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260403.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, April 3, 2026, Vol. 29, No. 67 Headlines A U S T R A L I A A RAPTIS & SONS: To Shut Down After No Buyer Found; 200 Jobs Lost ALPHA VISTA: First Creditors' Meeting Set for April 14 CBD DEVELOPMENT: First Creditors' Meeting Set for April 13 HEALTHSCOPE: Landlords Offer Break-Up Deal With Private Equity SUGARLOAF SHIRE: First Creditors' Meeting Set for April 14 TALYER AUTO: First Creditors' Meeting Set for April 13 TREASURY WINE: Penfolds Owner Faces 'Elevated Risk' of Bankruptcy C H I N A CHINA VANKE: Posts CNY88.6 Billion Net Loss in 2025 FOSUN INTERNATIONAL: Reports Net Loss of CNY23.4 Billion for 2025 ORIGIN AGRITECH: Appoints New Chief Financial Officer and Director I N D I A DEKSON CASTINGS: CARE Keeps D Rating in Not Cooperating Category GURU RENUKA: CRISIL Keeps B Debt Ratings in Not Cooperating INCODA: CARE Moves B- Debt Rating to Not Cooperating Category INKEL LIMITED: CARE Keeps C Debt Ratings in Not Cooperating IWORLD DIGITAL: Liquidation Process Case Summary KANJIRAVELIL TRADERS: Liquidation Process Case Summary KANMANI POULTRY: CARE Reaffirms B Rating on INR50.80cr LT Loan KARVY DIGIKONNECT: Insolvency Resolution Process Case Summary KRAMSKI STAMPING: CRISIL Withdraws B- Rating on INR7cr Loan M G F MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating MAHESH DYEING: CRISIL Keeps D Debt Ratings in Not Cooperating MEDEOR HOSIPITAL: CARE Moves D Debt Rating to Not Cooperating MEDICLONE BIOTECH: Insolvency Resolution Process Case Summary MRJ INFRATECH: CRISIL Keeps B Debt Ratings in Not Cooperating NAMDHARI AGRO: CRISIL Lowers Rating on INR45cr NCDs to B- NAOLIN INFRASTRUCTURE: Liquidation Process Case Summary OCEANUS DWELLINGS: CARE Assigns B- Rating to INR93.24cr LT Loan PARASAKTI ORTHOCARE: CRISIL Cuts Rating on INR5cr Cash Loan to B PRIME MOVERS: Insolvency Resolution Process Case Summary RAJESH INDUSTRIES: CRISIL Lowers Rating on INR25cr Cash Loan to B SALORA INTERNATIONAL: CARE Keeps C Debt Rating in Not Cooperating SEAJULI DEVELOPERS: CARE Keeps D Debt Ratings in Not Cooperating TARUN ALLOYS: Insolvency Resolution Process Case Summary N E W Z E A L A N D CC RECRUITMENT: Court to Hear Wind-Up Petition on April 20 DRC PROJECTS: Creditors' Proofs of Debt Due on April 30 MALEE HOLDINGS: Creditors' Proofs of Debt Due on April 29 P H I L I P P I N E S PHILIPPINE AIRLINES: Moody's Assigns First Time 'Ba2' CFR S I N G A P O R E AGILIS HR: Creditors' Proofs of Debt Due on April 13 COTTON ON ASIA: Creditors' Proofs of Debt Due on April 20 LADY M: Court to Hear Wind-Up Petition on April 10 - - - - - ================= A U S T R A L I A ================= A RAPTIS & SONS: To Shut Down After No Buyer Found; 200 Jobs Lost ----------------------------------------------------------------- SkyNews.com.au reports that Australia's largest wild-caught prawn operation, A Raptis & Sons Group, will shut down after administrators failed to secure a buyer, triggering more than 200 job losses across Queensland and South Australia. The company entered voluntary administration on March 6 following a failed banana prawn season and a price slump driven by oversupply. SkyNews.com.au says administrators have now confirmed the supplier and owner of brands Agrios, Seaport and Ocean Pearl will be wound down in the coming months. According to SkyNews.com.au, administrator Ben Campbell said efforts to sell or recapitalise the company were unsuccessful. "The administrators have held conversations with a number of participating parties to the sales process in relation to providing support to fund the companies participation in the upcoming banana prawn season," Mr. Campbell told News.com.au. Despite some interest from potential investors, no viable offers were received to continue the business. With ongoing funding pressures, a decision was made to wind down operations, impacting more than 200 employees, SkyNews.com.au notes SkyNews.com.au adds that the closure marks the end of a 60-year operation which grew from a small Adelaide fish-and-chip shop into a major seafood business spanning multiple states. Financial documents show the business holds more than AUD26 million in equity, but owes National Australia Bank AUD35.2 million, with a further AUD2.7 million owed to employees, SkyNews.com.au discloses. SkyNews.com.au says the closure will impact seven subsidiaries across the seafood and marine industry, underscoring broader pressures facing Australia's commercial fishing sector. A. Raptis & Sons Group is based in Brisbane and its operations include commercial fishing vessels operating across northern and southern Australia. It supplies wild caught seafood to retail, food service, wholesale and export markets. Ben Campbell, Vaughan Strawbridge and Kathryn Evans of FTI Consulting were appointed as administrators of the company on March 6, 2026. ALPHA VISTA: First Creditors' Meeting Set for April 14 ------------------------------------------------------ A first meeting of the creditors in the proceedings of: - Alpha Vista Financial Services Holdings Pty Limited; - Alpha Vista IP Holdings Pty Limited; - Alpha Vista Corporate Services Pty Limited; - Tactical Global Management Limited; - Alpha Vista Investment Managers Pty Limited will be held on April 14, 2026, at 11:00 a.m. at the offices of RSM Australia, at Level 7, 1 Martin Place, in Sydney, NSW and via electronic means. Brett Lord & Ben Carson of RSM Australia Partners were appointed as administrators of the company on Feb. 16, 2026. CBD DEVELOPMENT: First Creditors' Meeting Set for April 13 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of CBD Development Management Pty Ltd will be held on April 13, 2026, at 11:00 a.m. via video conference. Shaun Matthews and Barry Wight of Cor Cordis were appointed as administrators of the company on April 13, 2026. HEALTHSCOPE: Landlords Offer Break-Up Deal With Private Equity -------------------------------------------------------------- The Sydney Morning Herald reports that Healthscope's landlords and a consortium of hospital operators have proposed to break up Australia's second-largest private hospital business after landlords failed to reach a deal with receivers over proposed rent reductions. Under the proposal sent to receivers on April 1 by Canadian landlord Northwest Healthcare and ASX-listed HMC Capital, 16 of the company's remaining 28 hospitals would be operated by not-for-profit firm Calvary Health Care, SMH relates. Pacific Equity Partners-backed hospital operator Healthe Care would be taking on six, and private operators Acurio, KnG and an unnamed party would pick up the rest of the embattled company's operations. "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," SMH quotes Calvary chief executive Damien Bruce as saying. Calvary is already acquiring two Healthscope hospitals sold off by the receivers. Late last year, the receivers sold Canberra-based National Capital for AUD251 million to Ramsay Health, and also found buyers for Gold Coast Private, while Calvary signed up to buy Victoria's Holmesglen Private and Hobart Private Hospital, SMH recalls. SMH relates that Dr Anuj Gupta, a director of KnG, said her company has "deep experience in the healthcare sector and strong connections to the communities these hospitals serve. We would welcome the opportunity to work alongside clinicians and staff to support the ongoing delivery of patient care." The news comes just days after Healthscope formally parted ways with its chief executive Tino La Spina after a clash with the receivers. He championed the current deal that would keep the group intact - under his leadership – as a not-for-profit. According to SMH, Mr. La Spina was highly critical of any deal that would put Healthscope hospitals back in the hands of private equity owners following its collapse last year. Canadian buyout giant Brookfield walked away from the business, which it had loaded with too much debt. Other major factors in the collapse included funding problems with private health insurers, and the loss of lucrative multi-day hospital stays by private patients in favour of at-home care. Private hospitals provide the vast majority of elective surgeries performed in Australia. In February this year, Healthscope lenders who were owed AUD1.7 billion approved the not-for-profit plan after rejecting Pacific Equity's offer for the company's Prince of Wales Private hospital in Sydney, recalls SMH. The receivers, led by McGrathNicol's Keith Crawford, declined to comment about the new offer. Insiders who are not authorised to speak due to the sensitivity of negotiations said it does not materially improve the proposals rejected previously, SMH adds. 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. SUGARLOAF SHIRE: First Creditors' Meeting Set for April 14 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Sugarloaf Shire Horse Stud Pty. Ltd. (trading as "Sugarloaf Angus Cattle Stud", "Sugarloaf Aussie Whte", "Mountain Bred Maran Eggs", "Mountain Bred Aussie Whites", "Mountain Bred Angus") will be held on April 14, 2026, at 10:00 a.m. via virtual meeting only. Shijun Chan and Stephen Wesley Hathway of Helm Advisory were appointed as administrators of the company on March 31, 2026. TALYER AUTO: First Creditors' Meeting Set for April 13 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Talyer Auto Highpoint Pty. Ltd. will be held on April 13, 2026, at 11:00 a.m. at the offices of Dye & Co. Pty Ltd, at 165 Camberwell Road, in Hawthorn, East 3123, and via Microsoft Teams. Adrian John Warry and Shane Leslie Deane of Dye & Co. were appointed as administrators of the company on March 30, 2026. TREASURY WINE: Penfolds Owner Faces 'Elevated Risk' of Bankruptcy ----------------------------------------------------------------- News.com.au reports that the owner of the iconic Penfolds wine is facing "elevated risk" of bankruptcy after it posted an eye-watering AUD650 million loss and questions grow over its controversial AUD1.3 billion bet on a luxury California vineyard. Plato Global Alpha Fund, a AUD3.4 billion Sydney-based investment manager, last week warned the embattled Treasury Wine Estates (TWE) could be wiped out by rising interest rates and falling consumer confidence, according to news.com.au. "We have a model to estimate the probability of a company going bankrupt, and this is particularly elevated for Treasury Wines," Plato warned, per The Nightly, news.com.au relays. "This concern is even more acute with interest rates rising and the macro outlook deteriorating." According to news.com.au, Plato has been shorting TWE since last year, meaning the fund stands to profit if its share price falls, but other investors are also betting heavily against the company with 12 per cent of all TWE shares shorted as of March 26. Shares in Treasury Wine Estates are down 29 per cent since January and nearly 60 per cent year-on-year. Growing questions over TWE's future come as its net debt soars towards AUD1.9 billion, nearly 50 per cent of its market cap of AUD2.8 billion, news.com.au says. On March 31, TWE rejected speculation it would need to raise capital to fix its balance sheet, The Nightly, as cited by news.com.au, reported. Melbourne-based Treasury Wine Estates Limited (ASX:TWE) -- https://www.tweglobal.com/ -- operates as a wine company in Australia, the United States, the United Kingdom, and internationally. The company engages in the viticulture and winemaking, as well as marketing, sale, and distribution of wine. Its wine portfolio includes brands, such as Penfolds, DAOU Vineyards, 19 Crimes, Drop of Sunshine, Frank Family Vineyards, Wolf Blass, St Hubert's The Stag, Matua, Lindeman's, Squealing Pig, Blossom Hill, Pepper Jack, Wynns, Seppelt, Beringer, Etude, Sterling Vineyards, Beaulieu Vineyard, Stags' Leap, Beringer Bros, and Castello di Gabbiano. The company also provides contract bottling services to third parties. ========= C H I N A ========= CHINA VANKE: Posts CNY88.6 Billion Net Loss in 2025 --------------------------------------------------- Bloomberg News reports that China Vanke Co. posted a record CNY88.6 billion (US$12.8 billion) loss last year, a sign of the deepening problems facing the developer ahead of a wall of upcoming debt maturities. According to Bloomberg, the result, which was worse than the firm's forecast, marks Vanke's second full-year loss since its 1991 initial public offering. It brought the company's combined loss in the past two fiscal years to more than CNY130 billion. Bloomberg says the embattled developer took steps to reassure investors, saying it is seeking a long-term debt resolution plan and pledging to "actively" find new sources of funding this year. It also promised to meet its goal for home deliveries, and said it would look to local governments to purchase some land parcels and existing homes. "It will still take time to resolve the burdens and problems created by the past debt-laden development model," the company said in the earnings release, adding that its operations are still in "very severe" conditions. Vanke, which oversees more than a trillion yuan of assets, is one of China's few major property developers to have avoided default. But its liquidity has been strained by the country's yearslong real estate crisis and Shenzhen Metro Group Co., its state-owned backer, has dialed back support, Bloomberg states. The figures show Vanke's losses substantially widened in the final quarter of last year. The company lost CNY61 billion in the fourth quarter, a huge jump from its CNY28 billion loss in the first nine months, according to Bloomberg calculations. According to Bloomberg, the loss comes at a crucial time for Vanke, which faces more than CNY11 billion of bond maturities in the coming months, with five onshore notes and two put options that could be exercised before the end of July. The builder has been wrestling with a liquidity crunch for more than two years, and has leaned heavily on shareholder loans from Shenzhen Metro. This support has waned since late last year, although a loan agreement in January showed Shenzhen Metro hasn't entirely abandoned the developer. The latest disclosure suggests Vanke had a short-term refinancing gap of about CNY93 billion at the end of last year, according to Bloomberg calculations based on company data. The shortfall has widened since emerging in the second quarter of 2024. It remains unclear whether Shenzhen Metro will offer any further support to help address the builder's upcoming bond maturities. "Vanke's deepening cash crunch and losses - reflecting a turnaround that's increasingly elusive - could test largest shareholder Shenzhen Metro's commitment for further rescue," Bloomberg Intelligence analysts Kristy Hung and Patrick Wong wrote in a March 30 note before the earnings release. About China Vanke China Vanke Co., Ltd. operates real estate development businesses. The Company provides housing renovation, housing loans, real estate brokerage, and other businesses. China Vanke also operates logistics, material supply, and other businesses. Fitch Ratings, in February 2026, upgraded China Vanke Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) to 'CC' from 'RD' following the completion of what Fitch views as a distressed debt exchange (DDE) in accordance with its Corporate Rating Criteria. The IDRs reflect China Vanke's post-restructuring profile. Fitch also affirmed the Long-Term IDR on China Vanke's wholly owned subsidiary, Vanke Real Estate (Hong Kong) Company Ltd (Vanke HK), at 'CC'. Fitch has also affirmed Vanke HK's senior unsecured rating and the rating on its outstanding senior notes at 'C', with a Recovery Rating of 'RR5'. Moody's Ratings, on Dec. 30, 2025, downgraded the following ratings of China Vanke Co., Ltd. and its wholly-owned subsidiary, Vanke Real Estate (Hong Kong) Company Limited -- (1) China Vanke's corporate family rating (CFR) to Ca from Caa2; (2) Backed senior unsecured rating on the medium-term note (MTN) program of Vanke Real Estate to (P)C from (P)Caa3; and (3) Backed senior unsecured rating on the bonds issued by Vanke Real Estate to C from Caa3. Moody's have also maintained the negative outlooks of the entities. S&P Global Ratings, on Dec. 23, 2025, lowered its long-term issuer credit rating on China Vanke Co. Ltd. to 'SD' from 'CCC-'. S&P affirmed its 'CCC-' long-term issuer credit rating on its subsidiary Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK) and its 'CCC-' long-term issue ratings on Vanke HK's senior unsecured notes. At the same time, S&P removed the ratings from CreditWatch, where they were placed with negative implications on Nov. 27, 2025. FOSUN INTERNATIONAL: Reports Net Loss of CNY23.4 Billion for 2025 ----------------------------------------------------------------- Caixin Global reports that Fosun International Ltd. reported a net loss of CNY23.4 billion (US$3.4 billion) for 2025, driven by sweeping one-off impairments on real estate and non-core assets. The company disclosed its results on March 30, with revenue of CNY173.4 billion, down 9.74% year on year. Net loss attributable to shareholders widened by CNY19 billion from a year earlier, Caixin discloses. Fosun International Limited provides diversified services. The Company offers products and services for families in health, happiness, and wealth businesses. Fosun International serves clients worldwide. As recently reported in the Troubled Company Reporter-Asia Pacific, on Sept. 16, 2022, S&P Global Ratings lowered the long-term issuer credit rating on China-based investment holding company Fosun International Ltd. and the issue rating on the company's guaranteed senior unsecured debts to 'BB-' from 'BB'. The negative outlook reflects the difficulties to meaningfully extend the company's debt maturity profile over the next 12 months and uncertainties in its plan to sell assets. Fosun faces narrowing liquidity headroom and a shortening debt maturity profile amid hurdles to access both onshore and offshore bond markets and macroeconomic uncertainty. ORIGIN AGRITECH: Appoints New Chief Financial Officer and Director ------------------------------------------------------------------ Origin Agritech Limited disclosed in a regulatory filing that the board of directors appointed: a. Dr. Zheng James Chen, 60, as Chief Financial Officer of the Company. b. Dr. Jian Zhang, 62 as an independent board member. Dr. Zheng James Chen Dr. Chen previously served as the Company's Chief Financial Officer from December 2018 to April 2020, as Chief Executive Officer from February 2018 to December 2018, and as Chief Financial Officer from January 2012 to January 2016. He also served as a director of Origin from August 2017 to April 2020. Dr. Chen's prior experience included serving as Chairman of the Board and Chief Executive Officer of China Finance Online and as CFO of Yunji Inc. Before joining Origin in 2012, he was an Investment Manager at the Abu Dhabi Investment Authority (ADIA) and an senior analyst at Morgan Joseph and BB&T Capital Markets. Earlier in his career, Dr. Chen served as a Product Manager at Celanese and as a License Product Technology Manager at Univation Technologies, a joint venture between ExxonMobil and Dow Chemical. Dr. Chen holds a Ph.D. in Chemical Engineering from the University of Connecticut and an M.B.A. from New York University. Dr. Jian Zhang Dr. Jian Zhang is a renowned expert in global crop biotech R&D. He is currently the CEO of ChinaAg JiaNuo Seed Science and Technology (Beijing) Co., Ltd., and was the Chief Technology Officer of Syngenta Group China Seed Business and the Director of the National Center of Technology Innovation for Maize. Dr. Zhang was formerly the General Manager of Huazhi Rice Biotechnology Co., Ltd., where he established a world-class crop molecular breeding R&D platform. Dr. Zhang has worked for global multinational seed companies (DuPont Pioneer, Syngenta, and BASF) for 20 years, including as R&D Manager at DuPont Pioneer (merged into Corteva) participating in the development of the Herculex™ series of transgenic insect-resistant maize products; Senior Manager of GMO regulatory and biotechnology affairs for China and Asia; and Global Head of Quality Control at BASF Plant Science for biotech crops. He possesses extensive experience in crop biotechnology R&D, regulatory safety assessment, and biotech compliance and stewardship. Dr. Jian Zhang holds a PhD in Plant Genetics Manipulation from the University of Nottingham, UK, an M.B.A. from the University of Iowa, USA, and a Bachelor's degree in Crop Genetics and Breeding from China Agricultural University. The new appointments follow the resignations of Dr. Changqing Mao and Mr. Chi Kin (Patrick) Cheng. Dr. Mao resigned as an independent director, effective March 12, 2026, due to new professional commitments. Mr. Cheng resigned as Chief Financial Officer, effective March 19, 2026, for personal development reasons. The resignations were not due to any disagreement with the Company on any matter relating to the Company's operations, policies, or practices. About Origin Agritech Headquartered in Beijing, China, Origin Agritech Limited, along with its subsidiaries, is focused on agricultural biotechnology, operating in the PRC. The Company's seed research and development activities specialize in crop seed breeding and genetic improvement. Origin believes that it has built a solid capacity for seed breeding technologies, including marker-assisted breeding and doubled haploids technologies, which it believes, along with its rich germplasm resources, will allow it to become a significant seed technology company in China. Singapore-based Enrome LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated January 30, 2026, citing that the Company has negative operating cashflow of RMB 22.9 million in the year ended September 30, 2025, net loss of RMB 58.0 million in the year ended September 30, 2025, net current liabilities of RMB83.3 million as of September 30, 2025, accumulated deficit of RMB634.2 million as of September 30, 2025 and shareholders' deficit of RMB 615.2 million as of September 30, 2025 that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had total assets of RMB 100.7 million (US$14.2 million), total liabilities of RMB 162.2 million (US$22.8 million), and total shareholders' deficit of RMB 61.5 million (US$8.7 million). ========= I N D I A ========= DEKSON CASTINGS: CARE Keeps D Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Dekson Castings Limited (DCL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 28.00 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) has been seeking information from DCL to monitor the rating vide e-mail communications dated January 5, 2026, January 13, 2026, January 20, 2026, January 24, 2026, February 3, 2026, February 6, 2026, February 12, 2026, February 19, 2026, March 20, 2026 and March 24, 2026 among others and numerous phone calls. However, despite repeated requests, the company has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Further, DCL has not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. The ratings on DCL's bank facilities will now be denoted as 'CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The rating further factors in delay in servicing its debt repayment obligation. Analytical approach: Standalone Outlook: Not Applicable Detailed description of the key rating drivers At the time of last rating on April 03, 2025 the following were the rating weaknesses (updated based on information available from client). Key weaknesses * Delays in the servicing of debt obligations: There were few instances of delay in repayment of term loan instalments as recognized from FY25 Audit report available from client. Dekson Castings Limited (DCL) was established in the year 1993 as a proprietorship concern and was later reconstituted as a private limited company in the year 2005 and later as a public limited company in February, 2014. DCL is engaged in the manufacturing of aluminium sand castings and gravity die castings (GDC) components and caters mainly to the two-wheeler segment in the auto industry as well as non-auto applications, viz, electrical energy. The manufacturing unit of the company is located in Aurangabad. GURU RENUKA: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sree Guru Renuka Rice Industries (SGRRI) continue to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.62 CRISIL B/Stable (ISSUER NOT COOPERATING) Proposed Long Term .03 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Crisil Ratings has been consistently following up with SGRRI 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 SGRRI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SGRRI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SGRRI continues to be 'Crisil B/Stable Issuer not cooperating'. Set up as a proprietorship firm in 2006 by Mr. B M Nanjiah, SGRRI processes paddy into rice. It has an installed milling capacity of about 500 tonne per day at Davangere, Karnataka. INCODA: CARE Moves B- Debt Rating to Not Cooperating Category ------------------------------------------------------------- CARE Ratings has migrated the rating on bank facilities of The Incoda (TI) to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.15 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating moved to ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated January 9, 2025, placed the rating(s) of TI under the 'issuer non-cooperating' category as TI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 25, 2025, December 5, 2025, December 15, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable The Incoda (TI) was initially established in 1984 as a proprietorship firm. However, it was reconstituted as a partnership firm in 2009 and it is currently managed by Mr. Samirendra Nath Dutta and Mrs. Sibani Dutta (wife of Mr. Samirendra Nath Dutta). The firm has been engaged in providing advertising space, outdoor advertisement and manufacturing of clay and ceramic artifacts INKEL LIMITED: CARE Keeps C Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Inkel Limited continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term 85.00 CARE A4; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Fixed Deposit 40.00 CARE C; Stable; ISSUER NOT COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated December 30, 2024, placed the ratings of Inkel Limited under the 'Issuer non cooperating' category as Inkel Limited had failed to provide information for monitoring of the rating. Inkel Limited continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a email dated December 5, 2025. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders, and the public at large) are hence requested to exercise caution while using the above rating. The rating continues to be tempered by volatility in revenues due to project-based nature of its business, exposure to Joint ventures/subsidiaries generating lower return on investments, weak credit risk profile of subsidiaries with instances of delays in debt servicing and risk associated with large sized HAM based road project. The ratings continue to draw strength from Inkel's business association with Government of Kerala (GOK) entities, diverse board of directors supported by an experienced senior management, potential for development of infrastructure facilities in the state of Kerala and comfortable capital structure. Analytical approach: Standalone Outlook: Stable Detailed description of key rating drivers: At the time of last rating on December 30, 2024, the following were the rating strengths and weaknesses. (updated with FY25 financials obtained from company website). Key weakness * Volatility in revenue due to project-based nature of its business: Since inception, Inkel was primarily engaged in construction of Inkel Tower and Mallappuram Community Centre. During FY15-FY16, Inkel towers contributed to major portion of income. With Inkel forming new ventures and these ventures securing new orders, Inkel's revenue stream witnessed a diversification. Inkel had significant presence in project management consultancy (PMC), facility management and solar division. However, it is to be noted that income level is likely to remain volatile unless the projects developed in PMC division are completed periodically and new projects are being taken in PMC division. Also, regular inflow of orders in solar division is also key to improve the revenue. * Exposure to joint venture and associates which are generating lower return on investments: Total investments and loans & advances in JV/partnerships stood at INR114.71 crore (PY: INR113.71 crore) translating to 48% (PY: 53%) of net worth as on March 31, 2025. During FY25, Inkel reported interest and dividend income of INR13.53 crore (PY: INR10.56 crore), corresponding to interest income from advances extended to group entities and investment in JV/ Associates. However, Inkel was yet to reap any significant benefits from these investments. * Weak credit profile of subsidiaries and delays in debt servicing by its subsidiaries: Inkel had earlier extended corporate guarantee to its Subsidiaries/Joint ventures. It is to be noted During FY20, SICL defaulted in their repayment obligations. Lenders of Seguro-Inkel had invoked corporate guarantee extended by Inkel Ltd to its bank facilities. Inkel had availed an interest‑free loan from the Kerala Industrial Infrastructure Development Corporation (KINFRA), the nodal agency of the Government of Kerala, under the ASIDE scheme, which is not rated by CARE. The company has continued to delay repayments on this facility. The loan was repayable in three annual instalments of INR1 crore each, due before March 31, 2019, March 31, 2020, and March 31, 2021, respectively. As of March 31, 2025, the total overdue amount stands at INR3 crore. * Risk associated with large sized HAM based road project: National Highway Authority of India (NHAI) on February 26, 2018 had awarded the contract for six laning of 28.4 km stretch between Vengalam to Ramanattukara By-pass road to KMC Constructions Ltd (KMC) based on Hybrid Annuity Model (HAM). KMC had entered into a JV with Inkel wherein 51% of the total shares was held by KMC and the remaining 49% of the total shares by Inkel for executing the project. Investment by KMC in this project would be limited to INR5.1 crore and rest of promoter contribution (INR264 crore) for the project would be made by Inkel. However, there had been delay in achievement of financial closure. Consequently, Inkel has planned to exit the project. It is to be noted that Inkel has submitted a performance guarantee amounting to INR85 crore to NHAI which exposes the company to risk of BG invocation in case of any unfavourable outcome. Key strengths * Association with Government of Kerala entities: Inkel was formed as a PPP initiative for setting up infrastructure facilities to address the requirements of industrialists and entrepreneurs in the state of Kerala. Inkel has received support from GoK by way of funding (in the form of share capital), director board membership, tie-ups with government undertakings such as KINFRA and KSIDC and also by way of allotment of land on long term lease basis through these entities for developing the infrastructure. Further, Inkel had been selected as nodal agency by GoK for conducting feasibility studies on certain projects and implementation of certain projects in the state. As on March 31, 2025, GoK holds 22.78%, Bismi Holdings Limited: 6.19%, Shri Yusuffali MA: 17.02%, Shri Varghese Kurian: 7.59% and Dr. P. Mohamad Ali: 5.91%. * Diverse board of directors: There are twelve directors on the board of Inkel, of which three are representatives of GoK and the rest of the members are from the business fraternity in the state of Kerala. The government nominated directors include Managing Director, Chairman and a nominee director. * Comfortable capital structure: Total debt outstanding as on March 31, 2025 stood stable at INR28.83 crore. Overall gearing stood comfortable at 0.12x as on March 31, 2025 as against 0.23x as on March 31, 2024. * Potential for infrastructure facilities in Kerala: The state of Kerala holds significant potential for development of infrastructure facilities especially for small-scale export based units, educational institutions, warehouses, service-based industries. Most of the businesses are small-scale units which require processing capacity, warehousing facility and office space. With the initial cost of purchasing land/building cut down significantly, the projects by Inkel may find interest among the buyers in the small/medium scale businesses. Incorporated in the year 2007, Inkel Limited (Inkel) is a public private partnership initiative by Government of Kerala (GoK) established with the objective of channelizing private capital and professional expertise into large scale infrastructure projects which includes setting up of industrial parks, special economic zone, trade centers and construction of roads and bridges required for various manufacturing and service-based industries in the state. Inkel achieves its objectives by forming joint ventures with various companies which has expertise in their respective fields since the company does not have the technical expertise to bid for certain Infrastructure projects. Apart from this, other major divisions which contribute to Inkel's revenue are the project management consultancy division and solar division. IWORLD DIGITAL: Liquidation Process Case Summary ------------------------------------------------ Debtor: IWorld Digital Solutions Private Limited 79, 1st Floor, Paschimi Marg, Vasant Vihar, South West Delhi, New Delhi, India - 110057 Liquidation Commencement Date: February 20, 2026 Order received by Liquidator on March 24, 2026 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Sudhir Chandi B-2/262, 3rd Floor, Paschim Vihar, West, National Capital Territory of Delhi - 122018 Email: iprvsudhirchandi@gmail.com 905, 9th Floor, Tower-C, Unitech Business Zone, Sector-50, Gurugram, Harnaya - 122018 Email: liq.iworlddigitalsolutions@resurgentrpl.com Last date for submission of claims: April 23, 2026 KANJIRAVELIL TRADERS: Liquidation Process Case Summary ------------------------------------------------------ Debtor: Kanjiravelil Traders Private Limited Building No. 11/33-B Pulinchode, Pazhamthottam P O, Ernakulam, Kerala, India - 683565 Liquidation Commencement Date: March 18, 2026 Court: National Company Law Tribunal, Kochi Bench Liquidator: SPP Insolvency Professionals LLP, 2nd Floor, CODISSIA, G.D. Naidu Towers, Huzur Road, Coimbatore - 641018 Tel: +91-94888-10404 Email: ktpl.liq@gmail.com ipeadmin@sppgroups.com Last date for submission of claims: April 17, 2026 KANMANI POULTRY: CARE Reaffirms B Rating on INR50.80cr LT Loan -------------------------------------------------------------- CARE Ratings has reaffirmed ratings on certain bank facilities of Kanmani Poultry Farm (KPF), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank Facilities 50.80 CARE B; Stable Reaffirmed Rationale and key rating drivers The rating assigned to the bank facilities of KPF is constrained by moderate scale of operations, leveraged capital structure, elongated operating cycle, presence in highly competitive and fragmented industry and capital withdrawal risk associated with partnership constitution of the firm. However, the rating derives strength from experience of the promoters in the poultry business and relatively stable operating margins. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Successfully complete the ongoing capacity addition and increase the scale of operations with income above INR100 crore. * Improvement in net worth base above INR10 crore Negative factors * Decline in income below INR50 crore with PBILDT margin below 4%. * Elongation of operating cycle above 90 days * Significant delay in the execution and completion of ongoing project lead to stretch in liquidity Analytical approach: Standalone Outlook: Stable The stable outlook reflects expectations that the firm will sustain its income growth, supported by ongoing capacity expansion and the phased commissioning of additional capacities. Detailed description of key rating drivers: Key weaknesses * Moderate scale of operations: The scale of operations of KPF has remained moderate, though it has shown improvement over the years. The firm reported an operating income of INR54.73 crore in FY25 (refers to the period April 1 to March 31), reflecting a CAGR of 5.38% over the five-year period ending FY25. Further, the firm has achieved revenues of INR42.26 crore during H1FY26 (Provisional) (refers to the period April 1 to September 30). * Leveraged capital structure: The firm's capital structure remained moderate, with overall gearing at 1.89x as on March 31, 2025, compared with 2.00x as on March 31, 2024, reflecting continued reliance on bank borrowings on account of its modest net‑worth base. The firm is currently undertaking a capex of INR42.60 crore, funded by term debt of INR37.80 crore and the balance through promoter contribution, for the construction of Environmentally Controlled (EC) sheds to house additional layer birds. The project is relatively large in proportion to the firm's net worth and remains at an early stage of execution. To date, INR10.00 crore has been incurred, financed through INR8.00 crore of term loans and the remainder from promoter funds. The project is expected to be completed by end‑FY27, and gearing is likely to moderate further in the near term. * Elongated operating cycle: The operating cycle elongated from 33 days in FY23 to 83 days in FY25 due to higher inventory holding. The firm has a feed mill of capacity of 100 MT/day and the average inventory days stood high at 105 days in FY25 (PY: 85 days) due to higher feed raw material ingredients. * Presence in highly competitive and fragmented industry: The firm operates in a highly competitive and fragmented market which consists of large and small sized players. Moreover, low entry barriers in the industry further intensifies the already prevailing competition in the market. This competitive and fragmented nature of the industry can have an impact on the profit margin of the company and may lead to adopt liberal credit policies in the market. * Capital withdrawal risk associated with partnership constitution of the firm: The partnership nature of the firm has inherent risk of withdrawal of capital by the partners at the time of their personal contingencies resulting in reduction of capital base leading to adverse effect on capital structure. Key strengths * Experience of the promoters in the poultry business: The firm is constituted by three family partners - Mr. P. Arumuga Gounder, Mr. A. Balusamy (son of Mr. P. Arumuga Gounder), and Mrs. B. Suseela (wife of Mr. A. Balusamy). The business is currently managed by Mr. A. Balusamy, a Chemistry graduate with over 25 years of experience in the poultry sector. He is an active member of the Tamil Nadu Poultry Farmers Association and serves as the Chairman of the Paramathi Zone of the National Egg Coordination Committee (NECC). Dr. A. B. Prasath (MD, Pharmacology), son of Mr. Balusamy, is also involved in the poultry operations, although he is not a partner in the firm. * Relatively stable operating margins: The PBILDT margins stood stable in the range of 3% to 5% in the past 5 years ended FY25 and is expected to improve going forward due to efficient feed management and production processes. Liquidity: Stretched The liquidity position of KPF is stretched with tightly matched accruals against repayment obligations and moderate cash balance of INR1.34 crore as on March 31, 2025. The firm has been sanctioned with working capital limit of INR13.00 crore and the average utilisation stood at 65% for the past 12 months period ended February 2026. KPF based out of Namakkal, Tamil Nadu is specialized in poultry farming, was promoted by Mr. P. Arumugam as a proprietorship firm in 1990. In 2004, the firm transitioned into a partnership, focusing on the cultivation of egg-laying poultry birds and the trading of eggs. KARVY DIGIKONNECT: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Karvy Digikonnect Limited Flat Nos. 502 & 503, 5th Floor, Arunachal Building, 19, Barakhamba Road, New Delhi, 110001 Insolvency Commencement Date: March 24, 2026 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: September 21, 2026 Insolvency professional: Ashu Gupta Interim Resolution Professional: Ashu Gupta 204A, 2nd Floor, 23, SBI Building, Najafgarh Road Industrial Area, Shivaji Marg, Opposite DLF Tower, New Delhi - 110015 Email: ashugupta.cs@gmail.com kdl.cirp@gmail.com Last date for submission of claims: April 8, 2026 KRAMSKI STAMPING: CRISIL Withdraws B- Rating on INR7cr Loan ----------------------------------------------------------- CRISIL Ratings has withdrawn the ratings on certain bank facilities of Kramski Stamping And Molding India Private Limited (KMPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.75 Crisil B-/Stable/Issuer Not Cooperating (Withdrawn) External 7 Crisil B-/Stable/Issuer Not Commercial Cooperating (Withdrawn) Borrowings Crisil Ratings has been consistently following up with KMPL for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, Crisil Ratings has continued the rating on bank facilities of KMPL to 'Crisil B-/Stable Issuer not cooperating'. Crisil Ratings has withdrawn its rating on the bank facilities of KMPL on the request of the company and after receiving No Objection Certificate from Axis bank and No Dues Certificate provided from DZ Bank. The rating action is in-line with Crisil Rating's policy on withdrawal of its rating on bank loan facilities. Set up in 2008, KMPL is engaged in manufacturing of High Precision metal stamped components and Precision Plastic Molds. KMPL is a 100% subsidiary of German based company Kramski GMBH. Based out of Vellore (Tamilnadu), the company is promoted by Kramski Andreas Reinhold. M G F MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ Crisil Ratings said the ratings on bank facilities of M G F Motors Limited (MGF) continues to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 14 CRISIL D (Issuer Not Cooperating) Inventory Funding 5 CRISIL D (Issuer Not Facility Cooperating) Inventory Funding 2 CRISIL D (Issuer Not Facility Cooperating) Term Loan 3.50 CRISIL D (Issuer Not Cooperating) Term Loan 3.25 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MGF 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 MGF, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MGF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MGF continues to be 'Crisil D Issuer not cooperating'. MML, set up in 1998, is an authorized dealer for HMIL in Kerala. The company operates its showrooms under the MGF Hyundai brand. MAHESH DYEING: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Mahesh Dyeing and Printing Mills Private Limited (MDPMPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.10 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.18 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Rupee Term Loan 4.72 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MDPMPL 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 MDPMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MDPMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MDPMPL continues to be 'Crisil D Issuer not cooperating'. MDPMPL, incorporated in 1997 at Surat (Gujarat), dyes and processes fabrics, catering mainly to textile players in Surat. Mr Nandkishore Rathi and family are the promoters. MEDEOR HOSIPITAL: CARE Moves D Debt Rating to Not Cooperating ------------------------------------------------------------- CARE Ratings has migrated the rating on bank facilities of Medeor Hosipital Limited (MHL) to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 187.91 CARE D; ISSUER NOT COOPERATING; Facilities Rating moved to ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) has been seeking information from MHL to monitor the rating vide e-mail communications dated January 5, 2026, January 30, 2026, February 12, 2026, February 23, 2026, March 5, 2026 among others and numerous phone calls. However, despite repeated requests, the company has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE Ratings Limited (CareEdge Ratings) has reviewed the rating on the basis of the best available information which however, in CARE Ratings Limited (CareEdge Ratings)'s opinion is not sufficient to arrive at a fair rating. The ratings on MHL's bank facilities will now be denoted as 'CARE D; ISSUER NOT COOPERATING'. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of MHL factored in instance of delay in servicing of debt obligations. Analytical approach: Standalone Outlook: Not Applicable Detailed description of the key rating drivers: At the time of last rating on March 26, 2025 the following were the rating weaknesses: Key weaknesses * Instance of delay in servicing of debt obligations: There were instances of delays in debt servicing in recent past. * Deteriorated financial risk profile: Owing to continuous operating losses, the financial risk profile of the company remains deteriorated. Liquidity: Poor The liquidity position continued to remain poor, evidenced by recent delays in debt obligations and a negative Net cash flow from operations of INR1.01 crore in FY25, indicating limited internal cash generation to meet operational and debt servicing obligations. The current ratio remained at 0.19 in FY25 compared to 0.24 in FY24. Medeor Hospital Limited, incorporated in 2004, was acquired in 2016 by VPS Health care Group of Dubai. VPS healthcare is an integrated healthcare service provider with 24 operational hospitals, over 125 health centres, 10,000 employees, and medical support services spread across the Middle East, Europe, and India. Medeor Hospitals is a chain of multi-specialty hospitals strategically located in Delhi NCR at Qutab, Dwarka, and Manesar (Gurugram) with a combined capacity of 808 beds. MEDICLONE BIOTECH: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Mediclone Biotech Private Limited Block B, Millennium House, 36/37 M.K. Srinivasan Nagar, Main Road, Perungudi, Chennai, Tamil Nadu, India, 600096 Insolvency Commencement Date: March 16, 2026 Court: National Company Law Tribunal, Chennai Bench Estimated date of closure of insolvency resolution process: September 11, 2026 Insolvency professional: Ramela Rangasamy Interim Resolution Professional: Ramela Rangasamy 2/99/3, Pollachi Main Road, Kullichettipalayam Coimbatore, 642110 Email: rum_iai@yahoo.com A6, Aryaa Harmony Apartment, Police Kandasamy Street, Olympus, Ramanathapuram, Coimbatore, Tamil Nadu - 641045 Email: medicloneinsolvency@gmail.com Last date for submission of claims: March 29, 2026 MRJ INFRATECH: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of MRJ Infratech Private Limited (MRJIPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 2.3 Crisil B/Stable (Issuer Not Cooperating) Term Loan 10 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MRJIPL 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 MRJIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MRJIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MRJIPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2003, MRJIPL is promoted by Mr Ravinder Juneja. The company develops and leases out industrial property. Currently, it has a 20-acre industrial plot l at Dharuhera, Haryana. NAMDHARI AGRO: CRISIL Lowers Rating on INR45cr NCDs to B- --------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Namdhari Agro Fresh Private Limited (NAFPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Non-Convertible 45 Crisil B-/Stable (ISSUER NOT Debentures COOPERATING; Migrated from 'Crisil BBB- (CE)/Stable') Crisil Ratings has been consistently following up with NAFPL, through letters and emails dated January 28, 2026; February 4, 2026; February 9, 2026; and March 2, 2026 and March 4, 2026 among others, apart from telephonic communication, for obtaining information. 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 or reviewed with the suffix 'issuer not cooperating' as the rating is arrived at without any management interaction and is based on best-available or limited or dated information on the company. Such non-cooperation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'issuer not cooperating' suffix lack a forward-looking component. Detailed Rationale Despite repeated attempts to engage with the company's management, Crisil Ratings has not received any information on the business and financial operations. This restricts the ability of Crisil Ratings to take a view on the credit quality of the entity. The rating action on NAFPL is consistent with 'Assessing information adequacy risk' methodology detailed in criteria 'Basics of ratings'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated its rating on the bank facilities of NAFPL to 'Crisil B-/Stable Issuer not cooperating' From 'Crisil BBB- (CE)/Stable'. Analytical Approach For arriving at the rating on the non-convertible debentures (NCDs) guaranteed by NSPL and SJS, Crisil Ratings has applied its criteria for rating instruments backed by guarantee. NAFPL was established in 2005 by the promoter, Uday Singh. The Bengaluru-based company retails fresh fruits and vegetables and other essential groceries. In fiscal 2020, the company rebranded itself as Simpli Namdharis from Namdhari Fresh, targeting the mass premium segment, and with increased focus on becoming an omni-channel retail provider. The company sells exotic vegetables such as red cabbage and broccoli as well as common vegetables procured from NSPL. It has 24 stores across Bengaluru. NAOLIN INFRASTRUCTURE: Liquidation Process Case Summary ------------------------------------------------------- Debtor: Naolin Infrastructure Private Limited H.No.6-3-1090/1/1, 3rd Floor Uma Hyderabad House, Raj Bhavan Road, Somajiguda, Hyderabad, Telangana, India - 500082 Liquidation Commencement Date: March 18, 2026 Court: National Company Law Tribunal, Hyderabad Bench Liquidator: Narala Varalakshmi House No.1-8-588/29A, Achhainagar, Baghlinngampally, Backside RTC Kalyana Mandapam, Hyderabad, Telangana - 500044 Email: ipvaralakshmin@gmail.com #304, Rajeshwari Towers, Sai Baba Temple Road, Dwarakapuri, Punjagutta, Hyderabad, Telangana - 500082 Email: naolinliq@gmail.com Last date for submission of claims: April 22, 2026 OCEANUS DWELLINGS: CARE Assigns B- Rating to INR93.24cr LT Loan --------------------------------------------------------------- CARE Ratings has assigned rating to the bank facilities of Oceanus Dwellings Private Limited (ODPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 93.24 CARE B-; Stable Assigned Facilities Rationale and key rating drivers Rating assigned to the proposed bank facilities of Oceanus Dwellings Private Limited (ODPL) are constrained by Lower Sales Velocity of ongoing projects, project implementation risk, limited geographical presence, and inherently cyclical nature of the real estate industry. However, the rating derive strength from the experience of the promoters in real estate development and track record of the company in the residential real estate market. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Healthy sales velocity from the ongoing projects resulting in sustained improvement in collection above INR100.00 crore Negative factors * Drop in sales velocity or collection efficiency leading to strain on the liquidity position of the company * Any large delays in the scheduled completion and slowdown in the sales momentum of the on-going projects Analytical approach: Standalone Outlook: Stable The stable outlook reflects that the entity is likely to benefit from the experience of the promoters in the real estate sector to complete the ongoing and upcoming projects. Detailed description of key rating drivers: Key weaknesses * Moderate Scale of Operations and modest sales velocity: The Scale of Operation remained moderate with TOI of INR83.10 crore in FY25 (April 1 to March 31), constrained by the limited new project launches and slow sales velocity. Company had limited project launches in the past few years. While most ongoing projects were launched prior to 2025, sales velocity remain weak with 90% of the area unsold as of November 2025, including more than 90% of the area remained unsold in 4 projects. * Project Implementation Risk: As of November 2025, the company has incurred ~45% of total construction cost in ongoing projects. While two projects in Bangalore - Carmel Heights and Meadows - have crossed 50% completion, the remaining four are at nascent to moderate stages. Against pending construction cost of INR369 crore, committed receivables remain modest at INR41 crore (~11%) as of November, 30, 2025. The company also has an upcoming project pipeline of 2.81 lakh sq. ft. with an estimated cost of INR64.57 crore. Given the typical gestation period of two to three years for upcoming projects, any volatility in key raw material prices, particularly steel and cement, may affect overall project costs and profitability. However, this risk is largely mitigated by the promoters' established track record and extensive experience in the construction and real estate industry. * Exposure to inherent risks and cyclicality in the real estate industry: Company is exposed to the cyclicality associated with real estate sector which has direct linkage with the general macroeconomic scenario, interest rates and level of disposable income available with individuals. In case of real estate companies, the profitability is highly dependent on property markets. This exposes these companies to the vagaries of property markets. A high-interest rate scenario could discourage the consumers from borrowing to finance the real estate purchases and may depress the real estate market. * Higher reliance on Debt: The company has a modest net worth of INR39.75 crore as against bank debt of INR22.24 crore as on March 31, 2025, and has extended advances of INR110 crores to group companies and third parties. Key strengths * Experience of Promoters in the real estate sector: ODPL was incorporated in 2003 by Mr. P.K. Chacko, who brings over three decades of experience in the real estate development and civil construction. ODPL is a closely held family business. Mr. P.K. Chacko serves as the Managing Director and is supported by other family members on the board. The promoters have demonstrated financial flexibility by extending need-based support to the company when required. * Track record of the company in residential Real Estate Business: Company has established track record in residential real estate development in Kerala and Karnataka, having executed 33.37 Lakhs sq. ft. of residential projects, and is currently under construction of 16.59 Lakhs sq.ft. in the area. Liquidity: Stretched Liquidity profile is stretched, with committed receivables of INR41.91 crore as against pending construction cost of INR369.12 crore as on November 30, 2025. Collection efficiency for the past 7 months ending on October 2025 stood modest at 25%. Any moderation in sales momentum or delay in receivable collections from ongoing projects may further strain liquidity. Company had unencumbered cash and bank balance, which stood at INR3.49 crore as of March 31, 2025 Incorporated in 2013, Oceanus Dwellings Private Limited (ODPL), engaged in developing residential real estate projects in Kerala & Karnataka. Company was promoted by Mr. P.K. Chacko (Managing Director) and Director Mrs. Daisy Chacko. ODPL, has delivered more than 33.37 lakh sq. ft. across 32 residential developments. PARASAKTI ORTHOCARE: CRISIL Cuts Rating on INR5cr Cash Loan to B ---------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Parasakti Orthocare (PO), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B/Stable (Issuer Not Cooperating; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Proposed Cash 1 CRISIL B/Stable (Issuer Not Credit Limit Cooperating; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with PO 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 PO, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PO is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PO revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. Set up in 2008, PO is a partnership firm of Mr V Yuvarajan and his brothers. The firm distributes orthopaedic implants of J&J in the Chennai and Vellore districts. PRIME MOVERS: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Prime Movers Auto Associates Private Limited 5 Sooterkin Street 1st Floor, Kolkata, West Bengal, India, 700072 Insolvency Commencement Date: March 19, 2026 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: September 20, 2026 Insolvency professional: Anup Kumar Singh Interim Resolution Professional: Anup Kumar Singh 4th Floor, Flat 4A, Bidyaraj Niket, 22/28A, Manohar Pukur Road, Near Deshapriya Park, Kolkata, West Bengal, 700029 Email: anup_singh@stellarinsolvency.com Stellar Insolvency Professionals LLP, Suite 1B, 1st Floor, 22/28A, Manoharpukur Road, Deshopriya Park, Kolkata - 700029 Email: primemovers.sipl@gmail.com Last date for submission of claims: April 7, 2026 RAJESH INDUSTRIES: CRISIL Lowers Rating on INR25cr Cash Loan to B ----------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Rajesh Industries (RI), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 25 Crisil B/Stable (Issuer Not Cooperating; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Working Capital 3 Crisil B/Stable (Issuer Not Term Loan Cooperating; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with RI 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 RI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RI revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. RI was set up in 1970 as a proprietorship by Mr Rajesh Goel and his family members. Operations are currently managed by Mr Rajesh Goel. Based in Karnal, Haryana, the firm processes rice. It exports and trades in basmati rice. SALORA INTERNATIONAL: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Salora International Limited (SIL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 55.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 15.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated March 10, 2025, placed the rating(s) of SIL under the 'issuer non-cooperating' category as SIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SIL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 24, 2026, February 3, 2026, February 13, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Salora International Limited (ISIN: INE924A01013) is currently engaged into trading and manufacturing of mobile handsets and televisions. The commenced its operations in 1977 under the guidance of Mr S R Jiwarajka and Mr Obel Reddy. Presently, the company is managed by Mr. Gopal Jiwarjika and his sons, Mr. Tarun Jiwarajka (Marketing and Finance) and Mr. Ayush Jiwarajka (Technology & Operations). The company operates in two segments viz. Consumer Electronics and wind energy segment. SEAJULI DEVELOPERS: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Seajuli Developers & Finance Limited (SDFL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 107.00 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 9, 2025, placed the rating(s) of SDFL under the 'issuer non-cooperating' category as SDFL had failed to provide information for monitoring of the rating and as agreed to in its Rating Agreement. SDFL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 25, 2025, December 05, 2025, December 15, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable SDFL was incorporated in 1987 and is a part of the Kolkata based B. M. Khaitan Group. The company did not have any major operations till FY17. Presently, SDFL is engaged in repair and maintenance of road and other civil work of tea gardens of MRIL. TARUN ALLOYS: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Tarun Alloys Limited A-905, Phase-III, Industrial Area, Bhiwadi, Rajasthan, India - 301019 Insolvency Commencement Date: March 24, 2026 Court: National Company Law Tribunal, Jaipur Bench Estimated date of closure of insolvency resolution process: September 20, 2026 Insolvency professional: Akarsh Kashyap Interim Resolution Professional: Akarsh Kashyap C-10, LGF, Lajpat Nagar Part III, New Delhi - 110024 Email: akashyap2002@yahoo.com cirp.tarunalloys@gmail.com Last date for submission of claims: April 7, 2026 ===================== N E W Z E A L A N D ===================== CC RECRUITMENT: Court to Hear Wind-Up Petition on April 20 ---------------------------------------------------------- A petition to wind up the operations of CC Recruitment Limited will be heard before the High Court at Hamilton on April 20, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on March 6, 2026. The Petitioner's solicitor is: Christina Anne Hunt Inland Revenue, Legal Services 21 Home Straight PO Box 432 Hamilton DRC PROJECTS: Creditors' Proofs of Debt Due on April 30 ------------------------------------------------------- Creditors of DRC Projects Limited are required to file their proofs of debt by April 30, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 24, 2026. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 MALEE HOLDINGS: Creditors' Proofs of Debt Due on April 29 --------------------------------------------------------- Creditors of Malee Holdings Limited (trading as JAE Carpet Cleaning Whakatane) are required to file their proofs of debt by April 29, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 24, 2026. The company's liquidators are: Wendy Somerville Malcolm Hollis PwC PwC Waikato PO Box 191 Hamilton 3240 ===================== P H I L I P P I N E S ===================== PHILIPPINE AIRLINES: Moody's Assigns First Time 'Ba2' CFR --------------------------------------------------------- Moody's Ratings assigns a first-time corporate family rating of Ba2 to Philippine Airlines Inc. (PAL). The outlook is stable. RATINGS RATIONALE "PAL's Ba2 rating reflects its position as the national flag carrier of the Philippines, with steady domestic and international market shares and a defensible long-haul franchise. The rating also incorporates the company's strengthened financial metrics and improved cost and capital structure following its 2021 Chapter 11 restructuring. At the same time, PAL's small scale relative to global peers, sizable fleet expansion plans, and limited liquidity constrain the rating," says Nidhi Dhruv, a Moody's Ratings Vice President and Senior Credit Officer. "Although PAL's direct exposure to the Middle East conflict is limited, with the region accounting for 11% of total capacity and 8% of revenues, the company remains indirectly exposed to higher fuel costs and potential shifts in travel demand arising from ongoing geopolitical tensions. Fuel supply risk has further increased following the declaration of an energy emergency in the Philippines on March 24, 2026," adds Dhruv, also Moody's lead analyst for PAL. While the emergency is in place for up to one year, PAL has secured fuel supply through end-June 2026 and is not expected to be directly affected in the near term. Nonetheless, any indication of supply disruptions or restrictions could pressure PAL's credit profile. PAL's credit profile also reflects support from its controlling shareholder, the Lucio Tan family, which injected capital during the pandemic and through the company's restructuring. The Philippines domestic airline sector is effectively a duopoly between PAL and Cebu Air, Inc., which holds about 56% market share. PAL is the country's only full service carrier, capturing about 30% domestic market share and 23% in international travel. Given infrastructure constraints at Manila airport, Moody's do not expect any new entrants to challenge the status quo in the Philippine domestic airline sector. Moreover, PAL retains focus on North American routes where it has leading positions even when compared with US airline peers. About 40% of PAL's capacity and one-third of its revenue is from travel to and from North America. Moody's expects PAL's revenue to grow about 4.5%-7.0% in FY2026-27 as the company could face some near-term headwinds from the geopolitical landscape. Based on its relatively modest scale and operating leverage, Moody's expects EBIT margin to remain in the range of 6.0%-8.5% over the same period. PAL has an order book of 21 aircraft, with deliveries between 2026 and 2029. The company intends to fund its aircraft additions with a combination of operating and finance leases. Despite the fleet expansion plan, Moody's expects PAL's adjusted debt/EBITDA to remain below 4.0x over the next 12-18 months. PAL does not hedge its fuel and foreign exchange exposure. It mitigates some fuel price volatility through a Civil Aeronautics Board regulated surcharge, which covers about 40% of fuel costs. The airline's relatively short booking curve—around 30 days for domestic flights and 60 days for international flights—also limits exposure to rapid fuel price movements. The company's exposure to currency volatility is mitigated by its revenue mix, with 35% of revenues earned in USD, and by its practice of converting excess Philippine pesos into US dollars as soon as practicable. In addition, the company's USD reporting currency eliminates mark-to-market foreign-exchange volatility on its lease liabilities. PAL's liquidity is adequate, though buffers are limited. As of December 31, 2025, its cash balance and short-term investments of around $432 million, together with its cash from operations of $768 million, are sufficient to cover its debt maturities (mainly lease maturities) of around $845 million and total capital spending (including discretionary capex) of around $505 million through June 2027. The company has demonstrated continued access to funding, raising $1.5 billion since its exit from chapter 11 from aircraft lessors and alternative funding sources. PAL also has unused committed Pre Delivery Payment (PDP) facilities of $108 million, undrawn working capital facility of $50 million, and financing facilities of $66 million. The company retains some flexibility to defer capex. RATING OUTLOOK The stable outlook reflects Moody's expectations that PAL's operating and financial metrics will remain commensurate with its rating over the next 12 to 18 months, with some flexibility to absorb potential downside risks. Moody's also expects PAL to effectively expand its fleet and maintain or expand its market shares both for domestic and international travel. ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS The main environmental risks faced by PAL are carbon transition and physical climate risk. As decarbonization policies and regulations evolve, airlines may face higher compliance and operational expenses. Additionally, some customers - especially corporations aiming to cut their carbon footprints - might opt to travel less, which could reduce demand for air travel. Nevertheless, because the Philippines consists of over 7,000 islands and heavily relies on air travel, this dependence helps mitigate the potential impact over the near-term. The Philippines is prone to typhoons causing service disruptions, outages and delays which increase PAL's physical climate exposure. The airlines sector has moderate exposure to social risks, with the main credit risks and opportunities linked to data security, availability of specialized human capital, labour unrest and shifting demographics. Given the airline industry is highly regulated, PAL would not be able to fly to international destinations without adhering to operating regulations put in place by various global aviation regulators. Labor relations risk is manageable, with unionization present but no recent history of prolonged or disruptive industrial action that has materially impaired operations. PAL is owned by the Lucio Tan group, which provides strategic support but also exposes the company to potential risks associated with concentrated ownership. Additionally, the board structure consists of eight non-independent directors out of fourteen, including seven family members. Nevertheless, PAL benefits from the leadership of an independent and experienced management team with extensive industry expertise. Although PAL operates as a privately owned entity, its financial performance is accessible through its publicly listed parent company, PAL Holdings Inc. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Moody's could upgrade PAL's rating if there is a notable improvement in its operating and financial profiles, alongside sustained or expanded market share. Demonstrated success in fleet expansion will also be necessary for an upgrade. Key credit metrics supporting an upgrade would include: (1) profitability, with the EBIT margin consistently above 9%, and (2) leverage, defined as adjusted debt/EBITDA remaining below 3.5x on a sustained basis, accompanied by good liquidity. Moody's could downgrade PAL's rating if its operating and financial profiles weaken such that (1) its EBIT margin falls below 7% or (2) adjusted debt/EBITDA is higher than 4.0x on a sustained basis. The rating could also come under pressure if PAL's domestic or international market shares deteriorate significantly or the company faces liquidity pressures. Any indications of fuel supply disruptions or restrictions could also pressure PAL's credit profile. ================= S I N G A P O R E ================= AGILIS HR: Creditors' Proofs of Debt Due on April 13 ---------------------------------------------------- Creditors of Agilis HR Consulting Pte. Ltd. are required to file their proofs of debt by April 13, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 7, 2024. The company's liquidator is: Farooq Ahmad Mann Mann & Associates PAC 3 Shenton Way #03-06C Shenton House Singapore 068805 COTTON ON ASIA: Creditors' Proofs of Debt Due on April 20 --------------------------------------------------------- Creditors of Cotton On Asia Pte. Ltd. are required to file their proofs of debt by April 20, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 25, 2026. The company's liquidators are: Sam Kok Weng Lie Kok Keong c/o 7 Straits View Marina One, East Tower, Level 12 Singapore 018936 LADY M: Court to Hear Wind-Up Petition on April 10 -------------------------------------------------- A petition to wind up the operations of Lady M Singapore Pte. Ltd. will be heard before the High Court of Singapore on April 10, 2026, at 10:00 a.m. The Petitioner's solicitors are: Dentons Rodyk & Davidson LLP 80 Raffles Place #33-00 UOB Plaza 1 Singapore 048624 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. 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