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260316.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 Monday, March 16, 2026, Vol. 29, No. 53 Headlines A U S T R A L I A ARCHITECTURAL PANELS: First Creditors' Meeting Set for March 19 BLUESFEST ENTERPRISES: Ticket Holders Unlikely to Get Refund GFG ALLIANCE: Stakeholders Race to Find Buyer for Liberty Bell Bay KZT FLEETWASH: First Creditors' Meeting Set for March 18 LIBERTY FUNDING 2026-1: Moody's Assigns B2 Rating to AUD4MM F Notes MECHLEC SOLUTIONS: First Creditors' Meeting Set for March 20 MELBOURNE CITY INSTITUTE: Avoids Liquidation After Last-Minute Deal ORCHARD EARLY: First Creditors' Meeting Set for March 20 ROCKET BIDCO: Apollo Debt Marks AU$4.7MM 1L Loan at 33% Off SHEARER HOMES: In Liquidation After Creditors Junk Director's Deal STIRLING HELICOPTERS: First Creditors' Meeting Set for March 23 C H I N A JINGBO TECHNOLOGY: Hangdu Technology Holds 5.28% Equity Stake SEAZEN GROUP: Moody's Ups CFR to B3 & Alters Outlook to Stable SUNSHINE 100: To Oppose Winding-Up Petition Over US$205MM Debt H O N G K O N G CIMG INC: Inks A&R Equity Transfer Deal for Daren Business Tech CIMG INC: Q1 FY2026 Loss Widens to $19.5MM Amid Liquidity Concerns YUEXIU PROPERTY: Moody's Cuts CFR to Ba2 & Alters Outlook to Stable I N D I A AIREN COPPER: CARE Keeps D Ratings in Not Cooperating Category ANILINE PROPERTIES: CARE Moves D Debt Rating to Not Cooperating BAKERI URBAN: Ind-Ra Affirms BB Bank Loan Rating, Outlook Stable BANSAL RICE: CARE Keeps D Debt Rating in Not Cooperating Category CLEAN COAL: Ind-Ra Cuts Bank Loan Rating to BB DINESH OILS: Ind-Ra Keeps D Bank Loan Rating in NonCooperating DODDANAVAR GLOBAL: Ind-Ra Cuts Bank Loan Rating to B DYNAMIC (CG): CARE Keeps D Debt Rating in Not Cooperating Category ECSTASY REALTY: CARE Keeps D Debt Rating in Not Cooperating ETCO INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating EUROLIFE HEALTHCARE: Ind-Ra Keeps D Loan Rating in NonCooperating FRAUSCHER RAIL: Voluntary Liquidation Process Case Summary GAYATRI AGRO: Ind-Ra Affirms BB- Loan Rating, Outlook Stable GCRG MEMORIAL: Ind-Ra Keeps D Rating in NonCooperating GUGNANI LEASING: Liquidation Process Case Summary HERO ELECTRIC: Liquidation Process Case Summary HINDOK EXPORTS: CRISIL Lowers Rating on INR7.5cr Cash Loan to D HMR STEELS: Ind-Ra Keeps D Loan Rating in NonCooperating INFOTECH HAL: Liquidation Process Case Summary J MODI: Insolvency Resolution Process Case Summary J.R. AGROTECH: Ind-Ra Keeps D Bank Loan Rating in NonCooperating JAI MANGLA: Ind-Ra Keeps BB Bank Loan Rating in NonCooperating JANSONS INDUSTRIES: Ind-Ra Affirms BB+ Bank Loan Rating JUBILEE HILLS: Ind-Ra Keeps D Loan Rating in NonCooperating K.M. GLOBAL: Ind-Ra Affirms BB+ NonConvertible Debts Rating K.R KUMAR: CARE Keeps C Debt Rating in Not Cooperating Category KAJJEHALLY ESTATE: CARE Keeps C Debt Rating in Not Cooperating KALAVAKURU ESTATES: Ind-Ra Withdraws B+ Bank Loan Rating KRISHNA EDUCATIONAL: Ind-Ra Keeps D Loan Rating in NonCooperating LION BUILDCON: Liquidation Process Case Summary LMJ INTERNATIONAL: Ind-Ra Keeps D Loan Rating in NonCooperating MAATARINI TOLLWAYS: Ind-Ra Keeps D Rating in NonCooperating MAK HOSPITALS: CARE Keeps B- Debt Rating in Not Cooperating MANTRI INFRASTRUCTURE: CARE Keeps D Debt Rating in Not Cooperating MEGHA AGROTECH: Ind-Ra Hikes Bank Loan Rating to BB N SWARNA ELECTRICALS: Ind-Ra Cuts Bank Loan Rating to D NIPANI INFRA: Ind-Ra Affirms BB+ Bank Loan Rating PATIL CONSTRUCTION: Ind-Ra Keeps D Loan Rating in NonCooperating POORNASAI AGRO: CARE Keeps B- Debt Rating in Not Cooperating PRATEEK APPARELS: Ind-Ra Cuts Bank Loan Rating to D PRECISION MACHINES: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable RAJTHARUN TEXTILES: Insolvency Resolution Process Case Summary RAMATIRTH POLYPACKS: CRISIL Keeps B- Ratings in Not Cooperating RANA FARMS: CRISIL Keeps D Debt Ratings in Not Cooperating RKKR HOLDINGS: Liquidation Process Case Summary ROLTA INDIA: Ind-Ra Keeps D Bank Loan Rating in NonCooperating ROSHNI JEWELLERS: CARE Keeps D Debt Rating in Not Cooperating RUKMANI MOTORS: Ind-Ra Hikes Bank Loan Rating to B+ RURAL IMPROVEMENT: Ind-Ra Keeps B- Loan Rating in NonCooperating SAPTHAVARNA BUILDERS: CRISIL Keeps D Ratings in Not Cooperating SASWAD MALI: Ind-Ra Moves B+ Loan Rating to NonCooperating SATYAM ENTERPRISES: CARE Cuts Rating on INR49.24cr LT Loan to B SHIV SHANKAR: Ind-Ra Keeps BB Loan Rating in NonCooperating SIRI SMELTERS: Insolvency Resolution Process Case Summary SRINIVASA FASHIONS: CRISIL Keeps D Ratings in Not Cooperating SRISHTI ENTERPRISES: Ind-Ra Assigns BB Bank Loan Rating SUDHEER INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating SUN INDUSTRIAL: Ind-Ra Moves BB+ Loan Rating to NonCooperating SUPRINT SALES: CARE Keeps B- Debt Rating in Not Cooperating SURAJ KUMARI: CRISIL Keeps D Debt Rating in Not Cooperating TARACHAND INTERNATIONAL: CARE Keeps D Ratings in Not Cooperating TM MOTORS: CARE Keeps B- Debt Rating in Not Cooperating Category TUBE COMPANY: Ind-Ra Assigns BB- Loan Rating, Outlook Stable USHA CONSTRUCTIONS: Ind-Ra Affirms BB+ Bank Loan Rating USHDEV INTERNATIONAL: Ind-Ra Keeps D Rating in NonCooperating VAKRANGEE FOUNDATION: Ind-Ra Keeps B- Rating in NonCooperating VASUDEVA TEXTILES: Ind-Ra Cuts Bank Loan Rating to D VIJAI CONSTRUCTION: Ind-Ra Keeps B Rating in NonCooperating VINAYAGA GREEN: CRISIL Keeps D Debt Rating in Not Cooperating VISHAL SALES: CARE Keeps C Debt Rating in Not Cooperating WADI SURGICALS: Ind-Ra Moves BB+ Rating to NonCooperating Y Y Y INDUSTRIES: Insolvency Resolution Process Case Summary ZO PVT: Court Allows Partial Defreezing of WinZO Assets N E W Z E A L A N D BRITISH ISLES: Iconic Auckland Pub Shuts Door After 26 Years CANNAKIWI NZ: Creditors' Proofs of Debt Due on April 8 DOWN 'N' OUT: About NZD3 Million Recovered in Liquidation FULLCLARITY NZ: Court to Hear Wind-Up Petition on March 26 LIGHTING ELECTRICAL: Court to Hear Wind-Up Petition on April 23 ROTARY ENGINE: Thomas Lee Rodewald Appointed as Receiver SHUNDI TAMAKI: Teneo Financial Advisory Appointed as Receivers S I N G A P O R E ALPHA BIZCOM: Court Enters Wind-Up Order CONSORT PTE: Court Enters Wind-Up Order MAMABOX CORPORATION: Court Enters Wind-Up Order PROVIDORE SINGAPORE: Creditors' Meetings Set for March 27 SINGTEL STRATEGY: Creditors' Meetings Set for March 30 - - - - - ================= A U S T R A L I A ================= ARCHITECTURAL PANELS: First Creditors' Meeting Set for March 19 --------------------------------------------------------------- A first meeting of the creditors in the proceedings of Architectural Panels Pty Ltd will be held on March 19, 2026, at 3:00 p.m. via Microsoft Teams. Andrew Blundell and Simon Cathro of Cathro & Partners Pty Limited were appointed as administrators of the company on March 9, 2026. BLUESFEST ENTERPRISES: Ticket Holders Unlikely to Get Refund ------------------------------------------------------------ ABC News reports that ticket holders for this year's Byron Bay Bluesfest have been told they are not likely to get a refund from the cancelled event. The ABC relates that organisers announced on March 13 they were "deeply saddened" to cancel the famous festival, less than three weeks before it was due to begin. "This is an incredibly difficult decision, and we are so proud of everything Bluesfest has achieved . . . and the community that has grown around the festival over the past three decades," they said. "Rising production, logistics, insurance and touring costs, combined with a challenging environment for major live events, mean it is no longer possible to deliver the festival to the standard our audiences, artists and partners expect." Liquidator Worrells has been appointed to handle all financial matters for Bluesfest Enterprises, the ABC notes. In an email to ticket holders seen by the ABC, Worrells said: "At this stage it seems unlikely that you will be refunded from the liquidation any money, but we will notify you if this position changes." The music festival, which began in 1990, has played host to some of the world's biggest stars including Bob Dylan, Midnight Oil and R.E.M. This year's event was scheduled to run from April 2–5, with Split Enz and local hardcore heroes Parkway Drive the headline acts. More than 100,000 people passed through the gates last year, but some left angry at Bluesfest founder Peter Noble after he backflipped on his announcement that 2025 would be the festival's final year, according to the ABC. The event was also hit hard by the COVID-19 pandemic, with the 2020 and 2021 events called off at short notice by the NSW government. The latest cancellation will be a blow to the NSW economy, with a report commissioned by organisers estimating the 2024 event contributed more than AUD230 million, the ABC notes. GFG ALLIANCE: Stakeholders Race to Find Buyer for Liberty Bell Bay ------------------------------------------------------------------ ABC News reports that a northern Tasmanian business group is racing to secure a buyer for Australia's only manganese alloy smelter as the corporate regulator works to force its current owner into liquidation. According to the ABC, the Australian Securities and Investment Commission (ASIC) applied last week to the NSW Supreme Court to wind up and liquidate the Liberty Bell Bay manganese smelter in northern Tasmania due to years of not filing financial statements. The matter is listed for a directions hearing in the NSW Supreme Court today, March 16, with Liberty Bell Bay (LBB), owned by Sanjeev Gupta's embattled GFG Alliance, saying it will resist the move. The ABC relates that LBB said it is finalising the submission of its financial statements to ASIC. LBB signed a five-year memorandum of understanding with Georgian company Steel International Trading Company (SITC) last year. "Liberty Bell Bay maintains daily discussions with SITC on options to transition operations and ownership of LBB," the statement reads. "In the meantime, the LBB employees are on site maintaining and monitoring the equipment in anticipation of a restart." SITC has been contacted for comment. If the company is forced into liquidation, University of Sydney corporate law expert Professor Jason Harris said the smelter's 216 workers will likely lose their jobs, according to the ABC. Liquidators at Tahmoor Colliery, another GFG Alliance entity, on March 12 announced 238 workers would be axed. "A liquidator generally terminates employment contracts," the ABC quotes Dr Harris as saying. He said the workers would be able to apply for outstanding entitlements through the federal government's Fair Entitlements Guarantee program but it did not cover superannuation. According to the ABC, Bell Bay Advanced Manufacturing Zone chief executive Susie Bower said she hoped the situation could be avoided if a new operator stepped in. "There's a lot of interest, which is fantastic," the ABC quotes Ms. Bower as saying. "And I'm even meeting with a potential buyer this afternoon as an initial meeting. "This would be the best outcome for Australia and Tasmania." Tasmania Deputy Premier Guy Barnett said he, the premier, and Industry Minister Felix Ellis had met with interested stakeholders and investors, but he did not provide further details about the meetings, the ABC adds. About GFG Alliance GFG Alliance is a global group of businesses in industries including steel, aluminium, and energy. GFG Alliance has had significant operations in Australia, including the Whyalla Steelworks in South Australia run by OneSteel Manufacturing Pty Limited, Tahmoor Coal in New South Wales, and Liberty Bell Bay in Tasmania. On Feb. 19, 2025, KordaMentha partners Mark Mentha, Sebastian Hams, Michael Korda and Lara Wiggins were appointed voluntary administrators of OneSteel Manufacturing. The appointment was made by the South Australian Government. The state government took the decision to place OneSteel in administration, after losing confidence in the financial capability of GFG Alliance to pay its bills as and when they fall due, and in GFG's ability to secure funding needed for the ongoing operation of the steelworks, according to Department for Energy and Mining. Liberty Primary Metals Australia (LPMA) is the holding entity for GFG's Australian steel and mining businesses, including Tahmoor. Michael Brereton, Rashnyl Prasad and Sean Wengel of William Buck was appointed as administrator of the company on Nov. 3, 2025. Joseph Hayes and Christopher Johnson of Wexted Advisors were appointed as administrators of Tahmoor Coal on Feb. 9, 2026. KZT FLEETWASH: First Creditors' Meeting Set for March 18 -------------------------------------------------------- A first meeting of the creditors in the proceedings of KZT Fleetwash Pty Limited will be held on March 18, 2026, at 11:00 a.m. via Virtual meeting. Nicarson Natkunarajah of Roger and Carson was appointed as administrator of the company on March 6, 2026. LIBERTY FUNDING 2026-1: Moody's Assigns B2 Rating to AUD4MM F Notes ------------------------------------------------------------------- Moody's Ratings has assigned the following definitive ratings to the notes to be issued by Liberty Funding Pty Ltd in respect of Liberty Series 2026-1. Issuer: Liberty Funding Pty Ltd in respect of Liberty Series 2026-1 AUD600.00 million Class A1a Notes, Assigned Aaa (sf) AUD1100.00 million Class A1b Notes, Assigned Aaa (sf) AUD216.00 million Class A2 Notes, Assigned Aaa (sf) AUD22.00 million Class B Notes, Assigned Aa1 (sf) AUD26.00 million Class C Notes, Assigned A2 (sf) AUD4.00 million Class D Notes, Assigned Baa1 (sf) AUD24.00 million Class E Notes, Assigned Ba1 (sf) AUD4.00 million Class F Notes, Assigned B2 (sf) The AUD4.00 million Class G Notes are not rated by us. The transaction is a securitisation of first-ranking mortgage loans secured over residential properties located in Australia. The loans were originated and are serviced by Liberty Financial Pty Ltd (Liberty). Liberty is an Australian non-bank lender that started originating non-conforming residential mortgages in 1997. It subsequently expanded into prime residential mortgage origination, as well as auto loans, small commercial mortgage loans and personal loans. As of June 2025, Liberty had total receivables of AUD14.8 billion. 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 liquidity facility in the amount of 1.50% of the note balance subject to a floor of AUD2,000,000; -- The experience of Liberty as the servicer; and -- The presence of Perpetual Trustee Company Limited as the back-up servicer. According to Moody's analysis, the transaction benefits from credit strengths such as subordination to the Class A notes in excess of the Moody's individual loan analysis (MILAN) Stressed Loss. However, around 26.9% of the loans in the portfolio are to self-employed borrowers, which is a credit challenge. 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 3.3%. Moody's median expected loss for this transaction is 0.7%, which represents a stressed, through-the-cycle loss relative to Australian historical data. The key transactional features are as follows: -- The notes benefit from a guarantee fee reserve available to cover losses arising from the portfolio and shortfalls in interest payments on the notes. Unfunded at closing, the reserve will build up through the trapping of excess spread up to a maximum of AUD6,000,000, equivalent to 0.30% of the initial invested amount of the notes. -- The notes will be initially repaid sequentially. The Class A1 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 September 2027. 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 G 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 10.0% 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 relatively low weighted average scheduled LTV ratio of 62.4%. -- The portfolio has a weighted-average seasoning of 25.0 months. -- Around 26.9% of the loans in the portfolio were extended to self-employed borrowers. -- Based on Moody's classifications, 15.4% 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. MECHLEC SOLUTIONS: First Creditors' Meeting Set for March 20 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Mechlec Solutions Pty Limited will be held on March 20, 2026, at 11:00 a.m. at the offices of Hamilton Murphy, at Level 2, 263 George Street, in Sydney, NSW, and via virtual meeting technology. Alan Topp of Hamilton Murphy was appointed as administrator of the company on March 11, 2026. MELBOURNE CITY INSTITUTE: Avoids Liquidation After Last-Minute Deal ------------------------------------------------------------------- The Daily Telegraph reports that an insolvent Melbourne vocational college, the Melbourne City Institute of Education (MCIE), has escaped liquidation after securing a last-minute deal with creditors for over million in debt. According to the report, the collapse was driven by international student visa restrictions and funding cuts. MCIE reportedly owes more than AUD5.6 million to creditors. Nicarson Natkunarajah of Roger and Carson was appointed as administrator of the company on Feb. 5, 2026. ORCHARD EARLY: First Creditors' Meeting Set for March 20 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Orchard Early Learning Centres Pty Ltd will be held on March 20, 2026, at 10:00 a.m. at Walker Ground Floor, The Work Project, at 100 Arthur St, in North Sydney, NSW, and via virtual meeting technology. Martin Walsh of Walsh & Associates was appointed as administrator of the company on March 11, 2026. ROCKET BIDCO: Apollo Debt Marks AU$4.7MM 1L Loan at 33% Off ----------------------------------------------------------- Apollo Debt Solutions BDC has marked its AU$4,737,000 loan extended to Rocket Bidco Limited to market at AU$3,153,000 or 67% of the outstanding amount, according to Apollo Debt's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Apollo Debt Solutions BDC is a participant in a First Lien Secured Debt - Delayed Draw loan extended to Rocket Bidco Limited. The 1L Loan accrues interest at a rate of BBSW + 475, 0.00% Floor per annum. The 1L Loan matures on Jan. 15, 2032. Apollo Debt Solutions BDC is a business development company that provides debt financing solutions, primarily to middle-market and corporate borrowers. The Fund is led by Earl Hunt as Chairperson, Chief Executive Officer and Trustee (Principal Executive Officer) and Eric Rosenberg as Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Earl Hunt Apollo Debt Solutions BDC 9 West 57th Street New York, NY 10019 Telephone: (212) 515-3200 About Rocket Bidco Limited Rocket Bidco Limited is the borrowing entity behind Citation Group, a business services platform providing compliance, employment law and related advisory solutions. SHEARER HOMES: In Liquidation After Creditors Junk Director's Deal ------------------------------------------------------------------ Herald Sun reports that Shearer Homes, a family-owned Victorian building company, has plunged into liquidation owing AUD4 million after creditors rejected the director's proposed deal to settle the debts. The builder collapsed into administration early in March after its biggest client terminated their contract over alleged damages, according to Herald Sun. Shearer Homes was a specialist builder based in Seymour, north of Melbourne, focusing on energy-efficient and sustainable residential and commercial buildings. Joshua Philip Taylor of Taylor Insolvency was appointed as administrator of the company on Feb. 2, 2026. STIRLING HELICOPTERS: First Creditors' Meeting Set for March 23 --------------------------------------------------------------- A first meeting of the creditors in the proceedings of Stirling Helicopters Pty Ltd will be held on March 23, 2026, at 10:30 a.m. via Microsoft Teams. Stephen Earel and Darryl Kirk of Cor Cordis were appointed as administrators of the company on March 11, 2026. ========= C H I N A ========= JINGBO TECHNOLOGY: Hangdu Technology Holds 5.28% Equity Stake ------------------------------------------------------------- Hangdu Technology Ltd, disclosed in a Schedule 13D filed with the U.S. Securities and Exchange Commission that as of January 27, 2025, it beneficially owns 29,297,863 shares of common stock of Jingbo Technology, Inc.'s common stock, representing 5.28% of the 555,315,412 shares outstanding as reported by the Issuer in its Form 10-Q filed January 12, 2026. The shares were acquired on November 18, 2024, pursuant to a Shares Exchange Agreement under which the Issuer issued 550,000,000 shares to Hangdu Technology Limited in exchange for all issued and outstanding shares of Xinghe Technology Limited (a British Virgin Islands company wholly owned by Hangdu). Subsequent transfers reduced the holding: * March 14, 2025: Transfer of 505,702,137 shares in a private transaction to nine persons. * June 9, 2025: Transfer of 15,000,000 shares in a private transaction to one person. The Reporting Person (organized under the laws of the British Virgin Islands) has no current plans or proposals that would result in transactions enumerated in Item 4 of Schedule 13D but reserves the right to review its position and potentially acquire or dispose of shares in the future. Hangdu Technology Ltd may be reached through: Xiujuan Chen No.1133, Yunji Road, Keqiao Street Keqiao District Shaoxing, Zhejiang Province China 00000 Tel: 86 15958564009 A full-text copy of Hangdu Technology Ltd's SEC report is available at: https://tinyurl.com/4rj2jz2t About Jingbo Technology About Jingbo Technology Headquartered in Shoujiang Town, Fuyang District, China, Jingbo Technology, Inc., initially was in the business platform of providing application software to a global vendor platform to connect people to businesses and provide a new shopping experience. The Company's wholly owned subsidiary, Intellegence Parking Group Limited, is a multinational technology company, with a smart parking application software and platform business ecosystem as its main business venture. Intellegence operates facilities at Xiaoshan Airport Remote Parking Lot, Tianjin Xinhua International University, Fuyang People's Hospital, Qilu University Hospital, Shanghai Tesco Supermarket, Hubei Huanggang Central Hospital. It also currently has eight urban parking projects. As of November 30, 2025, the Company had $12,241,667 in total assets, $37,913,700 in total liabilities, and $25,672,033 in total stockholders' deficit. Guangzhou, Guangdong, China-based GGF CPA LTD, the Company's auditor since 2024, issued a "going concern" qualification in its report dated June 12, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended February 28, 2025, citing that the Company had incurred substantial losses during the years and negative working capital, which raises substantial doubt about its ability to continue as a going concern. SEAZEN GROUP: Moody's Ups CFR to B3 & Alters Outlook to Stable -------------------------------------------------------------- Moody's Ratings has upgraded the following ratings of Seazen Group Limited (Seazen Group) and New Metro Global Limited: 1. Seazen Group's corporate family rating to B3 from Caa1; and 2. The backed senior unsecured rating on the bond issued by New Metro Global Limited and guaranteed by Seazen Group to Caa1 from Caa2. At the same time, Moody's have changed the outlook to stable from positive on all entities. "The rating upgrade reflects Seazen Group's reduced refinancing risk in the next 12-18 months, as the company proactively managed its liquidity through successful issuance of new offshore bonds. It also considers the growing recurring income from Seazen Group's large investment property (IP) portfolio, which will mitigate the pressure from its weak property development business," says Daniel Zhou, a Moody's Ratings Assistant Vice President and Analyst. "The stable outlook reflects Moody's expectations that Seazen Group will continue to prudently manage its financial profile and liquidity over the next 12-18 months," adds Zhou. RATINGS RATIONALE Seazen Group's B3 CFR reflects its long operating history of property development in the Yangtze River Delta, as well as recurring rental income and alternative funding source from its growing IP portfolio. At the same time, the B3 CFR is constrained by its weak liquidity despite the reduction in refinancing risk, diminishing property development operations and exposure to joint ventures. Seazen Group's refinancing and liquidity risks have eased following its continued access to the offshore bond market since June 2025. Over the past nine months, the company issued an aggregate USD865 million of notes, with tenor of 2-3 years. These issuances have enabled Seazen Group to refinance near-term offshore maturities and improve its overall debt profile. Seazen Group continues to face maturities of domestic loans and bonds over the next 12-18 months. Nevertheless, Moody's expects Seazen Group will be able to refinance these maturities through leveraging its large IP portfolio, which continues to provide an alternative funding source through secured debt raising. Moody's estimates that Seazen Group's rental income from its IP portfolio will rise by around 5% annually over the next 12-18 months, driven by both organic growth and ramp-up of new projects. The recurring and high-margin nature of this rental income helps offset the declining earnings from the company's sluggish property development business. In particular, Moody's forecasts Seazen Group's contracted sales to continue dropping by over 15% annually over the next 12-18 months, following a 52% decrease in 2025. This reflects subdued homebuyers' confidence, high exposure to lower-tier cities and reducing salable resources. Seazen Group's liquidity remains weak. Moody's estimates that the company's cash balance as of end-June 2025, together with its projected operating cash flow, will be insufficient to cover all of its large maturing debt obligations over the next 12-18 months. The senior unsecured bond rating is one notch lower than the CFR due to structural subordination risk. This risk reflects the fact that the majority of claims are at the operating subsidiaries and have priority over Seazen Group's senior unsecured claims in a bankruptcy scenario. In addition, the holding company lacks significant mitigating factors for structural subordination. As a result, the likely recovery rate for claims at the holding company will be lower. The rating action considers Seazen Group's improved governance, reflected by the company's proactive management of its debt profile and liquidity needs. Such improvement will help temper the exposure to governance risks, hence the revision of its governance issuer profile score (IPS) to G-4 from G-5, and its credit impact scores (CIS) to CIS-4 from CIS-5. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's will upgrade Seazen Group's rating if its liquidity further improves sustainably over the next 12-18 months, which is reflected by meaningful short-term debt reduction, or strengthening business operations that support stronger cash flow generation. Moody's could downgrade Seazen Group's rating if the company's liquidity and refinancing risks heighten due to weakened business operations, tightened funding access, and/or failure to adhere to prudent liquidity management. The principal methodology used in these ratings was Homebuilding and Property Development published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Seazen Group operates primarily in residential and commercial property development in China. The company was founded in 1996 by its former chairman, Wang Zhenhua, who is its key shareholder. SUNSHINE 100: To Oppose Winding-Up Petition Over US$205MM Debt -------------------------------------------------------------- South China Morning Post reports that Sunshine 100 China Holdings, a mainland Chinese developer facing debts amid China's property sector downturn, said on March 12 that it plans to oppose a winding-up petition filed against it in Hong Kong. HTI Financial Solutions and Haitong International Financial Products filed the winding-up petition against the developer at the High Court of Hong Kong over an unpaid redemption sum of about US$205 million, including accrued interest, due on March 19, 2025, according to a Sunshine 100 filing with the Hong Kong stock exchange, the Post relays. "The company will seek legal advice and take all necessary actions to protect its legal rights," the filing said. "Furthermore, the company will oppose the petition, as the board is of the view that the petition does not represent the interests of other stakeholders and may impair the value of the company." The company added that it would consider applying for a validation order from the court, which would allow it to continue trading despite the winding-up petition, the Post relates. "There is no guarantee that the validation order will be granted by the High Court," Sunshine 100 said in its filing. If the validation order were not granted but the winding-up order was not dismissed or permanently stayed, all share transfers on or after the commencement date of the petition would be void, it said. According to the Post, the petition, which the company received on March 10, was scheduled to be heard by the High Court on May 20, it said. The developer, which focuses on block complexes, shared-service flats and large-scale mixed-use communities, has defaulted on multiple redemptions since 2021. In the first half of 2025, it reported sales of CNY1.4 billion (US$200 million), down 14.8 per cent from a year earlier, and its net loss reached CNY1.1 billion, the Post discloses citing earnings report. Yi Xiaodi, who founded the company in 1992 under its previous name Guangxi Wantong, is the chairman and executive director. About Sunshine 100 Sunshine 100 China Holdings Ltd. is principally engaged in the sale of properties. The Company operates its business through four segments. The Mixed-use Business Complexes segment is engaged in the development and sales of business complex products. The Multi-functional Residential Communities segment is engaged in the development and sales of residential properties and land development. The Investment Properties segment is engaged in the leasing of offices and commercial premises. The Property Management and Hotel Operation segment is engaged in the provision of property management service and hotel accommodation services. ================= H O N G K O N G ================= CIMG INC: Inks A&R Equity Transfer Deal for Daren Business Tech --------------------------------------------------------------- CIMG Inc. disclosed in a regulatory filing that it entered into an Amended and Restated Equity Transfer Agreement with DZR Tech Limited, a Hong Kong company and a wholly owned subsidiary of the Company, Shelei Jiang, a Chinese individual, and Daren Business Technology Limited, a company incorporated under the laws of the British Virgin Islands. The A&R Equity Transfer Agreement amended and restated in its entirety that certain Equity Transfer Agreement, dated February 11, 2026, by and between the Seller and the Purchaser. Pursuant to the A&R Equity Transfer Agreement, the Seller will sell to the Purchaser 100 ordinary shares of the Target, representing 100% of the issued and outstanding ordinary shares of the Target, for a purchase price of zero cash consideration. The closing of the Acquisition is expected to occur on or before March 31, 2026, and is subject to customary closing conditions set forth in the A&R Equity Transfer Agreement, including the accuracy of the parties' representations and warranties and completion of due diligence by the Purchaser. The A&R Equity Transfer Agreement also provides that the Company and each of Dundas Technology Limited and Kellyview Investment Limited, each a Hong Kong company and a designee of the Seller, shall enter into a separate performance share issuance agreement pursuant to which, subject to the Company's stockholder approval as required by Nasdaq Listing Rule 5635 and applicable law, the Company shall issue to Dundas Technology Limited and Kellyview Investment Limited, on or before April 10, 2026, in the aggregate up to 74,487,896 shares of the Company's common stock, par value $0.00001 per share, with one-half of the Award Shares to be issued to Dundas Technology Limited and one-half to Kellyview Investment Limited, as a post-closing, performance-based equity award with respect to the Target. The Award Shares will be subject to transfer restrictions and will be eligible for leak out in installments only upon the achievement of specified audited revenue targets of the Target during performance periods beginning April 1, 2026 and ending September 30, 2029. The revenue targets are denominated in Renminbi and increase over successive performance periods. Any Award Shares that are not eligible to leak out on or prior to the applicable deadline set forth in the Performance Share Issuance Agreement shall be forfeited and cancelled for no consideration. If the maximum number of Award Shares were issued and no shares were forfeited, such Award Shares would represent a significant percentage of the Company's currently outstanding common stock. The issuance of the Award Shares is subject to stockholder approval under Nasdaq Listing Rule 5635, and there can be no assurance that such approval will be obtained. A full text of the A&R Equity Transfer Agreement is available at https://tinyurl.com/pmdcjdzu About CIMG Inc. CIMG is a business group specializing in digital health and sales development, with a cryptocurrency-focused strategy. The Company leverages AI and cryptocurrencies (such as Bitcoin and stablecoins) to drive business growth, helping clients maximize user growth and enhance brand management value. The Company's current client portfolio includes brands such as Kangduoyuan, Maca-Noni, Qianmao, Huomao, and Coco-mango. Singapore-based Assentsure PAC, the Company's auditor since 2025, issued a "going concern" qualification in its report dated February 13, 2026, attached to the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2025, citing that the Company has experienced recurring losses from operations and negative working capital, which raises substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $67,485,970 in total assets, $11,051,607 in total liabilities, and $56,432,361 in total stockholders' equity. CIMG INC: Q1 FY2026 Loss Widens to $19.5MM Amid Liquidity Concerns ------------------------------------------------------------------ CIMG Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $19,510,872 for the three months ended December 31, 2025, compared to a net loss of $1,536,249 for the three months ended December 31, 2024. Net revenues for the three months ended December 31, 2025 and 2024, were $15,768,796 and $22,853, respectively. The Company has incurred recurring losses and negative cash flows from operations since inception. As of December 31, 2025, the Company had cash of $45,356 and negative working capital of $7,562,771. The Company expects that it will need to raise additional capital immediately to continue funding its operations. There can be no assurance that such financing will be available on acceptable terms, or at all. As of December 31, 2025, the Company held 730 Bitcoin with a carrying amount of $63,978,821. While these digital assets may be monetized, their value is subject to significant market volatility, and they do not represent committed or assured sources of financing. These conditions raise substantial doubt about the Company's ability to continue as a going concern for the next 12 months. Management's plans to address these conditions include raising additional equity or debt financing and executing its revised business strategy. However, as of March 5, 2026 (the issuance date of these consolidated financial statements), management's plans have not alleviated the substantial doubt about the Company's ability to continue as a going concern. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/mr43tea9 About CIMG Inc. CIMG is a business group specializing in digital health and sales development, with a cryptocurrency-focused strategy. The Company leverages AI and cryptocurrencies (such as Bitcoin and stablecoins) to drive business growth, helping clients maximize user growth and enhance brand management value. The Company's current client portfolio includes brands such as Kangduoyuan, Maca-Noni, Qianmao, Huomao, and Coco-mango. Singapore-based Assentsure PAC, the Company's auditor since 2025, issued a "going concern" qualification in its report dated February 13, 2026, attached to the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2025, citing that the Company has experienced recurring losses from operations and negative working capital, which raises substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $67,485,970 in total assets, $11,051,607 in total liabilities, and $56,432,361 in total stockholders' equity. YUEXIU PROPERTY: Moody's Cuts CFR to Ba2 & Alters Outlook to Stable ------------------------------------------------------------------- Moody's Ratings has downgraded the following ratings of Yuexiu Property Company Limited and its wholly owned subsidiaries: 1. Yuexiu Property's corporate family rating to Ba2 from Ba1; 2. Senior unsecured rating on Yuexiu Property's medium-term note (MTN) program to (P)Ba2 from (P)Ba1; 3. Backed senior unsecured rating on the MTN program of Westwood Group Holdings Limited, which is guaranteed by Yuexiu Property, to (P)Ba2 from (P)Ba1, and; 4. Backed senior unsecured rating on the bonds issued by Westwood Group and Joy Delight International Limited and guaranteed by Yuexiu Property, to Ba2 from Ba1. At the same time, Moody's have changed the outlook to stable from negative on all entities. "The downgrade reflects Moody's views that Yuexiu Property's leverage will remain elevated over the next 12-18 months. The slower-than-expected pace of deleveraging is driven by Yuexiu Property's extended low profitability amid the sector downcycle, which continues to pressure its earnings," says Daniel Zhou, a Moody's Ratings Assistant Vice President and Analyst. "The stable outlook considers Yuexiu Property's above-market sales performance supported by its solid business profile, which will help the company to gradually stabilize its credit metrics. Moody's also expects Yuexiu will maintain good liquidity and continue to receive strong parental support, as indicated in two-notch uplift," adds Zhou. RATINGS RATIONALE Yuexiu Property Company Limited's Ba2 CFR incorporates its standalone credit quality and a two-notch uplift to reflect a strong likelihood of extraordinary support from its ultimate parent, Guangzhou Yue Xiu Holdings Limited, which is one of the largest enterprises owned by the Guangzhou municipal government through the Guangzhou State-owned Assets Supervision and Administration Commission (SASAC). Yuexiu Property's standalone credit quality reflects its good track record of property development in Guangzhou, its good-quality land bank in the Greater Bay Area and Eastern China, and its close relationship with the Guangzhou municipal government. Yuexiu Property's standalone credit profile also reflects its fairly high concentration in Guangdong province, and high leverage driven by weak margins. The prolonged sector downcycle will continue to constrain Yuexiu Property's profitability and slow its deleveraging efforts. This reflects the company's ongoing pressure to destock inventory from projects with higher historical land costs and larger pricing pressure. Although contribution from high-margin projects in higher-tier cities will increase, Moody's expects the improvement in Yuexiu Property's gross profit margin to be gradual over the next 12-18 months. This will continue to pressure Yuexiu Property's earnings despite Moody's forecasts of stable revenue generation, which is supported by sustained stronger-than-market contracted sales with good-quality land bank. As a result, Moody's estimates Yuexiu Property's adjusted debt/EBITDA to remain elevated for 2025, before gradually trend down over the next 12-18 months. Such metrics do not support the company's previous standalone credit profile. Yuexiu Property's liquidity is good, underpinned by its sizable cash on hand and good access to funding, supported by its state-owned background. Moody's expects the company's cash holding and operating cash flow to be sufficient to cover its maturing debt, committed land payments and dividend payments over the next 12-18 months. Moody's assessments of a strong likelihood of support for Yuexiu Property from Guangzhou Yue Xiu factors in (1) the parent's status as Yuexiu Property's single-largest shareholder, with close management oversight of the company, (2) the track record of financial assistance from the parent, (3) Yuexiu Property's significant contributions to the group's revenue and earnings, and (4) the company's strategic role in developing the parent's core property business, particularly in the Greater Bay Area. In terms of environmental, social and governance (ESG) considerations, Yuexiu Property's rating considers the company's ownership by Guangzhou Yue Xiu and Guangzhou Metro, which are in turn owned by the Guangzhou municipal government and are under the government's supervision; and the company's track record of maintaining stable business and financial management. The senior unsecured ratings for Yuexiu Property and its fully owned subsidiaries are not affected by the subordination to claims at the operating company level. This is because, despite the company's status as a holding company, Moody's expects parental support to flow through to the companies rather than directly to its main operating subsidiaries, thereby mitigating any differences in expected losses from structural subordination. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Yuexiu Property's rating could be upgraded if Yuexiu Property's credit metrics improve, with its EBIT/interest rising above 3.0x and adjusted debt/EBITDA improving to less than 7.0x, and it maintains its strong strategic and economic importance to Guangzhou Yue Xiu. Moody's could downgrade Yuexiu Property's rating if Guangzhou Yue Xiu's ability or willingness to provide support declines; the company's sales decline significantly; its liquidity deteriorates because of weak sales or aggressive growth. Credit metrics indicative of downgrade rating pressure include adjusted debt/EBITDA staying above 8.5x, or EBIT interest coverage below 1.75x, for a prolonged period. The principal methodology used in these ratings was Homebuilding and Property Development published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Yuexiu Property listed on the Hong Kong Stock Exchange in 1992. The company's and its subsidiaries' core businesses are in property development and investment. As of June 30, 2025, Yuexiu Property was 45.34% owned by Guangzhou Yue Xiu Holdings Limited and 19.9% owned by Guangzhou Metro Group Co., Ltd. Both Guangzhou Yue Xiu and Guangzhou Metro are owned by the Guangzhou municipal government. ========= I N D I A ========= AIREN COPPER: CARE Keeps D Ratings in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Airen Copper Private Limited (ACPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 24.75 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated February 10, 2025, placed the rating(s) of ACPL under the 'issuer non-cooperating' category as ACPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ACPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 27, 2025, January 6, 2026, January 16, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Jaipur (Rajasthan) based ACPL was incorporated in 2002 by Mr. Sudhir Kumar Agarwal and Mr. Suresh Kumar Agarwal. ACPL commenced its commercial operations from January 2009. The company is mainly engaged in the manufacturing of paper insulated copper wires/strips and paper covered insulated bus bars. It has its manufacturing facility situated at Jaipur. ANILINE PROPERTIES: CARE Moves D Debt Rating to Not Cooperating --------------------------------------------------------------- CARE Ratings has migrated the rating on bank facilities of Aniline Properties Private Limited (APPL) to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-Convertible 68.00 CARE D ISSUER NOT COOPERATING; Debentures Rating moved to ISSUER NOT COOPERATING category Rationale and key rating drivers APPL has not paid the surveillance fees for the rating exercise agreed to in its Rating Agreement. In line with the extant SEBI guidelines, CARE Ratings Limited's (CareEdge Ratings') rating on Aniline Properties Private Limited's instruments will now be denoted as CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. The rating assigned to the Non-Convertible Debenture (NCD) issue of APPL takes into account the company's weak liquidity position with lower than envisaged collections from booked units and delay in launch of 'Tower D', resulting in instances of delays in debt servicing. Analytical approach: Standalone Outlook: Not Applicable Detailed description of key rating drivers: At the time of last rating on April 21, 2025, the following were the rating weaknesses (updated for the information received from APPL): Key weaknesses * Slower collections leading to project execution and funding risk: As on November 30, 2025, ~84% of the total cost of the project has been incurred. The company is yet to incur project cost of ~INR118 crore, which is expected to be funded majorly through customer advances. This indicates a high reliance on customer advances for financing the project. While the company has sold ~99% of the saleable area in the towers already launched for sale, the pace of collections has been slower than anticipated. Any negative impact on collection and sales momentum could lead to cash flow mismatches, posing a risk to project financing and debt repayment. * Change in repayment terms of NCDs: As per the original terms of the issue, APPL had to service interest and principal obligation of INR3.99 crore and INR11.50 crore respectively on March 31, 2025. However, APPL approached the investor on February 17, 2025, seeking revision in repayment terms of its NCDs, which was granted vide amendment agreement dated March 26, 2025. Also, the company sought additional financing to cover the approval cost and expedite construction. As per the revised terms, the company was granted additional moratorium for its principal repayment. APPL only serviced the interest obligation due on March 31, 2025. However, as on February 16, 2025 and March 26, 2025, the company had available balances of INR1.41 crore and INR1.04 crore respectively in its collection and escrow accounts, which was insufficient to service the debt obligation. Also, during Q4FY25 (refers to January 1 to March 31), APPL's collections of INR15.65 crore from booked units were significantly lower than envisaged, impacting APPL's liquidity position. This implies that the revision in the repayment terms was done in order to avoid default. Further, the NCDs have a high borrowing cost with coupon of 17.50% (revised from 16% for series A) and 21.50% (revised from 20% for Series B), which could impact the cash flows of the company especially in a scenario where the project bookings and/or sale proceeds get delayed. * Delay in launch of 'Tower D', adversely impacting the cash flows: The launch of 'Tower D' of APPL's project has been delayed multiple times over the past two years, which has adversely impacted APPL's cashflows as bookings from the same were expected to shore up liquidity position of the company. Liquidity: Poor The liquidity position continues to remain poor marked by significant delays in realizing collections and delay in launch of Tower D, resulting in stress on cash flows and instances of delays in debt servicing. Furthermore, the company has liquidated part of its DSRA for servicing its debt obligations, which is partly replenished. As on January 13, 2026, DSRA balance reduced to INR0.10 crore (vis-à-vis INR1.39 crore as on February 21, 2025). Committed receivables coverage ratio also stood low at ~18%. Incorporated in February 2021, APPL is a part of the Dynamix group, promoted by Mr. Jayvardhan Goenka, who has experience of more than a decade in the industry. APPL is engaged in development of residential and commercial projects in Mumbai, Maharashtra. APPL has undertaken a residential project named "Avanya" (Prior to December 2021, the project was under Aniline Construction Company Private Limited (ACCPL) which is also a part of Dynamix group however for obtaining funding from lender, the project was transferred to APPL to provide NCLT compliant structure). The project is spread over total built up area of 6.70 lsf at Dahisar, Mumbai. BAKERI URBAN: Ind-Ra Affirms BB Bank Loan Rating, Outlook Stable ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Bakeri Urban Development Private Limited's (BUDPL) debt instruments as follows: -- INR1,050 bil. Non-convertible debentures* affirmed with IND BB/Stable rating; and -- INR100 mil. Bank loan facilities affirmed with IND BB/Stable rating. *Details in Annexure Analytical Approach Ind-Ra continues to take a fully consolidated view of BUDPL, its associate companies: Bakeri Residence LLP and Bakeri Spaces LLP as well as its holding company, Bakeri Projects Private Limited (BPPL; debt rated at 'IND BB'/Stable; holds 100%), owing to the strong legal, operational and financial linkages among them. BPPL has provided a corporate guarantee for BUDPL's 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 Risks 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 on 31 December 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 INR9,709 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 INR10.12 million in 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. 1) UNSUPPORTED RATING Ind-Ra has affirmed the unsupported rating at 'IND BB'/Stable. As per SEBI Master Circular, in the case of listed or proposed to be listed debt securities, an unsupported rating is to be disclosed in cases where there is a presence of a specified support considerations, even though the instruments do not carry a CE suffix rating. The unsupported ratings are arrived at without factoring in the explicit credit enhancement (CE). It helps in understanding the extent of credit enhancement factored into the instrument rating. The unsupported rating is arrived at without factoring in the explicit CE. It helps in understanding the extent of the CE factored into the instrument rating. The analytical approach, detailed key rating drivers, liquidity and sensitivities for unsupported rating are same as those of the NCD and bank loans ratings. 2) INSTRUMENT COVENANTS 3) ADEQUACY OF CE STRUCTURE BPPL is BUDPL's 100% parent and has provided a corporate guarantee for the rated NCDs. Since the guarantee does meet Ind-Ra's requirement and does not specify the timeline for invocation to ensure payment on the due date, Ind-Ra has not considered the same as an explicit credit enhancement and hence not added the CE suffix to the NCD rating. Any Other Information Standalone profile: BUDPL's sales and collection velocity stood at INR157.30 million in the 12 months ended December 2025. Its revenue stood at INR266.99 million in FY25 (FY24: INR223.08 million) while EBITDA was INR105.84 million (INR81.92million). BUDPL has one ongoing project namely Sylvan Golf & Country Homes -Plotted development project which is 52% completed and 16% sold out as of December 2025. BUDPL has a ready inventory of INR2,225 million from its completed projects, which are available for liquidation in the near-to medium term. It has repayment obligation of INR234 million-257 million in the next two years ended FY27. About the Company Incorporated in 1996, BUDPL is a 100% subsidiary company of BPPL. The company is engaged in the business of construction, development, sale, management and operation of townships, plotted development, housing projects, commercial premises and other related activities. The Bakeri group was set up in 1959 and has developed over 25 msf of plotted development and 17 msf of constructed properties in Ahmedabad. BANSAL RICE: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Bansal Rice Mills (BRM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated February 12, 2025, placed the rating(s) of BRM under the 'issuer non-cooperating' category as BRM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BRM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 29, 2025, January 08, 2026, January 18, 2026, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Bansal Rice Mill (BRM) was established in April 2007 as a partnership firm and is currently being managed by Mr. Sandeep Kumar, Mr. Amandeep Bansal, Mr. Badri Prasad, Mrs Rashmi Bansal and Mrs Manisha Bansal as its partners sharing profit and loss equally. The firm is engaged in processing of paddy and milling of rice at its manufacturing facility located at Sangrur (Punjab). CLEAN COAL: Ind-Ra Cuts Bank Loan Rating to BB ---------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded the rating on Clean Coal Enterprises Private Limited's (CCEPL) bank facilities to 'IND BB/Negative (ISSUER NOT COOPERATING)'/'IND A4+ (ISSUER NOT COOPERATING)' from 'IND BBB+/Negative (ISSUER NOT COOPERATING)'/'IND A2 (ISSUER NOT COOPERATING)'. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency through phone calls and emails. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The instrument-wise rating action is: -- INR500 mil. Bank loan facilities downgraded with IND BB/ Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating. NOTE: ISSUER NOT COOPERATING: Issuer did not cooperate; based on best available information Detailed Rationale of the Rating Action The downgrade and the Negative Outlook are in accordance with Ind-Ra's Guidelines on What Constitutes Non-Cooperation. As per the guidelines, if an issuer has an investment grade rating outstanding while being noncooperative for more than six months with Ind-Ra, then Ind-Ra will necessarily downgrade such rating to the non-investment grade, while maintaining the Issuer Not Cooperating status. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interactions with CCEPL while reviewing the ratings. Ind-Ra had consistently followed up with CCEPL over emails starting January 2026, apart from phone calls. The issuer submitted no default statements until August 2025. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of CCEPL, 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. CCEPL has been non-cooperative with the agency since September 8, 2025. About the Company CCEPL was incorporated in November 2003. CCRPL is into beneficiation of non-coking coal, liasioning, transportation and allied activities. The company also trades in the reject coal. The company has 6.2 million tons of coal washery and two railway siding. DINESH OILS: Ind-Ra Keeps D Bank Loan Rating in NonCooperating -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Dinesh Oils Limited's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating action is: -- INR1,692 bil. Bank Loan Facilities maintained in non- cooperating category with IND D (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 ratings are maintained in the non-cooperating category in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Dinesh Oils Limited while reviewing the rating. Ind-Ra had consistently followed up with Dinesh Oils Limited over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Dinesh Oils Limited 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 Dinesh Oils Limited'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 Incorporated in 1986, Dinesh Oils primarily manufactures refined edible oils, mainly refined palm olein oil and refined palm oil, and vanaspati. DODDANAVAR GLOBAL: Ind-Ra Cuts Bank Loan Rating to B ---------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Doddanavar Global Energy Private Limited 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: -- INR657.67 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 the likelihood of further downgrade of the entity's ratings on continued non-cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Doddanavar Global Energy Private Limited while reviewing the rating. Ind-Ra had consistently followed up with Doddanavar Global Energy Private Limited over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Doddanavar Global Energy Private Limited 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 Doddanavar Global Energy Private Limited'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 DGEPL has developed and commissioned a 47MW wind power project in Belgaum, Karnataka. DYNAMIC (CG): CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Dynamic (CG) Equipments Private Limited (DEPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 49.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 7, 2025, placed the rating(s) of DEPL under the 'issuer non-cooperating' category as DEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 23, 2025, December 3, 2025, February 26, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Dynamic (CG) Equipments Pvt. Ltd. (DEPL; erstwhile Dynamic JCB Earthmovers Private limited), incorporated in 2008, is promoted by Mr. Ashwani Mahendru (Managing Director). DEPL is an authorized dealer and service center operator for JCB India Limited (JCBI) in commercial vehicles and earth moving equipment since 2008 in Chhattisgarh. The contract of JCB is renewable every three years and was last renewed in September, 2013. Further, the company is also in the business of leasing and providing after sales service and deals in accessories & spare parts of Earth moving Equipments. The company is also the authorized distributor for Castrol Brand of Industrial Engine oil, Gear oil, Hydraulic oil and other industrial oils which it is selling to its customers. Over the years, the company has built a network in 27 branches and Any Time Parts (ATP)'s in Chhattisgarh which provides spares and accessories of JCB. Presently DEPL has four showrooms cum service centres at Raipur, Siltara and Bilaspur and Raigarh. ECSTASY REALTY: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Ecstasy Realty Private Limited (ERPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 500.00 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Non-convertible 250.00 CARE C; ISSUER NOT COOPERATING debentures Rating continues to remain under ISSUER NOT COOPERATING category Non-convertible 600.00 CARE D; ISSUER NOT COOPERATING debentures Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had placed the rating(s) of ERPL under the 'issuer non-cooperating' category vide its press release dated March 23, 2020, as ERPL failed to provide information for monitoring of ratings. ERPL continues to be non-cooperative despite repeated requests for submission of information through, phone calls and e-mails dated January 24, 2026; February 2, 2026; and February 10, 2026. Considering the extant Securities and Exchange Board of India (SEBI) guidelines, CareEdge Ratings has reviewed the rating based on the best-available information, which in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Ratings for ERPL's bank facilities and instruments are denoted as CARE D/CARE C; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and public at large) are hence requested to exercise caution while using these rating(s). Rating sensitivities: Factors likely to lead to rating actions Not applicable Analytical approach: Standalone Outlook: Not applicable Detailed description of key rating drivers: At the time of the last rating on March 10, 2025, following were the rating strengths and weaknesses (updated for the information available from BSE announcements for listed debts): Key weaknesses * Delays in debt servicing for the non-convertible debenture issue: There are ongoing delays in servicing the non-convertible debenture (NCD) issued by ERPL. Sluggishness in sales of Phase-I, though expected to improve post receipt of OC ERPL earlier envisaged the occupancy certificate (OC) to be received in March 2018, which was received only in December 2018. Hence, the number of flats expected to be sold in FY19 was lower-than- envisaged. However, after receipt of OC, sales have gathered momentum and ERPL sold eight flats, as comfort for buyers is higher for flats with OC available. Of the 122 available flats, 79 flats have been sold with residents moving into their apartments. * Partial dependency on promoter for NCD coupon payment: Due to postponement of envisaged cashflows, ERPL depends on promoter support for repayment of the quarterly NCD coupon. Delays in servicing the NCD issue continues. * Nascent stage of the project's phase-II exposed to execution risks: For the project's Phase-II, land has been acquired and the plan has been submitted to authorities for final approval, which is expected shortly. Given the nascent stage of construction, with approvals pending, risk exists pertaining to the project's timely execution. Financial closure is pending. With a significant proportion of total cost funded through customer advances, funding risk persists. * Cyclicality in real estate industry: The capital intensive real estate industry is highly cyclical. Though reforms announced recently in real estate sector have been taken in the right direction, investor's confidence is yet to pick up. Major challenges related to clearances, land acquisition, project delay, liquidity issues, slow sales and pile-up of inventory, are pending to be addressed for recovery of the sector. The recent liquidity crisis in non-banking finance companies (NBFCs) and housing finance companies (HFCs) impacted the real estate sector, as accessing capital from lenders has become tougher. However, with improvement in macroeconomic conditions in the country, the real estate sector is expected to record gradual recovery. Key strengths * Promoters' experience and track record: Shobhit J Rajan, ERPL's promoter, has over 20 years' experience in the construction industry. He was earlier a Director in Gammon India Limited and was responsible for procurement, resource raising and execution of projects. Over the years, under the leadership of Shobhit Rajan, the Raiaskaran Group (RG) has been involved in development of residential and commercial spaces in Mumbai aggregating 2 million sq ft. * Property's prime location in the Mumbai real estate market: ERPL is currently developing a premium residential tower named "Parthenon" at J P Road, Versova in Mumbai. Versova is one of the prime locations in the western region of Mumbai. This residential tower forms phase-I of the project. ERPL is also proposing to develop phase-II, which shall be adjacent to the "Parthenon" building, comprising residential flats, commercial complex, and a club house. The project is close to the DN Nagar metro station at Mumbai, which provides seamless East-West suburban connectivity. The neighbourhood is also well-developed with urban amenities in proximity including malls, multiplex, schools, college, and restaurants, among others. The location is ~5 km from Andheri suburban Railway station and ~10-15 km from the Mumbai Domestic and International Airport. The site is well-connected by roads through SV Road, Western Express Highway, and Jogeshwari-Vikhroli Link Road. Liquidity: Poor The company's liquidity profile is poor as reflected by ongoing delays in debt servicing. ERPL is a group company of the Mumbai-based RG, incorporated in 1992. Established by Shobhit Rajan, RG develops commercial and residential spaces. ERPL is developing a residential tower named "Parthenon" (MAHARERA Registration No. P51800008444) at JP Road, Versova in Mumbai, having total saleable area of 6.35 lakh sq ft. This forms phase-I of the proposed development plan of RG in Versova. ETCO INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Etco Industries Private Limited (EIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 140.56 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 12.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain Under ISSUER NOT COOPERATING Category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated January 22, 2025, placed the rating(s) of EIPL under the 'issuer non-cooperating' category as EIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. EIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 8, 2025, December 18, 2025, December 28, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable EIPL is engaged in the business of manufacturing cotton yarn. In 2004, EIPL (formerly known as ETCO Spinners Pvt. Ltd.) took over cotton spinning unit situated at MIDC area Parbhani, Maharashtra, from the liquidators of Sahakari Soot Girni Ltd at a cost of INR4.30 crore. The unit commenced its operations from January 1, 2007. EUROLIFE HEALTHCARE: Ind-Ra Keeps D Loan Rating in NonCooperating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Eurolife Healthcare Pvt. Ltd.'s instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating action is: -- INR1,007.7 bil. Bank Loan Facilities maintained in non- cooperating category with IND D (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 ratings are maintained in the non-cooperating category in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Eurolife Healthcare Pvt. Ltd. while reviewing the rating. Ind-Ra had consistently followed up with Eurolife Healthcare Pvt. Ltd. over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Eurolife Healthcare Pvt. Ltd. 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 Eurolife Healthcare Pvt. Ltd.'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 Eurolife Healthcare was established in 2001 by Sandeep Toshniwal. The Mumbai-based specialty pharmaceutical company manufactures and distributes a portfolio of healthcare formulations, intravenous infusions, ophthalmics, sterilized water for injections, nebules, tablets, capsules, ointment and creams. FRAUSCHER RAIL: Voluntary Liquidation Process Case Summary ---------------------------------------------------------- Debtor: Frauscher Rail Signalling Systems India Private Limited Level 5, Prestige Khoday Tower, No.5, Raj Bhavan Road, Bangalore, Karnataka, India - 560001 Liquidation Commencement Date: March 2, 2026 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Ganesh Panduranga Pai No.68, 6B, 6th Floor, Chitrapur Bhawan 8th Main, 15th Cross, Malleshwaram, Bangalore - 560055 Tel: 98456 66596 Fax: (080) 2356 5641 Email: pragnya.cas@gmail.com Last date for submission of claims: March 31, 2026 GAYATRI AGRO: Ind-Ra Affirms BB- Loan Rating, Outlook Stable ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has affirmed the ratings on Gayatri Agro Industrial Power Private Limited's (GAIPPL) bank loan facilities as follows: -- INR420 mil. Bank loan facilities affirmed with IND BB-/Stable/ IND A4+ rating. Detailed Rationale of the Rating Action The affirmation reflects commencement of operations at GAIPPL's agro-processing cluster (APC) unit and fortified rice kernel (FRK) manufacturing unit. However, the company's parboiled rice mill, earlier expected to begin operations in FY25, has been delayed. Meanwhile, its crude rice bran oil extraction unit and the edible oil refinery unit are under construction as planned, without any delays. The rating also factors in the time & cost overrun and funding risks associated with the projects. In FY26, Ind-Ra expects GAIPPL's revenue, EBITDA, and credit metrics to improve due to full year of operations from the APC division, the commencement of the FRK unit from April 2025, and the expected start of operations in the parboiled rice milling division. The ratings are supported by the company's promoters' experience of nearly 25 years in the agro-related businesses, and easy access to raw materials due to its location in a paddy-rich belt at Nalgonda District, Telangana. Detailed Description of Key Rating Drivers Small Scale of Operations: The ratings reflects GAIPPL's small scale of operations, as indicated by revenue of INR86.77 million in FY25 (FY24: nil) and EBITDA of INR16.27 million (nil). FY25 marks GAIPPL's first year of operations, as the company had set-up agro-processing activities by FY22 and commenced operations at its APC unit in March 2025. It subsequently began operations at its FRK unit in April 2025. Till 8MFY26, GAIPPL booked revenue of INR266.8 million. In FY26, Ind-Ra expects the revenue to improve due to a full year of operations for the APC division and the commencement of the FRK unit from April 2025. Modest Credit Metrics: The ratings also reflect GAIPPL's modest credit metrics as reflected by an interest coverage ratio (operating EBITDA/gross interest expenses) of 4.02x in FY25 (FY24: negative 29.33x) and the net leverage (total adjusted net debt/operating EBITDAR) of 18.87x (negative172.24x). The credit metrics improved in FY25 mainly due to the company generating positive operating EBITDA from the one month of operations. In FY26, Ind-Ra expects the credit metrics to improve due to an improvement in EBITDA levels led by the scale-up in operations. Stretched Liquidity: Please refer to the Liquidity section. Lack of Operational Track Record: The rating factors in the delays in the commissioning the parboiled rice mill, likely to commence operations by April 2026, along with the continued under-construction status of the crude rice bran solvent extraction unit and edible oil refinery. These were scheduled to begin construction in April 2026 and achieve commercial operations by April 2027. As the facilities will remain in the development and initial ramp-up phases over the medium term, Ind-Ra expects the scale of operations to remain modest, given the inherent occupancy and stabilization risks associated with newly commissioned projects. Locational Advantage: GAIPPL's units derive a significant locational advantage from their presence in Nalgonda District, Telangana, a region recognized as a major paddy cultivation belt. This ensures abundant and consistent availability of raw material. The site is situated abutting NH-65 (Hyderabad-Suryapet), providing connectivity for inbound raw material movement and outbound finished goods transportation. Experienced Promoters: The promoters have more than 45 years of experience in the solvent extraction and agro processing industries. One of the promoters has over two decades of experience in agro-processing, and has served as the President of the South Indian Rice Mill Association. Government Support & Subsidy: GAIPPL benefits from policy-level support under the Pradhan Mantri Kisan Sampada Yojana (PMKSY), which includes capital assistance for all units established within the approved agro-processing clusters. The Ministry of Food Processing Industries has sanctioned a grant-in-aid of INR50 million, to be disbursed in two instalments within the stipulated 18-month implementation period. This reduces the overall funding burden and is likely to moderate project execution risk. Liquidity Stretched: GAIPPL's net working capital cycle was negative 215 days in FY25, mainly on account of only one month of operations. The company provides, on average, around 60 days credit period to its customers and is offered 30-45 days of credit period from its suppliers. The inventory holding period was around 90 days in FY25. The cash flow from operations deteriorated to negative INR16.87 million in FY25 (FY24: INR7.94 million), due to higher working capital requirements. Furthermore, the company's free cash flow stood at negative INR156.16 million in FY25 (FY24: INR7.49 million) due to capex. The average maximum utilization of the fund-based limits was 12.58% during the 12 months ended January 2026. GAIPPL's cash and cash equivalents at end-FY25 was INR78.78 million (FY24: INR1.04 million). GAIPPL has debt repayment obligations of INR8.2 million and INR45.7 million in FY26 and FY27, respectively. Moreover, the firm does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. In the event of a delay in the completion of remaining capex, expenses will be funded by promoters. Rating Sensitivities Negative: Any delay in the commencement of operations, and achieving stability in the operating performance, affecting the company's debt servicing ability and/or liquidity, could be negative for the ratings. Positive: Timely commencement of operations and achievement of stable operating profitability and liquidity could be positive for the ratings. About the Company Established in 1998, GAIPPL is an agro-processing enterprise, headquartered in Hyderabad. The company is developing five different projects, comprising an APC unit under PMKSY, a 16TPH parboiled rice mill, 1TPH FRK manufacturing unit, a grain processing unit, a rice bran solvent extraction unit, and a rice bran edible oil refinery unit. APC and FRK divisions are already completed and should start operating in FY26. The parboiled rice mill division will be completed by end-FY26. The manufacturing units will be located in Nalgonda district, Telangana. GCRG MEMORIAL: Ind-Ra Keeps D Rating in NonCooperating ------------------------------------------------------ India Ratings and Research (Ind-Ra) has maintained GCRG Memorial Trust's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating action is: -- INR240.3 mil. Bank Loan Facilities maintained in non- cooperating category with IND D (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 ratings are maintained in the non-cooperating category in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with GCRG Memorial Trust while reviewing the rating. Ind-Ra had consistently followed up with GCRG Memorial Trust over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of GCRG Memorial Trust 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 GCRG Memorial Trust'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 GCRG Memorial Trust was founded by Chairman Abhishek Yadav and Mohit Yadav (secretary) in May 2008 and is incorporated under the Indian Trust Act, 1882. GUGNANI LEASING: Liquidation Process Case Summary ------------------------------------------------- Debtor: Gugnani Leasing & Hire Purchase Private Limited No. 6/13, Park Avenue, North Avenue, Kesavaperumalpuram, Off Greenways Road, Chennai - 600028 Liquidation Commencement Date: March 2, 2026 Court: National Company Law Tribunal, Chennai Bench-II Liquidator: P. Balasubramanian 85/3, Sukkaliyur, Karuppampalayam Village, Karur, Tamil Nadu, 639003 Email: karurbalaw@gmail.com Door No.3&4, 157e Ground Floor, Mahathma Gandhi Road, Bharathi Nagar, Karur - 639002 Email: cirp.gugnani@gmail.com Last date for submission of claims: April 5, 2026 HERO ELECTRIC: Liquidation Process Case Summary ----------------------------------------------- Debtor: Hero Electric Vehicles Private Limited Registered Office: 50, Okhla Industrial Estate, Phase III, New Delhi - 110020 Principal Office: Plot No. 57, Udyog Vihar, Phase IV, Sector-18, Gurugram - 122018 (Harnaya) Liquidation Commencement Date: March 3, 2026 Court: National Company Law Tribunal, New Delhi Bench-III Liquidator: Lekh Raj Bajaj 107, Agarwal Prestige Mall, Adjoining to M2K, Pitampura, New Delhi - 110034 Email: lekhrajbajaj@rediffmail.com cirp.hev@gmail.com Last date for submission of claims: April 2, 2026 HINDOK EXPORTS: CRISIL Lowers Rating on INR7.5cr Cash Loan to D --------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Hindok Exports Limited (HEL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.5 Crisil D (ISSUER NOT; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING’) Long Term Loan 2.5 Crisil D (ISSUER NOT; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING’) Crisil Ratings has been consistently following up with HEL for obtaining information through letters and emails dated May 2, 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 HEL, 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 HEL is consistent with the criteria detailed in 'Assessing information adequacy risk’. Crisil Ratings has downgraded its rating on the bank facilities of HEL 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. HEL, incorporated in 2002, is promoted by Mr. Aditya Kapoor. The company manufactures yarn, and trades in yarn, knitted cloth, and steel machinery. It is based in Ludhiana, Punjab. HMR STEELS: Ind-Ra Keeps D Loan Rating in NonCooperating -------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained HMR Steels Private Limited's (HSPL) bank loan facilities' ratings in the non-cooperating category and has simultaneously withdrawn the same as follows: -- INR380 mil. Bank loan facilities maintained in non-cooperating category and withdrawn. *Maintained at 'IND D (ISSUER NOT COOPERATING)' before being withdrawn Detailed Rationale of the Rating Action The ratings have 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 from the issuer and a no-objection certificate issued by the bankers. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of HSPL, 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. HSPL has been non-cooperative with the agency since April 2019. About the Company HSPL was incorporated as MR Steels, a proprietorship concern in 1992. It was converted into a private limited company in 2008. The company is engaged in the trading of mild steel plates and heavy plates. INFOTECH HAL: Liquidation Process Case Summary ---------------------------------------------- Debtor: Infotech HAL Limited 5th Floor, Infotech IT Park Phase 1, 110A & 110B, Electronics City, Hosur Main Road, Bangalore, Karnataka, India, 560100 Liquidation Commencement Date: February 27, 2026 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Vasudevan Gopu G.V. Enclave, 18/30, Ramani Street, K.K. Pudur Saibaba Colony (4th Right Opposite Road to Saibaba Colony Hotel Annapoorna Road), Coimbatore - 641038, Tamilnadu, India Email: vasudevanacs@gmail.com ihalcirp@gmail.com Last date for submission of claims: March 29, 2026 J MODI: Insolvency Resolution Process Case Summary -------------------------------------------------- Debtor: J Modi Venture Private Limited 201, C Wing, Building No.2, Opposite Eskay Resort, Amazon Park, New Link Road, Mandapeshwar, Borivali West Mumbai - 400103 Maharashtra Insolvency Commencement Date: March 5, 2026 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: September 1, 2026 Insolvency professional: Manish Lalji Dawda Interim Resolution Professional: Manish Lalji Dawda 205-A, 2nd Floor, Plot No.408, Hiren Light Industrial Estate, Bhagoji Keer Marg, Near Paradise Cinema, Mahim, Mumbai City, Maharashtra, 400016 Email: ip.dawdamanish@gmail.com cirp.jmodi@gmail.com Last date for submission of claims: March 19, 2026 J.R. AGROTECH: Ind-Ra Keeps D Bank Loan Rating in NonCooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained J.R. Agrotech Pvt. Ltd.'s instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating action is: -- INR2,950 bil. Bank Loan Facilities maintained in non- cooperating category with IND D (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 ratings are maintained in the non-cooperating category in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with J.R. Agrotech Pvt. Ltd. while reviewing the rating. Ind-Ra had consistently followed up with J.R. Agrotech Pvt. Ltd. over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of J.R. Agrotech Pvt. Ltd. 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 J.R. Agrotech Pvt. Ltd.'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 Formed in 1998, J.R. Agrotech is a rice milling company. The company has plants in Dinanagar, Gurdaspur, for the purpose of drying, parboiling, sorting, milling and grading paddy. JAI MANGLA: Ind-Ra Keeps BB Bank Loan Rating in NonCooperating -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Jai Mangla Sponge Iron Private Limited's (JMSIPL) bank loan facility's ratings in the non-cooperating category and has simultaneously withdrawn the same. The detailed rating action is: -- INR500 mil. Bank loan facilities maintained in non- cooperating category & 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 JMSIPL while reviewing the ratings. Ind-Ra had consistently followed up with JMSIPL over emails, apart from phone calls since January 2025. The issuer has 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 JMSIPL, 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. JMSIPL has been non-cooperative with the agency since January 29, 2026. About the Company Incorporated in 2000, JMSIPL is engaged in the manufacturing and trading of sponge iron with its manufacturing facility located in Jharkhand. The plant has an installed capacity of 60,000MT per annum. JANSONS INDUSTRIES: Ind-Ra Affirms BB+ Bank Loan Rating ------------------------------------------------------- India Ratings and Research (Ind-Ra) has revised the Outlook on Jansons industries Ltd.'s (JIL) bank loan facilities to Negative from Stable while affirming the ratings as follows: -- INR1,150 bil. Bank loan facilities Affirmed, Outlook revised to Negative with IND BB+/Negative/IND A4+ rating. Detailed Rationale of the Rating Action The Negative Outlook reflects the likelihood of JIL's credit metrics remaining stretched in FY26, led by an elongation of its working capital cycle. Ind-Ra expects the credit metrics to remain stretched in the medium term, due to the company's elevated working capital requirements and the debt-heavy balance sheet. The affirmation reflects Ind-Ra's expectation that JIL's revenue will remain at around INR2,100 million, in line with the agency's expectation, and the EBITDA margins will remain stable at 7%. Ind-Ra expects improved in EBITDA growth in FY26 basis the EBITDA in 8MFY26 due to a better absorption of fixed cost. The ratings continue to benefit from JIL's presence across the textile value chain and the promoter's nearly three decades of experience in the industry. The ratings remain constrained by the company's stretched credit metrics, its customer concentration risk and the working capital-intensive nature of its operations. Detailed Description of Key Rating Drivers Qualified Audit Opinion in FY24-25; Likely to Continue in FY26: JIL has extended an advance of around INR700 million to its sister concern, Janson Finance and Leasing Company, in the past. At end-March 2025, INR477.6 million was outstanding. The auditors have qualified their opinion for the past few years due to the lack of provision for this amount. However, the management expects to recover the full amount by 2030. The advances provided by JIL to related parties constitute around 70% of its net worth. Ind-Ra will closely monitor the receipt of advances and any further advances provided by JIL will be negative for the ratings. Modest-but-stable EBITDA Margins in FY25; likely to Sustain in FY26: In FY25, JIL's modest EBITDA margin improved slightly to 7.46% (FY24: 7.27%), primarily due to a more efficient absorption of fixed costs resulting from an increased scale of operations. The return on capital employed also rose to 4.8% in FY25, (FY24: 4.1%). The company primarily procures its major raw materials, such as yarn, dyeing materials, and certain chemicals, domestically. Although JIL's EBITDA margins are vulnerable to fluctuations in raw material prices, the company has an escalation clause with Ikea, one of its major customers. This rate contract allows JIL to pass on raw material price fluctuations of up to 5%. During 8MFY26, the EBITDA margin was around 9.3%. For FY26 Ind-Ra expects the EBITDA margin to sustain in the range of 7%-8% due to a continued absorption of fixed costs, driven by an increase in the scale of operations. Stretched Credit Metrics due to High Debt Levels: In FY25, JIL's gross interest coverage (operating EBITDA/gross interest expense) slightly increased to 1.3x (FY24: 1.23x) and the net leverage (adjusted net debt/operating EBITDA) improved slightly to 9.72x (10.55x), due to an improvement in the EBITDA. Ind-Ra expects the credit metrics to remain in a similar range in FY26. Customer Concentration Risk: In FY25, JIL's top five customers accounted for 55% of the total revenue (FY24: 50%). However, the company's strong and healthy relationships with its key clients mitigate this risk to some extent. Furthermore, the company is focusing on expanding its customer base globally. The revenue distribution among its top clients is as follows: IKEA accounts for 40%, Stylem Takisada (Japan) 6%, KKA General Trading 6%, and MOHD SALEH MODH HADI TRADING (Oman) 2%. Elongated Working Capital Cycle in FY25; Likely to Sustain in FY26: In FY25, JIL's working capital cycle remained elongated but improved slightly to 268 days (FY24: 292 days), mainly due to a slight improvement in the inventory holding days to 222 (FY24: 251 days). The management expects the working capital cycle to remain elongated in the long term due to the company maintaining high inventory levels as the order execution time is around 120 days in case of Ikea, due to quality checks. In FY25, the receivable days stood at 87 (FY24: 91). The receivable period is long due to the settlement of old pending dues on piece meal basis. In FY25, the creditor days stood at 42 (50). Improvement in the Scale of Operations in FY25; Likely to Improve Further in Near Term: In FY25, JIL's revenue improved marginally to INR2,034 million (FY24: INR1,890 million), mainly due to an increase in the home textile revenue. Also, the exports revenue increased to around 60% of the total revenue in FY25 (FY24: 53%). In FY25, the absolute EBITDA had improved marginally to INR151.69 million (FY24: INR137.50 million) due to efficient utilization of fixed cost and an increased the scale of operations. JIL had four major revenue segments of which, the home textile division contributed majorly to the revenue at 59% in FY25 (FY24: 53%), followed by the consumer textile division at 19% (23%), job work income of 17% (around 20%) and the garments division at around 4% (around 5%). JIL earned a revenue of around INR1,417 million with an EBITDA of around INR130 million during 8MFY26. At end-November 2025, JIL had unexecuted orders of INR1,180 million. In FY26, Ind-Ra expects an improvement in the scale of operations due to increased orders from Ikea and the Gulf nations and a sustained domestic demand. Integrated Scale of Operations: JIL benefits from its integrated manufacturing facilities, which include the sizing of yarn, weaving and knitting, dyeing and bleaching. JIL operates through 11 branches, which are operating as a separate profit generating segment. Pivotal Contract with the Established Brand: JIL has a contract with Ikea (Sweden) since 2009, which contributed 40% to the total revenue in FY25 (FY24: 37%). The company had favorable contract terms with Ikea, including a partial price escalation clause, leading to a protection of margins; the payment terms is 30 days from the date of supply indicating better recoverability; the payment in Indian Rupees, and hence there is no forex exposure to JIL. Promoter's Experience: The ratings are further supported by promoter's more than three decades of experience in garment manufacturing industry, leading to established relationships with its customers. Liquidity Stretched: JIL's average monthly utilization of its fund-based limits was around 98.73% of the total sanctioned limit over the 12 months ended November 2025 and Ind-Ra expects it to have remained at similar levels over December 2025-January 2026. Furthermore, the company does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. JIL has debt repayment obligations of INR54.23 million for FY26 and INR11.1 million for FY27. In FY25, the cash flow from operations improved to INR44.27 million (FY24: INR24.19 million) due to an increase in the operating profit on account of an improvement in the scale of operations. In FY25, the free cash flow stood at negative INR6.83 million (FY24: negative INR5.11 million), due to the maintenance capex incurred by the company. At FYE25, the cash and cash equivalent stood at INR9.58 million (FYE24: INR24.77 million). Ind-Ra is closely monitoring the advances made to related parties, and any additional advances could lead to further deterioration in liquidity. Rating Sensitivities Negative: A decline in the scale of operation, leading to deterioration in the overall credit metrics with the leverage staying above 4x or a further pressure on the liquidity position, all on a sustained basis, could lead to a negative rating action. Positive: A substantial improvement in the scale of operation, leading to an improvement in the credit metrics with the leverage improving below 4x along with an improvement in the liquidity, all on a sustained basis, could lead to a positive rating action. About the Company JIL was established in 1990 as a private limited company and was converted to a public limited company under the current name in 1995. It had two manufacturing units, one each in Erode and Tiruchengode. It is engaged in manufacturing and selling of home textile products, consumer textile products and garments. JUBILEE HILLS: Ind-Ra Keeps D Loan Rating in NonCooperating ----------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained The Jubilee Hills Co- operative House Building Society Ltd.'s instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating action is: -- INR175 mil. Bank Loan Facilities maintained in non-cooperating category with IND D (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 ratings are maintained in the non-cooperating category in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with The Jubilee Hills Co- operative House Building Society Ltd. while reviewing the rating. Ind-Ra had consistently followed up with The Jubilee Hills Co- operative House Building Society Ltd. over emails, apart from phone calls Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of The Jubilee Hills Co- operative House Building Society Ltd. 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 The Jubilee Hills Co- operative House Building Society Ltd.'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 Jubilee Hills was registered on July 7, 1962 as a co-operative society under the Andhra Pradesh State Co-operative Societies Act, with Registration No. T.A.173. Its main objectives are to carry on functions for the benefit of its members, and buying and developing land in accordance with co-operative principles as per the Andhra Pradesh State Co-operative Societies Act. Jubilee Hills has total member base of 4,986 divided amongst residential, commercial members and non-land/property holders. K.M. GLOBAL: Ind-Ra Affirms BB+ NonConvertible Debts Rating ----------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed the rating on K.M. Global Credit Private Limited's (KMGC) non-convertible debenture as follows: -- INR341 mil. (reduced from INR425 mil.) Non-convertible debentures# affirmed with IND BB+/Stable rating. #Details in Annexure Detailed Rationale of the Rating Action The rating continues to reflect KMGC's loss-making operations and its ability to scale-up franchise which is yet to be established and will be monitored. Given an increased proportion of the secured assets in the total asset under management (AUM) at end-9MFY26 as compared to that in the past, coupled with off-book growth strategy, capital buffers are likely to remain adequate, which the company plans to further enhance with additional equity infusion in FY27. Ind-Ra notes that for the modest scale of operations, there is reasonable funding diversification. While the proportion of secured loans to overall AUM mix improved in 9MFY26, the company is yet to demonstrate a steady state asset quality. Detailed Description of Key Rating Drivers Loss-making Operations: KMGC witnessed a negative return on average assets of 4.3% in 9MFY26 (FY25: negative 4.1%, FY24: negative 1.6%, FY23: 0.5%) mainly due to the increasing credit cost of 5.0% (4.4%; 1.3%; 0.6%). Starting FY22, KMGC decided to focus on secured loans i.e. solar rooftop loans due to asset quality pressure in the existing unsecured products. With secured products contributing 80% of the AUM as on 9MFY26, the company's credit cost is likely to reduce over the near term. Also, the operating cost/average assets has been declining (9MFY26: 8.3%; FY25: 9.1%; FY24: 11.2%; FY23: 10.9%), even with decline in the denominator. On the balance unsecured loans (which contribute 20% of the AUM at end-December 2025), the company does not expect any material incremental asset quality pressure. With a further scaling up of secured loans, delinquencies in the softer buckets need to be monitored with a seasoning effect. Ability to Scale-Up Franchise yet to be Established: As the company decided to run down its unsecured loan book, its total AUM declined 18% yoy to INR1,800.8 million at end-9MFY26, (FYE25: INR2,201.1 million; FY24: INR2,531.5 million, FY23: INR1,567.5 million), of which 21% was off book at end-9MFY26 (FYE25: 19%). In the near term, i.e. before equity infusion, the company plans to manage scale-up with capital efficient routes of partnerships through business correspondence, direct assignment, co-lending transactions; thereby increasing the proportion of off-book loans to the total AUM to 40% by FY27. The company has merchant-based lending approach and operates pan India (covering 20 states) through the digital lending platform Credit Fair. At end-December 2025, the top three states together contributed around 59% i.e. Maharashtra (24.7%), Uttar Pradesh (23%) and Madhya Pradesh (11.8%) to the total AUM. The company does not have any major employee or new state addition plans; Ind-Ra expects the operating leverage to play out in the medium term with the scale up of its business. Steady-state Asset Quality not yet Proven: KMGC's product portfolio comprises solar rooftop loan, education upscaling loan and Consumer loan. Solar rooftop loans formed 80% of the overall AUM at end-December 2025, followed by education upscaling loan (12.5%) and consumer loan (7.5%). The average solar loan ticket size is around INR0.3 million with a maximum tenor of 60 months; however, the behavioral tenor of these loans is around three years. Solar rooftop loans are secured against the solar panels as collateral. The portfolio is still expanding and remains largely unseasoned with the last 12 months disbursements constituting around 94.4% of the total AUM in 9MFY26. The overall gross non-performing assets (GNPA) of the company stood at 2.3% at end-December 2025 (FY25: 2.4%; FY24: 1.5%, FY23: 0.9%, FY22: 0.3%), largely due to stress in unsecured book, as 90+ days past due in solar rooftop loans remained under control at 1.7% at end-December 2025 and that of unsecured loans stood at 4.8% (which is also a function of declining loan book due to run-down). The company's ability to manage asset quality while scaling its growth will be a key monitorable. Reasonably Diversified Funding: At end-December 2025, the company had 50.3% (FY25: 68%) of funding in the form of term loans from 17 financial institutions (five banks and 12 NBFCs), 32.8% (FY25: 32%) from non-convertible debentures, and the rest from inter-corporate deposits and shareholders loans. KMGC also has tied up with 13 lending partners for off book transactions. The company has added one new lender in the 12 months ended January 2026, taking the total lender relationship to 17 (five banks, 12 NBFCs). At end-9MFY26, the company's average cost of funding was reasonable at 12.9% (FY25: 12.5%) and 14% (14.1%) from banks and NBFCs, respectively, given the increased proportion of secured loans in the total AUM. KMGC's ability to maintain its diversified funding, along with deepening relationships with the existing lenders and an addition of new lenders with an increase in the proportion of secured loan would be the key determinants of its continued diversity and ability to reduce its borrowing costs. Adequate Capitalization: KMGC's founder and co-founder have shown the ability to raise funds in a timely manner to support growth. The company has raised around INR483 million since inception (9MFY25: INR45 million, FY24: INR106.5 million, FY23: INR223.4 million). At end-December 2026, KMGC's Tier-1 capital stood at 28.02% (FY25: 24.5%; FY24: 24.3%), the tangible net worth was INR341 million (INR400 million; INR457.2 million) and leverage (debt/tangible net worth) was 3.45x (3.8x; 3.2x). The management plans to operate below a threshold leverage of 4.0x on a steady-state basis. During FY26, KMGC has utilized direct assignment and pass-through certificate to manage its leverage and the company plans to raise equity capital in FY27. Liquidity Adequate: At end-January 2026, the company had cash and liquid investments and unutilized lines of INR207.7 million, which were sufficient to meet two months of debt obligation of INR186 million. There was no negative cumulative mismatch in the one-year bucket, as per the company provided ALM (contractual) statement at end-January 2026. About the Company KMGC (Credit Fair) is a Reserve Bank of India-regulated NBFC, providing loans to residential and MSME customers with end use monitored in rooftop solar segment. It was founded in 2018 by Aditya Damani. The business model is B2B2C where KMGC onboards businesses & funds customers. KMGC began with lending in education, healthcare home décor segment and solar. However, the company has transitioned to focus on rooftop solar segment, partnering with over 1,200 solar installers, financing 13,000+ rooftop solar installations and cumulatively disbursing over INR3,900 million until December 2025. At end-December 2025, the rooftop solar segment consisted 80% of the total AUM. K.R KUMAR: CARE Keeps C Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of K.R Kumar (KK) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 29, 2025, placed the rating(s) of KK under the 'issuer non-cooperating' category as KK had failed to provide information for monitoring of the rating and as agreed to in its Rating Agreement. KK continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 15, 2025, December 25, 2025, January 4, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, CareEdge Rating's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable K.R Kumar (KK) is a proprietorship concern established in 2015 and promoted by Mr. K.R. Kumar. The firm was initially engaged into brick manufacturing business and maintains server for Hathway cable connection. The firm has now constructed a Godown of 1.42 lakh sq feet at Nelamangala taluk, Bangalore rural district. KAJJEHALLY ESTATE: CARE Keeps C Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Kajjehally Estate (KE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 19.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 29, 2025, placed the rating(s) of KE under the 'issuer non-cooperating' category as KE had failed to provide information for monitoring of the rating and as agreed to in its Rating Agreement. KE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 15, 2025, December 25, 2025, January 4, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating based on the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Kajjehally Estate (KE), a proprietorship entity, was established in 2007 by Mr. S. Vasudevan of Bangalore. Since inception, the entity has been engaged in cultivation of plants like coffee, pepper, cardamom, orange, vanilla, areca, timber, silver oak etc. at its estate situated at 20Kms from Mudigere of Chikmagalur district in Karnataka. The aggregate area available for cultivation is 350acres; of which, the present area under cultivation is 330 acres. The day-to-day affairs of the entity are looked after by Mr. S. Vasudevan with adequate support from her wife Mrs. Priya Vasudevan. KALAVAKURU ESTATES: Ind-Ra Withdraws B+ Bank Loan Rating -------------------------------------------------------- India Ratings and Research (Ind-Ra) has withdrawn Kalavakuru Estates Private Limited's (KEPL) bank loan facilities' rating as follows: -- The 'IND B+/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING)' rating on the INR220 mil. Bank loan facilities is withdrawn. Detailed Rationale of the Rating Action Ind-Ra is no longer required to maintain the rating, as the agency has received no-dues certificates from the lenders and a withdrawal request from the issuer. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. About the Company Incorporated in 2006, KEPL operates a five-star hotel with 42 rooms in Wayanad, Kerala. The promoters are Sundararama Reddy and Jaysena Reddy. KEPL has two commercial rental properties and ventured into the hospitality industry in 2022. KRISHNA EDUCATIONAL: Ind-Ra Keeps D Loan Rating in NonCooperating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Shree Krishna Educational & Charitable Society's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating action is: -- INR76 mil. Bank Loan Facilities maintained in non-cooperating category with IND D (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 ratings are maintained in the non-cooperating category in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Shree Krishna Educational & Charitable Society while reviewing the rating. Ind-Ra had consistently followed up with Shree Krishna Educational & Charitable Society over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Shree Krishna Educational & Charitable 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 Shree Krishna Educational & Charitable 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 Shree Krishna Educational & Charitable Society was established in 2008 under the Societies Registration Act, 1860. The society operates two institutes in Barnala, Punjab, namely Aryabhatta Group of Institutes and Aryabhatta College. LION BUILDCON: Liquidation Process Case Summary ----------------------------------------------- Debtor: Lion Buildcon Private Limited B-132, S.F., Kh No. 776/704/508, Gali No.7 Hardev Puri, Shahdara, Delhi - 110093, India Liquidation Commencement Date: January 29, 2026 Court: National Company Law Tribunal, New Delhi Bench-II Liquidator: Gaurav Kapoor 12B, Pocket-III, Phase-1, Mayur Vihar, Delhi - 110091 Email: gaurav.kapoor@icai.org iconbuildconcirp@rediffmail.com Last date for submission of claims: April 3, 2026 LMJ INTERNATIONAL: Ind-Ra Keeps D Loan Rating in NonCooperating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained LMJ International Limited's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating action is: -- INR5.440 bil. Bank Loan Facilities Maintained in non- cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with LMJ International Limited while reviewing the rating. Ind-Ra had consistently followed up with LMJ International Limited over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of LMJ International Limited 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 LMJ International Limited'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 LMJ International trades agricultural and non-agricultural commodities in domestic and international markets. MAATARINI TOLLWAYS: Ind-Ra Keeps D Rating in NonCooperating ----------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Sai Maatarini Tollways Limited's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating action is: -- INR13,973.5 bil. Bank Loan Facilities maintained in non- cooperating category with IND D (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 ratings are maintained in the non-cooperating category in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Sai Maatarini Tollways Limited while reviewing the rating. Ind-Ra had consistently followed up with Sai Maatarini Tollways Limited over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Sai Maatarini Tollways Limited 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 Sai Maatarini Tollways Limited'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 SMTL is a special purpose vehicle, incorporated to implement a 166.17km-lane expansion (two-to-four laning) between Panikolli and Rimuli in Odisha on National Highway 215, under a 24-year concession agreement from the National Highways Authority of India ('IND AAA/Stable'). The project was terminated on January 28, 2020 due to non-completion of balance construction works. MAK HOSPITALS: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of MAK Hospitals Private Limited (MHPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 7, 2025, placed the rating(s) of MHPL under the 'issuer non-cooperating' category as MHPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MHPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 23, 2025, December 3, 2025, February 26, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable MAK Hospitals Private Limited (MHPL) was established in 2004, with the objective of providing super specialty facilities in medical care, by Dr. Shanu Mullaveetil and his wife Dr. Jisha Shanu. MHPL took over the operations of Koya's Hospital, Cheruvannur which had been established by Dr. M. Mohammed in 1945. In 1972, Dr. M.A. Koya, his son took over the operations of the hospital. The hospital had been adding various specialties, medical equipment and facilities over the years and today is a 100 bedded hospital. Dr. Koya is the Chief Medical officer. The hospital is also approved by the All India Council of Technical Education for conducting para medical courses in X-Ray, Lab -Technician and other such courses. The Government of Kerala has approved conducting Nurses Training Courses. MANTRI INFRASTRUCTURE: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Mantri Infrastructure Private Limited (MIL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non Convertible 247.00 CARE D; ISSUER NOT COOPERATING Bonds Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CARE Ratings) had, vide its press release dated March 19, 2025, placed the rating(s) of MIL under the 'issuer non-cooperating' category as MIL had had failed to provide the latest information for monitoring of the rating as agreed to in its Rating Agreement. MIL continues to be non-cooperative despite repeated requests for submission of the latest information for reviewing the ratings through e-mails dated February 2, 2026, February 12, 2026, and February 17, 2026, etc. In line with the extant SEBI guidelines, CARE Ratings has reviewed the rating on the basis of the best available information which however, in CARE Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders, and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Detailed description of key rating drivers: At the time of last rating on March 19, 2025, the following were the rating weakness (updated for the information available from the management): Key weaknesses * Delays in debt servicing: As confirmed by the management there are ongoing delays. Moreover, as stated by the auditor the account remain classified as non-performing assets (NPA). MIPL is a SPV floated by the Mantri group to undertake construction of Mantri Central retail project in Bengaluru. The project involves construction of retail mall with leasable area of 5.91 lsf with construction cost of INR214 crore. MIPL raised an amount of INR250 crore by issuing bonds. The repayment of these bonds was to be made out of excess cashflows of entire Mantri group's existing assets (residential+ commercial+ retail) post repayment to the existing senior lenders. MEGHA AGROTECH: Ind-Ra Hikes Bank Loan Rating to BB --------------------------------------------------- India Ratings and Research (Ind-Ra) has upgraded Megha Agrotech Private Limited's (MAPL) bank loan facilities' long-term rating to 'IND BB' with a Stable Outlook from 'IND BB-/Negative (ISSUER NOT COOPERATING). The detailed rating action is: -- INR50 mil. Bank loan facilities Long-term rating upgraded; short-term rating affirmed with IND BB/Stable/IND A4+ rating. The ratings reflect MAPL's small scale of operations, modest EBITDA margins, modest credit metrics and stretched liquidity in FY25. Ind-Ra expects the credit metrics and EBITDA margins to improve in FY26, supported by the execution of a work order to supply and install 5,000 solar pump sets. However, the ratings are supported by the promoter's three decades of operating experience in the irrigation industry. Detailed Description of Key Rating Drivers Small Scale of Operations: The ratings reflect MAPL's small scale of operations, with revenue of INR1,030.8 million in FY25 (FY24: INR1,266.87 million) and EBITDA of INR18.33 million (INR59.04 million). The revenue declined in FY25 primarily due to late receipt of orders, arriving towards the end of financial year. MAPL generated INR977.62 million through the micro-irrigation segment and INR53.19 million through the solar pump set segment in FY25. In December 2025, MAPL received an order to supply 5,000 solar pump sets, valued at INR1,200 million, to be executed by March 2026. During April 2025 to January 2026, MAPL earned revenue of INR970 million. Ind-Ra expects the revenue to improve in FY26, supported by the unexecuted order book. EBITDA Margin Expected to Improve in FY26: MAPL's EBITDA margin was modest at 1.78% in FY25 (FY24: 4.66%) with a return on capital employed of negative 0.3% (8.8%). The margins declined in FY25, due to negative operating leverage arising from lower revenue absorption of fixed costs. However, Ind-Ra expects the EBITDA margin to improve in FY26 on account of the likely revenue growth and the consequent positive operating leverage. Credit Metrics Expected to Improve in FY26: The credit metrics were modest with interest coverage (operating EBITDA/gross interest expenses) of 1.24x in FY25 (FY24: 3.64x) and net leverage (total adjusted net debt/operating EBITDAR) of 4.36x (1.25x). The credit metrics deteriorated in FY25, due to the decline in EBITDA. During FY26, MAPL increased its overall debt level by INR97.7 million by taking unsecured business loans for funding its day-to-day business requirements. Nevertheless, Ind-Ra expects the credit metrics to improve in FY26, on account of the likely improvement in the EBITDA and scheduled debt repayments. Experienced Promoters: The rating is supported by the company's promoters' nearly three decades of experience in the manufacturing and supply of irrigation equipment, leading to established relationships with suppliers and customers. Liquidity Stretched: MAPL's average maximum utilization of the fund-based limits was 98.32%% and that of the non-fund-based limits was 35.55% during the 12 months ended December 2025. The free cash flow turned negative to INR3.84 million in FY25 (FY24: INR52.09 million) as cash flow from operations fell to INR13.72 million (INR58.56 million) on account of unfavorable changes in working capital. The net working capital cycle elongated to 56 days in FY25 (FY24: 7 days), owing to an increase in the receivable period to 157 days (69 days) and inventory holding period to 44 days (34 days), partially offset by an increase in the payable period to 56 days (7 days). MAPL has debt repayment obligations of INR9.6 million and INR23.4 million in FY26 and FY27, respectively. The cash and cash equivalents stood at INR0.22 million at FYE25 (FYE24: INR1.07 million). Furthermore, MAPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. Rating Sensitivities Negative: A substantial decline in the scale of operations leading to deterioration in the overall credit metrics with the EBITDA interest coverage reducing below 1.7x on a sustained basis or a further deterioration in the liquidity position could lead to a negative rating action. Positive: A substantial increase in the scale of operations, along with an improvement in the liquidity profile and credit metrics, all on a sustained basis, could lead to a positive rating action. About the Company Incorporated in 1997 and located in Bengaluru (Karnataka), MAPL primarily manufactures irrigation equipment and provides agricultural support services. The company is promoted by R. Prasad, Rekha Prasad and Meghana Prasad. N SWARNA ELECTRICALS: Ind-Ra Cuts Bank Loan Rating to D ------------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded N Swarna Electricals & Contractors (NSEC) bank loan facilities' ratings to 'IND D (ISSUER NOT COOPERATING)' from 'IND B/Negative (ISSUER NOT COOPERATING/INDA4 (ISSUER NOT COOPERATING)'. The issuer did not participate in the rating review despite continuous requests and follow-ups by the agency. 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: -- INR100 mil. Bank loan facilities (Long- term/short-term) downgraded with IND D (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 reflects a delay in the debt servicing by NSEC. Ind-Ra has relied on information available in the public domain. However, Ind-Ra has not been able to ascertain the reason for the delay, as the company has been non-cooperative. The rating continues to be maintained in non-cooperating category in accordance with Ind-Ra's Guidelines on What Constitutes Non-Cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with NSEC while reviewing the rating. Ind-Ra had consistently followed up with NSEC over emails, apart from phone calls. The issuer has also not been submitting its monthly no default statement. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of NSEC, 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. NSEC has been non-cooperative with the agency since 2018. About the Company Established in 2000 as a proprietorship firm, NSEC is a special class civil contractor and Class 1 electrical contractor operating mainly in Telangana. NIPANI INFRA: Ind-Ra Affirms BB+ Bank Loan Rating ------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Nipani Infra and Industries Private Limited's (NIIPL) bank loan facilities' rating at 'IND BB+'. The Outlook is Stable. The instrument-wise rating action is: -- INR248.62 mil. Bank Loan Facilities affirmed with IND BB+/ Stable/IND A4+ rating. Detailed Rationale of the Rating Action The affirmation reflects NIIPL's continued small scale of operations and stretched liquidity position. The rating is supported by comfortable credit metrics, healthy EBIDTA margin and promoters' experience of more than two decades in the construction industry. Ind-Ra expects the revenue to improve in FY26, while the EBITDA margin is likely to remain at similar levels. The credit metrics are likely to improve in FY26, given the absence of any debt-led capex plans. Detailed Description of Key Rating Drivers Continued Small Scale of Operations: NIIPL's small scale of operations continues to be small. The revenue increased to INR765.76 million in FY25 (FY24: INR582.98 million) and EBIDTA to INR78.58 million(INR58.21 million), led by timely execution of orders as well as an increase in the number of orders executed by the company. As of December 2025, NIIPL had already booked revenue of INR887.21 million. Furthermore, NIIPL had an unexecuted orderbook of INR1,432.41 million as of December 2025; of this, orders worth INR414.11 million are scheduled to be executed by end-FY26 and the balance during FY27, giving medium-term revenue visibility of 1.87x. Comfortable Credit Metrics NIIPL's credit metrics remained comfortable and improved in FY25, mainly due to the increase in EBITDA. The interest coverage (operating EBITDA/gross interest expenses) was 4x in FY25 (FY24: 3.79x) and the net leverage (adjusted net debt/operating EBITDAR) was 1.32x (2.99x). In FY26, Ind-Ra expects the credit metrics to remain stable due to the absence of any major capex plan and scheduled repayments of term loans. Healthy EBIDTA Margin: The rating also factors in NIIPL's healthy EBITDA margins of 10.26% in FY25 (FY23: 9.98%) with a return on capital employed of 18.4% (14.5%). In FY25, the margin increased due to increased execution of steel building work orders, which offer higher margins than civil construction work. Ind-Ra expects the EBITDA margin to remain at similar levels in FY26, due to the absence of any major change in the cost structure of the company, as similar orders are being executed. Experienced Promoter: The ratings remain supported by the promoters' experience of over two decades in the light gauge steel building industry, which has helped the company establish strong relationships with customers as well as suppliers. Liquidity Stretched: The net working capital cycle improved to 79 days in FY25 (FY24: 177 days) owing to a decrease in the receivable period to 39 days (117 days). The cash flow from operations turned positive at INR105.86 million in FY25 (FY24: negative INR32.25 million), mainly due to favorable changes in working capital. The free cash flow turned positive at INR90.36 million in FY25 (FY24: negative INR64.86 million). NIIPL's average maximum utilization of the fund-based and non-fund-based limits was 90.54% and 89.20%, respectively, during the 12 months ended December 2025. The cash and cash equivalents stood at INR25.98 million at FYE25 (FYE24: INR37.18 million). The company has scheduled debt repayments of INR7.9 million and INR8.1 million in FY26 and FY27, respectively. NIIPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. Rating Sensitivities Negative: A decline in the absolute EBITDA, leading to deterioration in the overall credit metrics, with the interest coverage reducing below 2.2x and/or a pressure on the liquidity position and working capital cycle, all on a sustained basis, could lead to a negative rating action. Positive: A significant increase in the scale of operations along with increased diversification of the order book, while maintaining the overall credit metrics and liquidity profile, all on a sustained basis, could lead to a positive rating action. About the Company NIIPL was incorporated in 2018 and was initially set up as Nipani Industries in 1996. The registered office is in Jabalpur, Madhya Pradesh. The company is engaged in the construction of light gauge steel buildings, along with conventional buildings and has executed orders all over India. PATIL CONSTRUCTION: Ind-Ra Keeps D Loan Rating in NonCooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Patil Construction and Infrastructure Limited's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating action is: -- INR7,281.5 bil. Bank Loan Facilities maintained in non- cooperating category with IND D (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 ratings are maintained in the non-cooperating category in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Patil Construction and Infrastructure Limited while reviewing the rating. Ind-Ra had consistently followed up with Patil Construction and Infrastructure Limited over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Patil Construction and Infrastructure Limited 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 Patil Construction and Infrastructure Limited'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 Patil Construction and Infrastructure is engaged in the construction of bitumen and concrete roads/highways, buildings, storm water drainage, primarily for government agencies. The company has a presence in western parts of Maharashtra, Jharkhand, Chhattisgarh, Odisha, Telangana and Karnataka. POORNASAI AGRO: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Poornasai Agro Industries (PAI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.11 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 29, 2025, placed the rating(s) of PAI under the 'issuer non-cooperating' category as PAI had failed to provide information for monitoring of the rating and as agreed to in its Rating Agreement. PAI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 15, 2025, December 25, 2025, January 4, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Karnataka based, Poornasai Agro Industries (PAI) was incorporated in 2014, started its commercial operations from November 2016 and promoted by Mr. M R Ramanjanaya along with his son Mr. M R Sainath. PAI is engaged in processing and selling of rice. The rice processing unit of the firm is located at Gadwal road, Raichur, Karnataka. Apart from rice processing and selling, the firm is also into selling of by-products such as broken rice and rice bran. The main raw material, paddy, is majorly procured from paddy merchants and farmers located in Karnataka region (Around 90%) and from Gujarat, Chhattisgarh, Maharashtra and Andhra Pradesh, (Around 10%). The firm sells rice and other by-products to the rice dealers located in Karnataka (Around 40%), Kerala (Around 40%) and Tamil Nadu (Around 20%). PRATEEK APPARELS: Ind-Ra Cuts Bank Loan Rating to D --------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded the rating on Prateek Apparels Private Limited's (PAPL) bank loan facilities to 'IND D (ISSUER NOT COOPERATING)' from 'IND C (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING)'. The issuer did not participate in the rating review despite continuous requests and follow-ups by the agency. 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: -- INR914.3 mil. Bank loan facilities (long/ short term) downgraded with IND D (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 reflects a delay in the debt servicing by PAPL. Ind-Ra has relied on information available in the public domain. However, Ind-Ra has not been able to ascertain the reason for the delay, as the company has been non-cooperative. The rating continues to be maintained in non-cooperating category in accordance with Ind-Ra's Guidelines on What Constitutes Non-Cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with PAPL while reviewing the rating. Ind-Ra had consistently followed up with PAPL over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of PAPL, 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. PAPL has been non-cooperative with the agency since 2020. About the Company Incorporated in 1995, PAPL manufactures readymade garments. It is also involved in the retailing of apparels and trading of fabrics. The company has four manufacturing units in Karnataka. PAPL is promoted by Pradeep Aggarwal and the Phulchand Group. PRECISION MACHINES: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable ------------------------------------------------------------------ India Ratings and Research (Ind-Ra) has affirmed Precision Machines & Equipments Private Limited's (PMEPL) bank loan facilities as follows: -- INR800 mil. Bank loan facilities affirmed with IND BB+/ Stable/IND A4+ rating. Detailed Rationale of the Rating Action The affirmation reflects PMEPL's small scale of operations, continued modest EBITDA margin, stretched liquidity and customer concentration risk. However, Ind-Ra expects the scale of operations to improve in FY26, leading to a marginal improvement in the EBITDA margin. Furthermore, the company has onboarded two new customers in FY26, which should reduce the customer concentration risk to some extent. The ratings remain supported by the company's comfortable credit metrics and the promoters' nearly three years of experience in the heavy machinery industry. Detailed Description of Key Rating Drivers Continued Small Scale of Operations: The ratings reflect PMEPL's small scale of operations as indicated by revenue of INR1,450.62 million in FY25 (FY24: INR1,803.6 million) and EBITDA of INR59.97 million (INR61.6 million). In FY25, the revenue declined due to the receipt of a lower number of orders from its largest customer, Caterpillar India Private Limited (CIPL; accounts for 70% of revenue). During 7MFY26, PMEPL booked revenue of INR1,126.32 million. Management expects the revenue to improve in FY26 due to the likely receipt of a higher number of orders from CIPL and orders from the newly acquired customers. Sustained Modest EBITDA Margin: PMEPL's EBITDA margin was 4.13% in FY25 (FY24: 3.42%) with a return on capital employed of 9.2% (9.6%). The EBITDA margin improved in FY25 due to a decline in the costs of goods sold as a percentage of revenue to 72.62% (FY24: 79.45%), largely led by fluctuations in steel (key raw material) prices. However, the improvement in margin was partially offset by an increase in direct expenses as a percentage of revenue to 12.11% in FY25 (FY24: 8.64%) and personnel expenses to 7.88% (5.43%). Ind-Ra expects the EBITDA margin to improve marginally in FY26 due to an improved scale of operations led by better fixed-cost absorption. Stretched Liquidity: PMEPL's average maximum utilization of the fund-based and non-fund-based limits was 75.72% and 81.03%, respectively, during the 12 months ended January 2026. The cash flow from operations declined to INR19.20 million in FY25 (FY24: INR48 million) due to unfavorable changes in working capital. This, coupled with a capex of INR37.91 million in FY25 (FY24: INR36.08 million), caused the free cash flow to turn negative to INR18.71 million (INR11.97 million). The net working capital cycle elongated to 46 days in FY25 (FY24: 30 days), mainly on account of an increase in the receivable period to 51 days (27 days). PMEPL has repayment obligations of INR5.8 million and INR4.3 million in FY26 and FY27, respectively. The cash and cash equivalents stood at INR2.82 million at FYE25 (FYE24: INR3.22 million). Furthermore, PMEPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. Customer Concentration Risk: PMEPL derives 75%-80% of its revenue from CIPL. However, the company has added two new customers in FY26, which should help reduce customer concentration risk to some extent. Comfortable Credit Metrics: The interest coverage (operating EBITDA/gross interest expenses) was 4.52x in FY25 (FY24: 4.21x) and net leverage (total adjusted net debt/operating EBITDAR) was 2.13x (1.64x). In FY25, the interest coverage improved marginally due to a reduction in interest expense to INR13.28 million (FY24: INR14.62 million) while the net leverage deteriorated due to a rise in the overall debt levels to INR130.67 million (INR103.99 million) coupled with a marginal decline in the absolute EBITDA. In FY26, Ind-Ra expects the credit metrics to improve due to early repayment of loans and the likely improvement in EBITDA. Experienced Promoters: The company's promoters have nearly three decades of experience in fabrication of machines, leading to established relationships with reputed customers such as CIPL. Liquidity Stretched: PMEPL's average maximum utilization of the fund-based and non-fund-based limits was 81.03% and 75.72%, respectively, during the 12 months ended January 2026. The cash flow from operations declined to INR19.20 million in FY25 (FY24: INR48 million) due to unfavorable changes in working capital. This, coupled with a capex of INR36 million in FY25 (FY24: INR37 million), led the free cash flow to turn negative to INR18.71 million (INR11.97 million). The net working capital cycle elongated to 46 days in FY25 (FY24: 30 days) mainly on account of an increase in the receivable period to 51 days (27 days). PMEPL has debt repayment obligations of INR5.8 million and INR4.3 million in FY26 and FY27, respectively. The cash and cash equivalents stood at INR2.82 million at FYE25 (FYE24: INR3.22 million). Furthermore, PMEPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. Rating Sensitivities Negative: A decline in the revenue and EBITDA margins, leading to the net financial leverage exceeding 3.5x and further pressure on the liquidity position, will lead to a negative rating action. Positive: A recovery in the revenue along with an improvement in EBITDA, leading to an improvement in the credit metrics and liquidity position, will lead to a positive rating action. About the Company Established in 1990, PMEPL manufactures heavy precision fabrication and machining. It has three manufacturing facilities - in Porur, Irungattukottai and Oragadam - in Tamil Nadu, with a total installed capacity of 90 units per month. RAJTHARUN TEXTILES: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Rajtharun Textiles India Private Limited 6/159-B, Puluvapalayam, Odderpalayam Post, Annur-(Via), Coimbatore - 641653 Insolvency Commencement Date: February 24, 2026 Court: National Company Law Tribunal, Chennai Bench Estimated date of closure of insolvency resolution process: August 24, 2026 Insolvency professional: S. Prabhu Interim Resolution Professional: S. Prabhu 2nd Floor, CODISSIA, G.D. Naidu Towers, Huzur Road, Coimbatore - 641018 Tel: +91 94888-10404 Email: carpprabhu@gmail.com rajtharun.ibc@gmail.com Last date for submission of claims: March 20, 2026 RAMATIRTH POLYPACKS: CRISIL Keeps B- Ratings in Not Cooperating --------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Ramatirth Polypacks Products Private Limited (RPPPL) continues to be 'Crisil B-/Stable Issuer not cooperating’. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 Crisil B-/Stable (Issuer Not Cooperating) Long Term Loan 4 Crisil B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RPPPL 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 RPPPL, which restricts Crisil Ratings’ ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RPPPL is consistent with 'Assessing Information Adequacy Risk’. Based on the last available information, the rating on bank facilities of RPPPL continues to be 'Crisil B-/Stable Issuer not cooperating’. Incorporated in 2013, RPPPL is owned and promoted by Mr. Kadsiddappa Ramatirth and Ms. Sahana Ramatirth. It is engaged in manufacturing of polypropylene bags for cement and sugar industries. RANA FARMS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Rana Farms and Foods Private Limited (RFPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.6 CRISIL D (Issuer Not Cooperating) Long Term Loan 5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RFPL 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 RFPL, which restricts Crisil Ratings’ ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RFPL is consistent with 'Assessing Information Adequacy Risk’. Based on the last available information, the rating on bank facilities of RFPL continues to be 'Crisil D Issuer not cooperating’. Set up in 1985 by Mr. R Ravindran, RFPL is engaged in layer farming for production and sell of white shell eggs to wholesalers located in Tamil Nadu, Kerala, Karnataka, Bangalore etc. The company has its own poultry farm spread across an area of around 545acres in Namakkal district of Tamil Nadu. Currently RFPL has egg production capacity of around 2,00,000 eggs per day. RKKR HOLDINGS: Liquidation Process Case Summary ----------------------------------------------- Debtor: RKKR Holdings Private Limited No. 6/13, Park Avenue, North Avenue, Kesavaperumalpuram, Off Greenways Road, Chennai - 600028 Liquidation Commencement Date: March 2, 2026 Court: National Company Law Tribunal, Chennai Bench-II Liquidator: P. Balasubramanian 85/3, Sukkaliyur, Karuppampalayam Village, Karur, Tamil Nadu, 639003 Email: karurbalaw@gmail.com Door No. 3&4, 157e Ground Floor, Mahathma Gandhi Road, Bharathi Nagar, Karur - 639002 Email: cirp.rkkr@gmail.com Last date for submission of claims: April 5, 2026 ROLTA INDIA: Ind-Ra Keeps D Bank Loan Rating in NonCooperating -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Rolta India Limited's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating action is: -- INR27,832 bil. Bank Loan Facilities maintained in non- cooperating category with IND D(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 ratings are maintained in the non-cooperating category in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Rolta India Limited while reviewing the rating. Ind-Ra had consistently followed up with Rolta India Limited over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Rolta India Limited 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 Rolta India Limited'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 Mumbai-based RIL is a technology company with operations in 40 locations across India, North America, Europe, the Middle East and Australia. It provides information technology solutions to various federal, state and local governments; defense and security agencies; utilities; financial services, manufacturing, retail and healthcare companies; and others. ROSHNI JEWELLERS: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Roshni Jewellers Private Limited (RJPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated February 18, 2025, placed the rating(s) of RJPL under the 'issuer non-cooperating' category as RJPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RJPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 4, 2026, January 14, 2026, January 24, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Delhi based Roshni Jewellers Private Limited (RJPL) was incorporated in 2011 by Mr. Sandeep Gupta and his wife, Ms. Anju Gupta. RJL is engaged in wholesale trading of gold jewellery, diamond jewellery and loose cut & polished diamonds, registered office being at Karol Bagh, Delhi. The company also started in-house manufacturing of gold & diamond jewellery in FY14 under its own brand name 'Balika Vadhu'. RUKMANI MOTORS: Ind-Ra Hikes Bank Loan Rating to B+ --------------------------------------------------- India Ratings and Research (Ind-Ra) has upgraded Rukmani Motors Private Limited's (RMPL) bank loan facilities to 'IND B+' with a Stable Outlook from 'IND D (ISSUER NOT COOPERATING)' as follows: -- INR1.09 bil. Bank loan facilities upgraded with IND B+/Stable/ IND A4 rating. Detailed Rationale of the Rating Action The upgrade reflects co-operation by RMPL while reviewing the ratings and regularization of RMPL's fund-based limits from October 2025, which were over utilized in July 2025. However, the ratings are constrained by the company's modest credit metrics, intense competition in the auto industry, modest EBITDA margins, stretched liquidity and an elongated working capital cycle in FY25. The ratings, however, are supported by the company's medium scale of operations and established market position. Ind-Ra expects the revenue to increase in the medium term driven by demand for passenger vehicles and the company's expansion plans. However, the agency expects the EBITDA margins to remain at similar levels due to the similar nature of operations, while the credit metrics are to remain modest and the liquidity to remain stretched in FY26. Detailed Description of Key Rating Drivers Modest Credit Metrics: RMPL's interest coverage (operating EBITDAR/gross interest expense) declined to around 1.8x in FY25 (FY24: 2.16x) and net leverage (adjusted net debt/operating EBITDAR) increased to 8.02x (7.74x) because of an increase in debt to INR1,231.33 million (INR943.51 million) and the consequent rise in interest expenses to INR80.7 million (INR55.07 million). The debt levels rose due to a higher utilization of its inventory funding limits of INR1,170.37 million at FYE25 (FYE24: INR917.55 million). Ind-Ra expects the credit metrics to remain modest in the medium term owing to the continued high utilization of working capital limits. Stiff Competition from Other Dealers of MSIL, TVS and Other Brands: MSIL's focus on expanding its dealership network has led to increased competition among its own dealers. Furthermore, if other automobile companies such as Honda Cars Ltd, Tata Motors Ltd, Hyundai India Limited, and Mahindra & Mahindra Limited ('IND AAA'/Stable/'IND A1+') launch models at competitive prices, it will reduce MSIL’s market share, which would impact its dealers, including RMPL. In addition, the company's operations are primarily concentrated in Indore, making it vulnerable to any unfavorable changes in demand in the region. However, MSIL's premiumization strategy, which has led to higher sales realizations through multiple price hikes, enhanced product portfolio, and strong sales performance, has benefited RMPL to some extent. Modest EBITDA Margins: Being primarily involved in the dealership business, RMPL has a low bargaining power with MSIL, as margins on the vehicles are determined by OEMS, which results in lower operating profitability. RMPL's EBITDA margins improved to 2.54% in FY25 (FY24: 2.26%) on account of a decrease in the costs of goods sold with an increase in contribution from spare parts and services segments. The return on capital employed stood at 7.3% in FY25 (FY24: 7.9%). Ind-Ra expects the margins to remain largely stable at 2%-3% in the medium term owing to the dealership nature of business. Elongated Working Capital Cycle: The working capital cycle remained elongated and stretched to 92 days in FY25 (FY24: 80 days), largely because of an increase in the inventory holding period to 78 days (71 days) due to higher inventory of cars and vehicles maintained by the company. The receivable period stood at 25 days in FY25 (FY24: 21 days) and creditor period at 11 days (11 days). Ind-Ra believes that the company's working capital days will remain at similar levels in the medium term, with no significant change in the credit period or inventory management. Medium Scale of Operations: RMPL's revenue increased to INR5,727.73 million in FY25 (FY24: INR5,273.68 million), led by an increase in sale of passenger vehicles coupled with a rise in sales price. The company has dealership of MSIL since 2004, and of TVS and Tractors and Farm Equipment Limited (TAFE) since September 2022. In 9MFY26, the company booked revenue of INR4,400 million. Basis 9MFY26 and historical performance, Ind-Ra expects the revenue to remain at similar levels in FY26 and grow over the medium term, led by further expansion along with sustained increase in demand. Established Market Position: RMPL has an operating track record of around 20 years in the Indore automobile industry, leading to established relationships with customers in the region. Liquidity Stretched: The company's average month-end utilization of the fund-based working capital limits was 65.13% over the 12 months ended January 2026. The utilization is likely to have remained at similar levels in February 2026. The cash flow from operations remained negative but improved to INR182.06 million in FY25 (FY24: negative INR435.55 million) due to a lower increase in working capital requirement, which depends upon revenue growth. Consequently, the free cash flow improved but remained negative at INR240.69 million in FY25 (FY24: negative INR475.05million), despite capex of INR58.63 million (INR39.5 million) for the addition of new outlets and workshops. RMPL does not have any repayment obligations due to the absence of any long-term debt. The agency expects the liquidity to remain stretched over the medium term, owing to continued funding requirement to support the company's working capital needs. Rating Sensitivities Negative: A further pressure on the liquidity position or a decline in the scale of operations, leading to deterioration in the overall credit metrics with the interest coverage reducing below 1.3x, all on a sustained basis, could lead to a negative rating action. Positive: An improvement in the liquidity profile along with maintenance of the scale of operations and an improvement in the credit metrics, all on a sustained basis, could lead to a positive rating action. About the Company Incorporated in 2004, RMPL is an authorized dealer of all passenger cars of MSIL, TVS' vehicles and tractors of Tractors and Farm Equipment Limited (TAFE). The company has been a dealer of MSIL's vehicles since 2004 and has presence in Indore and in areas within 200km of Indore city. The company's head office is in Indore and it operates through 29 showrooms and eight service centers combined for MSIL's retail channels (Arena and Nexa), TVS and TAFE. This includes six TVS showrooms (including three 3S i.e., sales, service and spare parts facilities) and three TAFE dealerships. RMPL is owned and managed by Mr. Kailash Baheti and Mr. Vipin Baheti. RURAL IMPROVEMENT: Ind-Ra Keeps B- Loan Rating in NonCooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained RURAL IMPROVEMENT PROJECT's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND B-/Negative (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating action is: -- INR50 mil. Bank Loan Facilities maintained in non-cooperating category 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 ratings are maintained in the non-cooperating category in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. 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 RURAL IMPROVEMENT PROJECT while reviewing the rating. Ind-Ra had consistently followed up with RURAL IMPROVEMENT PROJECT over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of RURAL IMPROVEMENT PROJECT 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 RURAL IMPROVEMENT PROJECT'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 RIP is a voluntary organization formed in 1985 by a group of persons involved in All India Catholic University Federation and committed to rural development and social change. RIP was registered as trust in April 1986 with a view to launching innovative educational programmes and development activities for the upliftment and wellbeing of the rural poor. Until March 1992, RIP's activities were limited to educational interventions like seminars and trainings for women and youth. RIP is mainly engaged in providing micro credit loans to SHGs. SAPTHAVARNA BUILDERS: CRISIL Keeps D Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sapthavarna Builders Private Limited (SBPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 1.5 CRISIL D (Issuer Not Cooperating) Long Term Loan 4 CRISIL D (Issuer Not Cooperating) Proposed Long Term 2.5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Proposed Short Term 1.4 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Working Capital 0.6 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with SBPL 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 SBPL, which restricts Crisil Ratings’ ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SBPL is consistent with 'Assessing Information Adequacy Risk’. Based on the last available information, the ratings on bank facilities of SBPL continues to be 'Crisil D/Crisil D Issuer not cooperating’. SBPL, incorporated in 2008, undertakes residential real estate development. The company is based in Thrissur, Kerala. SASWAD MALI: Ind-Ra Moves B+ Loan Rating to NonCooperating ---------------------------------------------------------- India Ratings and Research (Ind-Ra) has revised the Outlook on The Saswad Mali Sugar Factory Ltd bank facilities' to Negative from Stable and has simultaneously migrated the ratings to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency through phone calls and emails. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND B+ Negative (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action is: -- INR1,330 bil. Bank loan facilities Outlook revised to Negative and migrated to non-cooperating category with IND B+/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating. Detailed Rationale of the Rating Action The migration of SMSFL's rating to the non-cooperating category is in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with SMSFL while reviewing the ratings. Ind-Ra had consistently followed up with SMSFL over emails until January 12, 2026, apart from phone calls. Although, the issuer has been submitting their monthly no default statement, except for December 2025 and January 2026. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of SMSFL, 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. About the Company Established in 1932, SMSFL is engaged in the manufacturing of sugar and related byproducts in sugar manufacturing. The company has a sugar mill with a crushing capacity of 4,500 tons of cane per day (TCD), a 14.8 megawatt (MW) cogeneration plant, and a 50KLPD (kilo-liters per day) molasses-based distillery. Furthermore, the entity also has a 30KLPD grain-based distillery for the production of extra neutral alcohol from foodgrains which mainly consists of maize and rice. SATYAM ENTERPRISES: CARE Cuts Rating on INR49.24cr LT Loan to B --------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Satyam Enterprises Rosalin Sahoo, as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 49.24 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Downgraded from CARE B+; Stable and moved to ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. has been seeking information from Satyam Enterprises Rosalin Sahoo to monitor the rating(s) vide e-mail communications/letters dated December 3, 2025, January 6, 2026 and January 14, 2026 and February 2, 2026 and numerous phone calls. However, despite repeated requests, the company has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Further Satyam Enterprises Rosalin Sahoo has not paid the surveillance fees for the rating exercise agreed to in its Rating Agreement. The rating on Satyam Enterprises Rosalin Sahoo's bank facilities will now be denoted as CARE B; Stable; 'ISSUER NOT COOPERATING'. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings have been revised on account of lack of clarity on future growth strategy and inability to monitor the performance of the company, which is critical for assessing the credit risk profile of the company. The rating remains constrained by constitution of the entity as a proprietorship firm, presence in a competitive and fragmented industry, susceptibility of operating margins owing to commodity nature of products, project implementation risk and leveraged capital structure and stretched debt protection metrics. The rating, however continues to derive comfort from vast experience of the promoters and long track record in Cashew processing, established relationship with the suppliers and customers, improved capacity utilisation and modest scale of operations. Analytical approach: Standalone Detailed description of key rating drivers: Key weaknesses * Constitution of the entity as a proprietorship firm: Satyam Enterprises being a proprietorship firm, is exposed to inherent risk of the capital being withdrawn at times of personal contingency and firm being dissolved upon the death/retirement/insolvency of the proprietor. Further, any substantial withdrawals from capital account would impact the net worth and thereby the financial profile of the firm, however, there hasn't been much withdrawal of capital in the last 5 years. Moreover, proprietorship firm business has restricted avenues to raise capital which could prove a hindrance to its growth. * Presence in a competitive and fragmented industry: The cashew industry in India is characterised by intense competition and fragmentation, with the presence of many units due to low entry barriers and a liberal policy regime. The firm faces intense competition in both its branded segment business and small regional players with limited product lines and marketing network confined to the local market. This limits the pricing power and the resultant profitability of the industry players in a market which is highly price sensitive. * Susceptibility of operating margins owing to commodity nature of products: The firm deals in cashew kernels and raw cashew nuts (RCN) which being commodities are highly volatile by nature and affected by regular fluctuations in the prices. * Project implementation risk: The firm is in the process of enhancing its cashew processing capacity from current 10 tonne per day to 30 tonne per day at a cost of INR26.48 crore funded through debt of INR20.70 crore and rest INR5.78 crore through equity/cash accruals vis-a-vis earlier estimated cost of around 33 crores to be funded with a term loan of INR25 crores and remaining through equity/internal accruals. Apart from this, the firm will also automate many of the lines in processing, which would lead to less labour cost and save on time. Financial closure has happened from Canara Bank in October 2024. Orders for all machines have already been placed and they are expected to reach the site by Jan-Feb 2025. Scheduled commissioning of the project is in April 2025 and debt repayment begins from Aug 2025 and ends in Feb 2032. The proprietor has already brought in INR5.78 crore of his share of funding for the said project. The firm currently has INR15 crores of WC limits, however they are seeking enhancement of another INR5 crores for the additional capacity which is under process. * Leveraged capital structure and stretched debt protection metrics: Overall gearing ratio of the firm deteriorated from 2.53x as on March 31, 2024 to 3.84x as on March 31, 2025, the capital structure continues to remain leveraged. This is mainly due to incorporation of term loan for capex for its capacity enhancement and small net worth base of INR11.44 crores as of March 31, 2025 (PY: INR7.61 crores). Debt protection metrices also stood stretched owing to moderate margins and higher interest outgo. Interest coverage and total debt to GCA stood at 1.45 times and 44.94 times in FY25 respectively. Key strengths * Vast experience of the promoters and long track record in Cashew processing: The firm Satyam Enterprises is promoted by Mrs Rosalin Sahoo and is actively managed by her husband Mr. Sunil Sahoo, who majorly overlooks most of the operations of the firm. The promoters carry vast experience of over a decade in running this business and has an established presence in Odisha. * Established relationship with the suppliers and customers: The firm sells 100% of its products domestically, wherein the firm packages the kernels sales the same to wholesalers, under the firm's own brand. Depending upon the quality, the price per kg varies and ranges between INR400 per kg to INR600 per kg. Due to long term presence of the promoter in the market, the firm has maintained strong relations with its clientele base over the years and the top 10 customers contributed around 47.3% of the revenues in FY24. The firm generally sources around 70% through Africa and rest is purchased domestically. The firm purchases from Ivory Coast, Ghana, Cambodia, Indonesia and other regions in Africa. As the harvest season is different across different regions across Africa, generally the raw nuts are available throughout the year. Though the firm doesn't import directly, the firm purchases through intermediary traders. * Improved capacity utilisation: The firm's current installed capacity is around 10 tonne per day for Raw Cashew Nuts. When processed, the major product is cashew kernels, however the other by products are Oil and wastage (Biofuel). Of the raw material processed, around 20% Kernels are generated, 30% oil and remaining 50% comes out as waste. Currently the firm is running at around 95% capacity. The process includes heating of raw nuts in furnace which then later goes through cooling, shelling, peeling, and grading. The operations are mainly labour intensive. Apart from this the firm has a cold storage, where it can store up to 400 tonnes of kernels and around 1800 tonne capacity to store Oil. * Modest scale of operations: The firm's total operating income (TOI) dipped from INR46.18 crores in FY24 to INR40.33 crore in FY25. The firm's operating margins improved from 8.44% in FY24 to 9.11% in FY25 due to lower cost of procuring raw materials. Satyam Enterprises a proprietorship concern is engaged in the business of processing of raw cashew nuts to kernels. The firm is in the business for more than a decade and is generally into sales of Kernels through its own brand. Currently the firm has a capacity of 10 tonne per day for processing of kernels and is in the process of increasing the capacity to 30 tonne per day. The firm majorly sales domestically. SHIV SHANKAR: Ind-Ra Keeps BB Loan Rating in NonCooperating ----------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Shiv Shankar Sponge Iron Private Limited's (SSSIPL) bank loan facilities' rating in the non-cooperating category and has simultaneously withdrawn the same. The detailed rating action is: -- INR360 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 Note: ISSUER NOT COOPERATING: The issuer did not cooperate, based on best available information. 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 SSIPL while reviewing the rating. Ind-Ra had consistently followed up with SSSIPL over emails since January 2025, apart from phone calls. The issuer has 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 SSSIPL, 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. SSIPL has been non-cooperative with the agency since January 3, 2025. About the Company Incorporated in 1995, SSSIPL is engaged in the manufacturing and trading of sponge iron with manufacturing facility located in West Bengal. The plant has an installed capacity of 36,000MT per annum. SIRI SMELTERS: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Siri Smelters & Energy Private Limited Plot No. 262/B & 263/A, APIIC Growth Center, Bobbili, Andhra Pradesh, India - 535558 Insolvency Commencement Date: February 27, 2026 Court: National Company Law Tribunal, Hyderabad Bench Estimated date of closure of insolvency resolution process: August 25, 2026 Insolvency professional: Krishna Komaravolu Interim Resolution Professional: Krishna Komaravolu House No. 7-1-214, Flat No.401, Vamsikrishna Apartments, Dharam Karan Road, Ameerpet, Hyderabad - 500016 Email: kkvolu@gmail.com irp.ssaepl@gmail.com Last date for submission of claims: March 13, 2026 SRINIVASA FASHIONS: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Srinivasa Fashions Private Limited (SFPL) continue to be 'CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 70 CRISIL D (ISSUER NOT COOPERATING) Proposed Long Term 6 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING) Crisil Ratings has been consistently following up with SFPL 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 SFPL, which restricts Crisil Ratings’ ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SFPL is consistent with 'Assessing Information Adequacy Risk’. Based on the last available information, the rating on bank facilities of SFPL continues to be 'Crisil D Issuer not cooperating’. Incorporated in 2005 and promoted by Mr. C V Ravindran and his wife, Mrs. Vijay Lakshmi Ravindran, SFPL is a Chennaibased textile company that manufactures ready-made garments. The company has three manufacturing facilities, two in Ambattur (Tamil Nadu), which are in the domestic tariff area, and one in Mahindra City (Tamil Nadu), which is a special economic zone. The company derives its entire revenues from exports, mainly to Europe and the US. SRISHTI ENTERPRISES: Ind-Ra Assigns BB Bank Loan Rating ------------------------------------------------------- India Ratings and Research (Ind-Ra) has rated SRISHTI ENTERPRISES' (SE) bank loan facilities as follows: -- INR750 mil. Bank loan facilities assigned with IND BB/Stable/ IND A4+ rating. Detailed Rationale of the Rating Action The ratings reflect SE's small scale of operations, modest credit metrics and stretched liquidity position. However, Ind-Ra expects the scale of operations to improve in the medium term while the credit metrics are expected to remain at similar levels in the medium term. The ratings are also supported by the firm's average EBIDTA margins, which the agency expects to improve in the medium term. The ratings also derive comfort from the promoter's two decades of experience in the interior turnkey project industry. Detailed Description of Key Rating Drivers Small Scale of Operations: The revenue was INR871.26 million in FY25 (FY24: INR971.21 million) and EBITDA was INR55.91 million in (INR60.15 million). In FY25, the revenue declined due to receipt of a lower number of tenders, leading to a decline in EBITDA. Till 10MFY26, SE booked revenue of INR587.2 million and has an order book of INR620 million as of February 2026, to be executed by FY26. For FY27, SE has orders in hand of INR612 million as of mid-February 2026. In the medium term, Ind-Ra expects the revenue to improve due to orders in hand. Modest Credit Metrics: The interest coverage (operating EBITDA/gross interest expenses) deteriorated to 2.48x in FY25 (FY24: 4.81x) and net leverage (total adjusted net debt/operating EBITDAR) to 6.81x (3.0x), due to the decline in EBITDA and a rise in debt to INR380.86 million (INR180.95 million) and the consequent increase in interest expenses to INR22.52 million (INR12.51 million). In the medium term, Ind-Ra expects the net leverage to improve due repayment of term loan but interest the coverage to deteriorate due to a likely increase in interest expenses . Furthermore, SE does not have any major capex planned for the medium term. Average EBITDA Margin: The EBITDA margin was average at 6.42% in FY25 (FY24: 6.19%) with a return on capital employed of 12.5% (22.1%). In FY25, the EBITDA margin improved due to better management of administration costs incurred. Ind-Ra expects the EBITDA margin to improve further in the medium term due to the receipt of higher margin orders. Experienced Promoter: SE's promoter has nearly two decades of experience in the interior turnkey projects industry. This has facilitated the firm to establish strong relationships with customers as well as suppliers. Liquidity Stretched: SE's average maximum utilization of the fund-based limits was 91.08% and non-fund-based limits was 41.50% during the 12 months ended December 2025. The cash flow from operations turned negative to INR69.39 million in FY25 (FY24: INR42.25 million) due to unfavorable changes in working capital. The free cash flow also deteriorated further to negative INR186.1 million in FY25 (FY24: negative INR25.46 million) due to a higher capex of INR116.71 million (INR67.71 million). The net working capital cycle was average and elongated to 64 days in FY25 (FY24: 15 days), mainly on account of an increase in the receivable period to 111 days (65 days) due to a delay in payment released by the government. SE has debt repayment obligations of INR27.9 million and INR14.9 million in FY26 and FY27, respectively. The cash and cash equivalents stood at INR0.21 million at FYE25 (FYE24: INR0.62 million). Furthermore, SE does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. Rating Sensitivities Negative: A substantial decline in the scale of operations leading to deterioration in the overall credit metrics or deterioration in the liquidity position could lead to a negative rating action. Positive: A substantial increase in the scale of operations, along with an improvement in the liquidity profile and the overall credit metrics with the interest coverage exceeding 2.5x, all on a sustained basis, could lead to a positive rating action. About the Company Incorporated in 2008 by Mr. Sandeep Gupta, SE is a Chandigarh-based proprietorship firm engaged in the business of interior designing work. The firm majorly undertakes government-based projects. SUDHEER INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sudheer Infrastructure Private Limited (SIPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 10.25 CRISIL D (Issuer Not Cooperating) Proposed Long Term 2 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Secured Overdraft 4.75 CRISIL D (Issuer Not Facility 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 ratings on bank facilities of SIPL continues to be 'Crisil D/Crisil D Issuer not cooperating’. Incorporated in 2005 and based in Hyderabad, SIPL is promoted by Mr. Sudheer Suryadevara. The company is engaged in infrastructure works including transmission and windmills. SUN INDUSTRIAL: Ind-Ra Moves BB+ Loan Rating to NonCooperating -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has revised the Outlook on Sun Industrial Automation & Solution Pvt Ltd.'s (SIASPL) bank loan facilities' rating to Negative from Stable and has simultaneously migrated the rating to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency through phone calls and emails. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The instrument-wise rating action is: -- INR600 mil. Bank loan facilities Outlook Revised to Negative and migrated to non-cooperating category with IND BB+/ Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on best available information. Detailed Rationale of the Rating Action The migration of SIASPL's rating to the non-cooperating category and the Outlook revision to Negative are in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interactions with SIASPL while reviewing the ratings. Ind-Ra had consistently followed up with SIASPL over emails until 9 December 2025, apart from phone calls. The issuer has submitted the 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 SIASPL, 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. About the Company SIASPL was incorporated in March 2018, and is engaged into industrial automation. Prior to that, it was a partnership concern. SUPRINT SALES: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Suprint Sales (SS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated February 10, 2025, placed the rating(s) of SS under the 'issuer non-cooperating' category as SS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 27, 2025, January 6, 2026, January 16, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable SS was formed in 2003 as a partnership concern by Mr. Jasmeet Sodhi, Mr. Harinder Singh Sodhi, Mrs. Raj Sodhi, Mrs. Anita Sodhi and Mr. Pavneet Sodhi. However, the partnership of the firm has changed in April 2007 and current partners are Mr. Jasmeet Sodhi and Mrs. Anita Sodhi. Sodhi family has also promoted STJPL in 2000. SS and STJPL are engaged in manufacturing home furnishing items like bed linen, kitchen and table linen etc. SURAJ KUMARI: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Suraj Kumari Foundation (SAF) continues to be 'Crisil D Issuer not cooperating’. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 24.8 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SAF 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 SAF, which restricts Crisil Ratings’ ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SAF is consistent with 'Assessing Information Adequacy Risk’. Based on the last available information, the rating on bank facilities of SAF continues to be 'Crisil D Issuer not cooperating’. SAF was established in December 2010. The trust is currently running AITM, located at Sushant Golf City, Lucknow; Sushant Golf City is a township being set up by a group company, Ansal Properties and Infrastructure Ltd. AITM offers several technical and management courses affiliated with the requisite authorities; it has a total intake capacity of 600 students. The trust is also in the process of expanding the infrastructure to set up a private university, Ansal University, in the same campus, for which the approvals are under process. TARACHAND INTERNATIONAL: CARE Keeps D Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Tarachand International Private Limited (TIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 50.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated January 21, 2025, placed the rating(s) of TIPL under the 'issuer non-cooperating' category as TIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 7, 2025, December 17, 2025, December 27, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Tarachand International Private Limited (TIPL) was set-up in 2011 by Mr. Vinod Kainya and Mrs Sunita Kainya. The company is into the business of steel trading (viz. sheets, plates, channels, angels & others) and ship breaking. TIPL has its registered office in Mumbai and carries out the ship breaking activity from the Mumbai port. TM MOTORS: CARE Keeps B- Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of T M Motors (TMM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 21, 2025, placed the rating(s) of TMM under the 'issuer non-cooperating' category as TMM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TMM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 7, 2025, December 17, 2025, December 27, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Bharatpur (Rajasthan) based T M Motors (TMM) was formed in 2004 by Saluja family as a partnership concern. TMM is an authorized dealer of Hero Motor Corp Limited (HMCL) for two wheelers. The showroom of the firm is located in Bharatpur and provides Sales, Services and Spare parts services to its customers. TUBE COMPANY: Ind-Ra Assigns BB- Loan Rating, Outlook Stable ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has rated Shree Tube Company's (STC) bank loan facilities as follows: -- INR1.0 bil. Bank loan facilities assigned with IND BB-/Stable/ IND A4+ rating. Detailed Rationale of the Rating Action The rating reflects Ind-Ra's expectation of a deterioration of STC's credit metrics in the medium term. The rating also factors in STC's small scale of operations, modest EBITDA margins, and stretched liquidity. Ind-Ra expects the scale of operations to improve in the medium term, though it would remain small. Furthermore, the EBITDA margins are likely to remain at similar levels in the medium term. The ratings, however, are supported by the promoters' experience of nearly a decade in the pipe manufacturing industry. Detailed Description of Key Rating Drivers Credit Metrics to Deteriorate over Medium Term: Ind-Ra expects STC’s credit metrics to deteriorate in the medium term due to an increase in debt levels, because of the addition of long-term loans for funding its planned capex. The ratings reflect STC's modest credit metrics, as reflected by interest coverage (operating EBITDA/gross interest expenses) of 2.5x in FY25 (FY24: 2.2x), and net leverage (total adjusted net debt/operating EBITDAR) of 5.4x (4.7x). The interest coverage improved because of an increase in the EBITDA. The net leverage deteriorated as the company availed term loans for the purchase of machinery. STC has undertaken capex of INR1,245 million for backward integration and addition of machinery, which would be completed by March 2027; the capex will be funded through a term loan of INR730 million, equity of INR250 million and the balance INR265 million through unsecured loans and internal accruals. During 11MFY26, STC has incurred capex of INR16 million, which was funded entirely through equity infusions. Small Scale of Operations: The ratings reflect STC's small scale of operations, as indicated by revenue of INR594.5 million in FY25 (FY24: INR433.2 million) and EBITDA of INR41.8 million (INR23.1 million). In FY25, the revenue improved due to an increase in the orders received by the company and growth in the installed capacity. The total capacity increased to 2,400 metric tons (MT) in FY25 (FY24: 1,200MT); the capex of INR68.06 million undertaken for the capacity expansion was funded by term loans and unsecured loans. The capacity utilization increased to 2,160MT (90% of the total capacity of 2400 MT) in FY25 (FY24: 1,080MT), backed by an increase in demand. During 8MFY26, STC booked revenue of INR316.2 million. Ind-Ra expects the revenue to improve further in FY26, and the agency believes the revenue would continue to improve over the medium term, led by further enhancement of capacity and the completion of backward integration by FYE27; however, the scale of operations would remain small. Modest EBITDA Margins: STC's EBITDA margin improved to a modest 7.03% in FY25 (FY24: 5.32%) due to a decline in power costs, resulting from the installation and utilization of solar panels of 270KW, and a decline in the fixed cost. The ROCE was 10.8% in FY25 (FY24: 9.8%). Ind-Ra expects the EBITDA margin to remain at similar levels in the medium term due to the nature of the business. Stretched Liquidity: Please refer to the liquidity section below. Experienced Promoters: The ratings are supported by the promoters' experience of nearly a decade in the pipe manufacturing industry, which has helped the company establish strong relationships with customers as well as suppliers. Liquidity Stretched: STC's average maximum utilization of the fund-based limits was 90.9% during the 12 months ended November 2025. Ind-Ra expects the utilization to have remained at similar levels in the subsequent period. The cash flow from operations turned negative at INR36 million in FY25 (FY24: INR48.36 million) due to unfavorable changes in working capital. This along with capex led to the free cash flow remaining negative at INR104.6 million in FY25 (FY24: negative INR27.68 million). The net working capital cycle deteriorated to 55 days in FY25 (FY24: six days), mainly because of an increase in the inventory days to 118 days (17 days). The inventory days increased sharply in FY25 owing to a delay in acceptance of delivery by one of STC's clients. The company provides a credit period of 60-90 days to its customers and receives a similar credit period from its suppliers. The inventory holding period typically ranges between 80 to 120 days (with raw material holding of 30 days, work-in-progress of 35 days and finished good stocking of around 15 to 20 days). STC has debt repayment obligations of INR19.8 million and INR23.1 million in FY26 and FY27, respectively. The cash and cash equivalents stood at INR0.6 million at FYE25 (FYE24: INR0.12 million). The term loan for funding the planned capex is yet to be tied up. Furthermore, STC does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. Rating Sensitivities Negative: Delay in the commencement of ongoing capex, resulting in lower-than-expected scale of operations, affecting the company's debt serviceability, along with deterioration in the overall credit metrics, could lead to a negative rating action. Positive: The timely commencement of ongoing capex and the subsequent increase in scale of operations, along with an improvement in the overall credit metrics and liquidity profile, could lead to positive rating action. About the Company STC is a partnership firm and was incorporated in June 2022 by Kunal Patel and Mitesh Patel. STC is involved in pilgering of pipes, and it is planning to undertake backward integration and incorporate piercing and pickling under their operations. The management expects the backward integration to be completed by FYE27. The manufacturing unit is located on the Ahmedabad Mehsana Highway. USHA CONSTRUCTIONS: Ind-Ra Affirms BB+ Bank Loan Rating ------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Usha Constructions' (Usha) bank loan facilities at 'IND BB+'. The Outlook is Stable. The detailed rating action is: -- INR400 mil. Bank loan facilities affirmed with IND BB+/Stable/ IND A4+ rating. Detailed Rationale of the Rating Action The ratings reflect Usha's continuing small scale of operations, high customer concentration risk (albeit improving as per current order book), and stretched liquidity. The ratings however are supported by healthy EBIDTA margins, comfortable credit metrics, and the promoters' extensive experience in the construction industry. Detailed Description of Key Rating Drivers Continued Small Scale of Operations: Usha's scale of operations remained small, the revenue increasing to INR575.57 million in FY25 (FY24: INR521.48 million), supported by healthy orderbook. The EBIDTA also increased to INR57.85 million in FY25 (FY24: INR48.91 million), despite slow movement in Pradhan Mantri Awas Yojna (PMAY) projects which have historically dominated the entity's order book. However, the agency takes note of the entity's attempt to diversify across projects and geographies as evidenced by the current outstanding order book of INR3,032.10 million as of December 2025, which is likely to boost revenue in the medium term. Stretched Liquidity Amid Elongated Working Capital Cycle: The net working capital cycle elongated to 157 days in FY25 (FY24: 116 days), owing to an increase in the inventory holding period to 186 days (79 days), largely due to a slow movement in PMAY projects. Its debtor days remained almost stable at 75 (74 days) due to the dominance of PMAY projects. However, the agency expects the debtor days to reduce with the company diversifying its order book and reducing PMAY concentration. Its receivable days reduced to 93 days in FY25 (FY24: 103 days). High Customer Concentration Risk: Historically, the orderbook has been dominated by the Karnataka government for PMAY scheme. Ind-Ra takes note that the company is diversifying its order book and reducing the share of slow-moving PMAY projects, which currently constitute around 25% in FY26 (FY25: 90%) the order book, although these projects continue to face delays in execution. Ind-Ra takes note of diversification of Usha's orderbook across geographies. Healthy EBIDTA Margins: Usha's EBITDA margins remained healthy at 10.05% in FY25 (FY24: 9.38%), led by a decrease in raw material costs. Its return on capital employed increased to 25.2% in FY25 (FY24: 20.4%). Ind-Ra expects the EBITDA margins to slightly improve in the near-to medium term amidst better margin generating order in current outstanding order book. Comfortable Credit Metrics: The entity's credit metrics remained comfortable with the gross interest coverage (operating EBITDA/gross interest expenses) of 3.18x in FY25 (FY24: 3.17x) and a net leverage (adjusted net debt/operating EBITDAR) of 1.28 in FY25(FY24: 2.50x), due to the similar level of EBITDA with no major external debt and reduced working capital borrowings. The agency expects healthy reserve accretion and scheduled debt repayments to keep credit metrics comfortable with no major planned debt-funded capex in the medium term. Experienced Promoters: The ratings remain supported by the promoters' a decade of experience in the engineering, procurement and construction industry, leading to established relationships with customers as well as suppliers. Liquidity Stretched: Usha has enhanced its fund-based limits to INR10 million from INR8 million and the non-fund-based limits to 40 million from INR28 million, providing some additional support. In addition, the entity expects to further enhance non-fund-based limits to back more orders during FY27. Usha's average maximum utilization of the fund-based and non-fund-based limits was 71.53% and 19.87%, respectively, during the 12 months ended December 2025, with similar utilization levels in January 2026. The company has scheduled debt repayments of INR12.7 million and INR 12.5 million in FY26 and FY27, respectively. The firm does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. The free cash flow improved to positive INR67.05 million (FY24: negative INR6.23 million) due to favorable changes in working capital and absence of any capex in FY25. The cash and cash equivalents stood at INR0.30 million at FY25 (FY24: INR0.23 million). Rating Sensitivities Negative: A decline in the scale of operations, leading to deterioration in the overall credit metrics, deterioration in working capital leading to further pressure on the liquidity position, could lead to negative rating action. Positive: An increase in the scale of operations, along with improvement in overall credit metrics with improvement in liquidity profile, all on a sustained basis, could lead to a positive rating action. About the Company Usha is a partnership firm established in 2015, engaged in construction contracts for commercial, residential and government projects headquartered in Bengaluru. USHDEV INTERNATIONAL: Ind-Ra Keeps D Rating in NonCooperating ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Ushdev International Ltd.'s instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating action is: -- INR25,500 bil. Bank Loan Facilities maintained in non- cooperating category with IND D (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 ratings are maintained in the non-cooperating category in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Ushdev International Ltd. while reviewing the rating. Ind-Ra had consistently followed up with Ushdev International Ltd. over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Ushdev International Ltd. 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 Ushdev International Ltd.'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 Founded in 1994, Ushdev International is a metal trading company that mainly trades nickel, ferrous flat products and long products. VAKRANGEE FOUNDATION: Ind-Ra Keeps B- Rating in NonCooperating -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Vakrangee Foundation's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND B-/Negative (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating action is: -- INR35.3 mil. Bank Loan Facilities maintained in non- cooperating category 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 ratings are maintained in the non-cooperating category in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. 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 Vakrangee Foundation while reviewing the rating. Ind-Ra had consistently followed up with Vakrangee Foundation over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Vakrangee Foundation 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 Vakrangee Foundation'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 Vakrangee Foundation was established in July 2010 and is incorporated under the Societies Registration Act, 1973. Founded by Manish Bohra and Bhawna Bohra, the society runs the Academic World School in Bemetara, Chhattisgarh. VASUDEVA TEXTILES: Ind-Ra Cuts Bank Loan Rating to D ---------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Sri Vasudeva Textiles Private Limited's (SVTPL) bank facility rating to 'IND D (ISSUER NOT COOPERATING)' from 'IND B/Negative (ISSUER NOT COOPERATING/INDA4 (ISSUER NOT COOPERATING)'. The issuer did not participate in the rating review despite continuous requests and follow-ups by the agency. 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: -- INR570 mil. Bank loan facilities (Long term/short term) downgraded with IND D (ISSUER NOT COOPERATING) rating. Detailed Rationale of the Rating Action The downgrade reflects delays in debt servicing by SVTPL. Ind-Ra has relied on information available in the public domain. However, Ind-Ra has not been able to ascertain the reason for the delays, as the company has been non-cooperative. The rating continues to be maintained in the non-cooperating category in accordance with Ind-Ra's Guidelines on What Constitutes Non-Cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with SVTPL while reviewing the rating. Ind-Ra had consistently followed up with SVTPL over emails, apart from phone calls. The issuer has also not been submitting their monthly no default statement. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of SVTPL, 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. SVTPL has been non-cooperative with the agency since 2016. About the Company Incorporated in 1956, SVTPL is a cotton and melange yarn manufacturer. The company has also invested in an 8MW windmill, which subsidizes its power bill. VIJAI CONSTRUCTION: Ind-Ra Keeps B Rating in NonCooperating ----------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Vijai Construction (India) Private Limited's (VCIPL) bank facilities' ratings in non-cooperating category and has simultaneously withdrawn the same. The detailed rating action is: -- INR520 mil. Bank loan facilities maintained in non-cooperating category and withdrawn. *Maintained at 'IND B'/Negative (ISSUER NOT COOPERATING)/'IND A4 (ISSUER NOT COOPERATING)' before being withdrawn Detailed Rationale of the Rating Action The ratings have been maintained in the non-cooperating category before being withdrawn as the issuer did not participate in the surveillance exercise, despite requests by the agency through emails and has not provided information required for the rating process. 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 rating, as the agency has received No-objection certificate from the lenders and a withdrawal request from the issuer. This is consistent with Ind-Ra's Policy on Withdrawal of Rating. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of VCIPL, 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. About the Company Established in 2011, VCIPL is engaged in the construction of roads and other allied works. VINAYAGA GREEN: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Sri Vinayaga Green Power Generation Private Limited (SVGPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 22.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SVGPL 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 SVGPL, which restricts Crisil Ratings’ ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SVGPL is consistent with 'Assessing Information Adequacy Risk’. Based on the last available information, the rating on bank facilities of SVGPL continues to be 'Crisil D Issuer not cooperating’. SVGPL, incorporated in 2012 by Mr. Duraiswamy Vinoth and six other members of his family at Namakkal, operates a 5 MW solar power plant. VISHAL SALES: CARE Keeps C Debt Rating in Not Cooperating --------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Vishal Sales (VS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 29, 2025, placed the rating(s) of VS under the 'issuer non-cooperating' category as VS had failed to provide information for monitoring of the rating and as agreed to in its Rating Agreement. VS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 15, 2025, December 25, 2025, January 4, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Established in 1994, Vishal Sales was promoted as a proprietorship firm by Mr. Sanjay Kumar Agarwal. Since its inception, the firm has been engaged in trading of construction materials like emulsion, bitumen and other allied products. WADI SURGICALS: Ind-Ra Moves BB+ Rating to NonCooperating --------------------------------------------------------- India Ratings and Research (Ind-Ra) has revised the Outlook on Wadi Surgicals Private Limited's bank loan facilities to Negative from Stable and has simultaneously migrated the ratings to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency through phone calls and emails. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The instrument-wise rating action is: -- INR377.90 mil. Bank Loan Facilities Outlook revised to Negative; rating migrated to non-cooperating category with IND BB+/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating. Detailed Rationale of the Rating Action The migration of WSPL's rating to the non-cooperating category is in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with WSPL while reviewing the ratings. Ind-Ra had consistently followed up with WSPL over emails until February 4, 2026, apart from phone calls. Although, the issuer has been submitting their monthly no default statement. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of WSPL, 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. About the Company Incorporated in 2020, WSPL has a manufacturing plant of nitrile examination gloves in Nadupuru, Andhra MedTec Zone, Visakhapatnam. The facility has an installed capacity of 0.8 million gloves per day. The promoters are Anindith Reddy Konda, Ishaan Dodhiwala and Shaaz Mehmood. The company is in the process to add two production lines, each of 0.8 million gloves per day. Y Y Y INDUSTRIES: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Y Y Y Industries Private Limited Registered Office: 3-12-93/138/102, Sri Rama Das Nivas, Tummabowli, Road No.2 L B Nagar, Saroor Nagar Hyderabad, 500074 Telangana State Sy. No. 38/B, 38/C, Narayanapur Village, Manopad Mandal, Jogulamba Gadwal District - 509128 Telangana State Insolvency Commencement Date: February 25, 2026 Court: National Company Law Tribunal, Hyderabad Bench Estimated date of closure of insolvency resolution process: August 24, 2026 Insolvency professional: Kalvakolanu Murali Krishna Prasad Interim Resolution Professional: Kalvakolanu Murali Krishna Prasad 8-27, Plot No. 106, Mythripuram Colony, Karmanghat, Vyshalinagar (PO), Hyderabad - 500079 Email: kmk123ip@gmail.com yyy.cirp@gmail.com Last date for submission of claims: March 3, 2026 ZO PVT: Court Allows Partial Defreezing of WinZO Assets ------------------------------------------------------- The Hindu BusinessLine reports that Karnataka High Court allowed ZO Pvt Ltd, owned by parent company of WinZO, to partially defreeze contentious accounts by dismissing an appeal by the Directorate of Enforcement (ED) challenging the same. In late November, the ED had frozen around INR505 crore worth of WinZO assets such as bank balances, bonds, FDRs and mutual funds under the Prevention of Money Laundering Act, 2002 (PMLA) for fraudulent practices leading to financial losses of users. BusinessLine says a single judge order later granted the company limited access to the accounts to pay salaries of 220 employees. However, the ED challenged this order. Now, the division bench comprising Justices Anu Sivaraman and Vijaykumar A Patil upheld the earlier order, holding that permitting salary payments was reasonable. "Having considered the contentions advanced and the decisions of the Apex Court on the point, especially in Vijay Madanalal Choudhary's case (supra), we notice that the Apex Court has clearly held that the proceeds of crime have to be linked to a predicate offence. "It is only such property which is derived or obtained directly or indirectly as a result of criminal activity relating to a scheduled offence that can be regarded as 'proceeds of crime'. . . In the instant case, there is no such allegation as against the respondent . . . the contention of the learned ASGI that the entire amount in the possession of the respondent - Zo Private Limited as well as its parent entity - Winzo Games Private Limited represents proceeds of crime cannot be accepted," said the court. According to the ED, the company generated INR3,522.05 crore in alleged proceeds of crime between 2021 and 2025, BusinessLine relays. Meanwhile, Zo said the ED searches and freezing action were illegal and that the only surviving FIR against its parent company relates to alleged cheating involving around INR42 lakh, far smaller than the value of assets frozen by ED. WinZO Games Private Limited, doing business as WinZO, develops a gaming application. The Company provides an online platform which hosts skill-based games to be played casually for real money. WinZO serves customers in India. ===================== N E W Z E A L A N D ===================== BRITISH ISLES: Iconic Auckland Pub Shuts Door After 26 Years ------------------------------------------------------------ Stuff.co.nz reports that the British Isles Inn, an iconic Auckland pub, late last month announced it would be closing its doors after 20-odd years of pints and yarns. Uwe Dorr has run the traditional English pub for 26 years, but the 67-year-old is now turning off the beer taps for good, Stuff says. "Things got slower and slower, and hospitality [has not been] in a good shape for a few years now. I don't want to make that the main excuse. This is not a sob story, it's just the truth," he said. Mr. Dorr told Stuff he had an offer from a company to buy the pub site, which he ultimately accepted. "It hasn't made so much money any more because the drinking culture has changed over the years," he said. "Now it's the craft beer, mid-strength beer, non-alcoholic beer - and the youngest these days, you know, they have one or two craft beers and they stop." Born in Germany, Mr. Dorr did his apprenticeship there as a chef before travelling the world, working in London, Brazil, and Australia among others places, before ending up in New Zealand, Stuff relays. "I'm a chef. Hospitality is in my blood. Back home in Germany, my parents had a small pub," he said. He worked at the Regent Hotel on Queen St before ultimately owning his own pub the Cavalier Tavern for five years. It was there that the opportunity came up to take over a pub in Rothesay Bay on the North Shore, where he has been ever since. Initially, the pub had a German influence, but eventually Mr. Dorr settled on a traditional British pub feel, Stuff says. "It wasn't working really well. Didn't make any money. So for six months we were Mad Dogs & Englishmen, and then the British Isles Inn, and we sort of ran with it." According to Stuff, Mr. Dorr said there were plenty of ups over the 26 years, with lots of stories told. "We had World Cups. We had lots of birthday parties." There were also some downs, though, including the tragic death of a staff member one year. "One of my staff members, sadly, on the way to work, she was a beautiful young lady, hit a power pole and died," Mr. Dorr said. Being a British-themed pub, Mr. Dorr said they attracted many British expats, but the demographics kept changing over the years as the North Shore changed. The British Isles Inn's last day open is April 2, Stuff notes. CANNAKIWI NZ: Creditors' Proofs of Debt Due on April 8 ------------------------------------------------------ Creditors of Cannakiwi NZ Limited are required to file their proofs of debt by April 8, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 5, 2026. The company's liquidators are: Leon Francis Bowker Kristal Pihama KPMG 18 Viaduct Harbour Avenue PO Box 1584 Shortland Street Auckland 1140 DOWN 'N' OUT: About NZD3 Million Recovered in Liquidation --------------------------------------------------------- James Pocock at NZ Herald reports that the liquidation of a Gisborne logging company has ended with about NZD3 million recovered from an alleged NZD7.1 million owed to creditors. Down 'N' Out Logging went into liquidation following a special resolution of shareholders partway through 2023, according to NZ Herald. Kare Johnstone and Andrew Grenfell of McGrathNicol were appointed as liquidators of the company on June 14, 2023. The company was incorporated in 2007. It was owned by Deane Aaron James. FULLCLARITY NZ: Court to Hear Wind-Up Petition on March 26 ---------------------------------------------------------- A petition to wind up the operations of Fullclarity NZ Limited Will be heard before the High Court at Auckland on March 26, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Jan. 29, 2026. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 LIGHTING ELECTRICAL: Court to Hear Wind-Up Petition on April 23 --------------------------------------------------------------- A petition to wind up the operations of Lighting Electrical Designovation Limited will be heard before the High Court at Auckland on April 23, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Dec. 11, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 ROTARY ENGINE: Thomas Lee Rodewald Appointed as Receiver -------------------------------------------------------- Thomas Lee Rodewald of Rodewald Consulting Limited Limited on March 4, 2026, was appointed as Receiver and Manager of Rotary Engine Technologies Limited (trading as Cook and Galloway Engineers). The Receiver and Manager can be reached at: Thomas Lee Rodewald C/o Rodewald Consulting Limited Level 1, The Hub 525 Cameron Road, PO Box 15543 Tauranga 3144 SHUNDI TAMAKI: Teneo Financial Advisory Appointed as Receivers -------------------------------------------------------------- Stephen Robert White and Stephen Speers Keen of Teneo Financial Advisory New Zealand on March 6, 2026, were appointed as receivers and managers of Shundi Tamaki Village Limited. The receivers and managers can be reached at: Teneo Financial Advisory New Zealand Limited Suite 6.4 1 Albert Street Auckland CBD Auckland 1010 ================= S I N G A P O R E ================= ALPHA BIZCOM: Court Enters Wind-Up Order ---------------------------------------- The High Court of Singapore entered an order on Feb. 27, 2026, to wind up the operations of ALPHA BIZCOM Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani BDO Advisory Pte Ltd 600 North Bridge Road #23-01 Parkview Square Singapore 188778 CONSORT PTE: Court Enters Wind-Up Order --------------------------------------- The High Court of Singapore entered an order on Feb. 27, 2026, to wind up the operations of Consort Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani BDO Advisory Pte Ltd 600 North Bridge Road #23-01 Parkview Square Singapore 188778 MAMABOX CORPORATION: Court Enters Wind-Up Order ----------------------------------------------- The High Court of Singapore entered an order on March 6, 2026, to wind up the operations of Mamabox Corporation Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani BDO Advisory Pte Ltd 600 North Bridge Road #23-01 Parkview Square Singapore 188778 PROVIDORE SINGAPORE: Creditors' Meetings Set for March 27 --------------------------------------------------------- The Providore Singapore (PLQ) Pte. Ltd., The Providore Singapore (DTG) Pte. Ltd., The Providore Singapore (VC) Pte. Ltd., and The Providore Singapore Pte. Ltd. will hold a meeting for its creditors on March 27, 2026, at 3:00 p.m., 4:00 p.m., 4:30 p.m. and 5:00 p.m., respectively, via electronic means. Agenda of the meeting includes: a. to receive a full statement of the company's affairs together with a list of creditors and the estimated amount of their claims; b. to appoint liquidators; c. to form a committee of inspection of not more than 5 members, if thought fit; and d. any other business. Ms. Muk Siew Peng c/o ClearView Associates was appointed as provisional liquidator of the Company on March 9, 2026. SINGTEL STRATEGY: Creditors' Meetings Set for March 30 ------------------------------------------------------ Singtel Strategy Pte. Ltd. will hold a meeting for its creditors on March 30, 2026, at 11:00 a.m., via electronic means. Agenda of the meeting includes: a. to receive a full statement of the company's affairs together with a list of creditors and the estimated amount of their claims; b. to confirm the appointment of liquidators; c. to form a committee of inspection of not more than 5 members, if thought fit; and d. any other business. Mr. Liu Shao Xuan and Ms. Lim Li Rong were appointed as provisional liquidators of the Company on March 6, 2026. ********* 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 ***