260330.mbx

260330.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Monday, March 30, 2026, Vol. 29, No. 63 Headlines A U S T R A L I A BINANCE AUSTRALIA: Fined AUD10MM for Misclassifying Investors BISKOTO BY OLIVE: First Creditors' Meeting Set for April 7 CARBON REVOLUTION: First Creditors' Meeting Set for April 9 FETUVA PTY: First Creditors' Meeting Set for April 7 LA GEMME ESTATE: Collapses Into Administration OL (VIC) TRADING: First Creditors' Meeting Set for April 7 PLUMBING AND CIVIL: First Creditors' Meeting Set for April 7 [] ASIC Applies to Wind Up 12 Companies Linked to Former Solicitor C H I N A CBAK ENERGY: Regains Compliance With Nasdaq Minimum Bid Price Rule CBAK ENERGY: Stockholders OK Plan of Merger With CBAT Cayman FINGERMOTION INC: Inks Share Exchange Deal to Acquire Telforge ZK INTERNATIONAL: Closes US$20MM Private Placement Transaction I N D I A ATARSON OVERSEAS: CRISIL Keeps D Debt Ratings in Not Cooperating BHARDWAJ OVERSEAS: CRISIL Withdraws B Rating on INR24.5cr Loan BILWA COTTON: CRISIL Keeps B Debt Ratings in Not Cooperating ELTA TOOLS: CRISIL Withdraws B Rating on INR14cr Cash Loan FIRESTAR DIAMOND: Stock e-Auction Scheduled for April 27 FORTUNE ASSETS: Insolvency Resolution Process Case Summary GRUESS AGRISERVE: CRISIL Lowers Rating on INR21.5cr Loan to B LG CHEM: Voluntary Liquidation Process Case Summary MALTAN ENTERPRISES: Voluntary Liquidation Process Case Summary N V KHAROTE: CRISIL Keeps D Ratings in Not Cooperating Category NORTELS SERVICE: CRISIL Keeps B- Debt Ratings in Not Cooperating OSAKA ALLOYS: CRISIL Lowers Rating on INR17cr Loan to B P K INFRATECH: CRISIL Keeps D Debt Ratings in Not Cooperating PANAMA PAPERS: CRISIL Keeps B Debt Ratings in Not Cooperating POOJA INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating PORWAL GINNING: CRISIL Lowers Rating on INR5cr Cash Loan to B PRABHAT INDUSTRIES: CRISIL Keeps B Debt Rating in Not Cooperating PRANSHI SMALL: CRISIL Keeps B Debt Rating in Not Cooperating RAMA MOTOCORP: CRISIL Lowers Rating on INR100cr Loan to B SAI PRINT: CRISIL Keeps D Debt Ratings in Not Cooperating Category SAINI EARTHMOVER: CRISIL Withdraws B Rating on INR6.5cr Loan SAMDARIYA ABHUSHAN: CRISIL Moves B+ Ratings from Not Cooperating SAMSON AND SONS: CRISIL Keeps D Debt Ratings in Not Cooperating SANDHYA POULTRY: CRISIL Withdraws B Rating on INR20cr Cash Loan SANJAY SINGHI: CRISIL Keeps D Debt Ratings in Not Cooperating SATISH AGRO: CRISIL Keeps D Debt Rating in Not Cooperating Category SCIENTIFICA TILES: CRISIL Keeps B Debt Rating in Not Cooperating SEEMA AUTOMOBILES: CRISIL Keeps B Debt Ratings in Not Cooperating SUPHA PHARMACHEM: Court Admits Firm Under Insolvency Process SUPHA PHARMACHEM: Insolvency Resolution Process Case Summary SUPPLE PACK: CRISIL Keeps B Ratings in Not Cooperating Category TRIMX SALONS: CRISIL Lowers Rating on INR13.11cr LT Loan to B J A P A N TOSHIBA CORP: Start Talks on Power Chip Businesses Merger N E W Z E A L A N D ECONOMY KITCHENS: Creditors' Proofs of Debt Due on May 8 HEINZ WATTIE'S: To Proceed With Closing Factories; 300 Jobs at Risk HOROPITO TRADING: Court to Hear Wind-Up Petition on April 1 MAGINOT PROPERTIES: Court to Hear Wind-Up Petition on April 1 MMM HOMES: Creditors' Proofs of Debt Due on April 30 TCD HOLDINGS: First Creditors' Meeting Set for April 2 P A K I S T A N PAKISTAN: IMF Reaches Staff-Level Agreement on $1.2BB Disbursement S I N G A P O R E ADEPT VENTURES: Court to Hear Wind-Up Petition on April 10 ENTER ENGINEERING: Court to Hear Wind-Up Petition on April 10 REG INTERIORS: Court Enters Wind-Up Order REGROW HERBAL: Court Enters Wind-Up Order THEBIGIDEA PTE: Creditors' Proofs of Debt Due on April 27 - - - - - ================= A U S T R A L I A ================= BINANCE AUSTRALIA: Fined AUD10MM for Misclassifying Investors ------------------------------------------------------------- The Australian Securities & Investments Commission (ASIC) said that the Federal Court has ordered Oztures Trading Pty Ltd (trading as Binance Australia Derivatives) to pay a AUD10 million pecuniary penalty after misclassifying more than 85% of its Australian client base over a nine-month period, resulting in more than AUD12 million in losses and fees. Binance is part of the Binance Group, the operator of the world's largest digital crypto exchange by trading volume. In a Statement of Agreed Facts, Binance admitted it exposed 524 retail investors to high-risk crypto derivative products without the required consumer protections between July 2022 to April 2023, due to their misclassification as wholesale clients. Binance admitted to serious failures in client onboarding and poor staff training that allowed clients seeking to be verified as sophisticated investors to make unlimited attempts at a multiple-choice quiz until they achieved a passing score for Binance to assess them as qualifying for sophisticated investor status. Additionally, Binance's senior compliance staff provided inadequate oversight or review of client applications and supporting documentation, further weakening the onboarding and classification processes. For example, Binance incorrectly assessed an individual as qualifying as a professional investor on the basis that the client certified that they were an 'exempt public authority', without adequate verification. This misclassified client group went on to incur AUD8.66 million in client trading losses and paid AUD3.89 million in fees. In addition to the pecuniary penalty, Justice Moshinsky ordered Binance to contribute to ASIC's costs. The penalty comes in addition to approximately AUD13.1 million in compensation paid to the affected clients, which ASIC oversaw in 2023. In response to March 27's outcome, ASIC Chair Joe Longo said, 'Binance failed to set up basic compliance checks and incorrectly approved hundreds of applications for complex, wholesale investor products. 'Binance's shortcomings left more than 85% of their Australian customer base exposed to high-risk products they should have never been able to access, and without important consumer protections or rights, costing retail investors millions. 'This wasn't just a technical breach - it directly resulted in over AUD12 million in client losses.' Binance admitted that between July 2022 to April 2023 it failed to comply with multiple obligations, including: * provide a Product Disclosure Statement to retail clients * make a Target Market Determination * maintain a compliant internal dispute resolution system * ensure financial services were provided efficiently, honestly, and fairly * comply with Australian Financial Services (AFS) licence conditions, and * adequately train and ensure competency of employees. Mr. Longo said, 'This is a clear warning to global financial services entities looking to set up shop in Australia. 'All financial services companies must follow the law from day one, and have proper client onboarding systems and processes in place. This includes financial services that relate to crypto and digital assets.' Binance admitted to all contraventions alleged by ASIC in the civil proceedings initiated in December 2024. Binance Australia Derivatives is part of the global Binance group, the world's largest digital cryptocurrency exchanges by trading volume with registered users across the globe. In December 2022, ASIC began a targeted review of Binance's financial services business, including its classification of wholesale clients. This resulted in ASIC issuing a notice of hearing under s915C of the Corporations Act 2001 to consider whether the AFS licence held by Binance should be cancelled or suspended. On April 6, 2023, ASIC cancelled the AFS licence in response to a request to cancel from the entity. In 2023, ASIC oversaw the compensation payments of approximately AUD13.1 million to misclassified Binance clients. Of the 524 misclassified clients: * 460 were incorrectly classified as meeting the Sophisticated Investor Test * 33 were incorrectly classified as meeting the Individual Wealth Test * 26 did not provide sufficient evidence that they met and were incorrectly classified as meeting the Professional Investor Test * 4 did not provide sufficient evidence that they met and were incorrectly classified as meeting the Related Body Corporate Test, and * 1 did not provide sufficient evidence that they met and was incorrectly classified as meeting the Large Business Test. ASIC has previously taken civil penalty proceedings against global digital asset exchange operator Bit Trade Pty Ltd (the operator of the Kraken crypto exchange in Australia) for design and distribution obligation failures, with the Federal Court ruling in favour of ASIC's case. BISKOTO BY OLIVE: First Creditors' Meeting Set for April 7 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Biskoto by Olive Lane Pty Ltd (ATF "Biskoto by Olive Lane Unit Trust") will be held on April 7, 2026, at 10:30 a.m. via virtual meeting. Jeremy Robert Abeyratne of APL Insolvency was appointed as administrator of the company on March 25, 2026. CARBON REVOLUTION: First Creditors' Meeting Set for April 9 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Carbon Revolution Pty Ltd, Carbon Revolution Operations Pty Ltd, and Carbon Revolution Technology Pty Ltd will be held on April 9, 2026, at 11:30 a.m. via virtual meeting. Robert Smith and Keith Crawford of McGrathnicol were appointed as administrators of the company on March 26, 2026. FETUVA PTY: First Creditors' Meeting Set for April 7 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Fetuva Pty Ltd as Trustee for the Jimmy Wong Family Trust (trading as Freshlink Australia) will be held on April 7, 2026, at 12:00 p.m. at the offices of WA Insolvency Solutions, a division of Jirsch Sutherland, at Level 6, 109 St Georges Terrace, in Perth, WA, and via conferencing facilities. David Hurt and Jimmy Trpcevski of WA Insolvency Solutions were appointed as administrators of the company on March 24, 2026. LA GEMME ESTATE: Collapses Into Administration ---------------------------------------------- Daily Telegraph Sydney reports that the AUD30 million La Gemme Estate, a luxury wedding venue in Australia's Southern Highlands, has collapsed into administration. The 44-hectare property - once famous for being listed on Airbnb for AUD20,000 a night - is owned by high-flying Sydney financier Clayton Larcombe and his wife, Kyara. The estate's administration follows the recent appointment of liquidators to Mr. Larcombe's investment firm, PAC Capital. Corporate records seen by The Australian show liquidators have been appointed to his investment firm PAC Capital, with KPT Restructuring stepping in after moves to wind up the company, according to news.com.au. OL (VIC) TRADING: First Creditors' Meeting Set for April 7 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of OL (Vic) Trading Pty Ltd (ATF "OL Trading Unit Trust") will be held on April 7, 2026, at 11:30 a.m. via virtual meeting. Jeremy Robert Abeyratne of APL Insolvency was appointed as administrator of the company on March 25, 2026. PLUMBING AND CIVIL: First Creditors' Meeting Set for April 7 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Plumbing and Civil Group Pty Ltd will be held on April 7, 2026, at 11:00 a.m. via virtual meeting. Daniel Robert Soire of Jones Partners was appointed as administrator of the company on March 24, 2026. [] ASIC Applies to Wind Up 12 Companies Linked to Former Solicitor ------------------------------------------------------------------ The Australian Securities & Investments Commission (ASIC) has applied to the Supreme Court of New South Wales to wind up 12 companies associated with NSW accountant and former solicitor Christopher Malcolm Edwards on just and equitable grounds. ASIC has also applied for the appointment of provisional liquidators to the companies to enable an independent assessment of the companies' affairs and protect the interests of creditors and investors while the Court considers the winding-up application. ASIC has taken this action because it holds concerns about the management and affairs of these companies. The companies are: - Ironbark Holdings Australia Pty Ltd - Great Northern Developments Pty Ltd - GND Construction Management Pty Ltd - Great Northern Bundaberg Pty Ltd - Great Northern Investments Pty Ltd - Great Northern Morayfield Pty Ltd - Great Northern Phoenix Group Pty Ltd - Great Northern Properties Pty Ltd - Great Northern Victoria Pty Ltd - Ironbark Energy Pty Ltd - Knightsbridge Realty Pty Ltd, and - Richmond Corporation Pty Ltd. ASIC's concerns include that: * the companies continue to raise funds in circumstances where the application of that money raised from investors is unclear * the companies have significant unsecured interest-bearing liabilities to investors which significantly exceed the known assets of the companies * the companies have failed to comply with statutory obligations to prepare and lodge audited financial statements for the financial years ended 30 June 2022 to 30 June 2025, in accordance with ASIC's directions issued under sections 294 and 321 of the Corporations Act, and * the companies show limited signs of business income or commercial activity, and developments associated with the companies have not progressed. ASIC's applications for appointment of provisional liquidators and final winding up relief are not yet listed for hearing. The matter will be before the Court at 10:00 a.m. on April 13, 2026 for directions. ASIC's investigation of fundraising for the companies and the application of monies raised is continuing. ========= C H I N A ========= CBAK ENERGY: Regains Compliance With Nasdaq Minimum Bid Price Rule ------------------------------------------------------------------ CBAK Energy Technology, Inc. disclosed in a regulatory filing that the Company received a notification letter from the Listing Qualifications department of The Nasdaq Stock Market LLC stating that the Company had regained compliance with the $1 minimum bid price requirement for continued listing on Nasdaq. As previously reported, on October 1, 2025, the Company had received a notification letter from the Nasdaq Listing Qualifications department stating that, for the prior 30 consecutive business days, the closing bid price of the Company's common stock had been below the minimum of $1 per share required for continued listing on Nasdaq. Subsequently, Nasdaq determined that, from February 17, 2026 to March 16, 2026, the closing bid price of the Company's common stock had been at $1 per share or greater. Accordingly, the Company had regained compliance with Nasdaq Listing Rule 5550(a)(2). About CBAK Energy Technology Liaoning Province, People's Republic of China-based CBAK Energy -- www.cbak.com.cn -- is a manufacturer of new energy high power lithium and sodium batteries that are mainly used in light electric vehicles, electric vehicles, energy storage such as residential energy supply & uninterruptible power supply (UPS) application, and other high-power applications. The Company's primary product offering consists of new energy high power lithium and sodium batteries. In addition, after completing the acquisition of 81.56% of registered equity interests (representing 75.57% of paid-up capital) of Hitrans in November 2021, the Company entered the business of developing and manufacturing NCM precursor and cathode materials. Hitrans is a leading developer and manufacturer of ternary precursor and cathode materials in China, whose products have a wide range of applications on batteries that would be applied to electric vehicles, electric tools, high-end digital products, and storage, among others. Hong Kong, China-based ARK Pro CPA & Co, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 17, 2025, citing that the Company has a working capital deficiency, accumulated deficit from recurring net losses incurred for the prior years and significant short-term debt obligations maturing in less than one year as of December 31, 2024. All these factors raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $363.9 million in total assets, $245.4 million in total liabilities, and $118.5 million in total stockholders' equity. CBAK ENERGY: Stockholders OK Plan of Merger With CBAT Cayman ------------------------------------------------------------ CBAK Energy Technology, Inc. held a Special Meeting of Stockholders at its principal executive office in Dalian, China. Holders of the Company's common stock at the close of business on January 20, 2026, were entitled to vote at the Special Meeting. As of the Record Date, there were 88,645,836 shares of common stock outstanding and entitled to vote. A total of 50,274,880 shares of common stock (56.71%), constituting a quorum, were present in person or by valid proxies at the Special Meeting. At the Special Meeting, the stockholders voted on two proposals. The final results for the votes regarding each proposal are: Proposal 1 – To approve and adopt the agreement and plan of merger by and between the Company and CBAT Cayman, an exempted company incorporated under the laws of the Cayman Islands and a wholly owned subsidiary of the Company, which includes a plan of merger required to be filed with the Register of Companies in the Cayman Islands, substantially in the form attached as Exhibit A to the Merger Agreement, pursuant to which the Company will merge with and into CBAT Cayman, with CBAT Cayman continuing as the surviving company resulting from the merger, and each issued and outstanding share of the common stock of the Company will be cancelled in exchange for one ordinary share of CBAT Cayman. The adoption of the Proposal 1 required the affirmative vote of a majority of the outstanding shares of the Company's common stock. The votes regarding this proposal were as follows: Votes For: 48,005,537 Votes Against: 1,710,559 Abstentions: 558,784 Proposal 2 – To approve one or more adjournments of the Special Meeting, if necessary, to solicit additional proxies if there were not sufficient votes in favor of the foregoing proposal. The adoption of Proposal 2 required the affirmative vote of a majority of the shares of the common stock present in person or represented by proxy and entitled to vote that are actually voted on the matter. The votes regarding this proposal were as follows: Votes For: 47,967,297 Votes Against: 2,173,476 Abstentions: 134,107 All two proposals were approved by the Company's stockholders. About CBAK Energy Technology Liaoning Province, People's Republic of China-based CBAK Energy -- www.cbak.com.cn -- is a manufacturer of new energy high power lithium and sodium batteries that are mainly used in light electric vehicles, electric vehicles, energy storage such as residential energy supply & uninterruptible power supply (UPS) application, and other high-power applications. The Company's primary product offering consists of new energy high power lithium and sodium batteries. In addition, after completing the acquisition of 81.56% of registered equity interests (representing 75.57% of paid-up capital) of Hitrans in November 2021, the Company entered the business of developing and manufacturing NCM precursor and cathode materials. Hitrans is a leading developer and manufacturer of ternary precursor and cathode materials in China, whose products have a wide range of applications on batteries that would be applied to electric vehicles, electric tools, high-end digital products, and storage, among others. Hong Kong, China-based ARK Pro CPA & Co, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 17, 2025, citing that the Company has a working capital deficiency, accumulated deficit from recurring net losses incurred for the prior years and significant short-term debt obligations maturing in less than one year as of December 31, 2024. All these factors raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $363.9 million in total assets, $245.4 million in total liabilities, and $118.5 million in total stockholders' equity. FINGERMOTION INC: Inks Share Exchange Deal to Acquire Telforge -------------------------------------------------------------- FingerMotion Inc. disclosed in a regulatory filing that it has entered into a Share Exchange Agreement with Telforge, Inc., a Nevada corporation, and the shareholders of Telforge. Telforge is a voice and messaging telecom service provider offering cloud-based voice, messaging, and unified communications solutions. Pursuant to the Share Exchange Agreement, the Shareholders have agreed to exchange all of their outstanding shares of Telforge in exchange for up to 7,333,333 shares of FingerMotion, subject to the terms and conditions of the Share Exchange Agreement. Subject to the closing conditions being satisfied or waived by the respective parties, at closing the Company shall issue the Shareholders on a pro rata basis and aggregate of 7,333,333 shares of common stock, of which 2,333,333 shares of common stock will be released to the Shareholders, and 5,000,000 shares of common stock will be placed in escrow pursuant to an escrow agreement in form and substance to be agreed upon by the Company and Telforge, and shall not be released from escrow until they are earned as a result of the achievement of certain Cumulative Revenue and Secured Contract Value (each as defined in the Share Exchange Agreement) over two earnout periods with the first being three months following closing and the second being six months following closing. If the Cumulative Revenue plus Secured Contract Value for the first earnout period is equal to or greater than $2,500,000, the Shareholders shall have earned 2,000,000 Milestone Shares. If the Cumulative Revenue plus Secured Contract Value for the second earnout period is equal to or greater than $5,000,000, the Shareholders will have earned 3,000,000 Milestone Shares. Any Milestone Shares that are not earned on or before the expiration of the applicable earnout period shall be automatically forfeited and cancelled. Upon closing the Closing Shares and Milestone Shares will be issued pursuant to an exemption from the registration requirements of the Securities Act of 1933, as amended, and applicable state securities laws, and will be issued as "restricted securities" as such term is defined under Rule 144(a)(3) under the Securities Act. Pursuant to the Share Exchange Agreement, the Company has agreed to provide registration rights for the Closing Shares and Milestone Shares as set forth therein. This acquisition aligns with the Company's strategic roadmap, which focuses on geographical expansion, selective acquisitions in telecommunications and infrastructure technologies, as well as the development of analytics, mobility, enterprise digitalization, and smart infrastructure solutions. "The acquisition of Telforge would provide FingerMotion with the ability to manage and run tens of millions of minutes monthly - telecommunications, voice, SMS and data messages and calls - via its proprietary switching platform. Upon closing this acquisition we expect to be able to scale and significantly grow annualized revenues without having to add hardware and capital costs. This would also supplement our existing business by giving us a U.S. based operating model," said Martin Shen, CEO. Telforge's cloud-based voice, messaging, and unified communications solutions would expand the Company's overall service portfolio and enhance its ability to serve customers across broader geographic markets, while operating as a complementary business within the Company's structure. Additional details regarding the transaction will be set out in the Company's Current Report on Form 8-K to be filed with the U.S. Securities and Exchange Commission through EDGAR in the very near future. About FingerMotion Inc. FingerMotion Inc. provides mobile payment and recharge platform solutions in China. San Francisco, California-based CT International LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated May 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended February 28, 2025, citing that the Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. As of November 30, 2025, the Company had $60,055,042 in total assets, $43,713,994 in total liabilities, and $16,341,048 in total stockholders' equity. ZK INTERNATIONAL: Closes US$20MM Private Placement Transaction -------------------------------------------------------------- ZK INTERNATIONAL GROUP CO., LTD. previously entered into a securities purchase agreement with certain non-U.S. investors pursuant to which the Company agreed to sell to the Purchasers an aggregate of 40,040,000 ordinary shares, no par value per share, of the Company at a price of US$0.50 per share to purchase an aggregate of 40,040,000 Ordinary Shares, for the aggregate purchase price of approximately US$20,020,000, which purchase price should be paid by the Purchasers in US$ fiat money or in cryptocurrencies, in the sole discretion of the Company. Upon satisfying all closing conditions, as of March 19, 2026, the Offering has been consummated by the Company, and the Company has completed the private placement closing and issued an aggregate of 40,040,000 Ordinary Shares to the Purchasers. About ZK International Group Co. Ltd. ZK International Group Co., Ltd. is a China-based designer, engineer, manufacturer, and supplier of patented high-performance stainless steel and carbon steel pipe products that require sophisticated water or gas pipeline systems. The Company owns 33 patents, 21 trademarks, 2 Technical Achievement Awards, and 10 National and Industry Standard Awards. ZK International is Quality Management System Certified (ISO9001), Environmental Management System Certified (ISO1401), and a National Industrial Stainless Steel Production Licensee that is focused on supplying steel piping for the multi-billion-dollar industries of Gas and Water sectors. ZK has supplied stainless steel pipelines for over 2,000 projects, including the Beijing National Airport, the "Water Cube", and "Bird's Nest", which were venues for the 2008 Beijing Olympics. Emphasizing superior properties and durability of its steel piping, ZK International is providing a solution for the delivery of high quality, highly sustainable, environmentally sound drinkable water not only to the China market but also to international markets such as Europe, East Asia, and Southeast Asia. In its audit report dated February 4, 2026, attached to the Company's Annual Report on Form 20-F for the fiscal year ended September 30, 2025, Fortune CPA, Inc, the Company's auditor since 2024, issued a "going concern" qualification citing that the Company has negative working capital, negative cash flow from operating activities, and accumulated deficit that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $62,867,718, $38,253,260 in total liabilities, and $24,614,458 in total equity. ========= I N D I A ========= ATARSON OVERSEAS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Atarson Overseas Private Limited (SBRM) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 30 CRISIL D (Issuer Not Cooperating) Cash Credit 30 CRISIL D (Issuer Not Cooperating) Term Loan 6.5 CRISIL D (Issuer Not Cooperating) Term Loan 2.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SBRM for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SBRM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SBRM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SBRM continues to be 'Crisil D Issuer not cooperating'. SBRM was incorporated by Gupta family of Bareilly in 2011. It is engaged in milling and processing of paddy into rice, rice bran, broken rice and husk. Mr Rachin Gupta and Ms Seema Gupta are the promoters of the company. Mr. Rachin Gupta is also engaged managing day to day activity of the business. BHARDWAJ OVERSEAS: CRISIL Withdraws B Rating on INR24.5cr Loan -------------------------------------------------------------- CRISIL Ratings has withdrawn the ratings on certain bank facilities of Bhardwaj Overseas Private Limited (BOPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 24.5 Crisil B/Stable (ISSUER NOT COOPERATING; Withdrawn) Term Loan 5.5 Crisil B/Stable (ISSUER NOT COOPERATING; Withdrawn) Crisil Ratings has been consistently following up with BOPL for obtaining information through letter and email dated March 6, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative and the rating on bank facilities of BOPL revised to 'Crisil B/Stable Issuer not cooperating'. Earlier, the entity did not provide the No Default Statements (NDS) for the three consecutive months. Therefore, the issuer was classified as 'non cooperative' in line with Clause 11. 3 of SEBI CRA Operational Circular dated July 11, 2025. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BOPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BOPL is consistent with 'Assessing Information Adequacy Risk'. Crisil Ratings has revised the rating on bank facilities of BOPL revised to 'Crisil B/Stable Issuer not cooperating'. from 'Crisil BB-/Stable Issuer not cooperating'. Crisil Ratings has withdrawn its rating on the bank facilities of BOPL on the request of the company and after receiving no objection certificate from the bank. The rating action is in-line with Crisil Rating's policy on withdrawal of its rating on bank loan facilities. BOPL was incorporated in 2015, and began operations in 2016. The company undertakes processing (milling, polishing and sorting) of basmati rice, at its facility in Jind, Haryana. It trades rice under its own brand, Zarifa. Operations are managed by Mr Vinod Kumar, Mr Sunil Bhardwaj and their family members. BILWA COTTON: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ Crisil Ratings said the ratings on bank facilities of Sri Bilwa Cotton Ginning and Pressing Factory (SBCGPF) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 Crisil B/Stable (Issuer Not Cooperating) Cash Credit 5 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SBCGPF for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SBCGPF, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SBCGPF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SBCGPF continues to be 'Crisil B/Stable Issuer not cooperating'. SBCGPF was established in 2010. SBCGPF is owned & managed by R. Jayalakshmi. SBCGPF is engaged in cotton ginning process such as cotton bales, cotton roll, cotton waste. SBCGPF manufacturing facility is located in Bellary (Kerala). ELTA TOOLS: CRISIL Withdraws B Rating on INR14cr Cash Loan ---------------------------------------------------------- CRISIL Ratings has withdrawn the ratings on certain bank facilities of Elta Tools & Dies (ETD), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 14 Crisil B/Stable (ISSUER NOT COOPERATING; Withdrawn) Term Loan 4 Crisil B/Stable (ISSUER NOT COOPERATING; Withdrawn) Crisil Ratings has been consistently following up with ETD for obtaining information through letter and email dated March 12, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative and the rating on bank facilities of ETD continues to be 'Crisil B/Stable Issuer not cooperating'. Earlier, the entity did not provide the No Default Statements (NDS) for the three consecutive months. Therefore, the issuer was classified as 'non cooperative' in line with Clause 11. 3 of SEBI CRA Operational Circular dated July 11, 2025. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ETD, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ETD is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ETD continued 'Crisil B/Stable Issuer not cooperating'. Crisil Ratings has withdrawn its rating on the bank facilities of ETD on the request of the company and after receiving no objection certificate from the bank. The rating action is in-line with Crisil Rating's policy on withdrawal of its rating on bank loan facilities. ETD is a proprietorship concern set up in February 1994 by Ms E Mary Josphine. It manufactures sheet metal components used in the manufacture of four wheelers. FIRESTAR DIAMOND: Stock e-Auction Scheduled for April 27 -------------------------------------------------------- The Economic Times reports that days after a UK court rejected fugitive diamantaire Nirav Modi's petition to reopen his extradition order, an exquisite stockpile of gems and jewellery from his former group company, Firestar Diamond International (FDIPL), is set to go under the hammer as part of liquidation proceedings. According to ET, the e-auction, scheduled for April 27 under the Insolvency and Bankruptcy Code (IBC), will be conducted under the supervision of the National Company Law Tribunal (NCLT), Mumbai. It involves the sale of the company's "precious inventory" that was earlier attached by the Enforcement Directorate and later released for liquidation. ET relates that the assets on the block comprise a wide spectrum of high-value and commercial-grade jewellery. At the core of the sale are natural loose diamonds, along with finished jewellery pieces including gold, silver and platinum rings studded with natural diamonds and cubic zirconia stones. The price range of the pieces is estimated between INR4 lakh and INR18 lakh. Key lots include three parcels of gold rings studded with natural diamonds, weighing 144.52 carats, 125.16 carats and 206.57 carats, along with 473 natural loose diamonds aggregating over 220 carats. Modi and his uncle Mehul Choksi are wanted in the Punjab National Bank scam case, ET notes. The case dates back to 2018, with ED and CBI probing the scam. ET says the inventory spans both premium and mid-market segments, ranging from high-value diamond-studded pieces to more affordable jewellery embedded with synthetic stones. Industry participants expect the auction to attract a mix of bulk buyers, exporters and domestic jewellery manufacturers seeking discounted inventory. The liquidator has specified that the sale will be conducted on an "as is where is" and "no recourse" basis, placing the responsibility of due diligence on bidders. Qualified bidders will be granted access to a virtual data room containing reports and certifications from the Gemmological Institute of India (GII), including diamond grading reports, jewellery identification reports and metal purity test results. Bidders likely to independently assess the assets based on these documents, as physical inspection details remain restricted. The inventory is currently stored in high-security vaults and currency chests of select public sector banks at undisclosed locations, ET adds. About Firestar Diamond Firestar Diamond International was incorporated in 2006 as a jewelry manufacturing company for exports. It operates Firestar International Private Limited's (a global diamond and jewelry company founded by Nirav Modi) domestic retail business, which functions under the Nirav Modi brand. The company was ordered into liquidation by the Mumbai bench of the National Company Law Tribunal (NCLT) in February 2020 following the Punjab National Bank fraud investigation. Santanu T. Ray was appointed as liquidator to manage the process, with auction sales of assets, including diamonds and jewelry. FORTUNE ASSETS: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Fortune Assets Private Limited B 37/2/2, 5th Floor, Ajanta Commercial Cente, Income Tax Cross Road, Ashram Road P.O, Ahmedabad, Ahmedabad City, Gujarat, India, 380009 Insolvency Commencement Date: March 18, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Estimated date of closure of insolvency resolution process: September 14, 2026 Insolvency professional: ARCK Resolution Professionals LLP Interim Resolution Professional: ARCK Resolution Professionals LLP Flat No. 409, 4th Floor Ansal Bhawan 16, K G Marg, Connaught Place, New Delhi, 110001 Email: insolvency@arck.in ibc.fortuneassets@gmail.com Last date for submission of claims: April 2, 2026 GRUESS AGRISERVE: CRISIL Lowers Rating on INR21.5cr Loan to B ------------------------------------------------------------- Crisil Ratings has migrated the rating on bank facilities of Gruess Agriserve Private Limited (GAPL) to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Rupee Term Loan 21.5 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil B+/Stable') Working Capital 2.0 Crisil B/Stable (ISSUER NOT Term Loan COOPERATING; Migrated from 'Crisil B+/Stable') Working Capital 1.3 Crisil B/Stable (ISSUER NOT Term Loan COOPERATING; Migrated from 'Crisil B+/Stable') Working Capital 2.2 Crisil B/Stable (ISSUER NOT Term Loan COOPERATING; Migrated from 'Crisil B+/Stable') Crisil Ratings has been consistently following up with GAPL for obtaining information through letter and email dated March 10, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GAPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of GAPL to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable'. GAPL was set up in 2019, by the promoter, Mr Mir Khuram Shafi. The Jammu and Kashmir-based company, provides cold storage and warehousing services for apple farmers and traders and also trades in apples. LG CHEM: Voluntary Liquidation Process Case Summary --------------------------------------------------- Debtor: LG Chem Sciences India Private Limited Registered Office Address: S-46, II Floor, Janata Market Rajouri Garden, New Delhi, India, 110027 Corporate Office Address: SCO-321, Sector-29, Gurugram, Harnaya, India - 122001 Liquidation Commencement Date: March 17, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Pranav J. Damania 407, Sanjar Enclave, Opposite Milap Cinema, S.V Road, Kandivali West, Mumbai - 400067 Tel: +91 98204 69825 Email: pranav@winadvisors.co.in Last date for submission of claims: April 16, 2026 MALTAN ENTERPRISES: Voluntary Liquidation Process Case Summary -------------------------------------------------------------- Debtor: Maltan Enterprises Private Limited 604, 6th Floor, Pooja Apartments, Behind Parsee Agyari, Chinchpokli Road, Off Hill Road, Bandra West Mumbai - 400050 Liquidation Commencement Date: March 12, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: T N Chandrassekar No. 11, 3rd Floor, Emerald Building Chheda Nagar, Mumbai - 400089 Tel: +91 98334 93449 Email: vliq.maltan@gmail.com Last date for submission of claims: April 15, 2026 N V KHAROTE: CRISIL Keeps D Ratings in Not Cooperating Category --------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of N V Kharote Constructions Private Limited (NVKCPL) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 7.83 CRISIL D (Issuer Not Cooperating) Cash Credit 3.6 CRISIL D (Issuer Not Cooperating) Cash Credit 2 CRISIL D (Issuer Not Cooperating) Cash Credit 0.4 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.17 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with NVKCPL for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of NVKCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NVKCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of NVKCPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. NVKCPL, incorporated in 1992, executes turnkey water supply and lift irrigation projects for government agencies. The Pune-based company specialises in manufacturing and laying out of pipes along with related civil, electrical and fabrication activities. NORTELS SERVICE: CRISIL Keeps B- Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Nortels Service Apartments Private Limited (NSAPL) continue to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 5.7 CRISIL B-/Stable (Issuer Not Cooperating) Proposed Long Term 4.3 CRISIL B-/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with NSAPL for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of NSAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NSAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NSAPL continues to be 'Crisil B-/Stable Issuer not cooperating'. NSAPL, incorporated in 2000, manages service apartments in Chennai. The company is promoted by Mr. Sri Krishnan, Mr. Sunil Nair, Mr. A Murugappan, Mr. S Narayanan, and Mr. Lui Ki. OSAKA ALLOYS: CRISIL Lowers Rating on INR17cr Loan to B ------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Osaka Alloys and Steels Private Limited (OASPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 17 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB-/Stable') Crisil Ratings has been consistently following up with OASPL for obtaining information through letter and email dated March 10, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of OASPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on OASPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of OASPL to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB-/Stable'. OASPL was incorporated in 1989. It is engaged in manufacturing of Lead Alloys/Ingots at its unit located at IGC, Samba in Jammu & Kashmir (J&K). P K INFRATECH: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of P K Infratech - Rishikesh (PKIR) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3 CRISIL D (Issuer Not Cooperating) Overdraft Facility 2.5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 2.5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with PKIR for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PKIR, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PKIR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PKIR continues to be 'Crisil D/Crisil D Issuer not cooperating'. PKIR was established in 2014 and is located in Dehradun. PKIR is promoted by Mr. Gaurav Sharma, Mrs. Rajbala Sharma and Mr. Vishal Gaur. PKIR is engaged in civil construction works, such as construction of roads and bridges, canal works, irrigation works and electrification works. PKIR is also engaged in transportation, stone crushing and trading of building material. PANAMA PAPERS: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Panama Papers Private Limited (PPPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.5 CRISIL B/Stable (Issuer Not Cooperating) Proposed Long Term 0.5 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 4 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PPPL for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PPPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2005 and promoted by Mr. Bhavesh Patel, PPPL manufactures absorbent kraft paper used in the lamination and packaging industry. The company has manufacturing facility in Morbi,Gujarat. POOJA INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Pooja Industries (Indore) (PI) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Term Loan 1 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PI for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PI continues to be 'Crisil D Issuer not cooperating'. PI established in 1991 is a partnership firm engaged in the manufacturing and trading of torches and torch parts. Mr. Jagdish Agrawal, Narendra Agrawal and Mr. Aman Agrawal oversee the day to day operations of the firm. PII has its manufacturing facility at Indore, Madhya Pradesh and sells its torches under the 'Cosmos' brand. PORWAL GINNING: CRISIL Lowers Rating on INR5cr Cash Loan to B ------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Porwal Ginning and Pressing Private Limited (PGPPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Term Loan 2.65 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with PGPPL for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PGPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PGPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PGPPL revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. Incorporated in 2012 in Manwath, Maharashtra, and promoted by Mr Jaiprakash Porwal and Mr Vijay Porwal, PGPPL gins cotton and presses cotton seed to extract oil. PRABHAT INDUSTRIES: CRISIL Keeps B Debt Rating in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Prabhat Industries (PI) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PI for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PI continues to be 'Crisil B/Stable Issuer not cooperating'. Established in 1984, PI is a proprietorship firm owned and managed by Mr Hasmukh Shah. The firm manufactures artificial leather cloth, also known as polyvinyl (PVC) rexine cloth, which is used in leather accessories such as shoes, wallets, car seat covers, sofa covers, and belts. Its manufacturing facility is at Valsad in Gujarat. PRANSHI SMALL: CRISIL Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------ Crisil Ratings said the rating on bank facilities of Pranshi Small Hydro Project Private Limited (PSHPPL) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 27 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with PSHPPL for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PSHPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PSHPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PSHPPL continues to be 'Crisil B/Stable Issuer not cooperating'. PSHPPL was incorporated in 2018. PSHPPL is currently setting up a 3 MW hydro power plant on Parvati river in beas basin in Kullu Sub-division of Kullu district Himachal Pradesh. PSHPPL is owned & managed by Rekha Sood and Gopal Krishan Sood. The plant is expected to be commissioned in March 2023. RAMA MOTOCORP: CRISIL Lowers Rating on INR100cr Loan to B --------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Rama Motocorp Private Limited (RMPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Inventory Funding 100 Crisil B/Stable (ISSUER NOT Facility COOPERATING; Migrated from 'Crisil BBB/Stable') Proposed Inventory 9.1 Crisil B/Stable (ISSUER NOT Funding COOPERATING; Migrated from 'Crisil BBB/Stable') Working Capital 5.9 Crisil B/Stable (ISSUER NOT Term Loan COOPERATING; Migrated from 'Crisil BBB/Stable') Crisil Ratings has been consistently following up with RMPL for obtaining information through letter and email dated February 26, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RMPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of RMPL to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BBB/Stable'. RMPL is an authorised dealer of Tata Motors Ltd (TML) for its commercial vehicles. It operates through a showroom and two service centres in Rawabhata, Chhattisgarh. The company is a part of the Hind Energy group that is engaged in coal mining and coal washeries. The revenue from the coal business is around INR3,000 crore. The group has a capital-rich management and free fixed deposit of around INR200 crore. SAI PRINT: CRISIL Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Sai Print & Pack (SPP) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL D (Issuer Not Cooperating) Loan Against Property 3 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SPP for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SPP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SPP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SPP continues to be 'Crisil D Issuer not cooperating'. SPP, was established in 1999 as a proprietorship firm by Mr Anuj Dayal, SPP manufactures mono-corrugated, non-corrugated, and printed cartons at its manufacturing facility in Palwal, Haryana. SAINI EARTHMOVER: CRISIL Withdraws B Rating on INR6.5cr Loan ------------------------------------------------------------ CRISIL Ratings has withdrawn the ratings on certain bank facilities of Saini Earthmover Private Limited (SEPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 Crisil B/Stable (ISSUER NOT COOPERATING; Withdrawn) Electronic Dealer 4.75 Crisil B/Stable (ISSUER NOT Financing Scheme COOPERATING; Withdrawn) (e-DFS) Proposed Working 6.5 Crisil B/Stable (ISSUER NOT Capital Facility COOPERATING; Withdrawn) Working Capital 1.5 Crisil B/Stable (ISSUER NOT Term Loan COOPERATING; Withdrawn) Crisil Ratings has been consistently following up with SEPL for obtaining information through letter and email dated February 20, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, Crisil Ratings has continued the rating on bank facilities of SEPL to 'Crisil B/Stable Issuer not cooperating'. Crisil Ratings has withdrawn its rating on the bank facilities of SEPL on the request of the company and after receiving no objection certificate from the bank. The rating action is in-line with Crisil Rating's policy on withdrawal of its rating on bank loan facilities. Incorporated in 2006 by Mr Amrik Singh Saini and Ms Navdeep Kaur, SEPL is an authorised dealer of earth-moving equipment, spare parts and lubricants of JCB India Ltd. The company has seven branches, showrooms and service centres across West Bengal, covering major markets such as Kharagpur, Haldia, Rajarhat, Arambag, Diamond Harbour, Princep Street and Krishnanagar. SAMDARIYA ABHUSHAN: CRISIL Moves B+ Ratings from Not Cooperating ---------------------------------------------------------------- Due to inadequate information, Crisil Ratings, in line with SEBI guidelines, had migrated the rating of Samdariya Abhushan Private Limited (SAPL; part of Samdariya Group) to 'Crisil B+/Stable Issuer Not Cooperating'. However, the management has subsequently shared requisite information, necessary for carrying out comprehensive review of the rating. Consequently, Crisil Ratings is migrating the rating on the long-term bank facilities of SAPL to 'Crisil B+/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 11 Crisil B+/Stable (Migrated from 'Crisil B+/Stable ISSUER NOT COOPERATING') Cash Credit 40 Crisil B+/Stable (Migrated from 'Crisil B+/Stable ISSUER NOT COOPERATING') Drop Line 18 Crisil B+/Stable (Migrated from Overdraft 'Crisil B+/Stable ISSUER NOT Facility COOPERATING') The ratings reflect the group's susceptibility of revenue and profitability to intense competition in a fragmented industry, and to volatility in gold prices, working capital intensive operations, and below-average financial profile. These weaknesses are partially offset by its extensive industry experience of the promoters and moderate scale operations Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of SAPL. Key Rating Drivers - Weaknesses * Susceptibility of revenue and profitability to intense competition in a fragmented industry, and to volatility in gold prices: The gems and jewellery industry is highly fragmented because of low entry barriers on account of low capital and technology requirements, attracting numerous unorganized players across the country leading to intense competition thereby affecting profitability. Also, the profitability is susceptible to volatility in gold prices. * Working capital intensive operations: Gross current asset (GCA) days were at 130-180 days over the three fiscals ended March 31,2025. Its intensive working capital management is reflected in its Inventory days of 136 days as on March 31,2025. The gross current assets are driven largely by inventory of 116 days and high security deposits paid to group companies for the showrooms. * Below average financial profile: The company has below-average financial profile marked by expected gearing of 3.2 times and total outside liabilities to adj tangible networth (TOL/ANW) of 4 times for fiscal 2026. Networth was moderate at INR24.94 cr as on March 31, 2025. The company's debt protection measures have also been at weak level in past due to high gearing and low accruals from the operations. The expected interest coverage and net cash accrual to total debt (NCATD) ratio are at 1.61 times and 0.04 time for fiscal 2025. Key Rating Drivers - Strengths * Extensive industry experience of the promoters and established market position: The group commenced its jewellery business around 250 years back and currently it is being managed by the fourth generation of the family. The current promoters have been in the business for around two decades. Over their long tenure in the industry, they have developed a sound understanding of the local market dynamics which has also enabled them to establish strong relationships with suppliers and customers. The promoters have extended need-based funding in the form of unsecured loans which stood at Rs. 29.78 crore as on March 31, 2025. The unsecured loans support the working capital requirements and the liquidity. * Moderate scale of operations: With an operating income of INR294.55 cr and expected operating income of more than INR370 cr in fiscal 2026, scale of operations remains moderate. Operating margin was 3.6% in fiscal 2025 and expected to be around similar lines going ahead. Liquidity Poor Bank limit utilisation is high at around 99% in the last 12 months ended Feb'26. Cash accruals are expected to be around Rs.5-6 cr which are sufficient against term debt obligation of over Rs.2 cr over the medium term. Current ratio is moderate at 1.55 times on March 31, 2025.The promoters are likely to extend support in the form of equity and unsecured loans to meet its working capital requirements and repayment obligations. Moderate cash and bank balance of around Rs.2.09 cr as on March 31, 2025. Outlook Stable Crisil Ratings believes that the Samdariya group will continue to benefit from the extensive experience of its promoter, and established relationships with clients. Rating sensitivity factors Upward factors * Moderate revenue growth rate while sustaining profitability leading to interest coverage of more than 2 times * Efficient working capital management with low reliance on external debt, leading to healthy capital structure and debt protection metrics. Downward factors * Decline in scale of operations leading to fall in revenue or operating margin hence leading to net cash accrual below Rs.4 crore. * Substantial increase in working capital requirements thus weakening the liquidity & financial profile. SAPL is engaged in retailing of gold, diamond and studded jewellery, loose stones, silver jewellery, platinum jewellery. SAMSON AND SONS: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Samson and Sons Builders and Developers Private Limited (SSBDPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Project Loan 5 CRISIL D (Issuer Not Cooperating) Project Loan 9 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SSBDPL for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SSBDPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSBDPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SSBDPL continues to be 'Crisil D Issuer not cooperating'. Established in 2005 as a partnership between Mr John Jacob and Mr Samuel Jacob and reconstituted as a private limited company in 2009, SSBDPL undertakes residential real estate development in and around Trivandrum. SANDHYA POULTRY: CRISIL Withdraws B Rating on INR20cr Cash Loan --------------------------------------------------------------- CRISIL Ratings has withdrawn the ratings on certain bank facilities of Sandhya Poultry Farm (SPF), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 20 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Cash Credit 9 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Proposed Term Loan 3.98 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Rupee Term Loan 7.02 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Crisil Ratings has been consistently following up with SPF for obtaining information through letter and email dated March 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SPF, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SPF is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of SPF to 'Crisil B/Stable Issuer not cooperating'. Crisil Ratings has withdrawn its rating on the bank facilities of SPF on the request of the company and after receiving no objection certificate from the bank. The rating action is in-line with Crisil Rating's policy on withdrawal of its rating on bank loan facilities. Registered in 1997, SPF is a family-run poultry farm in Telangana. It is managed by members of the Narsi family and was started by Mr A Narsimulu. The firm has a poultry farm, with a capacity of 5.05 lakh chickens. SANJAY SINGHI: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sanjay Singhi (SS) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 5.5 CRISIL D (Issuer Not Cooperating) Cash Credit 2.5 CRISIL D (Issuer Not Cooperating) Proposed Working 1.5 CRISIL D (Issuer Not Capital Facility Cooperating) Crisil Ratings has been consistently following up with SS for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SS continues to be 'Crisil D/Crisil D Issuer not cooperating'. SS was established in 1990 as a partnership firm. It is engaged in civil construction activities such as road contractor for government construction projects located in Chhattisgarh and Madhya Pradesh. It is owned and managed by Mr. Sanjay Singhi and his wife Mrs. Rekha Singhi. SATISH AGRO: CRISIL Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Satish Agro Industries (SAI) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Working Capital 6 CRISIL D (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with SAI for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SAI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SAI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SAI continues to be 'Crisil D Issuer not cooperating'. SAI was formed as a proprietorship concern by Mr. Satish Jain in 1998 at Indore, Madhya Pradesh. SAI is engaged in manufacturing of agricultural spray pumps, power sprayers and other machinery parts. SCIENTIFICA TILES: CRISIL Keeps B Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Scientifica Tiles LLP (STL) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 27.8 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with STL for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of STL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on STL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of STL continues to be 'Crisil B/Stable Issuer not cooperating'. Set up in March 2017 as a partnership firm by Mr Mahendra Prabhu Dalsaniya, Mr Hirenkumar Karshan Vadaviya, Mr Satishkumar Babulal Bavarava, and seven other promoters, STL is establishing a greenfield project in Morbi to manufacture glazed (digitally printed) vitrified tiles. Commercial operations are likely to begin from the first week of February 2018. SEEMA AUTOMOBILES: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Seema Automobiles (SA) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 CRISIL B/Stable (Issuer Not Cooperating) Inventory Funding 2.6 CRISIL B/Stable (Issuer Not Facility Cooperating) Proposed Fund- 2 CRISIL B/Stable (Issuer Not Based Bank Limits Cooperating) Crisil Ratings has been consistently following up with SA for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SA, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SA is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SA continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2007, SA is an authorized dealer for two-wheeler vehicles of Honda Motorcycle and Scooter India Ltd. Mr. Ajay Tar way is the promoter. SUPHA PHARMACHEM: Court Admits Firm Under Insolvency Process ------------------------------------------------------------ The Economic Times reports that the bankruptcy court in Mumbai has admitted the listed pharma firm, Supha Pharmachem (formerly Remedium Lifecare), to the Corporate Insolvency Resolution Process (CIRP) and has appointed Rajesh Jhunjhunwala as the interim resolution professional (IRP) of the company. Mumbai-based Supha Pharmachem's operational creditor, Boston Ivy Healthcare Solution, had approached the National Company Law Tribunal (NCLT) after the company defaulted on its dues in November 2023, ET relates. Before the tribunal's ruling, Siddhima Kotak, counsel appearing for Boston Ivy Healthcare Solution, argued that the operational creditor defaulted on the payment of about Rs 7.47 crore for certain raw material supplied to it, according to ET. "The corporate debtor (Supha Pharmachem) has committed a default in payment of an admitted operational debt," observed the division bench of judicial member Nilesh Sharma and technical member Sameer Kakar in its order of March 17. However, the tribunal noted that, "We make it clear that at this stage we have not crystallised the amount as claimed in this application; the same is left to be collated by the IRP." Countering this, the company argued that the creditor's petition suffers inherent defects and is not in accordance with the Insolvency and Bankruptcy Code (IBC), ET relays. Supha Pharmachem is in the business of products and services, which includes the trading and sale of APIs and Intermediates to innovator and generic pharmaceutical players in both Domestic and International markets. SUPHA PHARMACHEM: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Supha Pharmachem Limited F81D, Express Zone Mall, A Wing Next to Patel Vanika W.E. Highway, Goregaon (East), Mumbai - 400006 Shifted from: Office No.9, K Raheja Prime, Marol Industrial Estate, Behind Ravi Vihar Hotel, Sagbaug Road, Marol, Andheri East, Marol Naka, Mumbai, Mumbai - 400059 Insolvency Commencement Date: March 17, 2026 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: September 13, 2026 Insolvency professional: Rajesh Jhunjhunwala Interim Resolution Professional: Rajesh Jhunjhunwala A51, Aashit Chs, Azad Road, H B Gawde Marg, Stanburg Estate, Juhu Koliwada, Mumbai, Maharashtra - 400049 Email: jhunjhunwala.rajesh@gmail.com spl.cirp@gmail.com Last date for submission of claims: March 31, 2026 SUPPLE PACK: CRISIL Keeps B Ratings in Not Cooperating Category --------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Supple Pack (NVI; Previously known as National Vinyl Industries) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.5 Crisil B/Stable (Issuer Not Cooperating) Term Loan 4.5 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with NVI for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of NVI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NVI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NVI continues to be 'Crisil B/Stable Issuer not cooperating'. NVI, which was formed as a proprietary firm in 1991, manufactures blow-moulded and injection-moulded plastic components, used in packaging of dairy products, chemicals, stationery, food and beverages. The manufacturing unit is at Harohalli- Karnataka, and operations are managed by Mrs Latha Srimal. TRIMX SALONS: CRISIL Lowers Rating on INR13.11cr LT Loan to B ------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Trimx Salons Private Limited (TSPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.64 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Proposed Long Term 13.11 Crisil B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with TSPL for obtaining information through letter and email dated February 9, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative and the rating on bank facilities of TSPL revised to 'Crisil B/Stable Issuer not cooperating'. Earlier, the entity did not provide the No Default Statements (NDS) for the three consecutive months. Therefore, the issuer was classified as 'non cooperative' in line with Clause 11. 3 of SEBI CRA Operational Circular dated July 11, 2025. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of TSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of TSPL revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. TSPL was incorporated in 2019. The company offers hair and skin solutions and operates 35 men's salons across Hyderabad, Telangana. Operations are managed by Ms Gayathri Krishnan and Ms Aruna Rapeti. ========= J A P A N ========= TOSHIBA CORP: Start Talks on Power Chip Businesses Merger --------------------------------------------------------- The Japan Times reports that Toshiba Corp said March 27 it will start negotiations with Mitsubishi Electric and chipmaker Rohm to merge their power semiconductor businesses, as international competition over the sector heats up. The Japan Times relates that the move comes as Japan has been pushing for a greater presence in the global semiconductor market. If realized, the alliance would create the world's second-largest power chip group, according to local media. Billed as able to drastically reduce power loss, power semiconductors are seen as pivotal to sectors ranging from railway to automotive and renewable energy, The Japan Times notes. According to The Japan Times, Toshiba Electronic Devices & Storage Corporation (TDSC), a subsidiary of Toshiba, signed a memorandum of understanding to begin discussions with Mitsubishi and Rohm. "As the global competition over the semiconductor industry keeps intensifying, TDSC and Rohm have long explored the possibility of coordinating in the power semiconductor sector," Toshiba said. With Mitsubishi Electric now on board, too, a merger would make "our business scale and technological infrastructure competitive in the global market," Toshiba said. The Japan Times says the agreement was also signed by Japan Industrial Partners and TBJ Holdings. Japan currently holds less than 10% of the global chip market, but the government is investing heavily in new factories in a bid to change that. Earlier this month, Prime Minister Sanae Takaichi's administration set a new sales target for domestically produced microchips, aiming for an eightfold increase by 2040 compared with 2020 levels, recalls The Japan Times. The 2040 target of JPY40 trillion ($250 billion) far exceeds sales of around JPY5 trillion in 2020, according to figures from the ministry of economy, trade and industry. About Toshiba Corp Toshiba Corporation manufactures and markets electrical and electronic products. The Company's products include digital products such as PCs and televisions, NAND flash memories, and system LSIs (large-scale integrated), as well as social infrastructures such as power generators, medical equipment, and home appliances. As reported in the Troubled Company Reporter-Asia Pacific in early December 2025, S&P Global Ratings raised to 'BB-' from 'B+' its long-term issuer credit ratings on Toshiba Corp. and affirmed its short-term issuer credit rating on the company at 'B'. The positive outlook reflects S&P's view that the company's overall profitability will steadily strengthen over the next year or so, and that key financial ratios will likely continue to recover. ===================== N E W Z E A L A N D ===================== ECONOMY KITCHENS: Creditors' Proofs of Debt Due on May 8 -------------------------------------------------------- Creditors of Economy Kitchens Limited are required to file their proofs of debt by May 8, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 20, 2026. The company's liquidators are: Lynda Smart Derek Ah Sam c/o Rodgers Reidy PO Box 39090 Harewood Christchurch 8545 HEINZ WATTIE'S: To Proceed With Closing Factories; 300 Jobs at Risk ------------------------------------------------------------------- Radio New Zealand reports that Heinz Wattie's will proceed with plans to close manufacturing sites in Christchurch, Dunedin and Auckland, as well as the frozen packing lines in Hastings. RNZ says the closures would affect about 300 roles. But the company said it would phase out sites so some people may be able to be redeployed. According to RNZ, Managing Director, Andrew Donegan, said the decision was necessary to strengthen the business so it could continue to manufacture and sell products in New Zealand. This would also see a discontinuation of its frozen vegetables, coffee and dips businesses. The announcement followed a formal consultation process. RNZ relates that Mr. Donegan said the majority of workers affected were long-term skilled employees. He believed they would be sought-after candidates by other employers. "Our focus is on supporting those who are affected with redundancy packages, employee counselling, career transition services and redeployment where possible. "While change is needed, this is an incredibly difficult time for our employees and business." In Hastings, almost 50 people from the frozen packing lines would be redeployed, the company said. Wattie's would continue to employ some 1,200 people in New Zealand. E tū delegate union Kathy Perrin had worked at Wattie's for more than 45 years, RNZ relays. "We had a thread of hope. Our members have mortgages, high rents, and live pay cheque to pay cheque. There will be a lot that will be heartbroken. We have over 65s renting, families with babies, and members with health issues. It is devastating." She welcomed the company's decision to offer seasonal workers redundancy payments above its contractual obligations. "It is a relief, and it will provide some peace of mind." In a statement E tū director Finn O'Dwyer-Cunliffe said the closures were part of a wider pattern, RNZ relates. "Multinational companies are making a choice to walk away from New Zealand workers, and a Government with no industrial strategy is letting them do it." RNZ adds that the company said it will phase out the sale and production of frozen vegetables, Gregg's coffee, and dips sold mainly under the Mediterranean, Just Hummus and Good Taste Company brands. The sites to close are: * The La Bonne Cuisine factory in Auckland * Wattie's frozen vegetable factory in Christchurch * Gregg's coffee factory in Dunedin New Zealand-based Heinz Wattie's Limited produces frozen and packaged fruit, vegetables, sauces, baby food, cooking sauces, dressings and pet foods. HOROPITO TRADING: Court to Hear Wind-Up Petition on April 1 ----------------------------------------------------------- A petition to wind up the operations of Horopito Trading Limited will be heard before the High Court at Christchurch on April 1, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Feb. 4, 2026. The Petitioner's solicitor is: Rosa Brooke Inland Revenue, Legal Services 663 Colombo Street Christchurch Central Christchurch MAGINOT PROPERTIES: Court to Hear Wind-Up Petition on April 1 ------------------------------------------------------------- A petition to wind up the operations of Maginot Properties Limited will be heard before the High Court at Christchurch on April 1, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Feb. 4, 2026. The Petitioner's solicitor is: Rosa Brooke Inland Revenue, Legal Services 663 Colombo Street Christchurch Central Christchurch MMM HOMES: Creditors' Proofs of Debt Due on April 30 ---------------------------------------------------- Creditors of MMM Homes Limited are required to file their proofs of debt by April 30, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 18, 2026. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 TCD HOLDINGS: First Creditors' Meeting Set for April 2 ------------------------------------------------------ A first meeting of the creditors in the proceedings of TCD Holdings Limited and Pani Ka Kua Agricultural Limited will be held on April 2, 2026, at 11:00 a.m. at the offices of BDO Tauranga, 525 Cameron Road, Tauranga. Creditors may also attend online (Microsoft Teams) by giving notice to trg.bri@bdo.co.nz before midday on March 31, 2026. Paul Thomas Manning and Jessica Jane Kellow of BDO Wellington were appointed as administrators of the company on March 23, 2026. =============== P A K I S T A N =============== PAKISTAN: IMF Reaches Staff-Level Agreement on $1.2BB Disbursement ------------------------------------------------------------------ An International Monetary Fund (IMF) team, led by Ms. Iva Petrova, held discussions on the third review under the Extended Fund Facility (EFF) and the second review under the Resilience and Sustainability Facility (RSF) in Karachi and Islamabad from February 25 to March 2, 2026, and virtually afterward. At the conclusion of the discussions, Ms. Petrova issued the following statement: "The IMF team has reached a staff-level agreement with the Pakistani authorities on the third review of the 37-month Extended Arrangement under the Extended Fund Facility (EFF) and the second review of the 28-month arrangement under the Resilience and Sustainability Facility (RSF). The staff-level agreement is subject to approval by the IMF Executive Board. Upon approval, Pakistan will have access to about US$1.0 billion (SDR 760 million) under the EFF and about US$210 million (SDR 154 million) under the RSF, bringing total disbursements under the two arrangements to about US$4.5 billion. "Supported by the EFF, ongoing policies have continued to strengthen the economy and rebuild market confidence. Following the recovery in FY25, economic activity gained further momentum in the first part of the current fiscal year. Inflation and the current account balance remained contained, and external buffers continued to strengthen. The conflict in the Middle East, however, casts a cloud over the outlook as volatile energy prices and tighter global financial conditions risk putting upward pressure on inflation and weigh on growth and the current account. "The authorities remain committed to pursuing sound and prudent macroeconomic policies to preserve the recent gains in macro-financial stabilization, while deepening structural reforms to accelerate growth and strengthening social protection to mitigate the impact of volatile energy prices on the most vulnerable. The authorities' policy priorities include: -- Maintaining a prudent fiscal stance. The authorities remain committed to ensuring a sustainable fiscal position and reducing the still high public debt burden to more moderate levels over the medium term. To this end, efforts are ongoing to meeting the FY26 budget primary surplus of 1.6 percent of GDP and to target an underlying primary balance of 2 percent of GDP in FY27, supported by measures to broaden the tax base and strengthen expenditure discipline, while expanding health, education, and social protection spending, and strengthening federal‑provincial burden‑sharing. -- Advancing fiscal structural reforms. Steadfast implementation of fiscal reforms remains critical to achieving the fiscal objectives. Revenue mobilization efforts have already started to yield results, with the FBR implementing priority actions under its transformation plan and developing key performance indicators to monitor progress. These priorities include strengthening taxpayer audits, expanding the use of digital invoicing and production monitoring, and enhancing the FBR's internal governance. The newly established Tax Policy Office is developing a medium‑term tax reform strategy aimed at ensuring revenue neutrality and tax policy stability. In addition, efforts are underway to enhance fiscal burden‑sharing between federal and provincial governments and to strengthen public financial management. -- Strengthening poverty reduction and social protection. To protect the most vulnerable from the recent elevated volatility in food and fuel prices, the authorities are aiming their efforts to providing more targeted and sustainable support to the more effected households and are strengthening the generosity, coverage, and delivery of the Benazir Income Support Program (BISP), including through inflation‑adjusted cash transfers, expanded beneficiary coverage, and improved payment systems. In parallel, they remain committed to scaling up federal and provincial health and education spending, consistent with program objectives, to support human capital development and inclusive growth. -- Maintaining an appropriately tight and data-dependent monetary policy. The State Bank of Pakistan (SBP) remains committed to keeping inflation within its target range and stands ready to raise interest rates should price pressures intensify or inflation expectations rise, including from passthrough of recent volatility in global food and fuel prices. Exchange rate flexibility should continue to serve as the primary shock absorber, including against spillovers from the conflict in the Middle East, while the SBP should ensure that the banking system remains able to accommodate import financing and other external payments amid potentially elevated balance of payments pressures. -- Achieving energy sector viability. The authorities remain committed to achieving energy sector viability and preventing a recurrence of circular debt, which is detrimental to the economy. It is critical that sustainability is maintained through timely tariff adjustments that ensure cost recovery. Moreover, energy price subsidies should be avoided, given their regressivity, high fiscal costs, and distortionary impact. At the same time, the authorities remain committed to advancing structural reforms to improve efficiency, including by improving transmission and distribution, privatizing inefficient generation companies, completing the transition to a competitive electricity market, and facilitating the shift toward renewable energy and rationalizing capacity in line with demand while ensuring grid sustainability. -- Deepening structural reforms. The authorities are making progress in implementing broad‑based structural reforms aimed at strengthening governance, reducing inefficiencies and market distortions, easing excessive regulatory burdens, boosting productivity, and supporting private sector development, with a view to fostering durable growth while preserving macroeconomic stability and fiscal sustainability. Advancing SOE reforms and the privatization agenda remains central to scaling back the state's footprint and improving service delivery, alongside efforts to reduce government intervention in commodity markets and enable private sector initiatives. The authorities are also strengthening institutional capacity and intensifying anti‑corruption efforts to promote inclusive growth and ensure a level playing field for businesses and investment. -- Building resilience to climate change. Policies supported by the RSF, in line with national commitments—including recently implemented reforms to promote green mobility and transport decarbonization and to strengthen climate information systems and the management of climate related financial risks—are helping to build resilience. The authorities remain committed to advancing further reforms, including enhancing water system resilience, better identifying and prioritizing climate relevant spending, establishing a coordinated disaster risk financing framework, and aligning energy sector reforms with national mitigation objectives. "The IMF team is grateful to the Pakistani authorities, private sector, and development partners for their hospitality during the visit to Islamabad and Karachi, and fruitful discussions". About Pakistan Pakistan is a country located in South Asia. It has a coastline along the Arabia Sea and the Gulf of Oman and is bordered by Afghanistan, China, India, and Iran. Pakistan's capital is Islamabad. As reported in the Troubled Company Reporter-Asia Pacific in late January 2026, Fitch Ratings has affirmed Pakistan's long-term debt ratings at 'B-' and assigned a Recovery Rating of 'RR4' following the removal of the ratings from Under Criteria Observation (UCO). The rating actions reflect the application of Fitch's new Sovereign Rating Criteria, effective September 2025, and the inclusion of recovery assumptions into sovereign debt ratings for the first time. The TCR-AP reported in late August 2025 that Moody's Ratings has upgraded the Government of Pakistan's local and foreign currency issuer and senior unsecured debt ratings to Caa1 from Caa2. Moody's have also upgraded the rating for the senior unsecured MTN programme to (P)Caa1 from (P)Caa2. Concurrently, Moody's changed the outlook for the Government of Pakistan to stable from positive. ================= S I N G A P O R E ================= ADEPT VENTURES: Court to Hear Wind-Up Petition on April 10 ---------------------------------------------------------- A petition to wind up the operations of Adept Ventures Pte. Ltd. will be heard before the High Court of Singapore on April 10, 2026, at 10:00 a.m. United Overseas Bank Limited filed the petition against the company on March 20, 2026. The Petitioner's solicitors are: Adsan Law LLC 300 Beach Road #26-00 The Concourse Singapore 199555 ENTER ENGINEERING: Court to Hear Wind-Up Petition on April 10 ------------------------------------------------------------- A petition to wind up the operations of Enter Engineering Pte. Ltd. will be heard before the High Court of Singapore on April 10, 2026, at 10:00 a.m. Chemtex Global Corporation filed the petition against the company on March 19, 2026. The Petitioner's solicitors are: Setia Law LLC One George Street, #07-03 Singapore 049145 REG INTERIORS: Court Enters Wind-Up Order ----------------------------------------- The High Court of Singapore entered an order on March 20, 2026, to wind up the operations of REG Interiors Pte. Ltd. United Overseas Bank 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 REGROW HERBAL: Court Enters Wind-Up Order ----------------------------------------- The High Court of Singapore entered an order on March 20, 2026, to wind up the operations of Regrow Herbal Hair Treatment Pte. Ltd. United Overseas Bank 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 THEBIGIDEA PTE: Creditors' Proofs of Debt Due on April 27 --------------------------------------------------------- Creditors of Thebigidea Pte. Ltd. are required to file their proofs of debt by April 27, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 23, 2026. The company's liquidators are: Gary Loh Weng Fatt Seah Roh Lin 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 ***