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260320.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, March 20, 2026, Vol. 29, No. 57 Headlines A U S T R A L I A BALLARAT FOOTBALL: First Creditors' Meeting Set for March 24 EF EXTREMELY: First Creditors' Meeting Set for March 24 GONG CHA: First Creditors' Meeting Set for March 24 MACQUARIE GREEK: First Creditors' Meeting Set for March 25 VIKING CARGO: First Creditors' Meeting Set for March 25 ZONE MANUFACTURING: Sale of Zone RV Business Completed [] AUSTRALIA: Majority of Startups Facing Under 12 Mos. of Runway C H I N A CHINA AOYUAN: Significant Net Loss Expected For FY2025 LONGFOR GROUP: Updates Interim Dividend Details SEAZEN GROUP: CEO Lv Xiaoping Resigns, Successor Search Under Way I N D I A DEVASHRAY PAPERS: CARE Lowers Rating on INR140cr LT Loan to D DIGITAL CIRCUITS: CARE Keeps D Debt Ratings in Not Cooperating ESVEE ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating ETCO DIGITAL: CARE Keeps D Debt Ratings in Not Cooperating Category GRUHANIRMAN INDIA: CARE Keeps B- Debt Rating in Not Cooperating INDIAN PUBLIC: CARE Lowers Rating on INR15cr LT Loan to D KPT SPINNING: CARE Keeps B- Debt Ratings in Not Cooperating LEVITA POLYPACK: CARE Keeps B- Debt Rating in Not Cooperating MACHINO PLASTICS: CRISIL Cuts Rating on INR172.3cr LT Loan to B MADAN UDYOG: CARE Lowers Rating on INR22.28cr LT Loan to D MANGALA SEEDS: CARE Keeps B- Debt Rating to Not Cooperating MANJEET SINGH: CARE Keeps C Debt Ratings in Not Cooperating PARAS SEEDS: CARE Keeps B- Debt Rating in Not Cooperating PAVITHRA COTTON: CARE Keeps C Debt Rating in Not Cooperating PLATINUM ISPAT: CARE Keeps D Debt Rating in Not Cooperating PRIMA PLASTICS: Receives NCLT Sanction for Scheme of Arrangement R M ENTERPRISE: CARE Keeps D Debt Rating in Not Cooperating SARVOTTAM ATTA: CARE Keeps D Debt Ratings in Not Cooperating SHUBH PLY: CARE Keeps D Debt Ratings in Not Cooperating Category SS INNOVATIONS: Posts $12.1MM FY25 Loss, Warns of Liquidity Risks TALIN INTERNATIONAL: CARE Keeps D Debt Ratings in Not Cooperating VANTAGE MACHINE: CARE Keeps D Debt Rating in Not Cooperating VASUDEV KHANDSARI: CARE Keeps B- Debt Rating in Not Cooperating YOGIRAJ GINNING: CARE Keeps D Debt Rating in Not Cooperating I N D O N E S I A JAPFA COMFEED: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable MASKAPAI REASURANSI: Fitch Lowers Insurer Finc'l. Rating to 'BB' M A L A Y S I A PHARMANIAGA BHD: Exits PN17 After Completing Regularisation Plan N E W Z E A L A N D AUCKLAND SENIOR: Court to Hear Wind-Up Petition on March 27 BLACK LION: Commences Wind-Up Proceedings DART ENGINEERING: Creditors' Proofs of Debt Due on April 5 EMPLOYMENT FOCUS: Court to Hear Wind-Up Petition on March 26 LASHED LIMITED: Creditors' Proofs of Debt Due on April 22 P H I L I P P I N E S [] PHILIPPINES: Files 46 Closed Bank Asset Distribution Plans S I N G A P O R E M LABEL: Court Enters Wind-Up Order MONUMENTAL D3J: Court Enters Wind-Up Order - - - - - ================= A U S T R A L I A ================= BALLARAT FOOTBALL: First Creditors' Meeting Set for March 24 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Ballarat Football League Social Club Inc. will be held on March 24, 2026, at 5:00 p.m. via Microsoft Teams. Joshua Philip Taylor of Taylor Insolvency was appointed as administrator of the company on March 13, 2026. EF EXTREMELY: First Creditors' Meeting Set for March 24 ------------------------------------------------------- A first meeting of the creditors in the proceedings of EF (Extremely Fine) Zesty Pty Ltd will be held on March 24, 2026, at 11:00 a.m. via virtual meeting only. Danny Vrkic & Daniel O'Brien of DV Recovery Management were appointed as administrators of the company on March 13, 2026. GONG CHA: First Creditors' Meeting Set for March 24 --------------------------------------------------- A first meeting of the creditors in the proceedings of Gong Cha Gungahlin Pty Ltd will be held on March 24, 2026, at 12:00 p.m. via virtual meeting only. Danny Vrkic & Daniel O'Brien of DV Recovery Management were appointed as administrators of the company on March 13, 2026. MACQUARIE GREEK: First Creditors' Meeting Set for March 25 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Macquarie Greek Studies Foundation Limited will be held on March 25, 2026, at 9:00 a.m. via teleconference facility. Timothy Cook of Balance Insolvency was appointed as administrator of the company on March 15, 2026. VIKING CARGO: First Creditors' Meeting Set for March 25 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Viking Cargo Logistics Pty Ltd will be held on March 25, 2026, at 11:00 a.m. via Microsoft Teams. Sule Arnautovic of Salea Advisory was appointed as administrator of the company on Feb. 23, 2026. ZONE MANUFACTURING: Sale of Zone RV Business Completed ------------------------------------------------------ Rahul Goyal, Kate Conneely and Stephen Earel of restructuring advisory firm Cor Cordis, as liquidators of Zone Manufacturing Pty Limited and Zone RV Holdings Pty Limited (together, Zone RV) confirm that the sale of the Zone RV business to Adventure Zone RV Pty Limited, a company associated with Jamie Johnson of Essential Caravans, was completed with effect from March 13, 2026. The sale proceeds are being received in two stages: approximately half is paid on completion, with the balance due by the end of March 2026. The sale enables the Zone RV business to continue operating under new ownership, preserving the brand, core operations, and its premium Australian-made offering. The purchaser brings established industry experience and intends to integrate Zone RV's product range alongside its existing caravan operations. All stakeholders, including suppliers, customers and former employees, are now being contacted by the new owners regarding ongoing supply arrangements, existing orders and future employment opportunities. All queries regarding the business going forward are being directed to Jamie Johnson. Over the coming weeks, the liquidators will finalise the administration accounts and any remaining post-completion matters to hand over the business to Adventure Zone RV Pty Limited. Following receipt of the second and final payment, all outstanding employee claims (circa AUD3.4 million) will be settled by mid-April 2026. The liquidators' investigations are continuing in accordance with their statutory obligations, with a further report to creditors to be issued by the end of April 2026. Mr. Goyal said the transaction demonstrates the benefits of pursuing a going concern strategy in external administrations. "At Cor Cordis, our focus is on preserving enterprise value and achieving the best possible outcomes for all stakeholders. The successful sale of Zone RV shows the benefits of a going-concern approach. An immediate shutdown of the business would not have delivered a return to any class of creditor." About Zone RV Headquartered in Coolum, Queensland, Zone Manufacturing Pty Ltd (trading as Zone RV) designs and manufactures premium off-road caravans. Rahul Goyal, Kate Conneely and Stephen Earel of restructuring advisory firm Cor Cordis have been appointed administrators of Zone Manufacturing Pty Ltd and Zone RV Holdings Pty Ltd on Dec. 1, 2025. Zone RV was placed into liquidation in January 2026. [] AUSTRALIA: Majority of Startups Facing Under 12 Mos. of Runway ----------------------------------------------------------------- SmartCompany reports that rising costs and changing investor expectations are forcing Australian startups to focus on runway preservation over growth, according to a new sector snapshot. Fresh research from private capital platform Carta, using insights of 500 startup decision-makers across Australia, shows how local innovators are faring in a cautious investment environment, SmartCompany relates. With the COVID-era boom in startup funding fading into the distant past, 65.4% of surveyed startups have less than 12 months of runway ahead of them, according to the report. Nationwide, 31.8% of startups have enough cash in the bank to operate for between 12 and 17 months without another capital injection, SmartCompany discloses. Just 2.8% are well-capitalised enough to continue for 18 to 24 months, and no surveyed startup has enough runway to continue for more than two years without intervention. "Shorter runways don't automatically signal distress," wrote Bhavik Vashi, Carta's managing director for APAC and MEA, SmartCompany relays. But 86% of startups said their cash burn has accelerated in the past 12 months, with 29.2% declaring it has increased significantly. According to SmartCompany, startups are responding in familiar ways to meet those cost pressures. Increasing prices (42%) was the most-reported pressure release valve for startups, followed by a relatively even split of slowed or delayed growth plans, marketing budget cuts, bridge funding rounds, and layoffs. Beyond rising costs, the report suggests growing investor caution has shortened capital runways: fewer speculative investments mean startups have less time to ‘figure it out' before achieving profitability or an exit. SmartCompany says the report echoes a Cut Through Ventures analysis of the local startup sector, which found investors used more discretion in 2025 than in years past, and doubled down on their due diligence before cutting a cheque. Beyond increasing costs and a declining ‘growth at all costs' mentality among investors, the Carta report sheds light on how local startups are adopting artificial intelligence - even if the immediate benefits are unclear. Half of the surveyed startups are investing in AI as a growth tool, according to the paper cited by SmartCompany. But a remarkable 80% of respondents said they believe AI is a ‘bubble', and their startup feels pressure, from investors or the market at large, to bolt AI systems onto their operations. The data cuts against the prevailing narrative that AI adoption will inherently boost startup performance, and that founders should simply experiment until they find the right fit for agents, LLMs, and other generative technology. Tellingly, the data also shows how Australian startups are thinking about AI as a cost-reduction tool, even if the majority of respondents thought the technology exists in a 'bubble'. SmartCompany adds that some 74% of respondents said they expect AI to contribute to layoffs in their startup over the next two years, after tech giants including Atlassian, WiseTech, and Block cited the power of AI as a deciding factor in their decisions to cut thousands of workers. ========= C H I N A ========= CHINA AOYUAN: Significant Net Loss Expected For FY2025 ------------------------------------------------------ Minichart reports that China Aoyuan Group Limited has issued a profit warning, alerting shareholders and potential investors to anticipate a significant net loss for the year ended Dec. 31, 2025. The announcement was made in compliance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Inside Information Provisions of the Securities and Futures Ordinance. According to Minichart, the Group expects to record a net loss of not exceeding RMB19.8 billion for the FY2025. This is a substantial increase compared to the net loss of approximately RMB2.1 billion for the year ended Dec. 31, 2024. Minichart relates that the sharp rise in net loss is primarily attributed to the recognition of gains from offshore debt restructuring in FY2024, which were included in the audited consolidated statements for that year. These gains have distorted the year-on-year comparison, making the 2025 loss appear especially pronounced. Excluding the one-off impact of the 2024 Restructuring Gains, the Group's net loss for 2025 is actually expected to decrease by approximately 28% to 33% compared to the previous year, Minichart statess. This improvement is mainly due to better impairment provisions and ongoing efforts to control and reduce selling and administrative expenses following the streamlining of the organizational structure. Minichart adds that the anticipated net loss for 2025 is largely non-cash in nature, comprising impairment losses on properties for sale, impairment losses on trade and other receivables, and losses from the disposal of assets. These accounting provisions reflect the challenging real estate market conditions and the Group's conservative approach to asset valuation. The net loss figures are based on the unaudited consolidated management accounts of the Group and are subject to review and audit. The final results for FY2025 are expected to be published in late March 2026, Minichart says. About China Aoyuan China Aoyuan Group Limited, formerly China Aoyuan Property Group Limited, is an investment holding company principally engaged in the sales of properties. The Company operates its business through three segments. The Property Development segment is engaged in the development and sale of properties. The Property Investment segment is engaged in the leasing of investment properties. The Others segment is engaged in hotel operation, the provision of consulting and management services. Through its subsidiaries, the Company is also engaged in construction business. China Aoyuan Group Limited and affiliate Add Hero Holdings Limited sought creditor protection in the United States under Chapter 15 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 23-12030) on Dec. 20, 2023. U.S. Bankruptcy Judge John P. Mastando III presides over the Chapter 15 proceedings. LONGFOR GROUP: Updates Interim Dividend Details ----------------------------------------------- TipRanks reports that Longfor Group Holdings has updated details of its interim dividend for the six months ended June 30, 2025, confirming a payout of RMB0.07 per share, with the default payment to Hong Kong shareholders set at HKD0.0794 per share based on an exchange rate of RMB1 to HKD1.13449. According to TipRanks, the company will offer a cash dividend with a scrip share option, allowing partial election into shares, with key dates including an ex-dividend date of March 16, 2026, a record date of March 20, 2026, and payment and scrip share certificate despatch on April 30, 2026, providing shareholders with flexibility in how they receive their returns. TipRanks relates that option elections must be submitted by April 22, 2026, with trading in the new scrip shares commencing on May 4, 2026, indicating the company's continued use of scrip alternatives to preserve cash while maintaining shareholder engagement. The announcement, which primarily updates the Hong Kong dollar amount and exchange rate for the dividend, clarifies the timetable and mechanics of the distribution, giving investors greater certainty on expected income and reinforcing Longfor's commitment to interim shareholder payouts despite a challenging environment for China's property sector. About Longfor Group Longfor Group Holdings Limited operates as a real estate development company. The Company develops and markets residential areas, office buildings, hotels, restaurants, and other related areas. Longfor Group Holdings also provides community management, landscape greening materials maintenance, real estate agencies, and other services. As reported in the Troubled Company Reporter-Asia Pacific in late November 2025, S&P Global Ratings lowered its long-term issuer credit rating on Longfor Group Holdings Ltd. to 'BB-' from 'BB'. At the same time, S&P lowered the long-term issue rating on the company's senior unsecured notes to 'B+' from 'BB-'. The TCR-AP reported in mid-February 2026 that Fitch Ratings has affirmed Longfor Group Holdings Limited's Long-Term Foreign-Currency Issuer Default Rating (IDR) and senior unsecured rating at 'BB-'. SEAZEN GROUP: CEO Lv Xiaoping Resigns, Successor Search Under Way ----------------------------------------------------------------- TipRanks reports that Seazen Group Limited announced that Lv Xiaoping has resigned as executive director, chief executive officer and member of the company's ESG committee, with effect from March 16, 2026, citing a desire to devote more time to other endeavours. The board said Lv has no disagreement with the company, expressed gratitude for his contributions and is in the process of identifying a new CEO, with a further announcement to follow once a suitable candidate is appointed, TipRanks relays. According to TipRanks, the management change leaves Seazen temporarily without a chief executive at a time when governance and ESG oversight remain key concerns for Hong Kong-listed mainland groups. Investors and other stakeholders will closely watch the upcoming CEO appointment to gauge the company's future strategic direction and continuity in leadership and ESG management. About Seazen Group Seazen Group operates primarily in residential development in China. The company was founded in 1996 by its former chairman, Wang Zhenhua, who is its key shareholder. As reported in the Troubled Company Reporter-Asia Pacific in September 2025, S&P Global Ratings assigned its 'B-' long-term issue rating to the proposed U.S. dollar-denominated senior unsecured notes that Seazen Group Ltd. and Seazen Holdings Co. Ltd. will unconditionally and irrevocably guarantee. New Metro Global Ltd., a special purpose financing vehicle of Seazen Group, will issue the notes. On March 6, 2026, Moody's Ratings 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. ========= I N D I A ========= DEVASHRAY PAPERS: CARE Lowers Rating on INR140cr LT Loan to D ------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Devashray Papers (India) LLP (DPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 140.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Long Term/ 16.00 CARE D/CARE D ISSUER NOT Short Term COOPERATING Rating continues to Bank Facilities remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable/ CARE A4 Short Term 34.00 CARE D; ISSUER NOT COOPERATING Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE A4 Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated January 2, 2025, placed the rating(s) of DPL under the 'issuer non-cooperating' category as DPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 18, 2025, November 28, 2025, December 8, 2025, March 12, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of DPL have been revised on account of non-availability of requisite information. The revision also factored in on-going delays in debt servicing recognized from publicly available information i.e. NCLT order and CIBIL filings. Analytical approach: Standalone Outlook: Not Applicable Gujarat-based DPL was incorporated on September 24, 2018, for the manufacturing of speciality papers, writing and printing papers. The firm has implemented a greenfield project for manufacturing of different varieties of speciality papers, writing and printing papers with a capacity of 90000 MTPA as on October 30, 2023. The firm commenced commercial operations on September 4, 2023. DIGITAL CIRCUITS: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Digital Circuits Private Limited (DCPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.80 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 1.20 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 8.00 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 28, 2025, placed the rating(s) of DCPL under the 'issuer non-cooperating' category as DCPL had failed to provide information for monitoring of the rating and had as agreed to in its Rating Agreement. DCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 14, 2025, December 24, 2025, January 3, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Digital Circuits Pvt Ltd (DCPL), incorporated in 2004, is engaged in providing electronic manufacturing services (EMS) primarily in the consumer durable segment. The company provides Electronic Manufacturing Services (EMS) involving manufacturing printed circuit board (PCB) assemblies and delivering end to end solution to companies in the field of telecom, power, automobiles, medical, consumer durables and energy. The company has been under operation for 25 years initially as a proprietorship concern and was converted to private limited company in 2004. ESVEE ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Esvee Enterprises (EE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 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 28, 2025, placed the rating(s) of EE under the 'issuer non-cooperating' category as EE had failed to provide information for monitoring of the rating and had as agreed to in its Rating Agreement. EE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 14, 2025, December 24, 2025, January 3, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Bangalore based, Esvee Enterprises (EE) was established in the year 1983 as a proprietorship concern by Mr. S.V. Kishore. The firm is engaged in trading and distribution line of business. The firm trades rice and jute twine in the domestic market after procuring the same from its regular suppliers established across India. The rice is procured from local dealers and supplied to domestic rice mills. The jute twines traded by the firm are purchased by customers who use them for all kinds of agricultural and packing purposes. Esvee also engages in distribution of FMCG products in Kolar District. It has been recognized as an authorized distributor for the Kolar District by Britannia Industries Limited. The firm earns 50% of its revenue from its trading line of business and the remaining 50% from distribution business. ETCO DIGITAL: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Etco Digital Private Limited (EDPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 7.00 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 27, 2025, placed the rating(s) of EDPL under the 'issuer non-cooperating' category as EDPL had failed to provide information for monitoring of the rating and had as agreed to in its Rating Agreement. EDPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 23, 2025, January 2, 2026 and March 3, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Etco Digital Private Limited (EDPL), incorporated in the year 2011, promoted by the Etco group is engaged in the business of trading of retail automation products, bank automation products & surveillance products and providing service of surveillance & tacking solutions. EDPL outsources the manufacturing of retails automation products & bank automation products to contract manufacturers based across India to whom the company has provided design for their products. These products are sold under the brand name ETCO. Further, with regard to the surveillance products (DSR, CCTV) the company imports them mainly from China. The company also undertakes annual maintenance contracts for the products supplied by them. GRUHANIRMAN INDIA: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sri Gruhanirman India Private Limited (SSGIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 18.00 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 January 20, 2025, placed the rating(s) of SSGIPL under the 'issuer non-cooperating' category as SSGIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSGIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 6, 2025, December 16, 2025, December 26, 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 Hyderabad (Telangana) based, Sri Sri Gruha Nirman India Private Limited (SSGIPL) was incorporated in the year 2007 by Mr. K. Narsimha Reddy and Mr. Bhoopathi Raju. The company is engaged in the construction of independent residential houses. INDIAN PUBLIC: CARE Lowers Rating on INR15cr LT Loan to D --------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Indian Public School Private Limited (IPSPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE D; Rating removed from Facilities ISSUER NOT COOPERATING category and Downgraded from CARE BB+; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings), vide its press release dated March 19, 2025, had rated the bank facilities of the ratings of IPSPL as 'ISSUER NOT COOPERATING', since the company had not provided the requisite information for monitoring the ratings. The company has now cooperated for undertaking the review. The revision in the rating assigned to the bank facilities of Indian Public School Private Limited (IPSPL) takes into account the ongoing delays in servicing of its term loan obligations. CareEdge Ratings also notes the ongoing dispute among the company's shareholders pertaining to alleged lapses in operational management, including misappropriation of funds. The ratings continue to remain constrained by the highly competitive and regulated nature of the education sector, the inherent volatility in cash flows associated with educational institutions, and the company's sizeable exposure to its subsidiaries and associate entities. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Satisfactory track record of timely repayment and servicing of debt obligation for a continuous period of 90 days. * Successful recovery of the disputed funds from the erstwhile management following a favourable resolution of the ongoing litigation. Negative factors * Not applicable for D rated companies Analytical approach: Standalone Detailed description of key rating drivers: Key weaknesses * Delay in debt servicing: As per the company's annual report for FY25 and feedback received from the lender as part of due diligence exercise conducted by CareEdge Ratings, there has been an instance of delay in repayment of term loan obligations during the month of March 2025. This default occurred during the tenure of the former Managing Director, Mr. Ashok Kumar, and is attributed to alleged misappropriation of company funds. There are ongoing delays as well in the repayment of hire purchase loans in respect of 25 vehicles, the possession of which, according to the current management, continues to lie with erstwhile Managing Director. * Change in company's management: There was a change in the company's management in March 2025 pursuant to an ongoing dispute among the shareholders. Based on allegations of operational lapses by the erstwhile managing director, including misappropriation of funds, the holding company, Nuevo Agora Centro De Estudios S.L (NACE), based out of Spain, has appointed a new managerial team to oversee IPSPL's day‑to‑day operations. The shareholder dispute remains unresolved, and the outcome of the same continues to pose uncertainty with respect to the company's financial risk profile. As per the annual report, the outstanding balance which is recoverable from Ashok Kumar stood at INR29.21 crore as on March 31, 2025. * Exposure to group companies: The company has significant exposure to group entities, with unsecured loans extended to subsidiaries and related parties aggregating to INR40.33 crore as on March 31, 2025 (PY: INR31.05 crore). The timely realisation of these advances remains critical, especially in view of the ongoing shareholder dispute, which constrains the company's liquidity profile. The outstanding advances to group companies account for 52.63% of the company's net worth as of FY25. * Uneven cash flows associated with educational institutes: In every academic year, term fee is generally collected at an interval of three months in the months of March, July and October with 45 days window period for students to make fee payment, ~80% of fee instalments are collected before the due date, but 20% of fee is collected after the due date (without penalties). The company uses overdraft facility to manage any interim cashflow mismatches. * Highly competitive and regulated industry: Growth in private schools providing quality education has been significant over the recent years. The education sector offers immense potential as there is a growing demand for services offered, driven by increasing propensity of middle class to spend on education and India's increasing population. New schools being added every year and already established schools which result in high competition level in the state and adjoining areas of TIPS. Liquidity: Poor The liquidity is poor marked by delays in repayment obligation. The current ratio stood low at 0.12x as on March 31, 2025 (PY:0.73x). The company has limited free cash and bank balance of INR1.4 crore as on March 31, 2025. Average utilisation of working capital limits stood at 30.54% for the 12 months ended January 2026. IPSPL is a Coimbatore-based company incorporated in 2006 by A Ashok Kumar to provide holistic learning environment for students under brand "TIPS". TIPS offer international baccalaureate, Cambridge IGCSE and CBSE curriculum to its students. During 2013, Nuevo Agora Centro De Estudios S.L (NACE), based out of Spain, acquired a stake in IPSPL. NACE Schools, an international educational group, owns and operates more than 55 international private schools across the world. NACE is completely owned by "Providence and Wendel group". The schools of NACE group run under the brand name of "Globeducate". They currently operate schools in various other countries like Spain, Andorra, France, Italy, United Kingdom, Portugal, Canada, and Qatar. As on March 31, 2025, NACE along with its affiliate holds 80.25% in IPSPL while the balance is held by Mr. Ashok Kumar. KPT SPINNING: CARE Keeps B- Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of KPT Spinning Mills Private Limited (KPT) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 4.52 CARE B-; Issuer not cooperating; Facilities Based on best available Information Long term/short 0.04 CARE B-; Stable/CARE A4 Issuer term Bank not cooperating; Based on best Facilities available information Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated January 7, 2025, placed the rating(s) of KSMPL under the 'issuer non-cooperating' category as KSMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KSMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 23, 2025, December 3, 2025, March 9, 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 KPT Spinning Mills Private Limited (KSMPL) was incorporated in 2010 and began its commercial operation from August 2011. The company is promoted by Mr. K P Thangamuthu and Mr. Vetrivel who incur more than a decade of experience in textile sector. KSMPL is mainly engaged in the manufacturing of cotton yarn in Erode. The company manufactures cotton yarn with count range of 40s.The current installed capacity for manufacturing of the unit is 8400 spindles of cotton yarn per month. LEVITA POLYPACK: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Levita Polypack LLP (LPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 8.00 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 January 7, 2025, placed the rating(s) of LPL under the 'issuer non-cooperating' category as LPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. LPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 23, 2025, December 03, 2025, March 9, 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 Morbi-based (Gujarat) LPL was established in January, 2018 by total ten partners, however overall operations will be managed by Mr. Vinodkumar Savjibhai Ferar and Mr. Anilbhai Mahadevbhai Marvaniya. LPL will operate from its sole manufacturing unit located in Tankara (Morbi). LPL has implemented a project for manufacturing of woven sack rolls and woven sack bags. MACHINO PLASTICS: CRISIL Cuts Rating on INR172.3cr LT Loan to B --------------------------------------------------------------- CRISIL Ratings has migrated the ratings on certain bank facilities of Machino Plastics Limited (MPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating 172.3 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB+/Stable') Crisil Ratings has been consistently following up with MPL for obtaining NDS through letters/emails dated December 31, 2025, January 30, 2026 and February 27, 2026 among others, apart from telephonic communication to seek the same. After non-receipt of NDS for 2 consecutive months, Crisil also sent a letter dated February 26, 2026 reminding the issuer to share the NDS. However, the issuer has remained non cooperative. Crisil Ratings has also tried to reach out to the lenders of MPL to confirm timely debt servicing during these months, but awaits any feedback. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive NDSs from MPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Further, non-sharing of NDS by issuers may reflect operational issues faced by issuers in some cases. On the other hand, it may be a beginning of a general non-cooperation and may extend to non-submission of other information. Crisil Ratings believes that rating action on MPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MPL migrated to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB+/Stable'. Incorporated in 1987 by Mr M D Jindal and Mr Sanjiv Jindal, MPL manufactures plastic-moulded auto components, mainly for MSIL. It was set up as a joint venture with MSIL (formerly, Maruti Udyog Ltd) and Suzuki Motor Corporation, Japan. The company has manufacturing units in Gurugram and Manesar (both in Haryana), and in Pithampur (Madhya Pradesh). MADAN UDYOG: CARE Lowers Rating on INR22.28cr LT Loan to D ---------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Madan Udyog Private Limited (MUPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 22.28 CARE D; ISSUER NOT Facilities COOPERATING; Downgraded from CARE BB; Stable and moved to ISSUER NOT COOPERATING Category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) has been seeking information from MUPL to monitor the ratings vide e-mail communications dated February 26, 2026, March 5, 2026, March 10, 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, CareEdge Ratings has reviewed the ratings on the basis of the best available information which however, in CareEdge's opinion is not sufficient to arrive at a fair rating. The ratings on bank facilities 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 ratings CareEdge Ratings has revised the ratings assigned to the bank facilities of MUPL due to ongoing delays in servicing term loan obligations and instances of levy of penal charges, as verified from MUPL's bank statements and confirmed through interaction with the lender. Analytical approach: Standalone Outlook: Not Applicable Detailed description of key rating drivers: Key weaknesses * Delays in debt servicing: Based on the term loan and cash credit statements received, as well as interaction with the lender, there have been instances of delay in repayment of term debt obligations and the imposition of penal charges across the statements. Liquidity: Poor MUPL's liquidity remained poor as reflected by ongoing delays in the debt servicing. Nagpur (Maharashtra) based Madan Udyog Private Limited (MUPL) was incorporated in 2010 by Mr. Shyam Sunder Khandelwal and Mr. Anand Khandelwal. Currently, Mr. Anand Khandelwal is well supported by his son Mr. Antush Khandelwal, Director, a Chartered Accountant by qualification. He looks after the finance as well as overall operations of the company. MUPL is engaged in the production of jointed and moulded rubber tubes for bicycles. The manufacturing facility is located at Sinnar, Nashik and has an installed capacity of 12 Lakh tubes per month as on March 31, 2025. From August 2022, it has also commenced production of two-wheeler tubes, e-rikshaw tubes and tractor tubes with production capacity of 0.20 Lakh tubes per month. It has total 13 branches located in different cities like Nagpur, Raipur, Jabalpur, Kolkata, Patna, Katihar, Chennai, Bangalore, Jaipur, Lucknow, Allahabad, Ludhiana and Rajahmundry. The tubes manufactured by MUPL are sold under the brand name "Madan". MUPL is an ISO and TUV certified company. MANGALA SEEDS: CARE Keeps B- Debt Rating to Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Mangala Seeds (MS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 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 27, 2025, placed the rating(s) MS under the 'issuer non-cooperating' category as MS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 23, 2025, January 2, 2026, March 3, 2026 among others. In line with the extant SEBI guidelines CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Mangala seeds (MS) were started as HUF on October 4, 1999 by Mr Madishetty Ashok. In March, 2007, Mr. Madishetty retired from HUF and incorporated Mangala Seeds as a partnership firm on April 1, 2007 with Mr Giurishetty Nagaraju as second partner. The firm is engaged in the Production, Procurement, Processing, Marketing and distribution of paddy seeds in Warangal, Telangana. The processing unit of the firm is located at Madikonda, Warangal. MANJEET SINGH: CARE Keeps C Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Manjeet Singh Bhatia (MSB) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 22.00 CARE C; Stable; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 7.00 CARE C; Stable/CARE A4; ISSUER Short Term NOT COOPERATING; Rating Bank Facilities continues to remain under; ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated January 13, 2025, placed the rating(s) of MSB under the 'issuer non-cooperating' category as MSB had failed to provide information for monitoring of the rating and agreed to in its Rating Agreement. MSB continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 29, 2025, December 9, 2025, December 19, 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, 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 Indore (Madhya Pradesh) based Manjeet Singh Bhatia (MSB) was originally established as a proprietorship firm by Mr. Manjeet Singh Bhatia in 2008 and subsequently reconstituted as a partnership firm on April 1, 2019 as M/s Manjeet Singh Bhatia (MSB). Mr. Manjeet Singh Bhatia, his wife Mrs. Puneet Kaur Bhatia and D S Capital Markets Private Limited are the partners of the firm. MSB is engaged into the business of retailing of alcohol (IMFL and CL) through licensed liquor shops in the state of Madhya Pradesh (MP). The firm enters into open tendering process every year to avail license for the retailing of the liquor and depending upon the allotment of shops during tendering, the number of shops held by the entity varies every year. The entity operated 41 retail shops during FY20 and received license for operating 58 retail shops in FY21. PARAS SEEDS: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Paras Seeds Corporation (PSC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B-; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated January 9, 2025, placed the rating(s) of PSC under the 'issuer non-cooperating' category as PSC had failed to provide information for monitoring of the rating and agreed to in its Rating Agreement. PSC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 25, 2025, December 5, 2025, December 15, 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 Idar (Gujarat) based Paras Seeds Corporation (PSC) was established in April 2007 as a partnership firm by Mr. Niranjan Patel, Mr. Bharat Patel, Mr. Dhaval Patel and Ms. Savita Patel. All partners jointly look after day-to-day activities of PSC. PSC is into the business of cotton ginning and pressing and seed processing. The partners of PSC are also associated with Jaymala Spintex Limited which is engaged in manufacturing of cotton yarn and Bhoomi Bio Seeds Limited which is into packaging, trading, research and production of seeds and other ancillary services. PAVITHRA COTTON: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Sri Pavithra Cotton Mills Private Limited (SPCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 16.45 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated January 16, 2025, placed the rating(s) of SPCMPL under the 'issuer non-cooperating' category as SPCMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SPCMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 2, 2025, December 12, 2025, December 22, 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 Sri Pavithra Cotton Mills Private Limited (SPCMPL) was established in 1994 as a partnership firm under the name 'Pavithra Textiles' promoted by Mr. Karunakaran in Coimbatore, Tamil Nadu. The firm is engaged in the manufacturing of yarn with the installed capacity of 9,000 spindles. PLATINUM ISPAT: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Platinum Ispat Industries Private Limited (PIIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 18.57 CARE D; Issuer not cooperating; Facilities Based on best available Information Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 24, 2025, placed the rating(s) of PIIPL under the 'issuer non-cooperating' category as PIIPL had failed to provide information for monitoring of the rating and had as agreed to in its Rating Agreement. PIIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 10, 2025, December 20, 2025, December 30, 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 platinum Ispat Industries Private Limited (PIIPL) was incorporated during August 2012 to initiate a TMT bar manufacturing unit. After incorporation, the company started to set up a manufacturing unit at Didarganj, Patna. The commercial operation has started from March 2015. The day-to-day affairs of the company are looked after by Mr. Ashok Kumar Agrawal, Director, along with other three directors and a team of experienced personnel. PRIMA PLASTICS: Receives NCLT Sanction for Scheme of Arrangement ---------------------------------------------------------------- ScanX reports that Prima Plastics Limited has received regulatory approval for its corporate restructuring initiative, with the National Company Law Tribunal (NCLT) sanctioning a significant scheme of arrangement. The development marks an important milestone in the company's strategic reorganization efforts. ScanX relates that the Hon'ble National Company Law Tribunal, Ahmedabad Bench has sanctioned the Scheme of Arrangement involving Prima Plastics Limited and Prima Innovation Limited, along with their respective shareholders and creditors. The order was issued on March 16, 2026, and was uploaded on the NCLT website on the same day. According to ScanX, the approved scheme has been structured under Sections 230 to 232 read with other applicable provisions of the Companies Act, 2013. The arrangement encompasses both companies along with their respective shareholders and creditors, indicating a comprehensive corporate restructuring exercise. The scheme will come into effect from the date of filing the certified copy of the NCLT order with the Registrar of Companies, which is defined as the "Effective Date" under the scheme provisions. The company is currently awaiting the certified copy of the order for this filing process, ScanX notes. ScanX says Prima Plastics Limited has made this disclosure pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The announcement was signed by Nehal Goyal, Company Secretary & Compliance Officer, ensuring proper regulatory compliance. The company has also made the NCLT order available to stakeholders through its investor relations portal, demonstrating transparency in corporate communications. This accessibility allows shareholders and other interested parties to review the complete details of the sanctioned scheme, adds ScanX. Prima Plastics Limited, together with its subsidiary, designs, manufactures, sells, and exports plastic molded products in India and internationally. R M ENTERPRISE: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of R M Enterprise (RME) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated January 10, 2025, placed the rating(s) of RME under the 'issuer non-cooperating' category as RME had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as greed to in its Rating Agreement. RME continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 26, 2025, December 6, 2025, December 16, 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, 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 Surat (Gujarat) based, RME was established as a partnership firm in 2015. RME is currently executing a residential with 3 BHK 51 flats at Surat named 'Kusum Heights' which comprises of 13 floors involving development of 1895.16 Square Feet area. The project implementation commenced in October 2015 and till April 2017, RME has incurred the total cost of INR8.81 crore (45% of total project cost) out of the total cost of INR19.43 crore. RME has received approvals for land and other relevant clearances for the project. SARVOTTAM ATTA: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Sarvottam Atta Private Limited (SAPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 18.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.00 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 SAPL under the 'issuer non-cooperating' category as SAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 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 SAPL was established as a proprietorship firm by Mr. Jilubhai Chauhan in 2005 and was reconstituted as a private limited company in June 2014. SAPL is engaged in the business of grain processing (wheat) and produces flour and semolina (rava) and sells it under the brand name 'Vanraj'. Its manufacturing facility is located at Sihor in Gujarat and operates with an installed capacity of 200 metric tonnes per day. SHUBH PLY: CARE Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Shubh Ply & Veneers Private Limited (SPVPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.40 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 6.10 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated January 6, 2025, placed the rating(s) of SPVPL under the 'issuer non-cooperating' category as SPVPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SPVPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 22, 2025, December 2, 2025, December 12, 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 Gandhidham (Gujarat) based Shubh Ply and Veneers Private Limited (SPVPL) was incorporated in 2007 as a private limited company by Mr. Mohanlal Lalwani and family and is engaged into manufacturing and trading of plywood, block board, flush doors and veneers. SS INNOVATIONS: Posts $12.1MM FY25 Loss, Warns of Liquidity Risks ----------------------------------------------------------------- SS Innovations International, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. As of December 31, 2025, the Company had a working capital surplus of $22,558,961 (December 31, 2024: $6,086,069) and an accumulated deficit of $55,789,934 (December 31, 2024: $43,662,547). For the year ended December 31, 2025, the Company incurred a net loss of $12,127,387, compared to a net loss of $19,151,197 for the year ended December 31, 2024. The net loss for the year ended December 31, 2025 was primarily attributable to non-cash expenses, including stock-based compensation of $8,128,103 and depreciation and amortization of $1,075,907. For the fiscal year ended December 31, 2025, the Company recorded total revenue of $42,484,747, compared to $20,649,528 in 2024. In addition, the Company has been dependent on related parties to fund operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern within the next 12 months. BDO India Services Private Limited (predecessor Firm BDO India LLP), the Company's independent registered public accounting firm since 2024 and headquartered in Gurugram, India, included an explanatory paragraph in its audit report dated March 10, 2026, expressing substantial doubt about the Company's ability to continue as a going concern. The auditor cited that the Company has suffered recurring losses from operations and has negative cash flows from operating activities during the year ended December 31, 2025. The Company is dependent on further funding to meet its obligations to sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. -- On March 6, 2026, the Company completed a private placement of its common stock which generated gross proceeds of $18,621,498, before deducting offering expenses. In the offering, the Company offered and sold (shares are under issuance as on March 10, 2026, the date of Annual Report) a total of 5,774,839 shares of common stock consisting of: * an aggregate of 1,300,006 shares of common stock at an average price of $4.00 per share for a total of $5,197,000 to directors, details of the same are: * 498,753 shares to Dr. Sudhir Srivastava, Chairman and Chief Executive Officer at $4.01 per share amounting to $2,000,000; * 501,253 shares to Dr. Frederic Moll, Vice Chairman at $3.99 per share amounting to $2,000,000; * 300,000 shares to Tim Adams, a director at $3.99 per share amounting to $1,197,000; and * an aggregate of 4,474,833 shares of common stock at $3.00 per share and total consideration of $13,424,498, to existing and new investors, led by Manipal Global Health Services, an existing shareholder. SSi intends to use the net proceeds from this private placement for working capital and other general corporate purposes, which include, but are not limited to advancing the Company's growth initiatives in India and other existing global markets and supporting preparation for entry into the United States and European Union markets. However, the Company's existing cash resources and income from operations, are not expected to provide sufficient funds to carry out the Company's operations and business development through the next 12 months. The management of the Company is making efforts to raise further funding to scale up operations and meet its longer-term capital needs. While management of the Company believes that it will be successful in its capital formation and planned expansion of its operating activities, there can be no assurance that the Company will be able to raise additional equity capital or be successful in generating additional revenues and ultimately achieving profitability. CEO Commentary Dr. Sudhir Srivastava, Chairman of the Board and Chief Executive Officer of SS Innovations, commented, "In the fourth quarter of 2025, we achieved strong growth in SSi Mantra installations, procedures and revenues, capping off a successful year for SS Innovations. Among our accomplishments in 2025, we gained significant share of the surgical robotics market in India, expanded into new global geographies, and progressed along the regulatory pathways required for entering the United States and European Union markets. We also continued to pioneer robotic telesurgery, attaining multiple new procedure milestones and unveiling cutting-edge innovations such as the Tele Surgeon Console and MantraM mobile robotic telesurgery unit. Finally, the uplisting of our shares to Nasdaq has enhanced market awareness of our growth story and expanded our audience of potential investors." Dr. Srivastava continued, "After quarter-end we completed a private placement of common stock, which brings us new long-term oriented institutional investors and approximately $18.6 million of gross proceeds aimed to fuel SS Innovations' growth in 2026 and beyond. Significant insider participation in this financing reflects our strong confidence in SS Innovations' future. We will continue to invest in enhancements to our advanced, cost-effective SSi Mantra surgical robotic system and expand our capacity to lead the vast Indian market, penetrate underserved global geographies, and prepare for our entry into the United States and European Union. We anticipate that the U.S. Food and Drug Administration will complete its review of our 510(k) premarket notification for the SSi Mantra by mid-2026. We also continue along the pathway towards a European Union CE marking certification for the SSi Mantra, which we believe we can also obtain this year. In conclusion, we expect continuing strong growth in 2026 as we deploy the SSi Mantra in existing and new markets, increasing access to world-class surgical robotic care." A full text copy of the Company's Annual Report is available at https://tinyurl.com/4wms9532 About SS Innovations International SS Innovations International, Inc. (OTC: SSII) is a developer of innovative surgical robotic technologies headquartered in Gurugram, Haryana, India. The company's vision is to make robotic surgery benefits more affordable and accessible globally. SSII's product range includes its proprietary "SSi Mantra" surgical robotic system and "SSi Mudra," a broad array of surgical instruments for various procedures, including robotic cardiac surgery. The company plans to expand its presence with technologically advanced, user friendly, and cost-effective surgical robotic solutions. As of December 3, 2025, the Company had $74,226,217 in total assets, $36,007,966 in total liabilities, and $38,218,251 in total stockholders' equity. TALIN INTERNATIONAL: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Talin International Private Limited (TIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 6.25 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 0.50 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 29, 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 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: Not Applicable Incorporated in the year 2002, Ahmedabad-based (Gujarat) Talin International Private Limited (Erstwhile April International Private Limited) is a private limited company promoted by Mr Naresh Jhawar and Mr Anoop Jhawar. The company is primarily engaged in the trading of ferrous and non-ferrous metals. TIPL also manufactures brass products like fasteners, anchors, plumbing fittings, hardware and electrical accessories which find application in construction, real estate and other industries. TIPL's sole manufacturing establishment is situated at Jamnagar. VANTAGE MACHINE: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Vantage Machine Tools Private Limited (VMTPL) 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 January 21, 2025, placed the rating(s) of VMTPL under the 'issuer non-cooperating' category as VMTPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VMTPL 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 Vantage Machine Tools Private Limited (VMTPL) was promoted by Shri Potluru Mohana Murali Krishna in September 2013 for undertaking manufacturing of Special Purpose Machines like CNC (Computer Numerical Control) machines and Hydraulic machines. These machines are widely used in Power plants, Ports, Steel plants, Sugar industries, cement industries, heavy fabrication, chemical and processing equipments of aerospace and defence sectors. The manufacturing facility of the company is located at Gollapalli village of Krishna District in the state of Andhra Pradesh with an annual installed capacity of 360 numbers of Special Purpose Machines. VASUDEV KHANDSARI: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Vasudev Khandsari Udyog (VKU) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated January 10, 2025, placed the rating(s) of VKU under the 'issuer non-cooperating' category as VKU had failed to provide information for monitoring of the rating and agreed to in its Rating Agreement. VKU continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 26, 2025, December 6, 2025, December 16, 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 Narsinghpur (Madhya Pradesh) based Vasudev Khandsari Udhyog (VKU) is a partnership concern formed in April, 2019 by Mr. Mr. Vivek Mahajan, Mr. Vinod Nema and Mr. Sanjay Gupta sharing profit and loss in the ratio equally. VKU was established with an aim to manufacture Jaggery, and Khandsari with total crushing capacity of 500 Tons of cane per day (TCD). The Plant facility of the firm is located in Narsinghpur district of Madhya Pradesh. It will procure sugarcane from the local farmers of Narsinghpur. The project was started in April 2019 and envisaged to be completed till 1st week of December 2019. The total cost of project was INR 4.75 crore and to be funded through term loan of INR2.75 crore and promoter's fund of INR2.00 crore. YOGIRAJ GINNING: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Yogiraj Ginning and Oil Industries Private Limited (YGOIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 27, 2025, placed the rating(s) of YGOIPL under the 'issuer non-cooperating' category as YGOIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. YGOIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 23, 2025, January 2, 2026 March 3, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Rajkot, Gujarat based, YGOIPL is a private limited company incorporated in November 2014, promoted by Mr. Kuldeepsinh Chudasama and Mr. Pusparajsinh Chudasama. The promoters of company are involved into cotton ginning, oil and spinning business since last one decade. YGOIPL is engaged in business of ginning of raw cotton to produce cotton bales. ================= I N D O N E S I A ================= JAPFA COMFEED: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable -------------------------------------------------------------- Fitch Ratings has affirmed Indonesia-based PT Japfa Comfeed Indonesia Tbk Long-Term Issuer Default Rating (IDRs) at 'B+'. The Outlook is Stable. Fitch has also affirmed the senior unsecured notes due March 2026 at 'B+', with a Recovery Rating of 'RR4'. Concurrently, Fitch Ratings Indonesia has affirmed the National Long-Term Rating on Japfa at 'A(idn)' with Stable Outlook. These actions follow the update of Fitch's 'Corporate Rating Criteria' and the 'Sector Navigators - Addendum to the Corporate Rating Criteria' on January 9, 2026. The company's ratings and Outlooks are unaffected by the criteria changes. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): management (bb, moderate), sector characteristics (bbb-, moderate), market and competitive positioning (bb-, higher), diversification and asset quality (b+, higher), company operational characteristics (bb, moderate), profitability (bb-, moderate), financial structure (bbb, lower), and financial flexibility (bb, moderate). - Assessments of the quantitative financial subfactors include bespoke calculations. - The Governance assessment of 'Some Deficiencies' results in an adjustment of -1 notch. - The Operating Environment assessment of 'bbb-' results in no adjustment. - The SCP is 'b+'. To derive the IDR: Fitch has made no further adjustments to the SCP, resulting IDR at 'B+'. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for PT Japfa Comfeed Indonesia Tbk ESG Considerations Japfa has an ESG Relevance Score of '4' for Governance Structure as the company is majority owned and controlled by the Santosa and Kolonas families, through Japfa Pte Ltd (JL), with the families having representation on Japfa's board and management, which has a negative impact on the credit profile, and is relevant to the rating in conjunction with other factors. Japfa has an ESG Relevance Score of '4' for Group Structure as its immediate parent, JL, is private. This limits financial transparency and its ability to assess the support requirement from Japfa, especially with the presence of volatile businesses at JL. This has a negative impact on the credit profile, and is relevant to the rating in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- PT Japfa Comfeed Indonesia Tbk LT IDR B+ Affirmed B+ Natl LT A(idn)Affirmed A(idn) senior unsecured LT B+ Affirmed RR4 B+ MASKAPAI REASURANSI: Fitch Lowers Insurer Finc'l. Rating to 'BB' ---------------------------------------------------------------- Fitch Ratings has downgraded PT Maskapai Reasuransi Indonesia Tbk's (Marein) Insurer Financial Strength (IFS) Rating to 'BB' (Moderately Weak) from 'BB+' (Moderately Weak). At the same time, Fitch Ratings Indonesia has downgraded Marein's National IFS Rating to 'A+(idn)' from 'AA-(idn)'. The Outlooks are Negative. The downgrade reflects a sharp deterioration in the company's capitalisation metrics and financial performance. The Negative Outlook indicates heightened risks to capital and earnings, driven by uncertainty over a potential additional reserve adjustment as Indonesia transitions to the new PSAK 117 accounting standard. 'A' National IFS Ratings denotes a strong capacity to meet policyholder obligations relative to all other obligations or issuers in the same country or monetary union, across all industries and obligation types. Key Rating Drivers Weaker Regulatory Capital Position: Marein's regulatory risk-based capital (RBC) ratio deteriorated sharply to 163% at end-2025 from 228% at end-2024. This followed reserve adjustments across both the life and non-life portfolios to align with PSAK 117, the local equivalent of IFRS17, which became effective in January 2025. Fitch believes there is uncertainty around additional reserving requirements under the new standard. The absolute amount of Marein's capitalisation is small compared with some major reinsurers in APAC, limiting its ability to withstand external shocks. Shareholders' equity of IDR1,596 billion at end-2025 exceeds the new 2026 minimum requirement of IDR500 billion, but achieving the 2028 requirement of IDR2,000 billion will be challenging, particularly if equity remains pressured by further PSAK 117-related reserve top-ups and earnings weakness. Marein's Fitch Prism Global score remained 'Somewhat Weak' in 2025 due to its high exposure to catastrophic domestic events. Deteriorating Underwriting Performance: Marein's combined ratio rose to 102% in 2025 from 97% in 2024 on reserve top-ups. The life business recorded a larger underwriting loss of IDR180 billion in 2025, compared with a loss of IDR86 billion in 2024, driven by the additional reserve adjustments and higher acquisition costs. Return on equity (ROE) was 2.3% in 2025 and had a three-year average of 3.4%, supported by investment income. Fitch expects profitability to remain constrained in the near term as underwriting margins stay under pressure and reserve adjustment risk persists. Moderate Company Profile: Fitch assesses the company profile as 'Moderate' due to its 'Moderate' business profile and 'Neutral' corporate governance. Marein has an about 14% share of industry gross written premiums, with non-life business contributing more than 50%. Fitch scores the company profile at 'b+' under its credit-factor scoring guidelines, in line with the ranking. Nonetheless, uncertainty over further reserve adjustments and limitations in data quality and reserving indicate elevated operational risk, and weigh on the business risk profile. Liquid Investment Portfolio: Marein's investment mix is liquid, with cash and equivalents and fixed-income instruments accounting for more than 90% of invested assets at end-2025. Its exposure to risky assets is manageable relative to equity. Fitch expects the company to maintain its ratio of equity investments to capital in light of its prudent investment approach. Capacity Supported by Retrocession: Marein mainly uses excess-of-loss treaties to mitigate catastrophe exposure and monitors its risk accumulation regularly. Retrocession programmes are backed by retrocessionaires with international ratings of at least 'A-'. The reinsurance recoverable to capital ratio of 27% in 2025 (2024: 37%) compares well against Fitch's criteria guidelines for insurers with 'BB' IFS Ratings. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Weakening capitalisation with the RBC ratio below 160% on a sustained basis. - Significant deterioration in operating performance, with ROE below 2%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Sustained improvement in capitalisation, with the RBC ratio consistently above 220%. - Maintaining strong profitability, with ROE above 4%. - Significant and sustained improvement in the company profile in terms of operating scale. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Marein. ESG Considerations Marein has an ESG Relevance Score of '4' for Exposure to Environmental Impacts as most of the company's premium income is derived from the domestic market, which has a negative impact on the credit profile and is relevant to the international IFS Rating in conjunction with other factors. Indonesia is geographically widespread and faces multiple hazards, including flooding, earthquakes, landslides, tsunamis and volcanic eruptions. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- PT Maskapai Reasuransi Indonesia Tbk LT IFS BB Downgrade BB+ Natl LT IFS A+(idn) Downgrade AA-(idn) =============== M A L A Y S I A =============== PHARMANIAGA BHD: Exits PN17 After Completing Regularisation Plan ---------------------------------------------------------------- The Sun Biz reports that Pharmaniaga Bhd has successfully elevated its Practice Note 17 (PN17) status with Bursa Malaysia, marking a key milestone in the group's recovery and renewed growth trajectory. This momentous decision follows the group's compliance with all Bursa Malaysia Main Market Listing Requirements, including the successful completion of Pharmaniaga's Regularisation Plan, The Sun relates. According to The Sun, the development reflects the group's focused efforts to stabilise operations, strengthen governance and reinforce its core business fundamentals. The outcome also places Pharmaniaga among the fastest companies to exit PN17 status, underscoring the group's decisive actions and disciplined execution in implementing its recovery initiatives. The Sun relates that Pharmaniaga managing director Datuk Zulkifli Jafar said the group's achievement reflects the resilience, discipline and collective commitment demonstrated across the organisation during a particularly challenging period. "I would like to extend my heartfelt appreciation to all who stood by the group during the challenging period, including the government, Armed Forces Fund Board (LTAT), Boustead Holdings Bhd (BHB), as well as our shareholders, bankers, suppliers, vendors and other stakeholders. "Our transformation journey would not have been possible without the guidance of our board of directors, the leadership of the management team and the unwavering dedication of our employees across malaysia and Indonesia, who have played a crucial role in restoring the strength of our businesses," The Sun quotes Zulkifli as saying. Pharmaniaga was classified as a PN17 company on Feb. 27, 2023. The group subsequently undertook a series of rejuvenation initiatives, with its remarkable recovery underpinned by consistent improvements in operational performance, The Sun notes. Since the quarter ended March 31, 2024, the group has recorded eight consecutive profitable quarters, culminating in a profit after tax (PAT) of MYR50.7 million for the financial year ended Dec. 31, 2025, The Sun discloses. This represents a 30.5% increase compared with the adjusted PAT of MYR38.8 million recorded in FY24. Zulkifli added that with the PN17 status uplifted, Pharmaniaga will shift its focus towards strengthening long-term growth and expanding its strategic capabilities across the healthcare value chain, The Sun relays. "While we are grateful for this accomplishment, we remain mindful that there is still much work ahead. This marks the beginning of a new phase for Pharmaniaga, as we shift from stabilising the business and strengthening our foundation, to driving sustainable growth," he said. About Pharmaniaga Pharmaniaga Berhad is an investment holding company. The Company is principally engaged in the research and development, manufacturing of generic drugs and medical devices, logistics and distribution, sales, and marketing, as well as community pharmacy. It was reported in February 2023 that Pharmaniaga had been classified as an affected listed issuer under PN17. The pharmaceutical company said it had triggered the PN17 criteria pursuant to its audited consolidated financial statements for the period ended Dec. 31, 2022. In early August 2025, Pharmaniaga Bhd completed its regularisation plan following the completion of its capital reduction exercise through the cancellation of MYR520 million in issued share capital. ===================== N E W Z E A L A N D ===================== AUCKLAND SENIOR: Court to Hear Wind-Up Petition on March 27 ----------------------------------------------------------- A petition to wind up the operations of Auckland Senior College Limited will be heard before the High Court at Auckland on March 27, 2026, at 10:45 a.m. Bizcap NZ Limited filed the petition against the company on Jan. 23, 2026. The Petitioner's solicitor is: James Cochrane Lane Neave Lawyers Level 8 Vero Centre 48 Shortland Street Auckland BLACK LION: Commences Wind-Up Proceedings ----------------------------------------- Members of Black Lion Holdings Limited (trading as Black Lion Bakery & Cafe) on March 6, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Iain Bruce Shephard Jessica Jane Kellow BDO Wellington Level 1 50 Customhouse Quay Wellington 6011 DART ENGINEERING: Creditors' Proofs of Debt Due on April 5 ---------------------------------------------------------- Creditors of Dart Engineering (2006) Limited are required to file their proofs of debt by April 5, 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: Wendy Somerville Malcolm Hollis PwC PwC Waikato PO Box 191 Hamilton 3240 EMPLOYMENT FOCUS: Court to Hear Wind-Up Petition on March 26 ------------------------------------------------------------ A petition to wind up the operations of Employment Focus Limited will be heard before the High Court at Auckland on March 26, 2026, at 10:00 a.m. Bizcap NZ Limited filed the petition against the company on Jan. 23, 2026. The Petitioner's solicitor is: James Cochrane Lane Neave Lawyers Level 8 Vero Centre 48 Shortland Street Auckland LASHED LIMITED: Creditors' Proofs of Debt Due on April 22 --------------------------------------------------------- Creditors of Lashed Limited are required to file their proofs of debt by April 22, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 11, 2026. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 ===================== P H I L I P P I N E S ===================== [] PHILIPPINES: Files 46 Closed Bank Asset Distribution Plans ------------------------------------------------------------- The Philippine Deposit Insurance Corporation (PDIC) has completed the filing of 46 asset distribution plans (ADPs) with various liquidation courts nationwide for 2025, achieving its full-year target and accelerating the release of payments to creditors of closed banks. The filings include 20 final ADPs and 26 partial ADPs, each representing a concrete step toward court-approved payouts. Once approved by the liquidation courts, these ADPs will authorize the PDIC, as statutory liquidator of closed banks, to distribute liquidation proceeds and recovered bank assets to creditors in accordance with the law and will bring long-awaited payments closer to release. ADPs are the primary legal mechanism through which assets of closed banks are distributed. Each plan details how assets will be allocated based on their estimated realizable value as of a defined cut-off date. All distributions strictly follow the Rules on Concurrence and Preference of Credits under the Philippine Civil Code, along with other applicable banking and liquidation laws. Depending on the stage of liquidation, the PDIC files either partial ADPs, covering specific assets already realized or liquidated, or final ADPs, which account for all remaining assets and pave the way for closing the bank's liquidation. Filing these ADPs with the liquidation courts is a critical milestone, as liquidation court approval is required before any payments can be released to settle creditors' claims. "Every ADP we file brings creditors and uninsured depositors closer to receiving what is lawfully due to them. This is at the heart of the mandate of the PDIC — ensuring that closed bank stakeholders are paid in a timely, transparent, and orderly manner. Meeting our ADP target for 2025 reflects the Corporation's strong momentum in advancing liquidation proceedings and settlement of claims of creditors and uninsured depositors," said PDIC President and CEO Roberto B. Tan. With its 2025 ADP filing program completed, the PDIC continues to push forward the resolution of other closed banks under its liquidation portfolio. As of end 2025, there are 303 closed banks, for a total of 1,245 banking units, under PDIC liquidation. This includes 64 closed banks whose final ADPs are pending with their respective liquidation courts. ================= S I N G A P O R E ================= M LABEL: Court Enters Wind-Up Order ----------------------------------- The High Court of Singapore entered an order on March 13, 2026, to wind up the operations of M Label Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 MONUMENTAL D3J: Court Enters Wind-Up Order ------------------------------------------ The High Court of Singapore entered an order on March 13, 2026, to wind up the operations of Monumental D3J Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ********* 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 ***