hong Kong) Limited Fitch Affirms COFCO HK at 'A-'; Outlook Stable, published on 28 October 2025 WH Group Limited Fitch Affirms WH Group at 'BBB+'; Outlook Stable, published on 28 May 2025 Wens Foodstuff Group Co., Ltd Fitch Affirms Wens Foodstuff at 'BB'; Outlook Stable, published on 15 October 2025 Vipshop Holdings Limited Fitch Affirms Vipshop at 'BBB'; Outlook Stable, published on 3 December 2025 S.F. Holding Co., Ltd. Fitch Affirms S.F. Holding at 'A-'; Outlook Stable, published on 30 September 2025 Li & Fung Limited Fitch Publishes Li & Fung's First-Time 'BB' Rating; Outlook Stable, published on 22 July 2025 Haidilao International Holding Ltd Fitch Affirms Haidilao at 'BBB'; Outlook Stable, published on 4 August 2025 Fonterra Co-operative Group Limited Fitch Affirms Fonterra at 'A'; Outlook Stable, published on 16 November 2025 PT Indofood CBP Sukses Makmur Tbk Fitch Upgrades Indofood CBP's IDR to 'BBB'; Outlook Stable, published on 14 May 2025 Thai Beverage Public Company Limited Fitch Revises Thai Beverage's Outlook to Negative; Affirms at 'BBB-'/'AA(tha)', published on 19 December 2025 Peer Analysis Refer to the RAC for each issuer. Fitch’s Key Rating-Case Assumptions Refer to the RAC for each issuer. Corporate Rating Tool Inputs and Scores Bright Food Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): management (bbb-, lower), sector characteristics (bbb-, moderate), market and competitive positioning (bbb, higher), diversification and asset quality (bbb+, moderate), company operational characteristics (bbb, moderate), profitability (b, moderate), financial structure (ccc-, moderate), and financial flexibility (bb-, higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, and 40% for the forecast years 2025 and 2026. - Assessments of the quantitative financial subfactors also include bespoke calculations. - B+ to CC considerations apply in its analysis and result in no adjustment. - The governance assessment of 'good' results in no adjustment. - The operating environment assessment of 'bbb+' results in no adjustment. - The SCP is 'b+'. To derive the IDR: - Application of Fitch's Government-Related Entities Rating Criteria results in a top-down approach from its internal assessment of the creditworthiness of the Shanghai government. WH Group Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): management (bbb+, lower), sector characteristics (bbb, moderate), market and competitive positioning (bbb+, moderate), diversification and asset quality (bbb, higher), company operational characteristics (bbb+, moderate), profitability (bb+, moderate), financial structure (aa+, moderate), and financial flexibility (a-, moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, and 40% for the forecast years 2025 and 2026. - The governance assessment of 'good' results in no adjustment. - The operating environment assessment of 'a' results in no adjustment. - The SCP is 'bbb+'. To derive the IDR: - Fitch made no adjustments to the SCP, resulting in an IDR of 'BBB+'. Wens Foodstuff Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): management (bbb, lower), sector characteristics (bb, moderate), market and competitive positioning (bb+, moderate), diversification and asset quality (bb, moderate), company operational characteristics (bb+, moderate), profitability (bb, higher), financial structure (bb, moderate), and financial flexibility (bbb-, moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, and 40% for the forecast years 2025 and 2026. - Assessments of the quantitative financial subfactors also include bespoke calculations. - The governance assessment of 'good' results in no adjustment. - The operating environment assessment of 'bbb-' results in no adjustment. - The SCP is 'bb'. To derive the IDR: - Fitch made no adjustments to the SCP, resulting in an IDR of 'BB'. Vipshop Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): management (bbb, lower), sector characteristics (bb+, moderate), market and competitive positioning (bbb-, higher), diversification and asset quality (bb+, moderate), company operational characteristics (bbb, moderate), profitability (bbb-, moderate), financial structure (aa+, moderate), and financial flexibility (a+, moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, and 40% for the forecast years 2025 and 2026. - The governance assessment of 'good' results in no adjustment. - The operating environment assessment of 'bbb-' results in no adjustment. - The SCP is 'bbb'. To derive the IDR: - Fitch made no adjustments to the SCP, resulting in an IDR of 'BBB'. SF Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): management (bbb, lower), sector characteristics (a-, moderate), market and competitive positioning (a-, higher), diversification and asset quality (bbb+, moderate), company operational characteristics (bbb+, moderate), profitability (bb-, lower), financial structure (a, higher), and financial flexibility (bbb, moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, and 40% for the forecast years 2025 and 2026. - Assessments of the quantitative financial subfactors also include bespoke calculations. - The governance assessment of 'good' results in no adjustment. - The operating environment assessment of 'bbb' results in no adjustment. - The SCP is 'a-'. To derive the IDR: - Fitch made no adjustments to the SCP, resulting in an IDR of 'A-'. Li & Fung Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): management (bbb-, lower), sector characteristics (b+, moderate), market and competitive positioning (bb, higher), diversification and asset quality (bb, moderate), company operational characteristics (bb, higher), profitability (b, lower), financial structure (b+, moderate), and financial flexibility (bb+, moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, and 40% for the forecast years 2025 and 2026. - The governance assessment of 'good' results in no adjustment. - The operating environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb'. To derive the IDR: - Fitch made no adjustments to the SCP, resulting in an IDR of 'BB'. Haidilao Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): management (bbb, lower), sector characteristics (bbb, moderate), market and competitive positioning (bbb-, moderate), diversification and asset quality (bb, Moderate), company operational characteristics (bbb, moderate), profitability (bb, moderate), financial structure (aa+, moderate), and financial flexibility (a-, moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, and 40% for the forecast years 2025 and 2026. - The governance assessment of 'good' results in no adjustment. - The operating environment assessment of 'bbb-' results in no adjustment. - The SCP is 'bbb'. To derive the IDR: - Fitch made no adjustments to the SCP, resulting in an IDR of 'BBB'. Fonterra Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): management (bbb, lower), sector characteristics (a-, moderate), market and competitive positioning (a-, moderate), diversification and asset quality (bbb, lower), company operational characteristics (a+, higher), profitability (bbb+, moderate), financial structure (a, higher), and financial flexibility (a, moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical financial year ending July 2025 (FY25), and 40% for the forecast years FY26 and FY27. - The governance assessment of 'good' results in no adjustment. - The operating environment assessment of 'a+' results in no adjustment. - The SCP is 'a'. To derive the IDR: - Fitch made no adjustments to the SCP, resulting in an IDR of 'A'. Indofood CBP Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): management (bbb, lower), sector characteristics (bbb, moderate), market and competitive positioning (bbb-, moderate), diversification and asset quality (bb+, higher), company operational characteristics (bbb, moderate), profitability (a, moderate), financial structure (a, lower), and financial flexibility (bbb, moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, and 40% for the forecast years 2025 and 2026. - The governance assessment of 'good' results in no adjustment. - The operating environment assessment of 'bbb-' results in no adjustment. - The SCP is 'bbb-'. To derive the IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in an equalised approach. Thai Beverage Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): management (bbb-, lower), sector characteristics (bbb+, moderate), market and competitive positioning (bbb+, moderate), diversification and asset quality (bbb-, moderate), company operational characteristics (bbb+, moderate), profitability (bbb+, moderate), financial structure (bb+, higher), and financial flexibility (bbb-, moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, and 40% for the forecast years 2026 and 2027. - Assessments of the quantitative financial subfactors also include bespoke calculations. - The governance assessment of 'good' results in no adjustment. - The operating environment assessment of 'bbb' results in no adjustment. - The SCP is 'bbb-'. To derive the IDR: - Fitch made no adjustments to the SCP, resulting in an IDR of 'BBB-'. RATING SENSITIVITIES Refer to the RAC for each issuer. Liquidity and Debt Structure Refer to the RAC for each issuer. Issuer Profile Refer to the RAC for each issuer. Summary of Financial Adjustments Refer to the RAC for each issuer. Sources of Information Refer to the RAC for each issuer. Public Ratings with Credit Linkage to other ratings Refer to the RAC for each issuer. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Bright Food, Bright Food International, COFCO HK, WH Group, Wens Foodstuff, Vipshop, SF, Li & Fung, Haidilao, Fonterra, Indofood CBP and Thai Beverage. ESG Considerations Refer to the RAC for each issuer. Entity/Debt Rating Prior ----------- ------ ----- Li & Fung Limited LT IDR BB Affirmed BB senior unsecured LT BB Affirmed BB Blossom Joy Limited senior unsecured LT A- Affirmed A- Thai Beverage Public Company Limited LT IDR BBB- Affirmed BBB- WH Group Limited LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB+ Affirmed BBB+ S.F. Holding Co., Ltd. LT IDR A- Affirmed A- senior unsecured LT A- Affirmed A- Bright Food Singapore Holdings Pte. Ltd. senior unsecured LT BBB Affirmed BBB SF Holding Investment Limited senior unsecured LT A- Affirmed A- Bright Food International Limited LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB Wens Foodstuff Group Co., Ltd. LT IDR BB Affirmed BB senior unsecured LT BB Affirmed BB SF Holding Investment 2021 Limited senior unsecured LT A- Affirmed A- Fonterra Co-operative Group Limited LT IDR A Affirmed A ST IDR F1 Affirmed F1 senior unsecured LT A Affirmed A senior unsecured ST F1 Affirmed F1 Haidilao International Holding Ltd. LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB SF Holding Investment 2023 Limited senior unsecured LT A- Affirmed A- Bright Food (Group) Co., Ltd. LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB+ Affirmed BBB+ USD bond/note LT BBB+ Affirmed BBB+ PT Indofood CBP Sukses Makmur Tbk LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB COFCO (Hong Kong) Limited LT IDR A- Affirmed A- senior unsecured LT A- Affirmed A- Vipshop Holdings Limited LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB ========= I N D I A ========= AGRAWAL TECHNICAL: Ind-Ra Cuts Bank Loan Rating to B- ----------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Shri Agrawal Technical & Education Society rating to 'IND B-/Negative (ISSUER NOT COOPERATING)'. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using the rating. The detailed rating action is: -- INR330.7 mil. Bank Loan Facilities downgraded with IND B-/ Negative (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The downgrade is in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. As per the policy, ratings of non-cooperative issuers may get downgraded during subsequent reviews, if the issuer continues to remain non-cooperative. With passage of time and absence of updated information, the risk of sustaining the rating at current levels by relying on dated information increases, which may be reflected through a downgrade rating action. The Negative Outlook reflects heightened risk of default. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Shri Agrawal Technical & Education Society while reviewing the rating. Ind-Ra had consistently followed up with Shri Agrawal Technical & Education Society over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Shri Agrawal Technical & Education Society on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect Shri Agrawal Technical & Education Society's credit strength. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Registered under the Madhya Pradesh Society Registration Act, 1973, Shri Agrawal Technical & Education Society was set up by Sanjeev Agarwal in June 2002. ASHIRWAD SPONGE: Ind-Ra Keeps BB Loan Rating in NonCooperating -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained the rating on Ashirwad Sponge Iron Private Limited's (ASIPL) bank facilities in the non-cooperating category and has simultaneously withdrawn the same. The detailed rating is as follows: -- INR350 mil. Bank loan facilities* maintained in non- cooperating category and withdrawn. *Maintained at 'IND BB/Negative (ISSUER NOT COOPERATING)/'IND A4+ (ISSUER NOT COOPERATING)' before being withdrawn Detailed Rationale of the Rating Action The rating has been maintained in the non-cooperating category before being withdrawn because the issuer did not participate in the rating exercise despite repeated requests by the agency through phone calls and emails, and has not provided information about latest audited financial statement, sanctioned bank facilities and utilization, business plans and projections for the next three years, and management certificate. This is in accordance with Ind-Ra's policy of 'Guidelines on What Constitutes Non-cooperation'. Ind-Ra is no longer required to maintain the ratings, as the agency has received a request for withdrawal of ratings and no-objection certificate issued by the bankers. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interactions with ASIPL while reviewing the rating. Ind-Ra had consistently followed up with ASIPL over emails, apart from phone calls since January 2025. The issuer have submitted the monthly no default statement until January 2026. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of ASIPL, as the agency does not have adequate information to review the rating. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. ASIPL has been non-cooperative with the agency since January 3, 2025. About the Company Incorporated in 2021, ASIPL is into the manufacturing of sponge iron with its manufacturing facility located in Jamshedpur, Jharkhand. The plant has an installed capacity of 45,000MT per annum. BAKERI PROJECTS: Ind-Ra Withdraws BB Loan Rating, Outlook Stable ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has taken the following rating actions on Bakeri Projects Private Limited's (BPPL) bank loan facilities: -- INR28.50 mil. Bank loan facilities is withdrawn; and -- INR500.0 mil. Bank loan facilities assigned with IND BB/Stable rating. *Ind-Ra has withdrawn the rating as Ind-Ra has received confirmation for no-dues outstanding from the banker and the agency has received a withdrawal request from the issuer. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Analytical Approach Ind-Ra continues to take a fully consolidated view of BPPL and its associate companies: Bakeri Residence LLP (BPPL holds 65%) and Bakeri Spaces LLP (BPPL holds 65%) and its 100% subsidiary, Bakeri Urban Development Private Limited (BUDPL; debt rated at 'IND BB'/Stable), together referred to as the Bakeri group, owing to the strong legal, operational and financial linkages among them. BPPL has also provided a corporate guarantee for BUDPL's non-convertible debentures (NCDs). Detailed Rationale of the Rating Action The ratings reflect the group's muted sales traction in its plotted development schemes, due to subdued demand conditions, along with the execution and saleability risks associated with its ongoing projects, including Sylvan Golf & Country Homes Plots, Sujal Apartments Redevelopment, Stella in GIFT City, and the commercial project, Sakar Scintilla in GIFT City Special Economic Zone (SEZ). As of December 2025, these projects achieved only around 30% construction progress and 23% sales, constrained by the sluggish real estate market environment in Gujarat. The group is, however, taking steps to diversify geographically to mitigate market concentration risk. Furthermore, the group's completed projects exhibit moderate booking levels, and overall sales and collections remained modest, leading to continued reliance on customer advances to meet the balance construction costs of ongoing developments. Nevertheless, the ratings draw comfort from the promoters' established experience and the long-operational track record of the Bakeri group in the real estate sector, which provides stability to the business profile. Detailed Description of Key Rating Drivers Offtake Risk in Ongoing Projects; High Execution and Funding Risk for New Project with Planned LRD Conversion: The Bakeri Group continues to exhibit modest sales and collection momentum across its ongoing residential and plotted development portfolio as on 31 December 2025. The group received bookings for 289 units (40% of 720 units) and sold 1.24 million square feet (msf; 23% of total 5.41 msf) as of December 31, 2025. The company had committed receivables of INR2,565 million, against the balance construction cost of INR4,935 million, indicating continued dependence on incremental sales and timely collections to fund project cost-to-go. This status excludes the recently commenced commercial project, 'Sentella', which is at an early stage and has not yet contributed meaningfully to bookings. Ind-Ra expects the booking momentum to improve over the medium term, supported by advancing construction milestones and better market visibility as the projects near completion. In addition to the ongoing portfolio, the group is developing the 'Sakar Scintilla', a commercial project in GIFT City, with a total saleable area of 0.95 msf, on a land allotted under a 20-year lease. The project cost is INR5,163 million, with targeted completion by March 2029 (approximately a 3.5-year construction period). As of December 2025, only about 8% of the construction cost had been incurred, reflecting a nascent stage of execution and thus high execution risk, particularly considering the obligations under the lease-cum-development agreement with GIFT SEZ Limited. Funding visibility is partial, with INR3,000 million (58%) of debt tied up, while the remaining 42% is likely to be funded through promoter contribution and unsecured loans, thereby mitigating near-term funding risk. The entire asset is planned to be leased, and the company intends to convert the construction facility through an LRD structure after the completion and leasing, which should lower refinancing risk, subject to achieving timely lease tie-ups at remunerative rentals. Disbursements are linked to stage-wise construction progress and proportionate promoter infusion, making execution progress, promoter support, and leasing traction key monitorable through the construction cycle and leading up to the proposed LRD conversion. Slow-Paced Sales and Weak Market Absorption in Several Completed and Ongoing Projects: The group continues to experience slow-paced sales and weak market absorption across several completed and ongoing projects, despite full construction status in many cases. Completed projects such as Serenity Meadows, Sarvesh Apartments, Serenity Proximus-1, Sakar 9, Sansita, Serenity Pastures and Serendeep Mansions, with all of which reaching 100% completion in 2022–2023, continue to record muted sales traction due to limited buyer absorption at prevailing price points. Similarly, ongoing developments such as Samasta Arcade (100% complete in December 2025 but with modest booking levels) and Sylvan Golf & Country Homes Plots (construction progress increasing from 46.35% in 2024 to about 52% in 2025) are witnessing sluggish absorption, reflecting subdued demand for plotted and commercial developments in Gujarat. In addition, although Serenity Proximus-2 achieved about 87% of the construction progress in December 2025, it continues to be affected by ongoing litigation with the previous landowners, constraining marketability and delays sales conversion. Ind-Ra will monitor the group's ability to revive sales momentum, enhance absorption levels, and monetize completed inventory, which remains critical for strengthening cash-flow visibility over the medium term. Financial Closure Yet to Be Achieved: As on 31 December 2025, the ongoing projects such as Sylvan Golf & Country Homes Plots; Sujal Apartments Redevelopment; and Stella in GIFT City; and the commercial project, Sakar Scintilla in GIFT City Special Economic Zone (SEZ), were approximately 30% complete, and the balance project cost, including the newly launched Sakar Scintilla of INR 9,709 million is proposed to be funded through a mix of debt and predominantly customer advances. The group had debt of INR3,430 million available to fund the ongoing portfolio, including the Sakar Scintilla commercial project. After considering the project debt and the committed receivables, Ind-Ra estimates that the group would be required to achieve additional sales of around INR3,714 million, representing 29% of the total project cost, to fully tie up the funding requirement for completion. As of December 2025, the group had achieved financial closure for approximately 61% of the project cost, with 39% still pending, indicating continued reliance on incremental sales and collections to bridge the funding gap, which is likely to persist in the near term. Disbursements under the sanctioned facilities remain linked to stage-wise construction progress and proportionate promoter contribution, making timely promoter infusion a key monitorable over the medium term. High Debt Obligations Likely to Constrain Cash Flows and Elevate Dependence on Customer Advances: The group has high scheduled debt obligations, with annual repayments of INR655 million–745 million over the next three years up to FY28, along with finance costs of INR390 million–502 million. These sizeable outflows are likely to consume a major portion of customer advances, thereby reducing the internal liquidity available for construction and project progress, consistent with the pressure observed in the past 12 months. In addition, BUDPL has outstanding NCDs of INR2,712 million (including accrued interest) due for redemption in FY37; however, as these instruments are fully subscribed by promoter entities and are expected to be rolled over without cash outflow, the near- to medium-term refinancing risk remains limited. Nonetheless, the elevated debt burden heightens the group's reliance on sustained sales and timely collections to maintain adequate liquidity for project execution. Strategic Fiscal Benefits Strengthening Tenant Interest in GIFT SEZ: The project's benefits from its location within GIFT SEZ, Gandhinagar, which provides access to significant fiscal incentives including corporate tax exemptions, zero‑rated goods and service tax (GST) treatment, and waivers on stamp duty and customs duties resulting in structurally lower operating costs for prospective tenants. Occupiers in the International Financial Services Centre (IFSC) zone further gain from reduced minimum alternate tax (MAT) applicability and exemptions on key financial‑sector levies, enhancing the overall economic attractiveness of tenancy. The project's riverfront‑adjacent site in Sector 14E within the SEZ, coupled with its proximity to major financial institutions and multinational occupiers, positions it strongly within a high‑growth business district. Supported by GIFT City's advanced infrastructure and multimodal connectivity, the location is likely to aid sustained leasing traction and strengthen the project's medium‑term marketability. Experienced Management with Strong Presence in Gujarat and Diversifying Project Pipeline: The Bakeri group benefits from a long operating history and established brand in the Gujarat real estate market, supported by consistent execution and quality delivery across its projects. The group is now diversifying beyond its core Ahmedabad–Gandhinagar market, with an upcoming a new residential project, Stella Residency, in Bengaluru and has also invested in other projects in different location. The future pipeline comprises a mix of residential, commercial, retail and student-housing developments indicating healthy growth visibility and a gradual expansion of the group's geographic and product footprint. Liquidity Stretched: At end-December 2025, the group's ongoing projects (excluding Sakar Scintilla) had an expected receivables of INR2,565.6 million from sold units, with 40% of inventory sold (289 out of 720 units), against a pending construction cost of INR4,935 million which is likely to be completed from a mix of loan and higher dependency on customer advances. The group has total debt repayments of around INR2,088 million and a finance cost of INR1,374 million over FY26-FY28, which pressures its liquidity. The Bakeri group had cash and cash equivalents of INR10.28 million at FYE25. The agency expects the liquidity to remain under pressure if the finished inventory is not liquidated, given the sizeable, committed construction cost for under construction and new projects, along with sizeable scheduled debt repayments. Rating Sensitivities Negative: Delays in the selling of the ready inventory (completed project), slow sales in the ongoing projects, a slowdown in project completion and/or collection, leading to a further pressure on the liquidity position will be negative for the ratings. Positive: A ramp-up in the execution of the project Stella, faster liquidity of the ready inventory (completed project), a significant increase in the sales realization leading to an improvement in the liquidity position, could lead to a positive rating action. Any Other Information Standalone Profile: BPPL's sales and collection velocity stood at INR318.37 million in the 12 months ended December 2025. Its revenue stood at INR456.99 million in FY25 (FY24: INR362.27 million) while EBITDA was INR240.84 million (INR164.48 million). BPPL has one ongoing project namely Sujal Apartments (redevelopment residential scheme project) which is 35% completed and 20% sold out. BPPL has a ready inventory of INR857 million from its completed projects, which are available for liquidation in the near- to medium term. It has repayment obligation of INR443 million-453 million over FY26-FY27. About the Company BPPL is a real estate development company engaged in residential, plotted development, and commercial real estate properties. It is the flagship company of Bakeri Group. The group was set up in 1959 and has developed more than 25msf of plotted development and 17msf of constructed properties in Ahmedabad. CICIL BIOCHEM: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Cicil Biochem Private Limited (SORPL; Earlier known as Sunshakti Oil Refinery Private Limited) continue to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Letter of Credit 3 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.9 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Rupee Term Loan 1.1 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SORPL for obtaining information through letter and email dated January 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 SORPL, which restricts Crisil Ratings’ ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SORPL is consistent with ‘Assessing Information Adequacy Risk’. Based on the last available information, the ratings on bank facilities of SORPL continues to be ‘Crisil D/Crisil D Issuer not cooperating’. SORPL, incorporated in 2011, refines oil. The company is promoted by Mumbai-based Gala family and operations are managed by Mr Vishal Gala. Its manufacturing unit is at Vada in Tilgaon. D. VANSH: CRISIL Lowers Rating on INR17cr Cash Loan to D -------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of D. Vansh Enterprises (DVE), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 17 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with DVE for obtaining information through letters and emails dated November 10, 2025 and February 25, 2026 among others, apart from telephonic communication. However, the issuer has remained non-cooperative. Investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating has been arrived at without any interaction with the management and is based on best available, limited or dated information regarding the company. Such non-cooperation by a rated entity may be a result of weakening of its credit risk profile. Ratings with the 'ISSUER NOT COOPERATING' suffix lack a forward looking component. Detailed Rationale Despite repeated attempts to engage with the management of DVE, Crisil Ratings did not receive any information on the financial performance or strategic intent of the entity. This restricts the ability of Crisil Ratings to take a forward-looking view on the credit quality of the company. The rating action on DVE is consistent with the criteria detailed in 'Assessing information adequacy risk'. Crisil Ratings has downgraded its rating on the bank facilities of DVE to 'Crisil D Issuer not cooperating' from 'Crisil C Issuer not cooperating' as the entity has delayed servicing its debt obligation, as per publicly available information. DVE was established in 2008 as a proprietorship firm. It is engaged in wholesale and retail distribution of liquor such as Indian-made foreign liquor (IMFL) and country liquor in Punjab. DLA INDUSTRIES: CRISIL Lowers Rating on INR10cr Term Loan to D -------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of DLA Industries Private Limited (DLA), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.15 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil A4 ISSUER NOT COOPERATING) Cash Credit 4.75 Crisil D (ISSUER NOT COOPERATING; Downgraded from Crisil B-/Stable ISSUER NOT COOPERATING) Proposed Long Term 5 Crisil D (ISSUER NOT Bank Loan Facility COOPERATING; Downgraded from Crisil B-/Stable ISSUER NOT COOPERATING) Proposed Long Term 0.1 Crisil D (ISSUER NOT Bank Loan Facility COOPERATING; Downgraded from Crisil B-/Stable ISSUER NOT COOPERATING) Term Loan 10 Crisil D (ISSUER NOT COOPERATING; Downgraded from Crisil B-/Stable ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with DLA for obtaining information through letters and emails dated June 5, 2025 and February 25, 2026 among others, apart from telephonic communication. However, the issuer has remained non-cooperative. Investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'issuer not cooperating' as the rating has been arrived at without any interaction with the management and is based on best available, limited or dated information regarding the company. Such non-cooperation by a rated entity may be a result of weakening of its credit risk profile. Ratings with the 'issuer not cooperating' suffix lack a forward looking component. Detailed Rationale Despite repeated attempts to engage with the management of DLA, Crisil Ratings did not receive any information on the financial performance or strategic intent of the entity. This restricts the ability of Crisil Ratings to take a forward-looking view on the credit quality of the company. The rating action on DLA is consistent with the criteria detailed in 'Assessing information adequacy risk'. Crisil Ratings has downgraded its ratings on the bank facilities of DLA to 'Crisil D/Crisil D Issuer not cooperating' from 'Crisil B-/Stable/Crisil A4 Issuer not cooperating' as the entity has delayed servicing its debt obligation, as per publicly available information. Incorporated in 2014 in Karnal, DLA Industries Pvt Ltd is engaged in manufacture of wooden laminates, pre lamp boards, acrylic hi-glass and modular kitchen The Company is promoted by Mr.Darshan Lal Arora, Smt.Promila Arora and Mr. Pankaj Arora. ELMECH POWER: CRISIL Lowers Rating on INR4cr Loan to D ------------------------------------------------------ CRISIL Ratings has revised the ratings on certain bank facilities of Elmech Power & Air Conditioning Engineers Private Limited (Elmech), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil A4 ISSUER NOT COOPERATING) Cash Credit 4 Crisil D (ISSUER NOT COOPERATING; Downgraded from Crisil B+/Stable ISSUER NOT COOPERATING) Proposed Fund- Based Bank Limits 2 Crisil D (ISSUER NOT COOPERATING; Downgraded from Crisil B+/Stable ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with Elmech for obtaining information through letters and emails dated November 10, 2025 and February 26, 2026 apart from telephonic communication. However, the issuer has remained non-cooperative. Investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'issuer not cooperating' as the rating has been arrived at without any interaction with the management and is based on best-available, limited or dated information regarding the firm. Such non-cooperation by a rated entity may be a result of weakening of its credit risk profile. Rating with the 'issuer not cooperating' suffix lacks a forward-looking component. Detailed Rationale Despite repeated attempts to engage with the management of Elmech, Crisil Ratings did not receive any information on the financial performance or strategic intent of the entity. This restricts the ability of Crisil Ratings to take a forward-looking view on the credit quality of the firm. The rating action on Elmech is consistent with the criteria detailed in 'Assessing information adequacy risk'. Based on the publicly available information, Crisil Ratings has downgraded its rating on the long-term bank facilities of Elmech to 'Crisil D/Crisil D Issuer not cooperating' from 'Crisil B+/Stable/Crisil A4 Issuer not cooperating'. As per information available in the public domain, there remains delinquency Incorporated in 1990 and promoted by Mr MC Kishore Shrivastav, Elmech provides indoor and outdoor electrification solutions for real estate projects, and commercial and government buildings. EMS AND EXPORTS: CRISIL Keeps C Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of EMS and Exports (EMS; a part of the Five Core group) continue to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 20 CRISIL A4 (Issuer Not Cooperating) Bill Discounting 5 CRISIL A4 (Issuer Not Cooperating) Bill Discounting 12 CRISIL A4 (Issuer Not Cooperating) Cash Credit 2 CRISIL C (Issuer Not Cooperating) Packing Credit in 16 CRISIL A4 (Issuer Not Foreign Currency Cooperating) Crisil Ratings has been consistently following up with EMS for obtaining information through letters and emails dated March 12, 2025 and February 25, 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 EMS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on EMS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of EMS continues to be 'Crisil C/Crisil A4 Issuer not cooperating'. FCEL is a part of the Five Core group that manufactures electronic equipment, including public address systems, speakers, amplifiers, microphones, woofers; and electrical accessories under the 5 Core brand. The group exports products to 56 countries. Mr Amarjit Kalra and his family manage the operations. Incorporated in 2002, FCEL is listed on the National Stock Exchange Emerge platform since May 2018 and has manufacturing units in Delhi and Bhiwadi (Rajasthan). Set up in 2008 as a partnership firm, EMS has a facility in Kashipur (Uttarakhand). Visual is a limited liability partnership firm set up in 2008, with a unit in Mundka (Delhi). Neha is a proprietorship firm set up in 2009 and has a unit at Daruhera (Gurugram). Set up in 2010, 2011, and 2012, IAPL, Digi, and Happy are private-limited companies with units in Noida, Bhiwadi, and Delhi, respectively. 5Core was set up in 2012 and has a unit in Bhiwadi. GAYATHRI CASHEWS: CRISIL Lowers Rating on INR20cr Cash Loan to D ---------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Sri Gayathri Cashews (SGC), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Buyer Credit Limit 10 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Cash Credit 20 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with SGC for obtaining information through email dated November 10, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non-cooperation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SGC, which restricts Crisil Ratings' ability to take a forward-looking view on the entity's credit quality. Crisil Ratings believes that rating action on SGC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, Crisil Ratings has downgraded the rating to 'Crisil D Issuer not cooperating' from 'Crisil B/Stable Issuer not cooperating'. As per information available in the public domain, the firm has been declared as a willful defaulter and bankers have confirmed that there are delays noted in debt servicing. Established as a partnership firm in 2003, SGC trades in raw cashew nuts and processes cashew kernels. The Cuddalore (Tamil Nadu) based firm is promoted and managed by Mr. C Ramesh JOSAN INDUSTRIES: CRISIL Lowers Rating on INR11cr Loan to D ----------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Josan Industries (JI), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 11 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING') Warehouse Financing 2.5 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with JI for obtaining information through letter and email dated January 8, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. Investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'issuer not cooperating' as the rating has been arrived at without any interaction with the management and is based on best-available, limited or dated information regarding the firm. Such non-cooperation by a rated entity may be a result of weakening of its credit risk profile. Rating with the 'issuer not cooperating' suffix lacks a forward-looking component. Detailed Rationale Despite repeated attempts to engage with the management of JI, Crisil Ratings did not receive any information on the financial performance or strategic intent of the entity. This restricts the ability of Crisil Ratings to take a forward-looking view on the credit quality of the firm. The rating action on JI is consistent with the criteria detailed in 'Assessing information adequacy risk'. Based on the publicly-available information, Crisil Ratings has downgraded its rating on the long-term bank facilities of JI to 'Crisil D Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. As per information available in the public domain, there remains delinquency in the entity's accounts and clarity about the same from the management and bankers is awaited. The Josan group is promoted by the Josan family of Jalalabad (Punjab). The group processes rice and deals in basmati varieties such as 1121. In the non-basmati segment, it processes the PR 11 variety. JRM, established in 1988, has its milling facility in Jalalabad with an installed milling capacity of 4 tonnes per hour (tph). JRM's operations are managed by Mr. Hukam Chand and his nephew Mr. Jashan Preet Josan. JI was established in 1995. The firm's facility, also based in Jalalabad, has an installed milling capacity of 4 tph. JI's operations are managed by three brothers of Mr. Hukam Chand: Mr. Harbhagwan Josan, Mr. Raj Kumar Josan, and Mr. Surinder Kumar Josan. JOSAN RICE: CRISIL Lowers Rating on INR10cr Cash Loan to D ---------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Josan Rice Mills (JRM; part of the Josan group), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING') Warehouse Financing 2 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with JRM for obtaining information through letters and emails dated January 8, 2025 and February 25, 2026 among others, apart from telephonic communication. However, the issuer has remained non-cooperative. Investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating has been arrived at without any interaction with the management and is based on best available, limited or dated information regarding the company. Such non-cooperation by a rated entity may be a result of weakening of its credit risk profile. Ratings with the 'issuer not cooperating' suffix lack a forward looking component. Detailed Rationale Despite repeated attempts to engage with the management of JRM, Crisil Ratings did not receive any information on the financial performance or strategic intent of the entity. This restricts the ability of Crisil Ratings to take a forward-looking view on the credit quality of the company. The rating action on JRM is consistent with the criteria detailed in 'Assessing information adequacy risk'. Crisil Ratings has downgraded its rating on the bank facilities of JRL to 'Crisil D Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating' as the entity has delayed servicing its debt obligation, as per publicly available information The Josan group is promoted by the Josan family of Jalalabad (Punjab). The group processes rice and deals in basmati varieties such as 1121. In the non-basmati segment, it processes the PR 11 variety. JRM, established in 1988, has its milling facility in Jalalabad with an installed milling capacity of 4 tonnes per hour (tph). JRM's operations are managed by Mr. Hukam Chand and his nephew Mr. Jashan Preet Josan. JI was established in 1995. The firm's facility, also based in Jalalabad, has an installed milling capacity of 4 tph. JI's operations are managed by three brothers of Mr. Hukam Chand: Mr. Harbhagwan Josan, Mr. Raj Kumar Josan, and Mr. Surinder Kumar Josan. MPL AUTOMOBILES: CRISIL Keeps B- Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of MPL Automobiles Agency Private Limited (MAAPL) continue to be 'CRISIL B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Inventory Funding 12.5 CRISIL B-/Stable (ISSUER NOT Facility COOPERATING) Secured Overdraft 25 CRISIL B-/Stable (ISSUER NOT Facility COOPERATING) Crisil Ratings has been consistently following up with MAAPL for obtaining information through letter and email dated January 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 MAAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MAAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MAAPL continues to be 'Crisil B-/Stable Issuer not cooperating'. MAAPL, incorporated in 2000, is an authorised dealer for passenger vehicles of M&M in Chennai. MMPL, incorporated in 1998, is an authorised dealer for commercial vehicles of M&M in Chennai. The group is promoted by Mr. S. Ashok and his family. MUTHULAXMI SPINNING: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Muthulaxmi Spinning Mills Private Limited (MSMPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.5 CRISIL D (Issuer Not Cooperating) Letter of Credit 2.0 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MSMPL for obtaining information through letter and email dated January 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 MSMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MSMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MSMPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 1996 by Mr. Shanmugavel, MSMPL manufactures cotton yarn of 20s to 40s counts. NCS AUTO: CRISIL Lowers Rating on INR30cr New LT Loan to D ---------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of NCS Auto Hub Private Limited (NCS), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Inventory Funding 20 Crisil D (ISSUER NOT Facility COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Proposed Long Term 30 Crisil D (ISSUER NOT Bank Loan Facility COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with NCS for obtaining information through letter and email dated February 7, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution 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 NCS, which restricts Crisil Ratings' ability to take a forward-looking view on the entity' s credit quality. Crisil Ratings believes that rating action on NCS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, Crisil Ratings has downgraded the rating to 'Crisil D Issuer not cooperating' from 'Crisil B/Stable Issuer not cooperating'. As per information available in the public domain, there remains delinquency in company accounts and clarity about the same from the management and bankers is continuing to remain awaited. NCS was incorporated in July 2020 and is promoted by Mr. Grace Raju, Mr.Allen George and Mr. Raju George. It is an authorized dealer for Hyundai Motors India Limited and has 4 showrooms across Kerala. The company commenced commercial operations only from March 2021. RASHMI STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Rashmi Steels (RS) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 CRISIL D (Issuer Not Cooperating) Letter of Credit 0.65 CRISIL D (Issuer Not Cooperating) Rupee Term Loan 5.35 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RS for obtaining information through letter and email dated January 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 RS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RS continues to be 'Crisil D/Crisil D Issuer not cooperating'. Registered in 2001, RS is a proprietorship firm engaged in trading of ferrous and nonferrous scrap and has recently commenced aluminium extrusion. The firm is based out of Mumbai with its warehousing facility located in Bhuleshwar, Mumbai and has a factory located near Baroda, Gujarat for aluminium extrusion. The firm is promoted by Mr. Babulal G Bohra RAYBAN FEEDS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Rayban Feeds and Hatcheries Private Limited (RFHPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12 CRISIL D (Issuer Not Cooperating) Long Term Loan 11 CRISIL D (Issuer Not Cooperating) Proposed Long Term 2 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with RFHPL for obtaining information through letter and email dated January 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 RFHPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RFHPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RFHPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2011, RFHPL is engaged in poultry farming. The company was incorporated as a joint venture between the Elahi and Vadivel families, based in Hapur, Uttar Pradesh,-and Coimbatore, Tamil Nadu, respectively. It has a registered office in Coimbatore while its poultry farming unit is in Hapur; the unit commenced operations in fiscal 2014. RCM INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of RCM Infrastructure Limited (RCM) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 20.09 CRISIL D (Issuer Not Cooperating) Bank Guarantee 67.91 CRISIL D (Issuer Not Cooperating) Cash Credit 10 CRISIL D (Issuer Not Cooperating) Cash Credit 3.29 CRISIL D (Issuer Not Cooperating) Foreign Letter 10 CRISIL D (Issuer Not of Credit Cooperating) Funded Interest 1.71 CRISIL D (Issuer Not Term Loan Cooperating) Inland/Import 15 CRISIL D (Issuer Not Letter of Credit Cooperating) Inland/Import 5 CRISIL D (Issuer Not Letter of Credit Cooperating) Letter Of Guarantee 70 CRISIL D (Issuer Not Cooperating) Open Cash Credit 10 CRISIL D (Issuer Not Cooperating) Working Capital 17 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with RCM for obtaining information through letter and email dated January 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 RCM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RCM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RCM continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2009, RCM is a turnkey contractor for civil engineering activities, primarily road construction and laying of drinking water pipelines. RCM's operations are managed by its promoter-director Mr. K S Chowdry. REHAN WINE: CRISIL Lowers Rating on INR11cr Cash Loan to D ---------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Rehan Wine (REW), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 11 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B-/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with REW for obtaining information through letters and emails dated April 4, 2025 and February 26, 2026, apart from telephonic communication. However, the issuer has remained non-cooperative. Investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating has been arrived at without any interaction with the management and is based on best-available, limited or dated information regarding the firm. Such non-cooperation by a rated entity may be a result of weakening of its credit risk profile. Rating with the ISSUER NOT COOPERATING' suffix lacks a forward-looking component. Detailed Rationale Despite repeated attempts to engage with the management of REW, Crisil Ratings did not receive any information on the financial performance or strategic intent of the entity. This restricts the ability of Crisil Ratings to take a forward-looking view on the credit quality of the firm. The rating action on REW is consistent with the criteria detailed in 'Assessing information adequacy risk'. Based on the publicly-available information, Crisil Ratings has downgraded its rating on the long-term bank facilities of REW to 'Crisil D Issuer not cooperating' from Crisil B-/Stable Issuer not cooperating'. As per information available in the public domain, there remains delinquency in the entity's accounts and clarity about the same from the management and bankers is awaited. REW was set in 2015 by the proprietor, Mr Sumit Doda. The firm is a wholesale distributor for beer, Indian-made foreign liquor, country liquor, and wine products in Abohar, Punjab. RISHI RAJ: CRISIL Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ Crisil Ratings said the ratings on bank facilities of Rishi Raj Construction (RRC) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 20 Crisil D (Issuer Not Cooperating) Overdraft Facility 6 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RRC for obtaining information through letter and email dated January 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 RRC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RRC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RRC continues to be 'Crisil D/Crisil D Issuer not cooperating'. Set up in 2005 in Mainpuri, Uttar Pradesh (UP), as a partnership firm by Mr Sandeep Kumar and Mr Chandra Pal Singh, RRC is a civil contractor that constructs roads in UP. It primarily executes tenders floated by state Public Works Department. RRC has also started to bid for Railway tenders. SABITRI INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sabitri Industries Private Limited (SIPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 28.5 CRISIL D (Issuer Not Cooperating) Term Loan 42.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SIPL for obtaining information through letter and email dated January 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 SIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SIPL continues to be 'Crisil D Issuer not cooperating'. SIPL, incorporated in November 2009 and promoted by Mr. Dillip Kumar Agarwalla, commissioned a 37-tonne-perhour raw and par-boiled rice processing unit in Jajpur, Odisha, in June 2014. Commercial operations commenced in October 2014. SHRUTI TRAVELS: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Shruti Travels (ST) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Working 2.7 CRISIL D (Issuer Not Capital Facility Cooperating) Crisil Ratings has been consistently following up with ST for obtaining information through letter and email dated January 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 ST, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ST is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ST continues to be 'Crisil D Issuer not cooperating'. ST was set up in 2000, in Indore, Madhya Pradesh, by Mr. Rajesh Shrivastava. The firm is engaged in car rental business to corporates. SMT. VISHNU: CRISIL Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Smt. Vishnu Devi Educational Trust (SVDET) 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 SVDET for obtaining information through letter and email dated January 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 SVDET, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SVDET is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SVDET continues to be 'Crisil D Issuer not cooperating'. SVDET was formed in 2011, by Mr. Anil Kumar Agrawal and family. The trust has been set up to run educational institutions. Presently, the trust is running a school under the name of K N International School near Mathura (Uttar Pradesh), which was established in 2011. SR CYLINDERS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of SR Cylinders Private Limited (SRCPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.5 CRISIL D (Issuer Not Cooperating) Cash Credit 3 CRISIL D (Issuer Not Cooperating) Letter of Credit 1 CRISIL D (Issuer Not Cooperating) Term Loan 5.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SRCPL for obtaining information through letter and email dated January 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 SRCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SRCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SRCPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2015 in Hyderabad and promoted by Mr. Shiva Shankara Reddy, SRCPL manufactures domestic liquefied petroleum gas (LPG) cylinders, in sizes ranging from 2 47.50 kilograms. It also offers services like such as hot / cold repair of cylinders. SREEVALSAM EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sreevalsam Educational Trust (SET) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 6.48 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 53.52 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SET for obtaining information through letter and email dated January 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 SET, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SET is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SET continues to be 'Crisil D Issuer not cooperating'. Incorporated in 1990, SET undertakes engineering, procurement, and construction of fire protection systems such SET, based in Thrissur (Kerala), was set up in 2010, and is setting up a medical college, SIMS, in Edappal (Kerala). The institute will offer a five-year undergraduate course in medicine, and is likely to commence operations in 2017-18 (refers to financial year, April 1 to March SUPER CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Super Construction Co. - Mumbai (SCC) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 5.5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 8.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SCC for obtaining information through letter and email dated January 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 SCC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SCC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SCC continues to be 'Crisil D Issuer not cooperating'. SCC, set up in 1981, undertakes real estate development in and around Mumbai. The firm is owned and managed by Mr. Haribansh Singh and his family. The firm's office is in Navi Mumbai. Currently, SCC is developing a residential real estate project in Kharghar, and two slum rehabilitation projects (one each in Bandra and Wadala in Mumbai). In addition, the firm is also setting up a hotel in Panvel. VAAGESWARI EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating ----------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Sree Vaageswari Educational Society (SVET) continues to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 5 Crisil D (Issuer Not Cooperating) Proposed Long Term 1 Crisil D (Issuer Not Bank Loan Facility Cooperating) Rupee Term Loan 6 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SVET for obtaining information through letter and email dated January 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 SVET, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SVET is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SVET continues to be 'Crisil D Issuer not cooperating'. SVET, founded by Mr. G. Samba Reddy in year 1988, is an education group based out of Karimnagar (near Hyderabad) providing education including engineering and other professional courses. SVET has established 7 institutes offering courses across engineering, pharmacy, business management and computer applications. The trust is actively managed by Mr. G. Samba Reddy and his son Dr. G. Srinivasa Reddy. The Reddy family also has interests in hotel business and petrol filling stations. VALLABH STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Vallabh Steels Limited (VSL; part of the Vallabh group) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 39 CRISIL D (Issuer Not Cooperating) Letter of credit 26.50 CRISIL D (Issuer Not & Bank Guarantee Cooperating) Proposed Long Term 4.80 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with VSL for obtaining information through letter and email dated January 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 VSL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VSL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of VSL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 1968, VSL manufactures cold rolled (CR) coils, automotive (auto) rims, and electric resistance welded pipes. Most of the company's revenue and profit is derived from the sale of CR coils to local manufacturers of bicycles and auto ancillary units. VANI TRADING: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Sri Vani Trading and Co. (SVT) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1 CRISIL D (Issuer Not Cooperating) Foreign Letter 5 CRISIL D (Issuer Not of Credit Cooperating) Crisil Ratings has been consistently following up with SVT for obtaining information through letter and email dated January 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 SVT, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SVT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SVT continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2008, as a partnership firm by Mr. Marimuthu and Mr. Inbaraj, SVT trades imported timber. VASAVI AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sri Vasavi Agro Foods (SVAF) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 19 CRISIL D (Issuer Not Cooperating) Long Term Loan 2 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SVAF for obtaining information through letter and email dated January 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 SVAF, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SVAF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SVAF continues to be 'Crisil D Issuer not cooperating'. Set up in fiscal 2013 as a partnership firm, SVAF processes paddy into rice, rice bran, broken rice, and husk; it commenced commercial production in December 2013. The rice mill is located at Karatagi in Koppal (Karnataka). The operations are managed by the chief partner Mr Y Vasudev Shetty. ========= J A P A N ========= NIDEC CORPORATION: Moody's Cuts CFR & Senior Unsecured Rating to B3 ------------------------------------------------------------------- Moody's Ratings has downgraded Nidec Corporation's (Nidec) corporate family rating and senior unsecured rating to B3 from Ba3. The outlook remains negative. "The downgrade reflects the unreliability of Nidec's financial disclosure and its material governance weaknesses including lapses in risk management that make it an outlier among rated peers. Moody's expects that overhauling its governance practices and implementing effective checks and controls across the complex organization it built through aggressive acquisitions will take several years to remediate," says Roman Schorr, a Moody's Ratings Vice President and Senior Analyst. "The negative outlook captures the risk of further rating pressure following the preliminary findings of the third-party investigation including the possibility of material restatements," adds Schorr. RATINGS RATIONALE The rating action reflects the questionable quality and reliability of Nidec's financial reporting following interim findings released on March 03, 2026 by the third-party committee investigating inappropriate accounting practices. These factors are inconsistent with the Ba category and make Nidec an outlier even among lowly-rated speculative-grade issuers. The review identified numerous incidents of improper accounting across several group entities. While the current financial impact appears manageable and largely linked to non-cash items such as asset impairments, the ongoing probe poses a risk of further material findings. The findings also highlight shortcomings in Nidec's transparency and disclosure, including its inability to provide timely audited financial statements or interim accounts, and its auditor's disclaimer of opinion on fiscal 2024 results and incomplete review of the first half of fiscal 2025. These factors could result in the company restating several years of its financial statements. The irregularities also highlight material governance failures, and cast doubt on the robustness of the company's accounting framework and the board's oversight of financial risk. The third-party probe found serious deficiencies in internal control, governance, and oversight, including failures within the accounting function. The investigation attributes responsibility for this inadequate oversight and control failures to certain senior executives. Mr. Nagamori, Nidec's founder and ca. 12% owner, already resigned from his role as Chairman Emeritus on February 26 while several senior executives including the Chief Financial Officer stepped down or stopped their duties following the report. While Nidec is taking steps to improve its governance, restoring management's credibility will require significant time and effort. Nidec's B3 CFR incorporates the company's diversified product portfolio, technological capability in the electric motor business, and significant market presence as a leading motor manufacturer. The CFR also reflects Moody's expectations that Nidec will maintain sufficient liquidity to meet near-term obligations, including a EUR500 million (approximately JPY90 billion) bond due in March 2026. In November 2025, Nidec secured a JPY600 billion committed credit facility that strengthens its liquidity buffer. These credit-supportive factors are offset by material weaknesses in financial disclosure and internal controls, captured in the G-5 governance issuer profile score and the credit impact score of CIS-5. Governance risk exposure is reflected in uncertainty about compliance and reporting quality, weaknesses in internal controls, high risk appetite, and a questionable management track record. Nidec's B3 CFR also incorporates its acquisitive growth strategy, which entails event risk. The company's growth strategy has led to a complex organizational structure, which may have contributed to accounting oversight. Nidec's CFR also reflects its exposure to cyclical demand in its business segments. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The negative outlook takes into account the lack of audited financials, weak risk controls and Moody's expectations that the successful execution of overhauling its governance practices will take time. The ratings are unlikely to be upgraded until the company addresses governance and accounting concerns including timely disclosure of audited financial statements and embedding strong risk management practices. Moody's could downgrade Nidec's ratings if its credit metrics deteriorate or its liquidity and funding access weaken. Failure to address the preliminary findings of the investigation including accounting irregularities and governance would also be credit negative. Other developments that could put downward pressure on the rating include an inability to contain reputational challenges that will impact the company's operations or regulatory risk. The principal methodology used in these ratings was Manufacturing (Japanese) published in October 2025. Nidec's B3 CFR is seven notches below the scorecard-indicated outcome. This reflects the uncertainty over the quality and reliability of its financial disclosure, including the risk of material restatements. Headquartered in Kyoto, Japan, Nidec Corporation is a leading manufacturer of electric motors. =============== M A L A Y S I A =============== 1MDB: Foreign Liquidators Lose Appeal to Sue Two Banks Over Deals ----------------------------------------------------------------- The Business Times reports that the Court of Appeal has dismissed the appeal by foreign liquidators to sue Standard Chartered and BSI Bank over transactions allegedly linked to the 1Malaysia Development Bhd (1MDB) saga, blocking efforts to recoup assets lost in one of the world's largest financial scandals. In a judgement issued on March 11, Chief Justice Sundaresh Menon upheld the High Court's decision, finding that a specific provision - Article 23(9) of Singapore's cross-border insolvency framework, also known as the SG Model Law - explicitly bars foreign representatives from bringing such claims over transactions that predate the law, BT relates. That provision, he said, was inserted by Parliament precisely to prevent the law from being applied retroactively. According to BT, CJ Menon dismissed the liquidators' argument that a separate, broader provision in the same law gave the court discretion to grant them standing as an alternate route. This reading of the law was "built on a false premise", he said, and accepting it would effectively render the specific provision meaningless. "It would be strange for Parliament to have spelt out the various limbs of Article 23 in such granular detail if the same effect could have been achieved by the exceedingly general terms of Article 21(1)," BT quotes CJ Menon as saying. He also pushed back on the liquidators' argument that the law should be interpreted generously, given its broader goal of promoting efficient cross-border insolvency proceedings, BT relays. That argument, he said, pitched the purpose of the law at "too high a level of abstraction". To read down the restriction on the basis that it cut against the law's broader goals would miss the point entirely, he said, adding that its limiting function was precisely its purpose. The liquidators thus cannot use this route to pursue the banks regardless of the merits of their underlying claims. According to BT, the liquidators of two British Virgin Islands-incorporated shell companies - Blackstone Asia Real Estate Partners and Brazen Sky - had sought to sue StanChart and BSI, as well as five of the latter's former employees, for fraudulent and wrongful trading. They sought to argue that the banks were liable due to their involvement in the flow of misappropriated funds into and out of the companies' accounts, BT relates. Blackstone's account with StanChart was allegedly used to launder the misappropriated proceeds of two bond issues by 1MDB, as well as certain loans made to SRC International. Meanwhile, Brazen Sky's account with BSI was allegedly used to hold units in a fund that was fraudulently overvalued to conceal the misappropriation of part of 1MDB's investment in a joint venture with PetroSaudi International, according to BT. It was also allegedly used to launder proceeds through a series of transactions that created the impression that 1MDB was legitimately liquidating its investments. These transactions had passed through their respective bank accounts between December 2010 and November 2014, BT relays. BT says the liquidators, Angela Barkhouse and Toni Shukla, had earlier obtained recognition in Singapore as foreign representatives of both companies under the cross-border insolvency framework - the same framework they sought to rely on to bring the trading claims. But the framework came into force only in 2020, years after the transactions had already taken place. In a statement, the liquidators said they were disappointed by the ruling, but noted that the High Court had said there are "possible workarounds" to the hurdles created by the SG Model Law, BT relates. One of these is to apply directly to wind up the relevant British Virgin Island-incorporated entities in Singapore, following which statutory claims can be brought as they are available to the liquidators of all companies being wound up in Singapore. The liquidators had sought to do that concurrently with the appeal, and a hearing is expected in the coming weeks, they said. These statutory claims are also being pursued in addition to other separate and ongoing claims against both banks. The claims include dishonest assistance, breach of duty of reasonable skill and care, and breach of banking mandate. Both banks have tried and failed to have these claims struck out, said the liquidators. BT notes that the case against BSI and its former employees has been transferred to the Singapore International Commercial Court and is fixed for trial in March 2027. The judgment was delivered by CJ Menon on behalf of a three-judge panel that also included Justices Ang Cheng Hock and Kannan Ramesh. The liquidators were represented by lawyers from Oon & Bazul, while StanChart and BSI were represented by lawyers from Drew & Napier. About 1MDB Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent Malaysian strategic development company, wholly owned by the Malaysian Minister of Finance. 1MDB was established in 2009 to foster long-term economic development for the country by forging global partnerships, particularly in energy, real estate, tourism, and agribusiness. The Company was founded shortly after Dato Sri Najib Razak became Prime Minister of Malaysia in July 2009. Najib said the establishment of 1MDB into a federal entity was to benefit a majority of Malaysians. 1MDB is said to have raised billions of dollars in bonds, for investment projects and joint ventures, between 2009 and 2013. Among those projects are the Tun Razak Exchange, Tun Razak Exchange's sister project Bandar Malaysia, and the acquisition of three independent power producers. The Company came into heavy scrutiny in 2015 for suspicious money transactions and evidence pointing to money laundering, fraud and theft. The corruption scandal in 1MDB has implicated high-level officials, including Prime Minister Najib Razak, as wells as banks and financial institutions around the world. In 2016, the U.S. Department of Justice filed a lawsuit, alleging that at least US$3.5 billion has been stolen from 1MDB. In September 2020, the alleged amount stolen had been raised to US$4.5 billion and a Malaysian government report listed 1MDB's outstanding debts to be US$7.8 billion. In July 2020, the High Court convicted former Prime Najib Razak on all seven counts of abuse of power, money laundering and criminal breach of trust and was sentenced to 12 years imprisonment and fined MYR210 million. Malaysia has been filing lawsuits over the years in an effort to recover the missing billions of dollars. Among others, in May 2021, Malaysia filed 22 civil suits against entities and people involved in the corruption scandal, including units of Deutsche Bank and JP Morgan. Malaysia said in September 2020 it has so far recovered about US$3.24 billion in assets linked to the 1MDB matter. This amount includes about US$600 million cash and assets returned by U.S. authorities; about US$2.5 billion paid by Goldman Sachs as settlement; as well as $780 million in settlement amounts from Malaysian banking group AmBank and audit firm Deloitte. MBO CINEMAS: Ceases Operations Permanently ------------------------------------------ The Malaysian Reserve reports that Malaysian cinema chain, MBO Cinemas, has announced that it will cease operations permanently after many years of serving moviegoers across the country. In a statement posted on its official social media account, the company said the decision was made with heavy hearts, marking the end of its long-standing presence in Malaysia's cinema industry, The Malaysian Reserve relates. "After many incredible years, MBO Cinemas will now be ceasing operations permanently. The show is over," the statement read. The Malaysian Reserve says the company expressed appreciation to its customers for their support over the years, noting that the memories created in its cinemas meant a great deal to the organisation. "It has been our greatest privilege to serve you, our audience, and to be part of your cinematic experiences. All the cheers and laughter in packed halls to the quiet moments during heartfelt scenes meant the world to us," it said. MBO Cinemas also thanked patrons for their continued support throughout its operations, The Malaysian Reserve relays. "From all of us at MBO Cinemas, thank you for filling our seats, and our hearts," the statement added. The cinema chain shut its branches in Malaysia in 2020 due to the COVID-19 pandemic. It made a comeback the following year under new management after Golden Screen Cinemas acquired its assets. MBO Cinemas operated eight outlets located across Selangor, Melaka, Perak, and Johor. PHARMANIAGA: On Track to Exit PN17 as Turnaround Gains Traction --------------------------------------------------------------- The Malaysian Reserve reports that Pharmaniaga Berhad is on track to exit its Practice Note 17 status (PN17) soon following a sustained turnaround in its financial performance, according to the government-linked investment fund Armed Forces Fund Board (LTAT). According to the report, Defence Minister Datuk Seri Mohamed Khaled Nordin said the pharmaceutical group has recorded eight consecutive profitable quarters, with profit after tax reaching RM8.7 million in the fourth quarter of 2025, up from RM2.4 million a year earlier. "Pharmaniaga is now on track to exit its PN17 status in the near future," he said at LTAT's dividend announcement ceremony on March 12, The Malaysian Reserve relays. LTAT, which is the ultimate shareholder of Boustead Holdings - Pharmaniaga's major shareholder - has been spearheading efforts to strengthen governance and restore the group's financial footing as part of broader restructuring initiatives, The Malaysian Reserve notes. The Malaysian Reserve says the company has undertaken several recapitalisation measures including rights issues, private placements and capital restructuring to strengthen its balance sheet as part of a regularisation plan aimed at exiting PN17 by 2026. Khaled said the recovery demonstrates the effectiveness of LTAT's transformation initiatives across its portfolio companies and reflects stronger governance oversight, adds The Malaysian Reserve. About Pharmaniaga Pharmaniaga Berhad is an investment holding company. The Company is principally engaged in the research and development, manufacturing of generic drugs and medical devices, logistics and distribution, sales, and marketing, as well as community pharmacy. It was reported in February 2023 that Pharmaniaga had been classified as an affected listed issuer under PN17. The pharmaceutical company said it had triggered the PN17 criteria pursuant to its audited consolidated financial statements for the period ended Dec. 31, 2022. In early August 2025, Pharmaniaga Bhd completed its regularisation plan following the completion of its capital reduction exercise through the cancellation of MYR520 million in issued share capital. ===================== N E W Z E A L A N D ===================== MASTERPIECE INVESTMENT: Creditors' Proofs of Debt Due on April 10 ----------------------------------------------------------------- Creditors of Masterpiece Investment Limited are required to file their proofs of debt by April 10, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 10, 2026. The company's liquidators are: Daran Nair Heiko Draht Nair Draht Limited 97 Great South Road Epsom, Auckland 1051 MELT LIMITED: Court to Hear Wind-Up Petition on March 31 -------------------------------------------------------- A petition to wind up the operations of Melt Limited will be heard before the High Court at Auckland on March 31, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Feb. 4, 2026. The Petitioner's solicitor is: Gareth Neil Meredith Connell Level 7, 8 Hardinge Street Auckland 1010 SHARK N TATTIES: Creditors' Proofs of Debt Due on March 25 ---------------------------------------------------------- Creditors of Shark N Tatties Burger Bar Limited and Dres Building Services Limited are required to file their proofs of debt by March 25, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 2, 2026. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 ST ANDREWS TRADERS: Court to Hear Wind-Up Petition on March 31 -------------------------------------------------------------- A petition to wind up the operations of St Andrews Traders Limited will be heard before the High Court at Auckland on March 31, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Nov. 18, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 WHISTLING REINDEER: Creditors' Proofs of Debt Due on March 30 ------------------------------------------------------------- Creditors of Whistling Reindeer Limited are required to file their proofs of debt by March 30, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 26, 2026. The company's liquidators are: Trevor Edwin Laing Emma Margaret Laing Laing Insolvency Specialists Limited PO Box 2468 Dunedin 9044 ===================== P H I L I P P I N E S ===================== ROYAL AIR: Collapses Into Liquidation as All Flights Cancelled -------------------------------------------------------------- Astha Saxena at Daily Express reports that a major airline company has plunged into administration as it cancelled all its commercial flights. Royal Air Philippines has cancelled all of its commercial flights with over 3,500 passengers affected. According to the report, the Manila-based airline's halt stranded roughly 3,000 to 4,000 passengers holding bookings from January through March, all seeking refunds and new travel options, Daily Express relays. The airline's website said: "We are working on providing refunds and hope to resume flights at an unspecified date in the future. Thank you for your patience and understanding. We eagerly anticipate welcoming you aboard soon." Royal Air's CEO Eduardo Novillas had already signaled weak demand weeks earlier. In a letter to a travel agency ahead of Christmas, he warned the carrier would halt commercial flights by January 4, Philstar reported, Daily Express relays. The report says Mr. Novillas pointed to "significantly low" interest from key markets. Asian Development Bank economist Jules Hugot noted arrivals from China to the Philippines remained well below pre Covid pandemic figures entering early 2025. Royal Air Philippines, often referred to simply as Royal Air, is owned by the Cambodia‑registered Lanmei Group, also known as the Lancang‑Mekong Group. The airline is backed by Chinese investment and was founded by Li Kun, the former president of Shenzhen Airlines, who now serves as its chairman. ================= S I N G A P O R E ================= AVANT PROTEINS: Commences Wind-Up Proceedings --------------------------------------------- Members of Avant Proteins Pte. Ltd. on Feb. 13, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Luke Anthony Furler Tan Kim Han Quantuma (Singapore) 137 Amoy Street #02-03 Far East Square Singapore 049965 LAYAN MANAGEMENT: Court to Hear Wind-Up Petition on March 20 ------------------------------------------------------------ A petition to wind up the operations of Layan Management Pte. Ltd. will be heard before the High Court of Singapore on March 20, 2026, at 10:00 a.m. Cairnhill Law LLC filed the petition against the company on Feb. 27, 2026. The Petitioner's solicitors are: Cairnhill Law LLC 30 Cecil Street #10-05, Prudential Tower Singapore 049712 SWALLEST PTE: Court Enters Wind-Up Order ---------------------------------------- The High Court of Singapore entered an order on March 2, 2026, to wind up the operations of Swallest Pte. Ltd. Linda Soh Bee Hwa filed the petition against the company. The company's liquidator is: Ms. Oon Su Sun 182 Cecil Street #30-01 Frasers Tower Singapore 069547 TARITA TRADING: Court to Hear Wind-Up Petition on April 10 ---------------------------------------------------------- A petition to wind up the operations of Tarita Trading (S) Pte. Ltd. will be heard before the High Court of Singapore on April 10, 2026, at 10:00 a.m. Rolf Stocker filed the petition against the company on Feb. 24, 2026. The Petitioner's solicitors are: Christopher Bridges Law Corporation 151 Chin Swee Road #08-15, Manhattan House Singapore 169876 UCARS PTE: Court to Hear Wind-Up Petition on March 20 ----------------------------------------------------- A petition to wind up the operations of Ucars Pte. Ltd. will be heard before the High Court of Singapore on March 20, 2026, at 10:00 a.m. Hong Chun Mun filed the petition against the company on Feb. 23, 2026. The Petitioner's solicitors are: Parwani Law LLC 151 Chin Swee Road #13-06 Manhattan House Singapore 169876 ===================== S O U T H K O R E A ===================== [] Seoul's Aging Poor Driven Toward Bankruptcy by Living Costs -------------------------------------------------------------- The Korea Herald reports that a growing number of residents in Seoul are falling into irrecoverable debt, with new city data showing that people in their 60s and older now make up the majority of personal bankruptcy applicants. Six out of every 10 individuals who sought personal bankruptcy assistance through the Seoul Financial Welfare Counseling Center last year were aged 60 or above, The Korea Herald discloses citing a report released March 10. The center analyzed 1,192 valid bankruptcy applications filed in 2025 as part of its annual review of bankruptcy counseling cases. Those in their 60s accounted for the largest share of bankruptcy applicants at 36.5 percent, followed by people in their 50s at 25.1 percent and those aged 70 or older at 21.5 percent. Combined, people in their 50s and above made up 83.1 percent of all applicants, the report found. An overwhelming 86.2 percent of applicants were recipients of basic livelihood security benefits, marking the third consecutive year the proportion has risen, from 83.5 percent in 2023 to 83.9 percent in 2024, according to The Korea Herald. Single-person households accounted for 70.4 percent of applicants. Employment instability was another defining feature: more than 84 percent were unemployed, rising to 88.2 percent among those aged 60 or older, The Korea Herald relays. Even among those with jobs, many were day laborers or short-term workers without stable income. Most of the debt stemmed from basic living expenses. Insufficient income to cover daily costs accounted for 79.5 percent of debt causes, with housing and medical expenses pushing many seniors into what the report described as "retirement bankruptcy." "Many elderly residents are reaching retirement with insufficient income and face debt that has accumulated from basic living costs," the center said in the report, The Korea Herald relays. "Once repayment becomes impossible, personal bankruptcy often becomes their only option." In 89.8 percent of cases, loan principal and interest payments had surpassed applicants' income, effectively making repayment impossible. Illness or hospitalization triggered bankruptcy in 30.2 percent of cases, up 5.9 percentage points from 2023, The Korea Herald discloses. Average total debt per applicant stood at KRW287 million ($195,000). For seniors, the burden was significantly heavier, with those aged 60 or older carrying an average of KRW394 million in accumulated debt, the report showed. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***