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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
Thursday, April 2, 2026, Vol. 29, No. 66
Headlines
A U S T R A L I A
CLICK FRENZY: Shopping Platform Placed Into Liquidation
HEALTHSCOPE NEWCO: AUD400M Bids Challenge Not-for-Profit Plan
KINGSTHORPE LABOUR: DVT Mcleods Appointed as Administrators
MOMENTUM CONSULTING: First Creditors' Meeting Set for April 9
STAINLESS SUPPLIES: First Creditors' Meeting Set for April 13
C H I N A
COUNTRY GARDEN: Returns to Profit in 2025 on Restructuring Gains
FUTURE FINTECH: Narrows Net Loss to $2.75 Million in 2025
WEST CHINA CEMENT: Fitch Alters Outlook on 'B' LongTerm IDR to Neg.
WEST CHINA CEMENT: S&P Affirms 'B+' ICR, Outlook Stable
I N D I A
ALTOP ISHICHI: Liquidation Process Case Summary
BBT ELEVATED: Liquidation Process Case Summary
BISHANDAS IRON: CRISIL Keeps B Debt Ratings in Not Cooperating
BLIZZARD CERAMICA: Liquidation Process Case Summary
CHADDA ROADLINES: CRISIL Keeps B Debt Ratings in Not Cooperating
GEM LABORATORIES: CRISIL Lowers Rating on INR30cr Loan to B
INTELLECTIVE TECHNOLOGY: Voluntary Liquidation Process Case Summary
KAMATCHI TRADERS: CRISIL Lowers Rating on INR7.5cr Cash Loan to B
MARTRADE INDIA: Voluntary Liquidation Process Case Summary
MS COPPER: CRISIL Keeps B- Debt Ratings in Not Cooperating Category
PAYARE LAL: CRISIL Keeps D Debt Ratings in Not Cooperating Category
PRAGANA DANWAR: CRISIL Keeps B- Debt Ratings in Not Cooperating
PRASANNA BIO: Insolvency Resolution Process Case Summary
PULIKKOTTIL LAZAR: CRISIL Keeps D Debt Ratings in Not Cooperating
RAHUL TRADERS: CRISIL Lowers Rating on INR6cr Cash Loan to B
RAM MURTI: CRISIL Lowers Rating on INR43.5cr Term Loan to B
RUSHABHDEV INFRA: CRISIL Keeps B Debt Rating in Not Cooperating
SAI SIDHI: CRISIL Lowers Rating on INR29cr Proposed Loan to B
SINGHI INDUSTRIES: CRISIL Lowers Rating on INR18.25cr Loan to B
SUN SHINE: CRISIL Keeps B Debt Rating in Not Cooperating Category
SUPER IRON: CRISIL Lowers Rating on INR20cr Packing Loan to B
UNITAS GLOBAL: Voluntary Liquidation Process Case Summary
VIPATRA TECHNOLOGIES: Voluntary Liquidation Process Case Summary
VITTHAL CORP: Insolvency Resolution Process Case Summary
[] INDIA: Proposes Bankruptcy Law Overhaul to Speed Resolutions
N E W Z E A L A N D
COOK ISLANDS: S&P Raises ICR to 'BB-', On Stronger Fiscal Position
FOOD4LESS NEW LYNN: Owes NZD2.9MM to More Than 90 Creditors
LT HOSPITALITY: Creditors' Proofs of Debt Due on April 23
ROZA TRADING: Court to Hear Wind-Up Petition on April 24
THCREATORS LIMITED: Court to Hear Wind-Up Petition on April 17
P H I L I P P I N E S
ABS-CBN BROADCASTING: Piki Lopez Slams Bid to Pour More Family Cash
S I N G A P O R E
HIN LEONG: Founder O.K. Lim's Bail Extended by a Day
SINGPET PTE: Court to Hear Wind-Up Petition on April 10
TRITON CAPITAL: Court Enters Wind-Up Order
WILLOW TREE: Court Enters Wind-Up Order
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A U S T R A L I A
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CLICK FRENZY: Shopping Platform Placed Into Liquidation
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News.com.au reports that Australian e-commerce and online sales
platform Click Frenzy has been placed into liquidation.
An Australian Securities and Investments Commission (ASIC)
published notice stated the company will be wound up following a
meeting by general members of the company on March 30.
Frank Lo Pilato and Adam Cormack of RSM Australia have been
appointed liquidators, news.com.au discloses.
The company was founded in 2012 as Australia's answer to the US
Cyber Monday sales - acting as an online mega-sale event with
retail brands and exclusive offers, 3-4 times a year.
"During any one of our events, you can browse through thousands of
deals from hundreds of brands in one place, and once you're ready
to make a purchase, you will be linked through when clicking on the
deal to the relevant retailer to complete the purchase," the
website's Frequently-Asked-Questions page read.
Global Marketplace - which owns Click Frenzy and Power Retail,
which is also in liquidation - have commenced a sales process,
according to news.com.au.
Both sites have a combined estimated annual revenue of
approximately AUD7 million.
In a statement, Adam McCabe, from Wexted Advisors, said the
appointment of the liquidators follows the recent online travel
event, where revenue has been negatively impacted by the ongoing
Iran conflict, contributing to cashflow challenges, news.com.au
relays.
"This does not affect consumers who may have made bookings during
the event, as any bookings are made directly with the travel
service provider, not Click Frenzy," the statement reads.
News.com.au says the Receivers are continuing to operate the
businesses while a buyer is sought.
Mr. McCabe said: "Our immediate focus is stabilising operations
while we assess the financial position of the companies."
Click Frenzy was launched in November 2012, against a backdrop of
intense media and online build-up.
Such was the frenzied promotion of its first big sale, its website
crashed within moments of its launch.
Despite this, the brand continued to grow and built up a major
following across Australia - followed by more than 100,000 people
on Facebook and almost 40,000 on Instagram.
HEALTHSCOPE NEWCO: AUD400M Bids Challenge Not-for-Profit Plan
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The Australian Financial Review reports that major private hospital
operators including Calvary Health Care and Pacific Equity Partners
have lodged new bids tallying almost AUD400 million for
Healthscope's portfolio of 28 hospitals, challenging a deal between
receivers McGrathNicol and lenders to turn Australia's
second-largest hospital group into a not-for-profit company.
Healthscope's landlords, Canada's Northwest Healthcare Properties
and David Di Pilla's HMC Capital, are backing the latest bids,
which would lead to the break-up of the group if successful, the
Financial Review relates. The value of the bids was not disclosed,
although sources who requested anonymity because they were not
authorised to speak publicly, said the combined total is believed
to be around AUD400 million.
However, receivers McGrathNicol are sceptical about the latest
round of offers, which were lodged with the receiver on April 1 in
four separate letters from Calvary, PEP, HMC and Northwest.
The Financial Review relates that sources close to McGrathNicol
said the offers were not superior to the not-for-profit plan in
terms of value or execution risk. The receivers remained committed
to the current deal known as For Purpose Co, they added.
According to the Financial Review, Catholic operator Calvary wants
to buy 16 hospitals, including the 12 Northwest-owned hospitals for
which it previously offered about AUD140 million. That bid was
rejected by the receivers.
Calvary told McGrathNicol that under the latest bid it would assume
responsibility for Healthscope's corporate services and operational
risk by July 1 if its offer was successful.
"Calvary has refined our proposal because we strongly believe we
can deliver a solution that has genuine, sustainable benefits for
the healthcare sector, those who work in it, and those who access
services," the Financial Review quotes Calvary chief executive
Damien Bruce as saying. Calvary declined to comment on the value of
its bid or how it would fund it.
The Financial Review says Healthe Care, a major hospital operator
owned by Pacific Equity Partners, has made offers for five
HMC-owned facilities, including Knox Private Hospital in Victoria.
It also made a fresh offer for Sydney's prized Prince of Wales
Private Hospital, after the receivers in February rejected PEP's
initial AUD120 million offer.
"We are pleased to have the support of the hospitals' landlord and
a commitment to invest substantial capital into upgrades across
these sites, ensuring improved access and facilities for the local
communities for years to come," the Financial Review quotes Healthe
chief executive Matt Hanrahan as saying.
Acurio Health has made an offer for three HMC-owned hospitals in
Sydney and KnG Group has bid for two HMC-owned facilities in
Queensland. The Mount Private Hospital in Western Australia has
also had an offer from another operator whose name was not
disclosed.
The property landlords, Northwest and HMC, have told receivers they
fully support the new bids, which are being pitched as a
portfolio-wide solution, the Financial Review relays.
Both property companies are opposed to the current not-for-profit
plan and have flagged potential legal action if they are forced to
accept lower rents if it goes ahead.
Although the four hospital operators and the landlords are
co-operating to ensure there are bids for all hospitals in the
Healthscope network, they are not a consortium and the terms for
the separate offers are different, the Financial Review states.
They argue the proposals by experienced Australian operators will
better secure the future of the existing Healthscope network and
allow access to more capital than the existing not-for-profit
plan.
About Healthscope
Healthscope provides healthcare services. The Company manages a
network of hospitals, clinics, and physicians for the provision of
emergency care, women's services, cancer care, and pediatric
services. Healthscope operates 38 hospitals across Australia.
On May 26, 2025, Keith Crawford, Matthew Caddy, Jason Ireland &
Katherine Sozou of McGrathNicol Restructuring were appointed as
Receivers and Managers of ANZ Hospitals Pty Ltd and Healthscope
NewCo Pty Ltd. The appointments are limited to these two entities
only, which are 'holding companies' within the Healthscope Group
corporate structure.
Craig Shepard, Mark Korda, Andrew Knight and Lara Wiggins of
KordaMentha were appointed as administrators of Healthscope Newco
Pty Ltd and ANZ Hospitals Pty Ltd on May 26, 2025.
According to Sky News Australia, the lenders behind Healthscope
have opted to call in receivers to find a buyer for the private
hospital operator. Healthscope was purchased by Canadian asset
management firm Brookfield in 2019, however, it handed control of
the health company to the lenders earlier in May 2025. This
syndicate of hedge funds and banks voted on May 26 to put the
company into receivership, Sky News Australia said.
KINGSTHORPE LABOUR: DVT Mcleods Appointed as Administrators
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Nick Keramos and Bill Karageozis of DVT Mcleods on March 31, 2026,
were appointed as Administrators of Kingsthorpe Labour Co. Pty Ltd
as trustee for Yelwoc Family Trust, trading as 'little Kookas
Kingsthorpe Child Care'.
The Administrators can be reached at:
Nick Keramos
Bill Karageozis
DVT Mcleods
Level 4
27 Garden Street
Southport, QLD 4215
MOMENTUM CONSULTING: First Creditors' Meeting Set for April 9
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Momentum
Consulting Group Pty Ltd will be held on April 9, 2026, at 11:00
a.m. via Microsoft Teams.
Jeffrey Marsden and Duncan Clubb of BDO were appointed as
administrators of the company on March 26, 2026.
STAINLESS SUPPLIES: First Creditors' Meeting Set for April 13
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A first meeting of the creditors in the proceedings of Stainless
Supplies Australia Pty Ltd will be held on April 13, 2026, at 11:00
a.m. at the offices of Vincents, at Level 34, 32 Turbot Street, in
Brisbane, QLD and via virtual meeting technology.
Nick Combis of Vincents was appointed as administrator of the
company on March 30, 2026.
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C H I N A
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COUNTRY GARDEN: Returns to Profit in 2025 on Restructuring Gains
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Yicai Global reports that Country Garden has returned to the black
after three consecutive years of losses thanks to debt
restructuring.
Net profit was CNY3.26 billion (USD472 million) for the 12 months
ended Dec. 31, versus a net loss of CNY32.8 billion the year
before, the Foshan-based company's annual earnings report showed on
March 30, Yicai discloses. Revenue fell 39 percent to CNY155
billion (USD22.5 billion).
Country Garden was still in the red if gains from its debt
restructuring -- which took effect on Dec. 30 -- are excluded,
mainly because of major asset impairments as a result of the
country's tough property market conditions, it said, Yicai relays.
The builder recorded a CNY85.8 billion gain from restructuring its
offshore debt last year, the report showed. During 2025, the
company booked provisions of about CNY44.5 billion against projects
it owns, and recorded another CNY10.5 billion in impairment losses
on financial assets and financial guarantees, Yicai discloses.
Equity contract sales came to about CNY33 billion, the equity sales
area totaled roughly 4.02 million square meters, and the company
delivered 170,000 homes.
According to Yicai, Country Garden had total assets of about CNY812
billion as of the end of last year, with net assets of CNY44.3
billion. Its interest-bearing liabilities were CNY148 billion, down
CNY105.5 billion or 42 percent from CNY253.5 billion at the end of
2024.
The offshore restructuring took effect on Dec. 30, and new debt and
equity instruments have already been issued, Yicai notes. Following
the restructuring, the maturity of offshore debt has been extended
to a maximum of 11 years, while the financing costs of most new
debt has come down sharply to between 1 percent and 2.5 percent.
Its onshore restructuring plan has also been approved, and Country
Garden will now proceed with cash buybacks, stock options, and
general creditor options. A buyback program worth as much as CNY450
million is already underway and is expected to be completed next
month, it said.
About Country Garden
Country Garden Holdings Company Limited (HKEX:2007), an investment
holding company, invests, develops, and constructs real estate
properties primarily in Mainland China. The company operates in two
segments, Property Development and Construction. It develops
residential projects, such as townhouses and condominiums; and car
parks and retail shops. The company also develops, operates, and
manages hotels. In addition, it researches and develops robots;
sells electronic hardware and food; and provides interior
decoration, agriculture, landscape design, investment and
management consulting, cultural activity planning, and real estate
consulting services.
As reported in the Troubled Company Reporter-Asia Pacific in late
February 2024, Kingboard Holdings-backed money lender Ever Credit
on Feb. 27, 2024, filed a winding-up petition against Country
Garden to the Hong Kong High Court for non-payment of a US$205
million loan.
The TCR-AP reported in late March 2024 that Country Garden has
hired Kroll to carry out a liquidation analysis. Kroll, the New
York-headquartered financial advisory firm, is expected to conduct
an independent business review of Country Garden before projecting
a recovery rate for the developer's creditors under a liquidation
scenario, according to Reuters.
The developer defaulted on US$11 billion of offshore bonds in late
2023 and is in the process of an offshore debt restructuring.
Country Garden Holdings sought relief under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12175) on October 1,
2025. Honorable Bankruptcy Judge Philip Bentley handles the case.
The Debtor is represented by Christopher J. Hunker, Esq. of
Linklaters LLP.
FUTURE FINTECH: Narrows Net Loss to $2.75 Million in 2025
---------------------------------------------------------
Future FinTech Group Inc. filed a Form 10-K with the Securities and
Exchange Commission, reporting a net loss of $2.75 million on $3.83
million in revenue for the year ended Dec. 31, 2025, compared with
a net loss of $33.18 million on $2.11 million in revenue a year
earlier.
As of Dec. 31, 2025, the company had $53.29 million in total assets
and $9.33 million in total liabilities, with stockholders' equity
of $43.96 million.
Auditor Fortune CPA, Inc., in a report dated March 18, 2026, issued
a "going concern" qualification, stating that the company has
suffered operating losses, which raises substantial doubt about its
ability to continue as a going concern.
The company said it has incurred operating losses and negative
operating cash flows, and may continue to do so as it executes its
business strategy. It added that its ability to continue as a
going concern depends on its ability to implement its strategy and
achieve profitable operations.
Future FinTech disclosed it currently finances operations primarily
through convertible notes and equity issuance. Cash and cash
equivalents, including restricted cash, totaled $5.08 million as of
Dec. 31, 2025, up from $4.77 million a year earlier.
Working capital increased to $42.55 million as of Dec. 31, 2025,
from $7.60 million as of Dec. 31, 2024, driven mainly by higher
investment funds and lower accrued expenses and other payables.
Net cash used in operating activities from continuing operations
amounted to $31.77 million in 2025, compared with $20.43 million in
2024.
The 2025 figure reflected a net loss from continuing operations of
$30.95 million, adjusted for non-cash items including $28.14
million in credit loss allowances, a $2.98 million gain on debt
restructuring and $1.09 million in share-based payments, along with
changes in working capital. These included a $27.24 million
increase in other receivables and a $2.35 million decrease in
accrued expenses and payables, partially offset by increases in
accounts payable and other liabilities and a decline in accounts
receivable.
In 2024, the company's operating cash use reflected a $33.74
million net loss from continuing operations adjusted for non-cash
items, alongside working capital changes that included increases in
receivables and advances to suppliers, partially offset by lower
accounts receivable.
Net cash used in investing activities totaled $28.96 million in
2025, compared with $1.72 million in 2024. The 2025 outflow was
primarily driven by a $29.93 million prepayment for a business
acquisition, partially offset by $0.84 million in repayments from a
debt investment.
Net cash provided by financing activities was $31.77 million in
2025, up from $2.48 million in 2024. The increase was mainly due to
$30.00 million in net proceeds from common stock issuance and $1.80
million from convertible notes.
A full-text copy of the Form 10-K is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1066923/000121390026030833/ea0277943-10k_future.htm
About Future FinTech
Future FinTech Group Inc., headquartered in Causeway Bay, Hong Kong
and incorporated in Florida, is a holding company that provides
financial technology-related services, including supply-chain
financing and trading in China. Originally engaged in fruit juice
production and distribution in China, the company has shifted its
business model toward fintech, while previously operating in asset
management, cross-border payments, brokerage and cryptocurrency
mining. It has divested several subsidiaries and discontinued
certain operations in recent years as it refocused on its core
supply-chain financing and trading activities.
WEST CHINA CEMENT: Fitch Alters Outlook on 'B' LongTerm IDR to Neg.
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Fitch Ratings has revised the Outlook on West China Cement
Limited's (WCC) Long-Term Foreign-Currency Issuer Default Rating
(IDR) to Negative from Stable, and the affirmed the rating at 'B'.
At the same time, Fitch has assigned WCC a Long-Term Local-Currency
IDR of 'B' with a Negative Outlook. In addition, Fitch has affirmed
the Recovery Rating (RR) on the senior unsecured debt at 'RR4'.
The Negative Outlook on the IDRs reflects uncertainty around free
cash flow (FCF) improvement given high overseas capex, execution
risks in the ramp-up of overseas cash flow and potential
application of a lower Country Ceiling.
Key Rating Drivers
FCF Improvement Uncertainty: FCF improvement is uncertain due to
new projects and overseas investment requirements ahead of the full
ramp-up of existing projects. Fitch has revised up the expected
capex, excluding Ethiopia, to CNY1.9 billion a year over 2025-2028
considering the new 1.5 million tonne a year clinker project in
Zimbabwe. Higher operating risks and a slower reduction in capex
than Fitch expects could result in weaker FCF.
A rating downgrade could occur if FCF, excluding the Ethiopian
operations following deconsolidation, remains negative on a
sustained basis.
Potential Asset Disposal: WCC is in preliminary stage of the
potential sale of certain assets in China, according to a March
2026 announcement. Fitch believes that such disposal could weaken
WCC's business profile as exposure to stable business in China
declines and exposure to higher-margin, higher-risk markets rises.
WCC's non-China operations are primarily in Africa, including
countries with elevated business risks, such as Ethiopia
(Restricted Default), Mozambique (CCC) and Republic of Congo
(CCC+).
A material asset disposal could also have a negative impact on
WCC's ratings if a lower Country Ceiling were applied, which would
constrain the ratings.
Recovery Risk: Fitch expects the RR to remain at 'RR4' if all
disposal proceeds are used to repay debt and asset valuations are
adequate. However, uncertainty around disposal valuation multiples
could limit instrument-level recoveries. A lower transaction
valuation than Fitch's expectation, or the use of a majority of
proceeds for purposes other than debt reduction, could weaken the
RR and have a negative effect on the senior unsecured rating.
Peer Analysis
Fitch expects WCC's post-transaction business to remain
commodity-exposed, making Mongolian Mining Corporation (MMC;
B+/Stable), Mongolia's largest coking coal producer, a relevant
peer. MMC is a cost leader with a long mine life, although its
rating is constrained by its limited scale, regulatory volatility
and heavy reliance on customers in northern China. Fitch considers
MMC's financial profile to be stronger, with EBITDA net leverage of
0.2x at end-2024 and no significant near-term debt maturities, In
contrast, WCC has lower financial flexibility to counter operating
risks.
Fitch expects WCC's post-transaction geographic footprint to be
more diversified than that of Cimko Cimento Ve Beton Sanayi Ticaret
Anonim Sirketi (Çimko; B+/Stable). Çimko's operations are
concentrated in Turkiye, which accounted for about 90% of its sales
in 2024. In contrast, Çimko's financial profile is stronger than
WCC's, supported by strong FCF and lower leverage, underpinned by
limited capex and no significant debt maturities before 2030. Fitch
will reassess WCC's relative position within the peer group once
the transaction scope is finalised.
Fitch’s Key Rating-Case Assumptions
- Revenue (excluding deconsolidated Ethiopian operations) of CNY9.1
billion in 2026, CNY11.0 billion in 2027 and CNY11.7 billion in
2028
- EBITDA margin (excluding Ethiopian operations) of 33%-35% over
2026-2028
- Capex plus acquisition (excluding Ethiopian operations) of around
CNY1.9 billion a year over 2026-2028
Corporate Rating Tool Inputs and Scores
Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):
- Business and financial profile factors (assessment, relative
importance): management (b, moderate), sector characteristics (bb-,
moderate), market and competitive positioning (bb, moderate),
diversification and asset quality (bb, moderate), company
operational characteristics (bb, moderate), profitability (ccc-,
moderate), financial structure (b-, moderate), and financial
flexibility (b, higher).
- The quantitative financial subfactors are based on custom CRT
financial period parameters: 30% weight for the forecast years 2025
and 2026, and 40% for the forecast year 2027.
- The governance assessment of 'Good' results in no adjustment.
- The operating environment assessment of 'bb-' results in no
adjustment.
- The SCP is 'b'.
To derive the IDR: Fitch made no adjustments to the SCP, resulting
in an IDR of 'B'.
Recovery Analysis
Its recovery analysis includes only EBITDA from the operations in
China and Mozambique when calculating the going-concern EBITDA.
Fitch believes bond investors may not have access to assets and
cash flow from other countries in a distressed scenario, due to the
Fitch-estimated low equity value and uncertainty in funds
repatriation from Ethiopia. Accordingly, Fitch also excluded
onshore secured loans, except for those from Mozambique, from the
cash flow distribution.
- Going-concern EBITDA of CNY2.1 billion;
- Multiplier of 5x for EBITDA from China and 4x for Mozambique.
- Onshore senior unsecured debt is structurally subordinated to
onshore secured and unsecured debt;
- 10% administrative claim;
- Fitch estimates the waterfall-generated recovery computation on
the onshore senior unsecured debt corresponds to a RR of 'RR4'.
- For liquidation assumptions, Fitch assumed a 60% advance rate for
accounts receivable and 70% for inventory, as most of these assets
are for the China business, and Fitch assumed a 40% advance rate
for unsecured property, plant and equipment.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:
- Substantially negative FCF from weak performance or high capex.
- Deterioration in liquidity.
- Net EBITDA leverage above 4.5x on a sustained basis.
- Lowering of applicable Country Ceiling to below 'B'.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:
- The Outlook will be revised to Stable if none of the negative
rating triggers above are met.
Liquidity and Debt Structure
WCC's cash and cash equivalents were CNY844 million at end-2025.
Its short-term debt is CNY4.9 billion, including onshore
working-capital loans of CNY3.4 billion which Fitch expects to be
rolled over. The rest is USD200 million in senior unsecured bonds,
which were repaid in February 2026.
Issuer Profile
WCC produces and markets cement and related products, with a total
production capacity of 38.5 million tonnes per annum. Over 60% of
its capacity is in China, with Ethiopia, Mozambique, Democratic
Republic of Congo and Uzbekistan adding scale and geographic
diversification.
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Sector Forecasts Monitor
data file which aggregates key data points used in its credit
analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
Climate Vulnerability Signals
The Climate.VS for WCC for 2035 is 54 out of 100. This reflects a
Climate.VSp of 36 and a Climate.VSt of 50. The Climate.VS score is
largely in line with that of other pure-play cement producers. This
does not have a material influence on the rating of WCC, as the
company has made investments in energy efficiency and is a
relatively efficient producer in the markets in which it operates.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery Prior
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West China
Cement Limited
LT IDR B Affirmed B
LC LT IDR B New Rating
senior unsecured LT B Affirmed RR4 B
WEST CHINA CEMENT: S&P Affirms 'B+' ICR, Outlook Stable
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S&P Global Ratings affirmed its 'B+' long-term issuer credit rating
on West China Cement Ltd. (WCC), and its 'B' long-term issue rating
on the company's US$400 million notes due 2028 and US$300 million
notes due 2029.
S&P said, "The stable outlook reflects our expectation that WCC
will maintain its size and geographic diversification over the next
12-24 months. We believe the company will effectively expand its
overseas operations and its debt-to-EBITDA ratio will fall below
4.0x."
WCC's small scale, expansion in high-risk countries, and tight
liquidity will continue to constrain its credit profile over the
next two years. That said, the company's increased overseas
production will support its earnings and cash flow.
A potential disposal of assets in China could weaken the company's
geographic diversity, and also change its financial profile
depending on the use of proceeds. The discussion is only at the
preliminary stage and S&P does not factor it in its base case.
WCC's ramp up of overseas production will support earnings despite
the company's small size. Higher profit margins at WCC's overseas
business will likely more than offset weakness in China on subdued
demand. The African market has stronger demand, with no excess
supply. S&P forecasts WCC's EBITDA will increase to Chinese
renminbi (RMB) 3.9 billion-RMB5.2 billion in 2026-2027, from RMB3.1
billion in 2025.
However, WCC will remain a small to midsize cement producer in the
global context, with increasing exposure to high-risk countries in
Africa.
WCC's operating cash flow should cover capital outlay over the next
two years. This is despite WCC's high capital expenditure (capex)
of RMB2.3 billion-RMB2.4 billion during the period for new projects
in Mozambique, Uganda, and Zimbabwe.
The stronger cash flow from overseas operations will reduce the
company's adjusted debt to RMB11.5 billion-RMB12.5 billion over the
same period, from RMB12.7 billion in 2025. S&P forecasts the
debt-to-EBITDA ratio will decrease to 3.2x in 2026 and 2.3x in
2027, from 5.4x in 2024 and 4.1x in 2025. That said, WCC's less
than adequate liquidity will continue to constrain its credit
profile.
S&P said, "WCC's potential sale of China assets could affect our
rating. The company announced a potential asset disposal to Anhui
Conch Cement Co. Ltd. (A/Stable/--). Discussions are only at the
preliminary stage. We note uncertainty regarding whether a
transaction will take place, or which assets could be sold.
Therefore, we have not factored a disposal in our base case."
A reduction in exposure to China will weaken WCC's geographic
diversity and increase revenue and profit contributions from
countries with higher sovereign risk, such as Mozambique, Ethiopia,
and the Democratic Republic of Congo (DRC). This could potentially
weaken WCC's business profile and subject the rating to certain
sovereign ratings.
The company's financial position may also shift depending on the
scale of the asset disposal and the intended use of proceeds.
The stable rating outlook reflects S&P's expectation that WCC will
maintain its size and geographic diversification over the next
12-24 months.
S&P said, "The outlook also reflects our view that the company's
increased overseas production will drive earnings and cash flow,
which should be sufficient to cover capex for the period.
Therefore, the debt-to-EBITDA ratio will likely improve to less
than 4.0x over the next two years.
"We also expect WCC to manage execution and operational risks for
its overseas projects over the next two years."
S&P may lower the rating if any of the following occur:
-- WCC's operating conditions deteriorate such that cement prices
and the company's sales volume are significantly lower than we
expect, or if WCC pursues more aggressive, debt-funded expansion
than S&P anticipates. The debt-to-EBITDA ratio remaining above 4.0x
for a sustained period could trigger a downgrade.
-- The company fails to generate sufficient cash flow denominated
in U.S. dollars to service its U.S. dollar debt obligations,
leading to weakened liquidity.
-- The company's geographic mix weakens significantly, with an
increase in exposure to higher-risk countries and potential rating
caps from the sovereign risk.
S&P said, "We may raise the rating if WCC's operating performance
improves such that its debt-to-EBITDA ratio stays below 3.0x while
the weighted-average debt maturity remains longer than two years
for a sustained period. Additionally, we may raise the rating if
WCC's liquidity is adequate on a sustainable basis."
An upgrade will also hinge on the company maintaining a record of
stable operations at its existing and new plants, and smoothly
repatriating dividends from its overseas operations.
=========
I N D I A
=========
ALTOP ISHICHI: Liquidation Process Case Summary
-----------------------------------------------
Debtor: Altop Ishichi Solutions and Projects Private Limited
A-53, TTC Industrial Area,
MIDC, Mahape, Navi Mumbai,
Thane, Maharashtra, 400709
Liquidation Commencement Date: February 10, 2026
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Mahesh Sureka
173, Udyog Bhavan,
Sonawala Road, Goregoan East,
Mumbai - 400063
Tel: 93225 81414/98675 94067
Email: mahesh@mrsureka.com
altopliquidation@gmail.com
Last date for
submission of claims: April 14, 2026
BBT ELEVATED: Liquidation Process Case Summary
----------------------------------------------
Debtor: BBT Elevated Road Private Limited
1, New Bata Road, Maheshtala,
Kolkata, West Bengal,
India - 700140
Liquidation Commencement Date: March 16, 2026
Court: National Company Law Tribunal, Kolkata Bench
Liquidator: Pratim Bayal
Room No. 708, 7th Floor,
Central Plaza, 2/6,
Sarat Bose Road, Minto Park,
Kolkata, West Bengal, 700020
Email: pratimbayal@gmail.com
bbtelevatedroad@gmail.com
Last date for
submission of claims: April 17, 2026
BISHANDAS IRON: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sree
Bishandas Iron Works (SBIW; part of the Kwality group) continue to
be 'Crisil B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 7 Crisil B/Stable (Issuer Not
Cooperating)
Proposed Cash 8 Crisil B/Stable (Issuer Not
Credit Limit Cooperating)
Crisil Ratings has been consistently following up with SBIW 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 SBIW, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SBIW
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SBIW continues to be 'Crisil B/Stable Issuer not cooperating'.
Established in 1990 and based in West Bengal. SBIW is owned and
managed by Mr Rajesh Kumar Goel, Mr Sundeep Goel, and Mr Ankit
Goel. It trades in metal and metal ores such as angels, channels,
cold-rolled (CR) coils and sheets, galvanized plain (GP) coils,
hot-rolled (HR) coils and sheets, plates and scrap.
Established in 1996, KSP decoils iron and steel coils and trades in
CR coils and sheets, GP coils and sheets, HR coils, plates, mild
steel rounds and scrap, and thermo-mechanically treated bars. KSP
is owned and managed by Mr Rajesh Kumar Goel, Mr Jagdish Prasad
Goel and Mr Lalit Kumar Goel.
BLIZZARD CERAMICA: Liquidation Process Case Summary
---------------------------------------------------
Debtor: Blizzard Ceramica LLP
Survey No. 83/1, 83/2, 83/3 and 83/4,
Lunsar Road, Opposite Bhojapara,
8-A National Highway, JE,
Tparda, Rajkot, Wankaner,
Gujarat, India, 363621
Liquidation Commencement Date: March 17, 2026
Court: National Company Law Tribunal, Ahmedabad Bench
Liquidator: Rajender Pal Chandel
171E, Pocket-4, Mayur Vihar,
Phase-1, New Delhi, East,
National Capital Territory of Delhi,
110091
Email: rpchandel@gmail.com
liquidation.blizzard@gmail.com
Last date for
submission of claims: April 16, 2026
CHADDA ROADLINES: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Chadda
Roadlines (SCR) continue to be 'Crisil B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 0.5 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Proposed Long Term 20.0 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
Crisil Ratings has been consistently following up with SCR 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 SCR, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SCR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SCR continues to be 'Crisil B/Stable Issuer not cooperating'.
SCR was established in 2008, in Chandrapur-Maharashtra, by Mr.
Mohit Chaddha and family members. SCR is engaged in third party
logistics solutions to primarily cement companies. It owns a fleet
of 384 vehicles.
GEM LABORATORIES: CRISIL Lowers Rating on INR30cr Loan to B
-----------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of GEM Laboratories Private Limited (GLPL), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Drop Line 30 Crisil B/Stable (Issuer Not
Overdraft Facility Cooperating; Revised from
'Crisil BB+/Stable ISSUER
NOT COOPERATING')
Crisil Ratings has been consistently following up with GLPL for
obtaining information through letter and email dated February 17,
2026 among others, apart from telephonic communication. However,
the issuer has remained non cooperative and the rating on bank
facilities of GLPL 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 GLPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on GLPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
GLPL revised to 'Crisil B/Stable Issuer not cooperating' from
'Crisil BB+/Stable Issuer not cooperating'.
About the Group
GLPL, part of the GM group of companies, was incorporated in
October 1993. The company trades in sugar and also operates an 3 MW
solar power plant in Bengaluru, Karnataka. GLPL mainly procures
sugar from its group company, GMSEL.
GMSEL, part of the GM group of companies, was incorporated in
November 2007. The company manufactures sugar and has a plant in
Sangur in the Haveri district of Karnataka with a total installed
capacity of 4,800 TCD. Also, the sugar mill has an 18 MW captive
power generation capacity, which it fuels using bagasse generated
during sugar production.
GMSEL has recently set up a 510 KLPD ethanol plant in Haveri
district of Karnataka which commenced its operations in October
2023.
The group is promoted by Mr Prasanna Kumar Mallikarjunappa Gowdara
and Mr Gowdara Siddesh Anith Kumar.
INTELLECTIVE TECHNOLOGY: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------------
Debtor: Intellective Technology India Private Limited
Tech Centre, 5th Floor,
Plot No.30, Phase 1,
Rajiv Gandhi Infotech Park,
MIDC, Hinjewadi,
Infotech Park (Hinjawadi),
Pune - 411057
Liquidation Commencement Date: March 20, 2026
Court: National Company Law Tribunal, Bengaluru Bench
Liquidator: Vinod Sunder Raman
B-703, Arvind Skylands Apartments,
Shivanahalli, Jakkur Main Road,
Yelahanka, Bengaluru, 560064
Tel No: +91-9845884410
Email: vinod@vrconsulting.biz
Last date for
submission of claims: April 19, 2026
KAMATCHI TRADERS: CRISIL Lowers Rating on INR7.5cr Cash Loan to B
-----------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Sri Kamatchi Traders (SKT), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.5 CRISIL B/Stable (Issuer Not
Cooperating; Revised from
'Crisil B+/Stable ISSUER NOT
COOPERATING')
Crisil Ratings has been consistently following up with SKT 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 SKT, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SKT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SKT revised to 'Crisil B/Stable Issuer not cooperating' from
'Crisil B+/Stable Issuer not cooperating'.
SKT, set up in 1985 as a partnership firm in Chennai, processes
pulses, mainly urad dal, to produce flour used by food processing
players. The firm's operations are managed by managing partner Mr S
C Moha.
MARTRADE INDIA: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Martrade India Shipping and Logistics Private Limited
G1, #4/608, V.O.C. Street Desk #273,
Kottivakkam, Perungudi, OMR,
Chennai - 600041,
Tamil Nadu, India
Liquidation Commencement Date: March 23, 2026
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Krishna Chamadia
B-13, Anjani Complex,
Parera Hill Road,
Andheri East, Mumbai - 400099
Tel No: 98339 09615
Email: ksca.ibc@gmail.com
martrade.ibc@gmail.com
Last date for
submission of claims: April 22, 2026
MS COPPER: CRISIL Keeps B- Debt Ratings in Not Cooperating Category
-------------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of MS Copper And
Alloys Private Limited (MSCAAPL) continue to be 'Crisil B-/Stable
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15 Crisil B-/Stable (ISSUER NOT
COOPERATING)
Term Loan 12 Crisil B-/Stable (ISSUER NOT
COOPERATING)
Crisil Ratings has been consistently following up with MSCAAPL for
obtaining information through letter and email dated February 13,
2026 among others, apart from telephonic communication. However,
the issuer has remained non cooperative and the rating on bank
facilities of MSCAAPL 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 MSCAAPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
MSCAAPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of MSCAAPL continues to be 'Crisil B-/Stable Issuer not
cooperating'.
MSCAAPL was incorporated in 2021. It is located in Bari Brahmana,
Jammu, Jammu & Kashmir. MSCAAPL is engaged in manufacturing of
copper & brass sheets, circle and strips in various grades & sizes
and sale of scrap. MSCAAPL is owned & managed by Mr. Sanjay Kumar
Jain and Mr. Vidhu Goyal.
PAYARE LAL: CRISIL Keeps D Debt Ratings in Not Cooperating Category
-------------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Payare Lal
Sharma (PLS) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3.0 CRISIL D (Issuer Not
Cooperating)
Overdraft Facility 3.5 CRISIL D (Issuer Not
Cooperating)
Proposed Fund- 3.5 CRISIL D (Issuer Not
Based Bank Limits Cooperating)
Crisil Ratings has been consistently following up with PLS 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 PLS, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on PLS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PLS continues to be 'Crisil D/Crisil D Issuer not cooperating'.
PLS was formed in 2000 as a proprietor firm of Mr Payare Lal Sharma
in 2000. The firm constructs roads, bridges and buildings in Jammu
and Kashmir.
PRAGANA DANWAR: CRISIL Keeps B- Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pragana
Danwar Food Processor Private Limited (PDFPPL) continue to be
'CRISIL B-/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 0.8 CRISIL B-/Stable (Issuer Not
Cooperating)
Term Loan 6.0 CRISIL B-/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with PDFPPL 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 PDFPPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
PDFPPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of PDFPPL continues to be 'Crisil B-/Stable Issuer not
cooperating'.
Incorporated in September 2011, PDFPPL is engaged in the business
of milling of non-basmati rice. It also mills rice on job work
basis for Food Corporation of India. The directors of the company
are Mr Nag Banish Singh, Mrs Raj Mani Devi, Mr Vivek Singh Nag and
Mr Vishal Singh Nag. The manufacturing facility is located in
Patna, Bihar.
PRASANNA BIO: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Prassana Bio Molecules Private Limited
H.No.5-9-285/3, Plot No. 137,
1st Floor West Part,
No.4 Prashanthi Nagar,
Kukatpally, Hyderabad,
Telangana, India - 500072
Insolvency Commencement Date: March 18, 2026
Court: National Company Law Tribunal, Hyderabad Bench
Estimated date of closure of
insolvency resolution process: September 14, 2026
Insolvency professional: Chinnam Poorna Chandra
Interim Resolution
Professional: Chinnam Poorna Chandra
Flat No G1, Cloud9 Heights,
Road No. 8 Panchavati Colony,
Manikonda, Hyderabad - 500089
Telangana State
Email: chinnam.poorna@gmail.com
cirp.prasannabio@gmail.com
Last date for
submission of claims: April 4, 2026
PULIKKOTTIL LAZAR: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pulikkottil
Lazar and Sons Jewellery Private Limited (PLSJPL) continue to be
'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 16.67 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Working Capital 1.33 CRISIL D (Issuer Not
Term Loan Cooperating)
Crisil Ratings has been consistently following up with PLSJPL 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 PLSJPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
PLSJPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of PLSJPL continues to be 'Crisil D Issuer not
cooperating'.
Set up in 2019 in Kerala by Mr Jomy Varghese and Mr Jimmy Varghese,
PLSJPL operates a gold jewellery showroom in Thrissur.
RAHUL TRADERS: CRISIL Lowers Rating on INR6cr Cash Loan to B
------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Rahul Traders (RT), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 Crisil B/Stable (ISSUER NOT
COOPERATING; Revised from
'Crisil BB-/Stable ISSUER NOT
COOPERATING')
Proposed Working 4 Crisil B/Stable (ISSUER NOT
Capital Facility COOPERATING; Revised from
'Crisil BB-/Stable ISSUER NOT
COOPERATING')
Crisil Ratings has been consistently following up with RT 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 RT, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RT is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of RT
revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil
BB-/Stable Issuer not cooperating'.
RT, set up in 2014, and processes pulses and sells mainly to
wholesalers and brokers all over India. The firm is owned and
managed by Rahul Jaiswal.
RAM MURTI: CRISIL Lowers Rating on INR43.5cr Term Loan to B
-----------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Shri Ram Murti Smarak Trust (SRM), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.5 Crisil B/Stable (ISSUER NOT
COOPERATING; Revised from
'Crisil B+/Stable ISSUER NOT
COOPERATING')
Term Loan 43.5 Crisil B/Stable (ISSUER NOT
COOPERATING; Revised from
'Crisil B+/Stable ISSUER NOT
COOPERATING')
Crisil Ratings has been consistently following up with SRM 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 SRM, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SRM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SRM revised to 'Crisil B/Stable Issuer not cooperating' from
'Crisil B+/Stable Issuer not cooperating'.
SRM was setup in 1994 by Mr. Dev Murti with an objective to provide
education services. SRMS provides education in the field of
Engineering, management, medical through five colleges on a campus
covering an area of nearly 137 acres at Bareilly, Uttar Pradesh
with around 1683 seats in all.
RUSHABHDEV INFRA: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Rushabhdev
Infraprojects Private Limited (RIPL) continues to be 'CRISIL
B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 56 CRISIL B/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with RIPL 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 RIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
RIPL continues to be 'Crisil B/Stable Issuer not cooperating'.
Incorporated in April 2011 and promoted by Mr Jignesh Shah, Mr Amit
Benani, and Mr Ketan Benani, RIPL develops residential and
commercial real estate projects in Ahmedabad.
SAI SIDHI: CRISIL Lowers Rating on INR29cr Proposed Loan to B
-------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Sai Sidhi Swagat Health Services Private Limited (SSSHSPL), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 6 Crisil B/Stable (ISSUER NOT
COOPERATING; Revised from
'Crisil BB/Stable ISSUER NOT
COOPERATING')
Overdraft Facility 5 Crisil B/Stable (ISSUER NOT
COOPERATING; Revised from
'Crisil BB/Stable ISSUER NOT
COOPERATING')
Proposed Fund- 29 Crisil B/Stable (ISSUER NOT
Based Bank Limits COOPERATING; Revised from
'Crisil BB/Stable ISSUER NOT
COOPERATING')
Crisil Ratings has been consistently following up with SSSHSPL for
obtaining information through letter and email dated February 13,
2026 among others, apart from telephonic communication. However,
the issuer has remained non cooperative and the rating on bank
facilities of SSSHSPL 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 SSSHSPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
SSSHSPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of SSSHSPL revised to 'Crisil B/Stable Issuer not
cooperating' from 'Crisil BB/Stable Issuer not cooperating'.
SSSHSPL is operating a 100 bed hospital at Bhubaneswar, Odisha
under the name of 'Sunshine Hospital'. SSSHSPL was incorporated in
2020 . SSSHSPL is operating a 100 bed hospital at Bhubaneswar,
Odisha under the name of 'Sunshine Hospital'. SSSHSPL is promoted
by Dr. Payod Kumar Jena , Mr. Ayas Kanta Mohanty, Dr. Prafulla
Kumar Sahoo And Dr. Rajib Lochan Bhanja
SINGHI INDUSTRIES: CRISIL Lowers Rating on INR18.25cr Loan to B
---------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Singhi Industries Private Limited (SIPL), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bill Discounting 18.25 Crisil B/Stable (ISSUER NOT
COOPERATING; Revised from
'Crisil BB-/Stable ISSUER
NOT COOPERATING')
Cash Credit 3.75 Crisil B/Stable (ISSUER NOT
COOPERATING; Revised from
'Crisil BB-/Stable ISSUER
NOT COOPERATING')
Crisil Ratings has been consistently following up with SIPL 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 SIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SIPL revised to 'Crisil B/Stable Issuer not cooperating' from
'Crisil BB-/Stable Issuer not cooperating'.
Incorporated in 1987, SIPL is engaged in cultivation and
manufacturing and selling of milk tea, black tea and green leaves.
SIPL is based in Assam and is owned & managed by Mr. Suresh Kumar
Agarwalla and Mr. Aditya Agarwalla.
SUN SHINE: CRISIL Keeps B Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sun Shine
Autos Private Limited (SSAPL) continues to be 'Crisil B/Stable
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 Crisil B/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with SSAPL 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 SSAPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SSAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SSAPL continues to be 'Crisil B/Stable Issuer not cooperating'.
SSAPL, incorporated in 2008 by Mr Sunil Kumar Singh, is an
authorised dealer for passenger and commercial vehicles of M&M. The
company has a service centre in Bihar.
SUPER IRON: CRISIL Lowers Rating on INR20cr Packing Loan to B
-------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Super Iron Foundry (SIF; part of the Super Iron Foundry group),
as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Packing Credit 20 Crisil B/Stable (ISSUER NOT
COOPERATING; Revised from
'Crisil B+/Stable ISSUER NOT
COOPERATING')
Crisil Ratings has been consistently following up with SIF 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 SIF, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SIF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SIF revised to 'Crisil B/Stable Issuer not cooperating' from
'Crisil B+/Stable Issuer not cooperating'.
SIF is a partnership firm, between Mr Narendra Saklecha and his
family members, set up in 1977. The Kolkata-based firm manufactures
and exports forged components, including manhole covers, valve
boxes, meter boxes, and worm gears, as well as fabricated steel
products such as steel grates, and steel-recessed trays. SIFPL was
set up by the Saklecha family in 2010, to manufacture ductile iron
products. It has a manufacturing facility in West Bengal, and
started commercial operations in June 2013.
UNITAS GLOBAL: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Unitas Global Private Limited
Registered Office:
S.No. 78/2/1/2/1/31, Shiv Samruddhi,
A Wing, F1 No. 602,
Behind Apana Ghar,
Warje, Pune - 411058
Corporate Office:
D 604, Blue Oasis 1, Blue Empire Complex,
Mahavir Ekta Nagar,
Off Link Road, Kandivali West,
Mumbai, Maharashtra,
India, 400067
Liquidation Commencement Date: March 20, 2026
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Rahul Sudhakar Kavathekar
J 901, The Trees, Pirojshahnagar,
Vikhroli East, Mumbai, 400079
Email: kavathekarco@hotmail.com
unitasvl@hotmail.com
Last date for
submission of claims: April 19, 2026
VIPATRA TECHNOLOGIES: Voluntary Liquidation Process Case Summary
----------------------------------------------------------------
Debtor: Vipatra Technologies Private Limited
No. 14, 37th Cross,
8th Block, Jayanagar,
Jayanagar West, Bangalore,
Bangalore South, Karnataka,
India, 560070
Liquidation Commencement Date: March 20, 2026
Court: National Company Law Tribunal, Bengaluru Bench
Liquidator: Venkata Subbarao Kalva
#41/1, 11th Cross, 8th Main,
2nd Block, Jayanagar,
Bengaluru - 560011
Tel: +91-8147238639
Email: subbaraocs@gmail.com
Last date for
submission of claims: April 20, 2026
VITTHAL CORP: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Vitthal Corporation Limited
(Erstwhile Vitthal Sugar Manufacturing Limited)
Flat No. 104 Suwamanand Park,
Plot No. 48 49 Laxmi Park Colony,
Navi Peth, Pune,
Maharashtra, India, 411030
Insolvency Commencement Date: March 13, 2026
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: September 8, 2026
Insolvency professional: Ankur Kumar
Interim Resolution
Professional: Ankur Kumar
Office No. 1613, 16th Floor,
C-Wing ONE BKC, G-Block,
Plot No. C-66, Bandra Kurla Complex,
Bandra East, Mumbai,
Maharashtra - 400051
Email: ankur.srivastava@ezylaws.com
vcl.cirp@gmail.com
Last date for
submission of claims: March 27, 2026
[] INDIA: Proposes Bankruptcy Law Overhaul to Speed Resolutions
---------------------------------------------------------------
Reuters reports that India has proposed an overhaul of its
bankruptcy law, including allowing financial creditors to initiate
insolvency proceedings and tightening deadlines, in a bid to speed
up resolutions and promote ease of doing business.
According to Reuters, resolutions of stressed assets in India have
been delayed despite a mandated 330-day timeline under the
Insolvency and Bankruptcy Code, introduced in 2016, largely due to
procedural and legal hurdles. Cases often pile up for admission at
the National Company Law Tribunal, quasi-judicial body that
adjudicates matters related to companies.
More than 30,000 insolvency cases were pending before the
National Company Law Tribunal as of March 2025, according to a
December 2025 note by ratings agency ICRA. At current capacity, it
could take over a decade to clear the backlog, the agency said.
Reuters says the Insolvency and Bankruptcy Code (Amendment) Bill
2025, approved by the lower house of parliament on March 30,
introduced a new "creditor-initiated insolvency resolution
process".
The process provides an out-of-court route to begin resolution
proceedings through a public announcement after approval from
lenders holding at least 51% of the debt.
According to Reuters, the bill proposes tighter resolution
timelines, mandating a 30-day window for approval or rejection of
the final resolution plans by the insolvency court and a 180-day
deadline for liquidation, among others. The existing law sets no
firm approval deadline and liquidation has been open-ended.
In tribunal-led insolvency cases, the bill mandates admission once
default is established and requires written reasons for delays
beyond 14 days, Reuters relates.
The bill also introduces separate frameworks for group and
cross-border insolvency to prevent value erosion, and proposes
to strengthen lenders' committees during liquidation giving them
statutory supervisory powers.
In addition, the amendments offer more flexibility, allowing
resolution plans to include sale of individual assets rather than
the entire business at one go.
=====================
N E W Z E A L A N D
=====================
COOK ISLANDS: S&P Raises ICR to 'BB-', On Stronger Fiscal Position
------------------------------------------------------------------
On March 31, 2026, S&P Global Ratings raised its long-term
sovereign credit ratings on Cook Islands to 'BB-' from 'B+'. The
outlook is stable. At the same time, S&P affirmed its 'B'
short-term sovereign credit ratings. The transfer and
convertibility assessment remains 'AAA'.
S&P said, "The stable outlook reflects our expectation that the
government's fiscal outcomes will remain strong via prudent
management amid a gradually slowing economy.
"We could lower the ratings on Cook Islands over the next 12 months
if there are unexpected or significant setbacks that hamper
economic growth, which could result in fiscal metrics weakening or
in recent gains in fiscal metrics unwinding.
"We could raise the ratings on Cook Islands if we observe an
improvement in the quality and reliability of the country's
statistics, which could provide comprehensive and reliable economic
and external accounts data.
"We raised our ratings on Cook Islands because its buoyant economy
is supporting strengthening fiscal metrics. Government revenues are
rising due to strong tourism flows and expenditures such as wages
and capex coming in under budget. This is leading to improving
general government surpluses over our forecasts.
"Although we anticipate a small deficit in the current year amid
the withdrawal of budgetary support from New Zealand and higher
capital delivery, stronger-than-expected tourism revenue and
government spending reprioritization should mitigate the impact in
subsequent years."
Robust economic growth and strong fiscal outcomes will keep Cook
Islands' net debt on a downward trajectory post-2026, ranging from
15%-20% of GDP over the next three years. Net debt has decreased
quickly to 16.4% in fiscal 2025 from a peak of 37.6% in fiscal
2022, thanks to rising tourism revenue. The country benefits from
strong donor support on concessional terms; such support covers all
of its borrowing needs, ensuring servicing costs are low.
S&P said, "Our ratings on Cook Islands reflect the vulnerabilities
associated with the country's institutional settings and capacity
constraints, the lack of independent monetary policy and external
accounts, and a narrow economic base. Partly offsetting these
factors are financial and technical assistance from donor agencies,
and the country's sound financial system.
"The government also enjoys a supportive relationship and high
labor mobility with New Zealand (foreign currency AA+/Stable/A-1+;
local currency AAA/Stable/A-1+). We expect this relationship to
remain strong despite recent tensions because of a strategic
partnership Cook Islands entered with China. As a result, New
Zealand paused budget support in fiscal 2025."
Institutional and economic profile: Tourism underpins strong
economic growth; New Zealand support remains key despite ongoing
tensions
-- Strong and rising tourism arrivals are bolstering economic
activity.
-- Narrow economic base increases vulnerability to external
shocks, such as potential risks stemming from the conflict in the
Middle East, particularly via higher energy costs.
-- Relations with New Zealand continue to be tested following a
recent strategic agreement with China; however, New Zealand
continues to support Cook Islands through nonbudgetary aid.
S&P said, "The nation's economy is largely driven by its tourism
sector, which directly contributes about 65% to the economy. Real
GDP grew 10.4% in 2025 as tourist arrivals hit peak estimates of
about 175,000. We expect the economy to continue to expand over the
next three years, albeit at a more moderate pace. Growth will
likely slow to about 2.7% per year from fiscal 2026 to 2029. The
main drivers of slower growth are natural constraints in
accommodation options, business labor shortages, and the
government's delayed roll out of capital expenditure. A dengue
outbreak earlier in 2026 is unlikely to affect tourism
significantly, in our opinion.
"Cook Islands is a middle-income economy with per capita GDP of
about US$25,180 in fiscal 2026. We estimate its 10-year real per
capita GDP growth rate at 4.0%, which is well above the median of
economies at a similar income level. Cook Islands' GDP per capita
is aided by strong growth, a small population, and high levels of
emigration. However, data can fluctuate widely, as seen with
historical GDP revisions, limited national account information, and
large changes to population figures."
The country's economic base remains narrow, leaving the economy
highly exposed to exogenous shocks. An example was during the
COVID-19 pandemic, when the economy declined nearly 19% in 2021 due
to various countries closing their borders. The country benefits
from its proximity to New Zealand, its largest source of tourists.
Recent improvements in air connectivity, especially from Australia,
and the 60th anniversary in 2025 of its independence have supported
record tourist arrivals, which were up 7.6% compared with 2024.
Cook Islands faces risks stemming from the repercussions of the
ongoing conflict in the Middle East. A material increase in fuel
prices could affect the small island nation, which imports oil for
its electricity network. However, Cook Islands could benefit as
some tourism redirects from Europe and the Middle East to other
parts of the world.
Cook Islands is focusing on diversifying its economy. Its
partnership with China could attract more investment and support
growth. Tapping seabed minerals is the government's latest idea;
however, development is in its infancy. Diversifying the economy
will take many years, if achieved. In February 2025, Cook Islands
entered into its Action Plan 2025-2030 for a comprehensive
strategic partnership and several other agreements with China.
These established an overarching framework for bilateral
cooperation between the two countries to boost the blue economy,
seabed minerals, and for economic and technical support.
The agreements were the catalyst behind tensions with New Zealand,
which paused nearly NZ$30 million in aid over two years, including
the halting of NZ$18.2 million in June 2025. The decision came
after New Zealand believed it was not consulted before the
agreement, which is a requirement under the free association.
Relations could improve following the elections scheduled this year
in both New Zealand and Cook Islands.
Tensions with New Zealand were already elevated after Cook Islands
announced plans in late 2024 to introduce its own passport as part
of its 60th self-government anniversary. New Zealand, however,
quickly opposed the proposal because it believed such moves
challenged the foundation of the free association between the two
countries.
Under the free association, Cook Islanders can freely live, work,
and access health care in New Zealand. They can also contest and
vote in New Zealand's elections if they reside there for more than
a year. Ultimately, the Cook Island government retracted the
proposal. Despite these issues, S&P believes New Zealand will
remain supportive.
S&P believes Cook Islands' weak policymaking culture, capacity
constraints, and institutional settings are key ratings
constraints. Although the government maintains a strong position in
Parliament, it relies on several independents to pass legislation.
The outcome of the 2022 election continued the country's history of
political uncertainty. Parliament was unable to sit for six months
due to disputes over election polling. The next elections are
scheduled for 2026. The fragmentation leaves Cook Islands
vulnerable to policy shifts driven by populist sentiment, which
hampers economic development and much-needed land, migration, and
political reforms. The upcoming elections likely will result in a
pledge for more infrastructure investment, especially in the outer
islands.
Land ownership rights restrict development and investment
opportunities. Nonresidents can lease, but not own, land within
Cook Islands. Leases are for a maximum of 60 years with no
automatic rights to renewal. These rules limit the collateral
available to lenders, which in turn necessitates higher rates of
return on lending.
Shortages of skilled labor continue to weigh on Cook Islands'
institutional capacity, such as the development of comprehensive
and reliable economic and external account data. The policymaking
settings derive support from a vigorous free press, an outspoken
business community, and efforts by major aid donors to promote
sound financial and economic public policies and stronger
administration.
Cook Islands is a self-governing country with a free association
with New Zealand. Cook Islanders are citizens of New Zealand. The
country achieved self-governance in 1965, but New Zealand controls
part of its foreign policy and defense. Cook Islands benefits from
a close and comprehensive political and economic relationship with
New Zealand.
Flexibility and performance profile: Fiscal accounts are strong
with debt metrics a key credit strength, but absence of monetary
policy and detailed external accounts hinder transparency
Forecast fiscal surpluses will ease borrowing needs and reduce net
debt as a proportion of GDP.
-- All debt financing is from multilateral lenders on concessional
terms, resulting in a strong debt profile.
-- A lack of detailed and timely external accounts constrains
transparency, while use of the New Zealand dollar and absence of a
central bank limits monetary policy flexibility.
-- S&P expects Cook Islands to run fiscal surpluses averaging 2.6%
of GDP over 2027-2029, after a small fiscal deficit in fiscal 2026.
The government's fiscal position is supported by economic growth,
strong tourism earnings, and lower-than-budgeted employee
expenses.
Capacity constraints make it difficult for the government to fill
vacancies and deliver its capex on time. Upcoming capex priorities
will include airport upgrades, battery storage, and water
infrastructure. Cook Islands has a history of capex delivery of
30%-80% of its annual budget.
Reflecting strong fiscal outcomes, S&P expects the change in net
general government debt to reduce annually by about 2% of GDP
annually over fiscals 2027-2029.
The government recorded a higher-than-expected fiscal surplus in
2025, supported by strong receipts from the tourism sector and
lower capex. Cook Islands previously achieved its first surplus
since the pandemic in fiscal 2024 after four years of deficits.
Fiscal deficits averaged about 10% of GDP between fiscal 2020 and
fiscal 2023 because the government closed borders to stop the
spread of COVID-19. This halted tourism, which is the largest
single source of economic activity and income.
Improvement in fiscal balance led to sharp decline in net general
government debt as a ratio of GDP in 2024 and 2025. S&P said, "We
estimate net general government debt to slightly increase in 2026,
reflecting the expected deficit before continuing its downward
trajectory. We expect the government's focus on rebuilding fiscal
buffers and maintaining fiscal discipline to continue to reduce
debt metrics. The government is maintaining a loan repayment fund
as a buffer for debt servicing. As of the latest budget, the loan
repayment fund is expected to be NZ$4.9 million, maintaining net
debt of around NZ$202.6 million."
To maintain its fiscal prudence, the government also introduced a
medium-term fiscal strategy for fiscal 2026-2029 that guides
government to adhere to the fiscal rules while maintaining an
expenditure profile in line with economic growth. The government
has legalized the setting up of a sovereign wealth fund to capture
and preserve revenue from national budget transfers, environmental
fines, and potential seabed mineral harvesting for future
generations.
All of Cook Islands' borrowings are from external official sources
such as Asian Development Bank, Asian Infrastructure Investment
Bank (AIIB), and Export-Import Bank of China, with long-term
maturities of typically more than 20 years. The concessionary
nature of loans means interest costs are likely to be less than 5%
of general government revenues. However, there was a spike in
interest costs in fiscal 2025, when the government elected to repay
early a US$20 million loan from the AIIB. This loan was due to
mature in June 2030.
Cook Islands' public debt is denominated in foreign currency,
mainly New Zealand dollars and U.S. dollars, exposing the country
to some exchange rate risk. Much of this is mitigated by the use of
the New Zealand dollar as the official currency. To offset the
foreign-exchange risk associated with the U.S. dollar, Cook Islands
uses its fishing revenues collected in U.S. dollars as a natural
hedge. With a recent decline in the collection of fishing revenues,
Cook Islands has started entering swaps.
S&P said, "The banking sector doesn't present a material risk to
our ratings on Cook Islands. The key risk to the sector, the
Cryptocurrency (Ransomware Suppression) Bill 2025, is under review.
Its previous incarnation, proposed in 2023, was shelved for
redrafting. We believe the bill may have had issues with
international banking regulations regarding anti-money laundering
requirements and anti-bribery and corruption conditions."
The Cook Islands banking sector is steady, entirely deposit funded,
and has had benign credit growth for many years. Credit growth has
contracted in recent years because borrowers have repaid debt to
repair their balance sheets following the pandemic. Nonperforming
loans are modest.
Cook Islands' lack of detailed and timely external accounts
constrains our analysis of sovereign credit risks. Poor coverage
and timeliness of statistical releases prevent a robust analysis of
the country's external accounts. S&P considers New Zealand to be
the starting point.
Its monetary policy flexibility is limited due to the absence of a
central bank and the use of the New Zealand dollar. This
arrangement means the country lacks an important lever for
promoting economic and financial stability or controlling
inflation. That said, the use of the New Zealand dollar has enabled
Cook Islands to benefit from lower inflation than its peers.
S&P equalizes the local currency rating on Cook Islands with the
foreign currency rating, reflecting the absence of monetary policy
flexibility, the use of the New Zealand dollar, and the lack of a
domestic capital market.
FOOD4LESS NEW LYNN: Owes NZD2.9MM to More Than 90 Creditors
-----------------------------------------------------------
NZ Herald reports that Auckland supermarket Food4Less New Lynn
allegedly owes more than 90 creditors around NZD2.9 million,
according to a liquidator's report.
Food4Less operated ethnic food supermarkets in Auckland and
Hamilton.
Pritesh Patel of Patel & Co was appointed liquidator of Food 4 Less
(New Lynn) Limited on February 24 by the High Court in Auckland.
A notice on the New Zealand Gazette said the petitioning creditors
were Harman Impex (NZ) Ltd and MZ Holdings Limited.
LT HOSPITALITY: Creditors' Proofs of Debt Due on April 23
---------------------------------------------------------
Creditors of LT Hospitality & Trading Limited are required to file
their proofs of debt by April 23, 2026, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on March 23, 2026.
The company's liquidator is:
Mohammed Tazleen Nasib Jan
Liquidation Management Limited
PO Box 50683
Porirua 5240
ROZA TRADING: Court to Hear Wind-Up Petition on April 24
--------------------------------------------------------
A petition to wind up the operations of Roza Trading Limited will
be heard before the High Court at Auckland on April 24, 2026, at
10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Nov. 6, 2025.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
THCREATORS LIMITED: Court to Hear Wind-Up Petition on April 17
--------------------------------------------------------------
A petition to wind up the operations of Thcreators Limited will be
heard before the High Court at Auckland on April 17, 2026, at 10:45
a.m.
Huckleberry 2021 Limited filed the petition against the company on
Feb. 17, 2026.
The Petitioner's solicitor is:
Craig Raymond Andrews
McVeagh Fleming
Level 9
188 Quay Street
Auckland
=====================
P H I L I P P I N E S
=====================
ABS-CBN BROADCASTING: Piki Lopez Slams Bid to Pour More Family Cash
-------------------------------------------------------------------
Bilyonaryo.com reports that the Lopez family feud has hit a boiling
point, with patriarch Federico "Piki" Lopez firmly resisting
efforts by cousins led by Eugenio "Gabby" Lopez III to pour more
family money into financially battered ABS-CBN Broadcasting, the
clan's fading media empire.
According to Bilyonaryo.com, the battle lines among the
third-generation cousins have been drawn around a proposal by
ABS-CBN management for Lopez Inc. (LI), the family's main holding
company, to invest PHP2 billion over the next five years to keep
the Kapamilya network afloat.
Under the rescue plan submitted to the LI board last November,
ABS-CBN said it urgently needed a PHP2 billion cash infusion either
from the family or a new investor to help cover the company's
financial obligations, including retirement benefits,
Bilyonaryo.com relates.
With no white knight willing to provide fresh funding in the years
since ABS-CBN lost its franchise, management also gave LI another
option: sell its stake to management, including talents, and
employees, at liquidation value, or what the company would be worth
if it shut down and sold everything. In simple terms, LI either
pays up or exits at a loss, Bilyonaryo.com says.
Gabby, who returned to the country after years in self-exile
following ABS-CBN's franchise loss six years ago, has aggressively
lobbied for the bailout because the media business carries
sentimental value for his branch of the Lopez family,
Bilyonaryo.com relays. His father and later Gabby himself helped
build ABS-CBN into a media powerhouse before its shutdown. He wants
to protect employees rather than see the network collapse under
mounting losses.
But Piki, the family patriarch since 2020, has dug in and firmly
rejected the ABS-CBN bailout plan, saying it would amount to
throwing good money after bad.
ABS-CBN has piled up more than PHP40 billion in losses since losing
its franchise in 2020 through the third quarter of last year, even
after spending more than PHP10 billion in capital expenditures on
the Kapamilya network and its now-defunct subsidiary Sky Cable
despite its cash problems, according to Bilyonaryo.com.
More than that, a Babbler said Piki frowned on the rescue plan
because roughly PHP1.2 billion, or more than half of the PHP2
billion package, would allegedly go to just 68 individuals inside
ABS-CBN, Bilyonaryo.com relays.
A Babbler said those 68 individuals had already received PHP905
million in partial retirement benefits, allegedly ahead of
thousands of other ABS-CBN employees.
Bilyonaryo.com relates that the same source said that despite the
company's massive losses, ABS-CBN still paid out PHP2.56 billion in
bonuses and allowances, including PHP70 million to one undisclosed
individual.
Bilyonaryo.com says Piki claimed his refusal to greenlight the
ABS-CBN bailout was the main reason Gabby and his other cousins, LI
director Rafael "Raffy" Lopez, ABS-CBN chairman Martin "Mark"
Lopez, Rockwell Land treasurer Miguel Ernesto Lopez, and Maria
Eugenia Psinakis Brown, voted to boot him out as LI president in
February. The group then moved to install Raffy as Piki's
replacement.
The boardroom war has since spilled into court, with Piki
successfully securing a writ of preliminary injunction from the
Mandaluyong Regional Trial Court blocking his removal as LI
president, according to Bilyonaryo.com. The injunction also meant
he could remain chairman and chief executive of First Philippine
Holdings Corp. (FPH), First Gen Corp., and Lopez Holdings Corp.
(formerly Benpres Holdings), as well as vice chairman of Rockwell
Land and a director of ABS-CBN.
Curiously, on the same day Bilyonaryo broke the story of the Lopez
family war, ABS-CBN issued a sweeping denial of the alleged audit
issues and management payouts.
"On the claim of 'unresolved audit findings.' There were no audit
findings. There is nothing to resolve. This claim is unfounded,"
ABS-CBN said.
"On the claim that the proposed capital infusion could go to
'payouts for certain executives.' No such payouts have been made.
No such payouts are planned. This claim is equally baseless," it
added.
All ABS-CBN directors, except Piki, signed the statement, including
Rafael and Martin, who also serve on the LI board.
About ABS-CBN
ABS-CBN Broadcasting operated a network of TV & radio stations in
the Philippines. The Company produced entertainment and news
programs for basic and cable channels.
On May 5, 2020, the National Telecommunications Commission (NTC)
issued a cease-and-desist order (CDO) against ABS-CBN, immediately
directing it to stop broadcast operations in radio and television.
The order followed the expiration of ABS-CBN's broadcast franchise
on May 4, 2020.
On July 10, 2020, members of the House of Representatives denied
ABS-CBN's renewal franchise application, citing several issues on
the network's prior 25-year franchise.
The network has now rebranded itself as a mass content company and
produced television programs, films and other entertainment content
through partnerships with independent production companies and
broadcasters.
ABS-CBN Corp.'s net loss widened to PHP9.76 billion in 2023 from
PHP2.46 billion in 2022. ABS-CBN posted PHP4.37 billion net loss in
2024.
=================
S I N G A P O R E
=================
HIN LEONG: Founder O.K. Lim's Bail Extended by a Day
----------------------------------------------------
The Straits Times reports that Hin Leong founder Lim Oon Kuin, who
was to start his 13-1/2-year prison sentence on April 1, has been
granted a one-day bail extension.
The 84-year-old will have to surrender at the State Courts by 3:00
p.m. on April 2.
In response to queries from The Straits Times, a spokesperson for
the State Courts said that Lim's counsel had submitted an
application to defer the start of his sentence.
"The Court has directed that the appellant's bail be extended until
3:00 p.m. on April 2, 2026," she said.
On March 4, the High Court allowed the former tycoon's appeal,
shaving off four years from his original sentence of 17-1/2 years
for cheating and abetting forgery, according to ST.
High Court judge Hoo Sheau Peng had found that the original jail
term of 17-1/2 years was "crushing", even with the usual one-third
remission.
But on March 28, Lim was hospitalised with breathing difficulties
in Gleneagles Hospital after his family found him "disoriented in
the study, mumbling he had difficulty breathing", his son, Mr. Evan
Lim Chee Meng, told ST on March 30.
When asked what triggered the 84-year-old's breathing difficulties
and whether Lim will report to the State Courts on April 1, Mr.
Evan Lim earlier said: "We are still waiting for the doctor to run
more tests on him. We have no answers yet."
ST has reached out to Mr. Evan Lim for an update on his father's
condition and the one-day deferred jail sentence.
In allowing the former tycoon's appeal, Justice Hoo had found that
the district judge who sentenced Lim erred in according weight to
the prosecution's arguments that Lim's offences had undermined
public confidence in the oil trading sector, ST relays.
She gave him sentencing discounts on account of substantial
restitution made, as well as Lim's age. She noted that the loss to
HSBC on one of the cheating charges was almost halved, from US$56
million to US$29.7 million, after Lim made restitution.
But the judge rejected Lim's call for the court to exercise
judicial mercy by imposing a one-day jail term.
Judicial mercy is the discretionary power of Singapore's courts to
impose a more lenient sentence because of exceptional mitigating
circumstances. It has so far been exercised in cases where the
offender is suffering from a terminal illness, and where the
offender is so ill that jail time would carry a high risk of
endangering his life.
ST adds that Lim's lawyer, Senior Counsel Davinder Singh, in an
appeal hearing in November 2025, had argued that there is a
heightened risk of his client suffering a fall in prison that may
lead to his death.
Lim, who is better known as O.K. Lim, was sentenced in November
2024 for two counts of cheating and one count of abetting forgery,
in what prosecutors described as "one of the most serious cases of
trade financing fraud that have ever been prosecuted in
Singapore".
He was found guilty of cheating HSBC of US$111.6 million, through
Hin Leong employees, by claiming that the oil trading firm had
entered into two contracts to sell oil to China Aviation Oil
(Singapore) and Unipec Singapore, and then applying for discounting
of these purported transactions.
About Hin Leong
Singapore-based Hin Leong Trading (Pte.) Ltd. provided petroleum
products and transportation services. The Company offered oil,
lubricants, grease, and diesel products, as well grants storage,
terminalling, trucking, and marine logistics services. Hin Leong
Trading served customers globally.
Hin Leong Trading and shipping unit Ocean Tankers (Pte.) Ltd. Filed
for court protection from creditors on April 17, 2020, as the
former struggles to repay debts of almost US$4 billion.
Hin Leong posted a positive equity of US$4.56 billion and net
profit of US$78 million in the period ended October 31, 2019,
according to the people, who asked not to be identified as the
matter is sensitive, Bloomberg News reported.
But Hin Leong told its creditors that total liabilities reached
US$4.05 billion as of early April 2020, while assets were just
US$714 million, leaving a hole of at least US$3.34 billion,
according to screenshots of the presentation to a group of bankers
seen by Bloomberg News.
The balance sheet of the company showed no equity at all as of
April 9, 2020, and warned that "figures obtained from the company
are subject to verification," Bloomberg News added.
On April 27, 2020, the Company was granted interim judicial
management by the Singapore High Court. Goh Thien Phong and Chan
Kheng Tek of PricewaterhouseCoopers Advisory Services (PwC) have
been appointed as interim judicial managers. Ernst & Young (EY),
has been appointed interim judicial manager for Ocean Tankers.
On March 8, 2021, judicial managers Goh Thien Phong and Chan Kheng
Tek of PwC were appointed liquidators of Hin Leong.
The judicial managers had applied for Hin Leong to be wound up
after three potential bidders walked away from a deal to buy Hin
Leong and two related companies as a combined entity, according to
The Straits Times.
SINGPET PTE: Court to Hear Wind-Up Petition on April 10
-------------------------------------------------------
A petition to wind up the operations of Singpet Pte. Ltd. will be
heard before the High Court of Singapore on April 10, 2026, at
10:00 a.m.
The Hongkong And Shanghai Banking Corporation Limited filed the
petition against the company on March 20, 2026.
The Petitioner's solicitors are:
Withers Khattarwong LLP
18 Cross Street, #14-01
Singapore 048423
TRITON CAPITAL: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on March 17, 2026, to
wind up the operations of Triton Capital Management Pte. Ltd.
Envy Asset Management Pte. Ltd and Envy Global Trading Pte. Ltd.
filed the petition against the company.
The company's liquidators are:
Ms. Muk Siew Peng
c/o ClearView Advisory Pte. Ltd
60 Paya Lebar Road
#06-28 Paya Lebar Square
Singapore 409051
and
Ms. Michelle Low Yi Nie
c/o KPMG Services Pte. Ltd.
12 Marina View
#15-01 Asia Square Tower 2
Singapore 018961
WILLOW TREE: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on March 17, 2026, to
wind up the operations of Willow Tree Resources Pte. Ltd.
Envy Asset Management Pte. Ltd and Envy Global Trading Pte. Ltd.
filed the petition against the company.
The company's liquidators are:
Ms. Muk Siew Peng
c/o ClearView Advisory Pte. Ltd
60 Paya Lebar Road
#06-28 Paya Lebar Square
Singapore 409051
and
Ms. Michelle Low Yi Nie
c/o KPMG Services Pte. Ltd.
12 Marina View
#15-01 Asia Square Tower 2
Singapore 018961
*********
S U B S C R I P T I O N I N F O R M A T I O N
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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Editors.
Copyright 2026. All rights reserved. ISSN: 1520-9482.
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