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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

          Friday, April 17, 2026, Vol. 29, No. 77

                           Headlines



A U S T R A L I A

ARCHITECTURAL PANELS: Second Creditors' Meeting Set for April 21
BRIGHTE GREEN 2026-1: Moody's Assigns (P)B2 Rating to F-A Notes
BSSPV PTY: STH BNK Listed for Sale After Operator's Collapse
CHOP RETAIL: First Creditors' Meeting Set for April 23
EVMR PTY: Second Creditors' Meeting Set for April 22

FIRSTMAC MORTGAGE 6PP: S&P Assigns B(sf) Rating on Class F Notes
GFG ALLIANCE: 175 Liberty Bell Workers Face Being Stood Down
ONSHORE ENERGY: First Creditors' Meeting Set for April 22
PLS GROUP: S&P Assigns 'BB-' LongTerm ICR, Outlook Stable
SOAR.EARTH LIMITED: First Creditors' Meeting Set for April 23

THINK TANK 2026-1: S&P Assigns B(sf) Rating on Class F Notes
WINEMASTERS SOUTH: Calls In Administrators After Failed Sale Bid
WINEMASTERS SOUTH: First Creditors' Meeting Set for April 23


C H I N A

CHINA EVERGRANDE: EV Bankruptcies Leave Over US$2 Billion in Debt
CHINA EVERGRANDE: Liquidators to Pick State-Owned Firm for Talks
CHINA VANKE: Seeks to Repayment Extension for CNY2BB Bond


I N D I A

ALAKNANDA HYDRO: CARE Moves D Debt Ratings to Not Cooperating
ALLETARE BUILDS: CARE Keeps D Debt Rating in Not Cooperating
ETCO DENIM: CARE Keeps D Debt Ratings in Not Cooperating Category
GREENKO ENERGY: Moody's Cuts CFR to Ba3 & Alters Outlook to Stable
HOME CONCIERGE: Voluntary Liquidation Process Case Summary

ICON CARS: CARE Keeps C Debt Rating in Not Cooperating Category
JAGRATI TRADE: CARE Keeps D Debt Ratings in Not Cooperating
JCT LIMITED: CARE Keeps D Debt Ratings in Not Cooperating Category
LAKSHMI PRECISION: CARE Keeps D Debt Ratings in Not Cooperating
N.V. KHAROTE: CARE Keeps D Debt Ratings in Not Cooperating

PATIALA DISTILLERIES: CARE Keeps C Debt Rating in Not Cooperating
PRAGAT AKSHAY: CARE Keeps D Debt Ratings in Not Cooperating
RAVJI MANJI: CARE Keeps C Debt Rating in Not Cooperating Category
REAL CONSTRUCTIONS: CARE Keeps B- Debt Rating in Not Cooperating
RUPAM INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating

S.M. AUTOPARTS: CARE Lowers Rating on INR10cr LT Loan to B-
S.R.V. KNITS: CARE Lowers Rating on INR9.50cr LT Loan to B
S.S. KHARDEKAR: CARE Keeps D Debt Rating in Not Cooperating
SAI SWARUPA: CARE Keeps B- Debt Rating in Not Cooperating
SAVAIR ENERGY: CARE Keeps D Debt Ratings in Not Cooperating

SBI MACQUARIE INFRA TRUSTEE: Voluntary Liquidation Case Summary
SHREEMAAVAISHNAVI AGRI: CARE Keeps D Rating in Not Cooperating
STERLING GLOBAL: CARE Keeps D Debt Rating in Not Cooperating
STERLING OIL: CARE Keeps D Debt Rating in Not Cooperating Category
TRIPURASHWARI AGRO: CARE Keeps B- Debt Rating in Not Cooperating

URJA AUTOMOBILES: CARE Keeps D Debt Rating in Not Cooperating
VISHWA SAMANYU: CARE Keeps B- Debt Rating in Not Cooperating
YASHODA COLD: CARE Keeps B- Debt Rating in Not Cooperating
ZED LIFESTYLE: Voluntary Liquidation Process Case Summary


J A P A N

EV MOTORS: Files for Bankruptcy Protection
SOFTBANK GROUP: S&P Rates Proposed Senior Unsecured Notes 'BB+'


N E W   Z E A L A N D

DC BUILDERS: Creditors' Proofs of Debt Due on May 12
MILTOWN PROPERTIES: Court to Hear Wind-Up Petition on May 8
RAY WHITE: 3 Auckland Agencies Go Into Liquidation Owing NZD5.3MM
TOFA BUILDERS: Creditors' Proofs of Debt Due on May 15
UTOPIAN TAUPO: Court to Hear Wind-Up Petition on May 1

VIDA LANDSCAPE: Creditors' Proofs of Debt Due on May 29


S I N G A P O R E

KLOUDWORK PRIVATE: Court to Hear Wind-Up Petition on May 8
RUBY 2 INVESTMENT: Creditors' Proofs of Debt Due on May 18
ZH CARS: Court Enters Wind-Up Order


V I E T N A M

VIET CAPITAL: Moody's Withdraws 'B3' Deposit & Issuer Ratings


X X X X X X X X

DATASEA INC: Stockholders OK Plan to Merge Into DIT Subsidiary

                           - - - - -


=================
A U S T R A L I A
=================

ARCHITECTURAL PANELS: Second Creditors' Meeting Set for April 21
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Architectural
Panels Pty Ltd has been set for April 21, 2026, at 11:30 a.m. via
virtual meeting technology.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 20, 2026 at 5:00 p.m.

Andrew Blundell and Simon Cathro of Cathro & Partners were
appointed as administrator of the company on March 9, 2026.


BRIGHTE GREEN 2026-1: Moody's Assigns (P)B2 Rating to F-A Notes
---------------------------------------------------------------
Moody's Ratings has assigned provisional ratings to the notes to be
issued by Perpetual Corporate Trust Limited in its capacity as
trustee of the Brighte Green Trust 2026-1.

Issuer: Perpetual Corporate Trust Limited in its capacity as
trustee of the Brighte Green Trust 2026-1

AUD144.00 million Class A-A Notes, Assigned (P)Aaa (sf)

AUD33.20 million Class A-UA Notes, Assigned (P)Aaa (sf)

AUD7.80 million Class B-A Notes, Assigned (P)Aa2 (sf)

AUD6.80 million Class C-A Notes, Assigned (P)A2 (sf)

AUD2.20 million Class D-A Notes, Assigned (P)Baa2 (sf)

AUD4.80 million Class E-A Notes, Assigned (P)Ba2 (sf)

AUD0.60 million Class F-A Notes, Assigned (P)B2 (sf)

The AUD0.40 million Class G1-UA and AUD0.20 million Class G2-UA
Notes are not rated by us.

The transaction is a securitisation of a portfolio of Australian
consumer Buy Now Pay Later (BNPL) and unsecured loan receivables
originated by Brighte Capital Pty Limited (Brighte). The majority
of receivables are originated to homeowners to fund solar panel and
home batteries installations. A smaller portion are originated to
fund home improvement products and services, and to acquire energy
efficient products. This is Brighte's seventh term securitisation.

RATINGS RATIONALE

The provisional ratings take into account, among other factors:

-- The evaluation of the underlying receivables and their expected
performance. The portfolio is comprised of solar product-related
and home improvement product-related loans extended to Australian
consumer obligors. The vast majority of receivables have been
extended to homeowners who have historically displayed lower
default rates than non-home owners in comparable portfolios. In
Moody's views, this is a significant credit strength of the
transaction.

-- The limited amount of historical data. Brighte was established
in 2016, with significant origination growth beginning in 2018. The
collateral performance data used in Moody's analysis reflects
Brighte's short origination history — limited to the period
between Q3 2017 and Q2 2025 — and does not cover a full economic
cycle.

-- The evaluation of the capital structure. The transaction
features a sequential/pro rata paydown structure. The notes will be
repaid on a sequential basis until the pro rata paydown conditions
are satisfied, principal will be distributed pro rata among all
rated Notes. Following the call date or if the pro rata conditions
are otherwise not satisfied, the principal collections will be
distributed sequentially starting with Class A-A and Class A-UA
Notes.

-- The availability of excess spread over the life of the
transaction. The portfolio yield of 10.40% providing significant
excess spread to cure portfolio losses.

-- The liquidity facility in the amount of 1.50% of the rated note
balance with a floor of AUD400,000.

-- The interest rate swap provided by National Australia Bank
Limited (NAB, Aa2/P- 1/Aa1(cr)/P-1(cr)).

-- The experience of Brighte as servicer, and the back-up
servicing arrangements with Perpetual Corporate Trust Limited.

MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are a mean default rate of 1.70%, a
recovery rate of 15.0% and a Aaa portfolio credit enhancement
("PCE") of 13.0%. The expected defaults and recoveries capture
Moody's expectations of performance considering the current
economic outlook, while the PCE captures the loss Moody's expects
the portfolio to suffer in the event of a severe recession
scenario. Expected defaults and PCE are parameters used to
calibrate its lognormal portfolio default distribution curve and to
associate a probability with each potential future default scenario
in its ABSROM cash flow model.

Moody's assumed mean default rate is stressed compared to the
extrapolated observed levels of default, estimated at 1.48%. The
stress Moody's have applied in determining its mean default rate
reflects the limited historical data available for Brighte's
portfolio. It also reflects the current macroeconomic trends, and
other similar transactions used as a benchmark.

The PCE of 13.0% is broadly in line with other Australian consumer
ABS deals and is based on Moody's assessments of the pool taking
into account (i) historical data variability; (ii) the unsecured
nature of the loans, (iii) the comparison with other Australian
consumer loan and BNPL originators, and (iv) macroeconomic
expectations.

Key pool features are as follows:

-- The weighted average interest rate of the portfolio is 10.40%
(which includes account keeping fee income).

-- The weighted average Equifax credit score of the portfolio is
around 749.

-- The weighted average remaining term of the portfolio is 51.4
months. The weighted average seasoning of the initial portfolio is
7.3 months.

-- The pool consists of loans extended to mostly homeowners, with
around 86.9% relating to green receivables such as solar panels and
battery products.

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in July
2024.

Factors that would lead to an upgrade or downgrade of the ratings:

Up

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors. The Australian job market is a
primary driver of performance.

Down

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors. The Australian job market is a
primary driver of performance. Other reasons for worse performance
than Moody's expects include poor servicing, error on the part of
transaction parties, a deterioration in credit quality of
transaction counterparties, lack of transactional governance and
fraud.


BSSPV PTY: STH BNK Listed for Sale After Operator's Collapse
------------------------------------------------------------
News.com.au reports that the AUD2. billion super-sized Southbank
tower that was supposed to become Australia's tallest skyscraper
appears to have finally succumbed to the nation's building cost
crisis.

According to news.com.au, receivers have pushed the property
planned to host the STH BNK by Beulah landmark to sale after the
project management entity set up to operate the project, BSSPV Pty
Ltd, went into administration last year.

News.com.au relates that the developer behind it, Beulah, had been
working to save the project, but industry sources have indicated
while a builder had been close to being appointed the cost increase
caused by fuel price hikes amid the war in Iran had scuppered those
talks.

News.com.au says listing agents at Cushman and Wakefield and at
Stonebridge Property Group refused to clarify price expectations,
though haven't ruled out the possibility a new buyer could save
it.

But it is expected the receivers will look to recoup at least the
acquisition costs of the 7,706sq m site that includes 118 City Rd
and 158 City Rd.

That would put it into nine-figure territory, with Beulah having
spent AUD101 million to buy the former home of BMW Southbank at No.
118 and a further AUD40 million-plus for Hanover House at No. 158.

Planning had slated the twin-tower complex to become a
789-apartment precinct that would have included the nation's
tallest tower standing a colossal 366m tall, including an
observation deck and hotel, as well as a green-spined design
intended to bring an urban forest into the sky.

A spokesperson from Beulah confirmed receivers were appointed to
the two Southbank sites late last year, news.com.au relays.

"Since then, we have been progressing a range of parallel
strategies, including refinancing the sites and engaging with
potential joint venture partners, with a potential sale process
forming part of these considerations," they said.

"We are continuing to work constructively with all relevant parties
to achieve a refinancing outcome and progress a resolution.

"The current campaign does not preclude the project proceeding, and
presents an opportunity for an incoming party to realise the site's
development potential."

News.com.au relates that the developer noted that rising
construction costs continued to present challenges, though they
intended to keep working with stakeholders towards a "positive
outcome for all involved".

The site has millions of dollars in pre-sale deposits associated
with it, with some buyers having signed up for AUD35 million
purchase prices for the top homes in the complex.

"All purchaser deposits remain securely held in the project
lawyers' trust account in accordance with the Contract of Sale and
applicable legislation," the Beulah spokesperson said.

"These funds remain protected under the contractual arrangements
and continue to accrue interest while held in trust."

The property listing is being slated as a "receivers sale" at the
hands of Alvarez & Marsal and KordaMentha, news.com.au adds.


CHOP RETAIL: First Creditors' Meeting Set for April 23
------------------------------------------------------
A first meeting of the creditors in the proceedings of Chop Retail
Group Pty Ltd (trading as Vend By Chop Butchery And The Banger Bus)
will be held on April 23, 2026, at 4:00 p.m. at the offices of DVT
Mcleods at Level 2, 60 Philip Street, in Parramatta, NSW, and
virtually (Teams).

Henry Kwok and Antony Resnick of DVT Mcleods were appointed as
administrators of the company on April 13, 2026.


EVMR PTY: Second Creditors' Meeting Set for April 22
----------------------------------------------------
A second meeting of creditors in the proceedings of EVMR Pty
Limited (trading as '3D Evolution' & 'Five Canons') has been set
for April 22, 2026, at 10:00 a.m. via virtual meeting.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 21, 2026 at 4:00 p.m.

Rajiv Ghedia of Westburn Advisory was appointed as administrator of
the company on March 9, 2026.


FIRSTMAC MORTGAGE 6PP: S&P Assigns B(sf) Rating on Class F Notes
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to seven of the eight
classes of prime residential mortgage-backed securities (RMBS)
issued by Firstmac Fiduciary Services Pty Ltd. as trustee for
Firstmac Mortgage Funding Trust No.4 Series Eagle No.6PP.

The ratings assigned to the prime floating-rate RMBS reflect the
following factors.

The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Credit support for the rated notes is
provided by subordination, and excess spread where available. The
credit support provided to the rated notes is sufficient to cover
the assumed losses at the applicable rating stress. S&P's
assessment of credit risk considers Firstmac Ltd.'s (Firstmac)
underwriting standards and approval processes, which are consistent
with industry-wide practices, and the strong servicing quality of
Firstmac.

The rated notes can meet timely payment of interest--excluding the
residual interest (if applicable) due on the class B, class C,
class D, class E, and class F notes--and ultimate repayment of
principal under the rating stresses. Key rating factors are the
level of subordination provided, the liquidity reserve, the
principal draw function, the interest-rate swap, and the provision
of an extraordinary expense reserve. Our analysis is on the basis
that the notes are fully redeemed by their legal final maturity
date, and S&P does not assume the notes are called at or beyond the
call date.

S&P said, "Our ratings also take into account the counterparty
exposure to Westpac Banking Corp. as bank account provider and
Commonwealth Bank of Australia. as interest-rate swap provider. The
transaction documents for the facilities include downgrade language
consistent with our counterparty criteria.

"We also have factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness."

  Ratings Assigned

  Firstmac Mortgage Funding Trust No.4 Series Eagle No.6PP

  Class A1, A$1000.00 million: AAA (sf)
  Class A2, A$150.00 million: AAA (sf)
  Class B, A$43.75 million: AA (sf)
  Class C, A$27.50 million: A (sf)
  Class D, A$13.75 million: BBB (sf)
  Class E, A$6.80 million: BB (sf)
  Class F, A$3.80 million: B (sf)
  Class G, A$4.40 million: Not rated


GFG ALLIANCE: 175 Liberty Bell Workers Face Being Stood Down
------------------------------------------------------------
ABC News reports that about 175 workers at Australia's only
manganese smelter, Liberty Bell Bay, have been told they will be
laid off at the end of next week unless they take leave without
pay.

At a town hall meeting with administrators Ernst and Young (EY) on
April 16 on the Liberty Bell Bay (LBB) site at George Town, near
Launceston, workers were told that there would be no more money to
pay the majority of employees after the current pay cycle, which
ends on April 24, according to the ABC.

Only a skeleton crew will be kept on site.

According to the ABC, the news comes as administrators review
expressions of interest from a dozen different potential bidders
for the smelter, which shut down last year amid the collapse of
billionaire Sanjeev Gupta's GFG Alliance.

Private equity firm White Oak, a secured lender to GFG Alliance,
appointed EY as administrators to LBB in late March, and the
216-strong workforce has been reporting for duty and carrying out
care and maintenance.

Under a last-minute deal between the administrators and unions last
week, the workforce was guaranteed wages and entitlements would be
paid until next Friday, April 24, the ABC relays.

Australian Workers' Union assistant national secretary Chris
Donovan, speaking on behalf of all four unions represented at LBB,
told the ABC he was extremely disappointed in today's news.

"Not only for the workforce, but for George Town and Tasmania, and
might I add Australia as well, because what we're very likely to
see now is the closure of Australia's only manganese smelter.

"We're still waiting on legal advice and waiting on comment back
from the administrator about what the next steps are.

"But, you know, it is up to them [the workers], and they need to
make the right decision for them and their family."

The ABC relates that Mr. Donovan said it was his understanding
"there are a number of interested buyers in purchasing Liberty Bell
Bay".

"I would imagine that a number of those interested buyers have
actually put in expressions of interest under the assumption that
there is a workforce ready to go. That assumption has now changed
because the administrator is now going to lay-off 180 employees."

Bell Bay Advanced Manufacturing Zone chief executive Susie Bower
told the ABC there was a high level of buyer interest in the
Liberty Bell Bay smelter, but it would be much harder for the
administrators to sell it without a workforce.

"I know that securing payroll is the role of the administrator, but
I would encourage all levels of government to do whatever they can
to secure the workforce," she said.

Ernst and Young previously confirmed workers would be paid wages
until April 24, but did not comment on whether they would continue
to be paid after this date, the ABC adds.

                         About GFG Alliance

GFG Alliance is a global group of businesses in industries
including steel, aluminium, and energy. GFG Alliance has had
significant operations in Australia, including the Whyalla
Steelworks in South Australia run by OneSteel Manufacturing Pty
Limited, Tahmoor Coal in New South Wales, and Liberty Bell Bay in
Tasmania.

On Feb. 19, 2025, KordaMentha partners Mark Mentha, Sebastian Hams,
Michael Korda and Lara Wiggins were appointed voluntary
administrators of OneSteel Manufacturing. The appointment was made
by the South Australian Government. The state government took the
decision to place OneSteel in administration, after losing
confidence in the financial capability of GFG Alliance to pay its
bills as and when they fall due, and in GFG's ability to secure
funding needed for the ongoing operation of the steelworks,
according to Department for Energy and Mining.

Liberty Primary Metals Australia (LPMA) is the holding entity for
GFG's Australian steel and mining businesses, including Tahmoor.

On Nov. 3, 2025, Michael Brereton, Rashnyl Prasad and Sean Wengel
of William Buck were appointed as administrators of LPMA.

On Feb. 9, 2026, Joseph Hayes and Christopher Johnson of Wexted
Advisors were appointed as administrators of Tahmoor Coal Pty Ltd
(trading as Tahmoor Colliery). The company entered liquidation on
March 6, 2026, resulting in 238 job losses.

On March 23, 2026, Morgan John Kelly, Robyn Louise Duggan and
Samuel John Freeman of Ernst & Young were appointed as
administrators of Liberty Bell Bay Pty Ltd.


ONSHORE ENERGY: First Creditors' Meeting Set for April 22
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Onshore
Energy Pty Ltd will be held on April 22, 2026, at 10:00 a.m. at the
offices of 101 Advisory, at Level 3, 101 St Georges Terrace, in
Perth, WA, and via Level 3, 101 St Georges Terrace, in Perth, WA.

Bryan Hughes of 101 Advisory was appointed as administrator of the
company on April 10, 2026.


PLS GROUP: S&P Assigns 'BB-' LongTerm ICR, Outlook Stable
---------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term issuer credit
rating to Australia-based PLS Group Ltd. S&P also assigned its
'BB-' long-term issue rating and recovery rating of '4' to the
US$500 million senior unsecured notes that PLS proposes to issue.

The stable outlook on the issuer credit rating reflects S&P's
expectation that PLS will maintain a strong balance sheet and
prudent financial policies over the next 12 months as it embarks on
its growth pipeline.

PLS Group Ltd. is focused on a single commodity (lithium) and its
operations are concentrated at a single site.

PLS' growing cash balances and disciplined capital management
should enable it to weather periods of weak lithium spodumene
prices. The Pilgangoora lithium mine in Western Australia, which
the company fully owns and operates, has a second-quartile cost
position.

PLS' single-mine operations and limited commodity diversity are
rating constraints. The company's small scale increases its asset
concentration risk. PLS' exposure to volatile lithium prices is
highlighted by its Ngungaju plant, where 150-200 thousand metric
tons per annum (ktpa) of capacity was put on care and maintenance
during the low-price cycle in 2025.

That said, the company is a material player in the global lithium
industry, benefitting from a long reserve life of more than 30
years and operations in Australia's low-risk jurisdiction.

PLS has solid liquidity and remains committed to building balance
sheet resilience. The company maintained a strong balance sheet
with a net cash position even when lithium spodumene (6% lithium
oxide content) prices sank below US$600 per metric ton (mt) in
mid-2025. Current strong prices of well in excess of US$2,000/mt
will bolster the company's cash balance ahead of any growth capital
expenditure (capex).

PLS' strengthened cash balance aligns with its key goal of
sustaining a resilient balance sheet to buffer periods of low
prices. The company has a record of funding growth from retained
cash, in preference to distributing cash to shareholders or relying
on debt.

S&P forecasts PLS' cash balance will be more than A$1.6 billion by
close of fiscal 2026 (June end) if lithium spodumene prices stay
high for the next quarter. This compares with A$954 million at
December end (a net cash position of A$579 million after netting
A$375 million of bank debt) and a low of A$852 million at Sept. 30,
2025. The cash balance in September 2025 reflected a quarterly cash
outflow in excess of A$100 million due to weak pricing and ongoing
capex.

Lithium prices will remain sufficient for PLS to achieve
substantial free cash flow for the rest of 2026. S&P Global Platts'
lithium spodumene 6% prices on a free-on-board (FOB) Australia
basis have significantly rebounded since late 2025. They rose
particularly steeply over November 2025 to February 2026, to
current levels of about US$2,200/mt. The prices benefitted from a
positive market outlook for battery energy storage systems, ongoing
mine disruptions in China, and emerging disruptions in Nigeria and
Zimbabwe.

PLS therefore reported a 24% higher realized price of US$1,161/mt
for the three months through December 2025. This compared with
US$742/mt in the previous quarter.

However, the current robust prices could reset in the coming months
as mothballed mines resume operations. PLS plans to restart its
Ngungaju plant in the second half of 2026.

S&P said, "Our base case assumes lithium spodumene prices will
average US$1,250/mt in fiscal 2026 and US$1,400/mt in fiscal 2027.
At such levels, PLS will achieve positive free operating cash flow
(FOCF) of up to A$450 million, after factoring in annual capex of
A$300 million-A$330 million.

"We believe the company can withstand up to a 40% decrease in
prices from our base case before it starts depleting cash. We
forecast the company will have positive FOCF even if spodumene
prices decline to about US$1,000/mt.

"PLS is well positioned to fund its growth pipeline, in our view.
The company's growing cash position provides ample flexibility to
fund growth, such as its P2000 project, which targets expanding
production capacity to two million metric tons per annum (mmtpa)."

If spodumene prices remain strong enough to support ongoing
material free cash flow, the company could take a final investment
decision on P2000 following the release of a feasibility study,
likely by the end of 2026. First production may then occur before
the end of the decade.

That said, in the absence of further growth prospects, these
additional cash flows are likely to be distributed to shareholders,
in S&P's view.

S&P's key rating focus through the growth phase will be PLS'
ability to manage risks related to costs and timeline, and the
ensuing ramp-up to production capacity. The company's cash balances
could weaken if lithium prices fall, especially if that coincides
with multi-year elevated capex programs.

PLS' offtake contracts and favorable operating cost profile should
protect its margins. These contracts, with a weighted average
maturity of about eight years, provide offtake and pricing
stability. This is despite the company's heavy reliance on key
customers from China.

In February 2026, PLS entered a two-year offtake agreement with
Canmax Technologies Co. Ltd. for the supply of 150 kilo metric ton
(kt) per annum of lithium, featuring a prepayment of US$100 million
and floor price of US$1,000/mt. This arrangement offers downside
protection while allowing for full upside leverage. In S&P's view,
the floor price gives a strong market signal of the potential
pricing trough in a weak environment.

S&P believes PLS' management will focus on asset efficiency and
cost reduction to temper any cash burn if lithium prices fall. In
the six months to December 2025, the company reported FOB unit
costs of A$563/mt, at the lower end of its guidance of
A$560/mt-A$600/mt. This improvement from A$614/mt in the
corresponding prior period reflects operational efficiencies after
the completion of the P1000 expansion, and higher recovery rates.

PLS expects unit costs to marginally increase as its Ngungaju plant
resumes production. Even so, based on the company's approach to
managing costs through fiscal 2025, S&P believes it could turn off
Ngungaju again if lithium prices weaken.

The 'BB-' issue rating reflects an average recovery in the instance
of default. PLS plans to use proceeds from the proposed issuance
for general corporate purposes and to pay down its existing
syndicated revolving credit facility (October 2028 tranche). As of
Dec. 31, 2025, the company had A$375 million drawn from its A$1
billion syndicated revolving credit facility. The issuance will
diversify PLS' sources of debt funding and extend the duration of
its debt.

S&P said, "We rate the notes the same as the issuer credit rating
on PLS because the recovery rating on the proposed notes is '4'
(rounded estimate: 40%), reflecting average recovery prospects for
noteholders in the case of payment default.

"The stable outlook on the issuer credit rating reflects our
expectation that PLS will maintain a strong balance sheet and
prudent financial policies over the next 12 months as it embarks on
its growth pipeline.

"The company's low-cost lithium operations, robust cash balance,
and policy of operating with net debt-to-EBITDA ratio below 1.5x
should help it to manage temporary swings in the commodity price
cycle and maintain credit metrics in line with our base case."

Downward pressure on the rating would emerge if PLS' liquidity
significantly weakens. This could be due to a prolonged cash burn
associated with weak pricing, particularly if it coincides with a
period of elevated capex.

S&P could also lower the rating if the company's S&P Global Ratings
ratio of adjusted gross debt to EBITDA is likely to remain above
3x. This could occur if:

-- Lithium prices materially weaken, particularly if structural
changes in the market adversely impact demand; and

-- PLS pursues aggressive debt-funded growth or capital management
strategies.

S&P sees limited upside to its rating on PLS.

-- Nevertheless, S&P could raise its rating if the company
materially improves its scale and geographic diversity. This could
occur if PLS acquires or develops additional operating assets while
maintaining its favorable position on the cost curve, modest
leverage, and prudent financial policies.

SOAR.EARTH LIMITED: First Creditors' Meeting Set for April 23
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Soar.Earth
Limited will be held on April 23, 2026, at 3:30 p.m. via Zoom
virtual meeting technology.

Aaron Dominish, Cameron Shaw and Richard Albarran of Hall Chadwick
were appointed as administrators of the company on April 13, 2026.


THINK TANK 2026-1: S&P Assigns B(sf) Rating on Class F Notes
------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight of the nine
classes of residential mortgage-backed, floating-rate pass-through
notes issued by BNY Trust Co. of Australia Ltd. as trustee of Think
Tank Residential Series 2026-1 Trust.

Think Tank Residential Series 2026-1 Trust is a securitization of
loans to residential borrowers, secured by first-registered
mortgages over Australian residential properties originated by
Think Tank Group Pty Ltd. (Think Tank).

The ratings S&P has assigned to the floating-rate RMBS reflect the
following factors.

The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Note subordination for each class of
rate notes provide credit support. Our assessment of credit risk
considers Think Tank's underwriting standards and approval process
as well as its servicing quality.

The rated notes can meet timely payment of interest and ultimate
payment of principal under the rating stresses. Key rating factors
are the level of subordination provided, the provision of a
liquidity facility, the principal draw function, the yield reserve,
and the provision of an extraordinary expense reserve. S&P said,
"Our analysis is on the basis that the rated notes are fully
redeemed via the principal waterfall mechanism under the
transaction documents by their legal final maturity date, and we
assume the notes are not called at or beyond the call-option
date."

S&P said, "Our ratings also consider the counterparty exposure to
Commonwealth Bank of Australia as bank account provider and
National Australia Bank Ltd. as liquidity facility provider. The
transaction documents for the facilities include downgrade language
consistent with our counterparty criteria."

  Ratings Assigned

  Think Tank Residential Series 2026-1 Trust

  Class A1-S, A$225.00 million: AAA (sf)
  Class A1-L, A$390.00 million: AAA (sf)
  Class A2, A$73.50 million: AAA (sf)
  Class B, A$21.75 million: AA (sf)
  Class C, A$19.875 million: A (sf)
  Class D, A$8.25 million: BBB (sf)
  Class E, A$6.00 million: BB (sf)
  Class F, A$3.00 million: B (sf)
  Class G, A$2.625 million: Not rated


WINEMASTERS SOUTH: Calls In Administrators After Failed Sale Bid
----------------------------------------------------------------
NT News reports that Winemasters South Australia has entered
voluntary administration following a failed bid to sell the
business.  NT News says the South Australian company appointed
administrators as the regional wine industry faces what experts
describe as a "brutal" structural adjustment.

According to NT News, Riverland Wine Industry chair Brigid Nolan
said the closure is part of an "avalanche" of collapses affecting
the region, where production is down approximately 20% to 24%.


WINEMASTERS SOUTH: First Creditors' Meeting Set for April 23
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Winemasters
South Australia Pty Ltd will be held on April 23, 2026, at 11:00
a.m. via videoconference facilities only.

Brent Kijurina and David Trim of Hall Chadwick were appointed as
administrators of the company on April 14, 2026.




=========
C H I N A
=========

CHINA EVERGRANDE: EV Bankruptcies Leave Over US$2 Billion in Debt
-----------------------------------------------------------------
Caixin Global reports that the three primary manufacturing bases of
Hong Kong-listed China Evergrande New Energy Vehicle Group Ltd.
have all entered bankruptcy proceedings, with nearly CNY18 billion
(US$2.6 billion) in confirmed debt.

Caixin relates that the dismantling of the electric-vehicle (EV)
unit closes the final chapter on disgraced founder Hui Ka Yan's
multi-billion-dollar automotive dream, which collapsed alongside
his real estate empire amid a severe liquidity crisis.

                       About China Evergrande

China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.

China Evergrande Group, the second largest real estate developer in
China, and certain of its affiliates sought creditor protection in
the United States under Chapter 15 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023.

Evergrande, widely known as the most leveraged company in the
world, and its affiliates are asking the U.S. Bankruptcy Court for
the Southern District of New York for recognition of foreign
proceedings as "foreign main" proceeding under Chapter 15.

Evergrande is in the midst of a highly complex restructuring of
around $20 billion in offshore debt.  In total, the Company has
more than $300 billion in liabilities.

Evergrande is incorporated in the Cayman Islands as an exempted
company with limited liability, with its principal place of
business located at 15th Floor, YF Life Centre, 38 Gloucester Road,
Wanchai, Hong Kong.  It is subject to a restructuring proceeding
entitled In the Matter of China Evergrande Group, concerning a
scheme of arrangement between Evergrande and certain Scheme
Creditors pursuant to the relevant provisions of the Hong Kong
Companies Ordinance (Chapter 622 of the Laws of Hong Kong),
currently pending before the High Court of Hong Kong (Case Number
HCMP 1091/2023.

Affiliate Tianji Holding Limited is incorporated in Hong Kong as a
limited liability company, with its principal place of business
located at 17th Floor, One Island East, Taikoo Place, 18 Westlands
Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring
proceeding entitled In the Matter of Tianji Holding Limited,
concerning a scheme of arrangement between Tianji and certain
Scheme Creditors, pursuant to the relevant provisions of the Hong
Kong Companies Ordinance and currently pending before the Hong
Kong Court (Case Number HCMP 1090/2023).

Affiliate Scenery Journey Limited is incorporated in the British
Virgin Islands as a limited liability company, with its principal
place of business located at 2nd Floor Water's Edge Building,
Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is
subject to a restructuring proceeding entitled In the Matter of
Scenery Journey Limited, concerning a scheme of arrangement between
Scenery Journey and certain Scheme Creditors, pursuant to section
179A of the BVI Business Companies Act, 2004, and currently

Pending before the High Court of the Eastern Caribbean Supreme
Court (Case sNumber BVIHCOM 2023/0076).

U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15
proceedings.

Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji.
Maples BVI is the British Virgin Island Counsel to Scenery
Journey.

On Jan. 29, 2024, a Hong Kong court ordered the liquidation of
China Evergrande Group.


CHINA EVERGRANDE: Liquidators to Pick State-Owned Firm for Talks
----------------------------------------------------------------
Bloomberg News reports that China Evergrande Group's liquidators
have selected Guangdong Provincial Tourism Holdings Co to enter
exclusive talks to acquire a majority stake in the developer's
property management unit, people familiar with the situation said,
as they try to claw back some money from one of the country's most
significant corporate collapses.

The state-owned company was picked ahead of others including
private equity firm PAG, the people said, asking not to be
identified because the information isn't public. Trustar Capital
had also been considering a bid, Bloomberg News reported in
January.  

More investors could join Guangdong Provincial Tourism if an
agreement for stake in Evergrande Property Services Group Ltd is
reached, the people said.

Hong Kong's High Court appointed Edward Middleton and Tiffany Wong
of Alvarez & Marsal as liquidators for Evergrande in 2024, three
years after the once high-flying developer spiralled downward under
liabilities that at one point reached more than US$300 billion.

China Evergrande Group holds about 51% of Hong Kong-listed
Evergrande Property Services, which offers an avenue for creditors
trying to salvage something from the Evergrande wreckage.
Evergrande Property Services jumped as much as 17% in Hong Kong on
Thursday, the biggest gain in seven months. It now has a market
value of about US$1.8 billion.

According to Bloomberg, the company said in a filing on April 14
that exclusive negotiations with a selected bidder would take place
for 30 business days. It didn't name the bidder in the Hong Kong
stock exchange filing.

Evergrande Property Services' market value is way below the highs
of around US$26 billion five years ago. Its net income in 2025
totalled CNY987 million (US$145 million) on CNY13.7 billion
revenue, Bloomberg discloses.

Bloomberg notes that Evergrande's collapse in 2021 left bondholders
and banks facing billions in losses and contributed to a prolonged
slump in China's property market. Founder Hui Ka Yan - once Asia's
second-wealthiest person - pleaded guilty this week in a Shenzhen
court to charges including fundraising fraud and bribery.  

Guangdong Provincial Tourism was established in 2014 to bring
together the southern Chinese region's top travel and hospitality
brands. The company oversees everything from five-star hotels and
major travel agencies to scenic sites and cultural media, according
to its website.

                       About China Evergrande

China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.

China Evergrande Group, the second largest real estate developer in
China, and certain of its affiliates sought creditor protection in
the United States under Chapter 15 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023.

Evergrande, widely known as the most leveraged company in the
world, and its affiliates are asking the U.S. Bankruptcy Court for
the Southern District of New York for recognition of foreign
proceedings as "foreign main" proceeding under Chapter 15.

Evergrande is in the midst of a highly complex restructuring of
around $20 billion in offshore debt.  In total, the Company has
more than $300 billion in liabilities.

Evergrande is incorporated in the Cayman Islands as an exempted
company with limited liability, with its principal place of
business located at 15th Floor, YF Life Centre, 38 Gloucester Road,
Wanchai, Hong Kong.  It is subject to a restructuring proceeding
entitled In the Matter of China Evergrande Group, concerning a
scheme of arrangement between Evergrande and certain Scheme
Creditors pursuant to the relevant provisions of the Hong Kong
Companies Ordinance (Chapter 622 of the Laws of Hong Kong),
currently pending before the High Court of Hong Kong (Case Number
HCMP 1091/2023.

Affiliate Tianji Holding Limited is incorporated in Hong Kong as a
limited liability company, with its principal place of business
located at 17th Floor, One Island East, Taikoo Place, 18 Westlands
Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring
proceeding entitled In the Matter of Tianji Holding Limited,
concerning a scheme of arrangement between Tianji and certain
Scheme Creditors, pursuant to the relevant provisions of the Hong
Kong Companies Ordinance and currently pending before the Hong
Kong Court (Case Number HCMP 1090/2023).

Affiliate Scenery Journey Limited is incorporated in the British
Virgin Islands as a limited liability company, with its principal
place of business located at 2nd Floor Water's Edge Building,
Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is
subject to a restructuring proceeding entitled In the Matter of
Scenery Journey Limited, concerning a scheme of arrangement between
Scenery Journey and certain Scheme Creditors, pursuant to section
179A of the BVI Business Companies Act, 2004, and currently

Pending before the High Court of the Eastern Caribbean Supreme
Court (Case sNumber BVIHCOM 2023/0076).

U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15
proceedings.

Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji.
Maples BVI is the British Virgin Island Counsel to Scenery
Journey.

On Jan. 29, 2024, a Hong Kong court ordered the liquidation of
China Evergrande Group.


CHINA VANKE: Seeks to Repayment Extension for CNY2BB Bond
---------------------------------------------------------
Yicai Global reports that China Vanke has put forward a proposal to
extend the payment of a CNY2 billion (USD293.3 million) note, with
the same conditions as the three bonds that were approved for
rollover in January.

Vanke plans to delay the repayment of interest and principal of 23
Vanke MTN001, a medium-term note with an interest rate of 3.11
percent, by one year to April 23, 2027, according to the proposal
published on April 14 by the bond's trustee, Bank of
Communications, Yicai relays.

Under the proposal terms, Vanke will pay CNY100,000 (USD14,670) of
principal to the account of every creditor that votes in favor, as
well as 40 percent of the remaining principal and the CNY62.2
billion (USD9.1 billion) accrued interest payable, on April 23,
while the remaining 60 percent will be extended for one year, Yicai
relates.

During the extension period, the coupon rate will remain at 3.11
percent, and any additional interest accrued will be repaid with
the principal upon maturity.

According to Yicai, the Shenzhen-based company will hold a creditor
meeting on April 17 to discuss the proposal, which requires
approval from over 90 percent of creditors.

Vanke also vowed to provide a pledge of accounts receivable from
three companies it directly or indirectly holds as credit
enhancement for the outstanding principal and interest of 23 Vanke
MTN001, Yicai relays. If the developer is unable to complete the
procedures for credit enhancement, it will provide other assets
with equivalent guarantee effectiveness as a substitute.

Yicai says Vanke proposed to roll over a CNY2 billion note and a
CNY3.7 billion note expiring at the end of last year in
mid-December. After several rejections and modifications, the
creditors unanimously approved the final extension plan on Jan. 27.
They will fall due on Dec. 15 and Dec. 28, respectively.

Moreover, Vanke also delayed the repayment of another CNY1.1
billion note, H1 Vanke 02, formerly known as 21 Vanke 02. The
company has already paid 40 percent of the principal and interest,
with the remaining 60 percent due Jan. 21, 2027.

                         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.




=========
I N D I A
=========

ALAKNANDA HYDRO: CARE Moves D Debt Ratings to Not Cooperating
-------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of
Alaknanda Hydro Power Company Limited (AHPCL) to Issuer Not
Cooperating category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       255.00     CARE D; ISSUER NOT COOPERATING;

   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category  

   Non Convertible      139.00     CARE D; ISSUER NOT COOPERATING;
   Debentures                      Rating moved to ISSUER NOT
                                   COOPERATING category

   Long Term Bank
   Facilities             -        Withdrawn

Rationale and key rating drivers

AHPCL has not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. In line with extant Securities
and Exchange Board of India (SEBI) guidelines, CARE Ratings Limited
(CareEdge Ratings) has reviewed the ratings on AHPCL bank
facilities, which 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).

Ratings assigned to the bank facilities of AHPCL, which is
operating a 330 MW hydro-electric power project in the state of
Uttarakhand, factors in pending settlement of dues to Phoenix ARC
Private Limited (Phoenix ARC), to which the debt was assigned from
the Edelweiss group of lenders ('the lender group') in October
2024. The rating also takes note of the invocation of pledge of 40%
shares of AHPCL by the lender group whose value, as estimated by
the management, is more than the outstanding debt.

The management has indicated that the liability remains unresolved
as the management control of its parent, GVKEL, has been
transferred to resolution professional (RP) after admission of
insolvency proceedings against it by the Hyderabad bench of the
National Company Law Tribunal (NCLT) on May 11, 2025, thereby
limiting the possibility of releasing 40% invoked shares by Phoenix
ARC even if the outstanding settlement amount were to be paid by
AHPCL. Consequently, the Phoenix debt obligations continue to
remain in default.

Ratings continue to be constrained by weak credit profile of the
off-taker and hydrological risks associated with run-of-the-river
power generation and the absence of AHPCL's fund-based working
capital limit to manage any cash flow mismatch. However, ratings
favourably factor in the sustained healthy operational performance
in FY25 and 6MFY26, and improved debt coverage indicators. CareEdge
Ratings notes that AHPCL's long-term power purchase agreement (PPA)
backed by a cost-plus tariff
structure results in revenue visibility.

CareEdge Ratings has also withdrawn the rating assigned to the bank
loan facilities of AHPCL with immediate effect where the
outstanding Rating was at CARE C; Stable, as the company has repaid
the aforementioned bank loan facilities in full and there is no
amount outstanding under the facilities as on date. The withdrawal
is in line with CareEdge Ratings' policy of withdrawal and CareEdge
Ratings has received the respective no dues certificate (NDC) from
the lender.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Resolution of the liability towards Phoenix ARC without adverse
impact or any future recourse.

Negative factors
Not Applicable

Analytical approach: Standalone

Detailed description of key rating drivers:

At the time of last rating on April 08, 2025, the following were
the rating strengths and weaknesses (updated for the information
available)

Key weaknesses

* Pending dues transferred to Phoenix ARC remain unresolved: AHPCL
had availed non-convertible debenture (NCD) and term loan from the
Edelweiss group of lenders which had repayment due on March 31,
2022. Upon the delay in repayment, the lender group had invoked the
pledge of 40% share of AHPCL, and corporate guarantee given jointly
by GVKEL and GVK Power & Infrastructure Ltd (GVKPIL). The
management has cited that the market value of these shares stood
higher than the outstanding debt. The said exposure of Edelweiss
has been transferred to Phoenix ARC due to ongoing resolution
delays. On May 11, 2025, the Hyderabad bench of the National
Company Law Tribunal (NCLT) admitted insolvency proceedings against
GVK Energy Limited (GVKEL) under Section 7 of the Insolvency and
Bankruptcy Code (IBC), following a petition filed by IDBI Bank for
unpaid dues from the resolution process of GVK Power (Goindwal
Sahib) Limited. However, insolvency proceedings against GVKEL have
transferred its management control to resolution professional (RP),
thereby limiting the possibility of releasing 40% invoked shares by
Phoenix ARC even if the outstanding settlement amount were to be
paid by AHPCL. As of date, the Phoenix ARC amount remains in
default, with no further extension sought by GVKEL or granted by
Phoenix ARC as it is one of the creditors to have filed a claim
against GVKEL under the insolvency proceedings.

* Hydrological risks associated with run-of-the-river power
generation: Run-of-the-river hydro projects have little or no
capacity for energy storage, and hence, cannot match consumer
demand with the electricity generation. A run-of-the-river project
is thus considered an irregular source of power as it generates
more power when seasonal river flows are high and much less in
drier - winter - months. However, AHPCL has demonstrated healthy
operational performance since the commissioning of the project in
June 2015 with generation remaining above design energy levels on a
sustained basis.

Key strengths

* Revenue visibility backed by a long-term PPA with UPPCL: AHCPL
has entered long-term PPA with UPPCL for sale of 88% of the power
generated and to provide the balance 12% of power generated as free
energy to Uttarakhand. The initial term of PPA is 30 years,
extendable by another 20 years on mutually agreeable terms and
conditions between AHCPL and UPPCL. The tariff is a two-part
pass-through structure comprising capacity charge and primary and
secondary energy charge.

* Sustained healthy operating performance of the power plant in
FY25 and 6MFY26: In FY25, the company generated 1,442 million units
(MU) of electricity (FY24: 1,303 MU), achieving a plant
availability factor (PAF) of ~56% (FY24: ~53%) and plant load
factor (PLF) of ~50% (FY24: ~45%), both of which were higher than
previous fiscal.

* Leveraged capital structure and moderate debt coverage
indicators: Overall gearing significantly decreased from 1.96x at
FY24 end to 1.57x at FY25 end, on account of increase in tangible
net worth due to increased profitability & decrease in debt post
prepayment of senior debt facilities during the year. The debt
stood at INR2,496 crore at FY25 end (FY24: INR2,965 crore).
Further, EBITDA interest coverage stood lower at 1.79x for FY25
(PY: 2.38x). However, the same does not factor in NCD and ECLFL
term loan as this debt is not accounted in the books of AHPCL.

Liquidity: Poor

NCDs and Term loan of Edelweiss group of lenders which had
repayment due on March 31, 2022 continue to remain in default as
project lenders did not allow servicing of Edelweiss debt since the
same was subordinated to project term loans. The company has
encumbered cash balance of INR204 crore as on December 10, 2025,
which includes 1-quarter debt service reserve account (DSRA),
1-quarter expense reserve, and debenture redemption reserve as
stipulated in sanction terms. This apart, AHPCL is also maintaining
free cash and bank balance of INR~258 crore.

AHPCL is a special purpose vehicle (SPV) promoted by the GVK group.
The company has set up a 330 MW (4 × 82.5) run-oftheriver
hydroelectric power project on Alaknanda River at Shrinagar,
Uttarakhand. The company commenced commercial operations from June
21, 2015 (as against original scheduled commercial operations date
[COD] of the project of July 31, 2011). AHPCL has signed PPA with
UPPCL for selling 88% of the power generated and the balance is
provided as free energy to State of Uttarakhand.


ALLETARE BUILDS: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Alletare
Builds Private Limited (ABPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       10.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated January 31, 2025, placed the rating(s) of ABPL under the
'issuer non-cooperating' category as ABPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. ABPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 17, 2025, December 27, 2025, January 6, 2026 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Alletare Builds Private limited (ABPL) was incorporated in
September, 2018 as a Private limited company, by Mrs. Rizwana Yusuf
Mithaiwala and Mr. Mansoor Mithiawala to setup the business of
printing solutions viz. barcode printing, multicolor printing
labels, printing with lamination and UV varnishing and foil
stamping which find its application in various industries viz.
Beverage, Cosmetic, Confectionary, FMCG, Oil & Lubricant,
Pharmaceutical etc.


ETCO DENIM: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Etco Denim
Private Limited (EDPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     246.45       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/         112.99       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank     29.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category  

Rationale and key rating drivers

CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated January 22, 2025, placed the rating(s) of EDPL under the
'issuer non-cooperating' category as EDPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. EDPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 8, 2025, December 18, 2025, December 28, 2025 among
others. In line with the extant SEBI guidelines, CareEdge Ratings
has reviewed the rating on the basis of the best available
information which however, in CareEdge Ratings opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

EDPL was established in the year 2005 by Mr Ramesh D Shah who is
the promoter of the company. The company is in the business of
spinning, yarn dyeing, denim fabric weaving and finishing. During
May 2013, EDPL made a capex for backward integration and
commissioned a plant for manufacturing denim from cotton bales. The
plant is located at Aliabad Industrial Area, Bijapur District,
Karnataka.


GREENKO ENERGY: Moody's Cuts CFR to Ba3 & Alters Outlook to Stable
------------------------------------------------------------------
Moody's Ratings has downgraded Greenko Energy Holdings' (GEH)
corporate family rating to Ba3 from Ba2. At the same time, Moody's
have downgraded the backed senior unsecured ratings of Greenko
Power II Limited (GPII) and Greenko Wind Projects (Mauritius) Ltd
(GWPM) to Ba3 from Ba2. The outlook on all ratings has been changed
to stable from negative.

The rating action reflects Moody's expectations that GEH's credit
metrics will remain at levels commensurate with a B2 standalone
profile for longer than previously expected, reflecting an extended
timeline for the construction and ramp-up at its major pumped hydro
storage projects and the restoration of Teesta III, a 1.2 gigawatt
(GW) hydropower project in the state of Sikkim, India. While the
company has demonstrated the technical capability of its first
pumped hydro storage project (PHSP) in Andhra Pradesh, India (AP
PHSP) to generate revenue to date, primarily through spot-market
arbitrage operations, the pace of operationalization of contracted
arrangements has been slower than expected, constraining the
project's ability to realize more predictable contracted revenues.


RATINGS RATIONALE

The rating action reflects execution delays across several
large-scale capital expenditure projects, as well as the slower
than expected ramp-up of revenues from AP PHSP. Teesta III remains
under reconstruction, with commissioning of its first phase now
expected to occur later than earlier guidance due to challenges
posed by adverse weather conditions according to GEH management.
The project had previously been targeted for completion by the end
of March 2026. At AP PHSP, only a limited portion of the contracted
storage capacity has been operationalized to date, while the
remaining capacity continues to generate revenue primarily through
spot-market arbitrage. Moody's base case scenario factors in
lengthier construction timelines at the other three PHSPs currently
being developed, such that the next PHSP will not likely be
generating revenue until fiscal year (FY) 2028, which ends in March
2028.

As a result, Moody's expects GEH's funds from operations (FFO)/net
debt to remain below the 1%–2% range in FY2026 and FY2027, with a
slower recovery trajectory than previously anticipated. While
improvement is expected from FY2028, this remains contingent on
successful execution and timely commissioning of ongoing projects.

GEH's Ba3 rating continues to incorporate a two-notch uplift,
reflecting expected support from its majority shareholder, GIC
Private Limited (GIC), which is a sovereign wealth fund of
Singapore (Aaa stable) and owns a 58% stake in GEH. The uplift is
underpinned by Moody's expectations that GIC has strong willingness
and capacity to support GEH in case of need.  

The Ba3 ratings of the two bonds issued by GPII and GWPM reflect
the unconditional and irrevocable guarantee by GEH over the bond
obligations, as well as the fundamental credit quality of the
operating projects in the respective restricted groups – RG4 and
RG5 – funded by the bond proceeds. A sustained and material
improvement in the underlying credit profile of the restricted
groups could lead to a recalibration of the bond ratings. RG4 owns
and operates approximately 2.2 GW of operational renewable
capacity, while RG5 owns and operates 1.68 GW of storage capacity
under the AP PHSP currently being ramped up.  

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The stable outlook reflects Moody's expectations that GEH's credit
quality is appropriately positioned at the Ba3 level, with
execution risks from large capex projects adequately captured, and
continued strong shareholder support, particularly from GIC.

Moody's could upgrade the ratings if GEH demonstrates sustained
improvement in credit metrics and reduced execution risk, including
progress in capex project development and stabilization, alongside
the restoration of Teesta III, such that FFO/net debt sustainably
recovers to above around 1%–2%.

Moody's could downgrade the ratings if GEH faces major execution
challenges or higher-than-expected debt-funded capital spending,
potentially due to significant cost overruns or new capex projects;
or if shareholder support weakens, as evidenced by a meaningful
reduction in GIC's shareholding or a failure to provide timely
equity support in a stress scenario.

LIST OF AFFECTED RATINGS

Downgrades:

Issuer: Greenko Energy Holdings

LT Corporate Family Rating, Downgraded to Ba3 from Ba2

Outlook, Changed To Stable From Negative

Issuer: Greenko Power II Limited

Backed Senior Unsecured (Foreign Currency), Downgraded to Ba3 from
Ba2

Outlook, Changed To Stable From Negative

Issuer: Greenko Wind Projects (Mauritius) Ltd

Backed Senior Unsecured (Foreign Currency), Downgraded to Ba3 from
Ba2

Outlook, Changed To Stable From Negative

The principal methodology used in these ratings was Unregulated
Utilities and Power Companies published in August 2025.

There is a difference between the indicated outcome produced by the
scorecard and the rating assigned of two notches, reflecting
expected support for GEH from its majority shareholder GIC.

Greenko Energy Holdings (GEH), a Mauritius-based renewable energy
company, owns and operates a diversified portfolio of wind, solar
and hydro power assets in India. As of September 2025, the company
had total consolidated installed capacity of approximately 6.7 GW
of renewable energy projects and 1.68 GW of pumped hydro storage
projects. GEH is also developing multiple pumped hydro storage
projects with a total capacity of 5.32 GW. In addition, GEH is in
the process of commissioning a 1.5 GW solar project, of which
approximately 0.2 GW is already operational.

Greenko Power II Limited and Greenko Wind Projects (Mauritius) Ltd
are indirectly wholly owned subsidiaries of GEH and are restricted
subsidiaries within their respective restricted groups.


HOME CONCIERGE: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Home Concierge Move Easy Private Limited
        #1302, Tower-3,
        ONE International Center,
        Senapati Bapat Marg,
        Elphinstone Road (West),
        Mumbai - 400013,
        Maharashtra, India

Liquidation Commencement Date: March 31, 2026

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Rahul Drolia
            A-406, Shalibhadra Apartment,
            Datta Mandir Road,
            Malad (East), Mumbai, 400097
            Tel: 90224 95856
            Email: rahuldrolia@gmail.com

Last date for
submission of claims: April 29, 2026


ICON CARS: CARE Keeps C Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Icon Cars
Private Limited (ICPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.95       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      1.30       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated February 4, 2025, placed the rating(s) of ICPL under the
'issuer non-cooperating' category as ICPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. ICPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 21, 2025, December 31, 2025, January 10, 2026 among
others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Lucknow (Uttar Pradesh) based Icon Cars Private Limited (ICPL) is
promoted by Mr. Pawan Kumar Garg and Mr. Aditya Garg in January,
2016. ICPL is engaged in the dealership of passenger vehicles of
Honda Company India Limited (HCIL) on Sitapur Road, NH-24- Lucknow.
The operations of the company commenced in August, 2016. Company
also undertakes servicing of passenger vehicle work. ICPL is
another group of Standard Surfactants Limited, managed by Mr. Pawan
Kumar Garg.


JAGRATI TRADE: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jagrati
Trade Services Private Limited (JTSPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/Short      0.50       CARE D/CARE D; ISSUER NOT
   Term Bank                       COOPERATING; Rating continues
   Facilities                      to remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank      4.40       CARE D; 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 February 26, 2025, placed the rating(s) of JTSPL under the
'issuer non-cooperating' category as JTSPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. JTSPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
January 12, 2026, January 22, 2026, February 2, 2026, among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, CareEdge 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

JTSPL was incorporated on September 11, 1986, by Mr. Jagdish Sarda
and Mr. Krishna Chandra Senapati, based out of Kolkata, West
Bengal. Since inception, the company is engaged in trading of raw
jute primarily in the state of West Bengal and the entity is
located at Kolkata. Further, JTSPL is also engaged in trading of
shares and it also derives revenue from money lending activities to
corporate entities.


JCT LIMITED: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of JCT
Limited (JL) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     119.19       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     74.58       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated January 23, 2025, placed the rating(s) of JL under the
'issuer non-cooperating' category as JL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. JL continues to be non-cooperative despite repeated
requests for submission of information through emails dated
December 9, 2025, December 19, 2025, December 29, 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

JCT Limited (JL) was incorporated as Jagatjit Cotton Textile Mills
Limited in October 1946 and subsequently renamed to JL in 1989. JL
is the part of Punjab based Thapar group. JL is engaged in
manufacturing of cotton, synthetic & blended fabrics, and nylon
filament yarn at its integrated textile facility in Phagwara
(Punjab) and filament yarn facilities in Hoshiarpur (Punjab). JL
has installed capacity of 1,50,000 meters per day of cotton/blended
fabrics and 50,000 meters per day of synthetic fabrics at its plant
at Phagwara and 16000 Tonnes Per Annum (TPA) of nylon filament yarn
at Hoshiarpur plant.


LAKSHMI PRECISION: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Lakshmi
Precision Screws Limited (LPSL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      115.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      77.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated January 23, 2025, placed the rating(s) of LPSL under the
'issuer non-cooperating' category as LPSL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. LPSL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 9, 2025, December 19, 2025, December 29, 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

Lakshmi Precision Screws Limited (LPSL) was incorporated in
December 1968 as a private limited company. Subsequently, the
company was reconstituted as a public limited company in 1972. LPSL
is engaged in the manufacturing of high-tensile fasteners. The
company currently has four manufacturing units, three are situated
in Rohtak and one in Gurugram, Haryana. The company caters to
various sectors such as wind Energy, Oil & Gas, Locomotives,
Automobiles, Agriculture Equipment (tractors) and different
industrial requirements.


N.V. KHAROTE: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of N.V.
Kharote Constructions Private Limited (NKCPL) continue to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      7.83       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated February 27, 2025, placed the rating(s) of NVKCPL under the
'issuer non-cooperating' category as NVKCPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. NVKCPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
January 13, 2026, January 23, 2026, February 2, 2026 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not applicable

Pune (Maharashtra) based NVKCPL, incorporated in 1997 was promoted
by Mr. Ratnakar Narhar Kharote and Mr. Sanjay Narhar Kharote. The
company is engaged in construction of canals and other irrigation
projects for various government departments like Water Resources
Department and Municipal Corporations. NVKCPL is a registered
government contractor {Class- I-A (Without Limit)} with Public
Works Department.


PATIALA DISTILLERIES: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of  Patiala
Distilleries And Manufacturerslimited (PDML) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      0.35       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated February 6, 2025, placed the rating(s) of PDML under the
'issuer non-cooperating' category as PDML had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. PDML continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 23, 2025, January 2, 2026, January 12, 2026 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Patiala Distillers and Manufacturers Limited (PDML) is a closely
held public limited company incorporated in Nov-1974. The company
is currently being managed by the directors- Mr. Sudarshan Kumar
Modi, Mr. Sanjeev Kumar Modi, Mr. Tarun Kumar Modi, Mr. Kewal
Aggarwal and Mr. Virendra Swarup Agarwal. The company is engaged in
the manufacturing of rectified spirit (RS) and extra neutral
alcohol (ENA) and sells it in the form of Country Liquor (CL) and
India Made Foreign Liquor (IMFL).


PRAGAT AKSHAY: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Pragat
Akshay Urja Limited (PAUL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      2.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated January 28, 2025, placed the rating(s) of PAUL under the
'issuer non-cooperating' category as PAUL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. PAUL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 14, 2025, December 24, 2025, January 3, 2026 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Indore-based (Madhya Pradesh) Pragat Akshay Urja Limited (PAUL,
CIN: U29190MP2009PLC021620) was incorporated in 2009 by Mr Satish
Jain, Mr Rakesh Jain, Mr Prakash Chandra Jain and Mr Anjesh Jain.
PAUL is engaged in manufacturing of photovoltaic solar Modules,
solar cooker, solar lights and home light system. PAUL is also
engaged in complete System Integration (SI) Business for government
departments.


RAVJI MANJI: CARE Keeps C Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ravji
Manji Sorathia and Company (RMSC) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.00       CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term          10.00       CARE A4; ISSUER NOT
   Bank 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 February 7, 2025, placed the rating(s) of RMSC under the
'issuer non-cooperating' category as RMSC had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. RMSC continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 24, 2025, January 3, 2026, January 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 opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Gandhidham based Ravji Manji Sorathia and Co (RMSC) was promoted by
Mr. Ravji Manji Sorathia as proprietorship concern in 1990. The
firm was reconstituted as a partnership concern in 2004. RMSC is
engaged into building road and construction work and undertakes
contracts of government departments as well as private entities; it
also undertakes road construction work, commercial buildings, and
civil construction works. RMSC is "AA class" approved Government of
Gujarat (GOG) contractor and has executed contracts for various
reputed public as well as private organizations.


REAL CONSTRUCTIONS: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Real
Constructions (RC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated February 11, 2025, placed the rating(s) of RC under the
'issuer non-cooperating' category as RC had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. RC continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 28, 2025, January 7, 2026, January 17, 2026 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Karimnagar based, Real Constructions (RC) was established in 2003
as a partnership firm by Mr. Md. Kamaluddin and his family members
as partners of the firm. The firm has its registered office located
at Mukharampuram, Karimnagar. RC is engaged in civil construction
works such as constructing road ways, State and National Highways
and bridges. The firm gets the 100% of its contracts from
Government organizations (State and Central) through tenders.


RUPAM INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rupam
Industries (RI) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.04       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated February 17, 2025, placed the rating(s) of RI under the
'issuer non-cooperating' category as RI had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. RI continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
January 3, 2026, January 13, 2026, January 23, 2026 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Indore (Madhya Pradesh) based Rupam Industries (RI) was formed in
1969 as a proprietorship concern by Mr. Ramesh Chand Bansal and
carries the business of manufacturing and trading of HDPE and PVC
Pipes, Motor pumps and other agricultural allied instruments.
Further, in 2003, it converted into partnership concern and Mr
Vinay Bansal and Ms Shashikala Bansal joined the firm as partners
with sharing profit & loss equally. Its manufacturers PVC and HDPE
pipes in different sizes from its manufacturing facility located at
New Siyaganj, Indore.


S.M. AUTOPARTS: CARE Lowers Rating on INR10cr LT Loan to B-
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
S.M. Autoparts Private Limited (SAPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Downgraded from CARE B; Stable

Rationale and key rating drivers

CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated January 30, 2025, placed the rating(s) of SAPL under the
'issuer non-cooperating' category as SAPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SAPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 16, 2025, December 26, 2025, January 5, 2026, among
others. In line with the extant SEBI guidelines, CareEdge Ratings
has reviewed the rating on the basis of the best available
information which however, in CareEdge Ratings opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings assigned to the bank facilities of SAPL have been
revised on account of non-availability of requisite information.

Analytical approach: Standalone

Outlook: Stable

Varanasi (Uttar Pradesh) based S.M. Autoparts Private Limited
(SAPL), incorporated in 2009 is promoted by Mr Mohit Jain and Mr.
Amit Jain. SAPL is an authorized distributor of Tata Motors Limited
in Uttar Pradesh (Varanasi, Allahabad, Gorakhpur and Lucknow) for
spare parts of Light Commercial Vehicle, Medium Commercial Vehicle
and High Commercial Vehicle. The customer base comprises of state
transport units, authorized service centers and retailers.


S.R.V. KNITS: CARE Lowers Rating on INR9.50cr LT Loan to B
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
S.R.V. Knits Exports (SKE), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           9.50       CARE B; Stable; ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Downgraded from CARE B+; Stable


   Short Term Bank
   Facilities           8.50       CARE A4; ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated February 12, 2025, placed the rating(s) of SKE under the
'issuer non-cooperating' category as SKE had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SKE continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 29, 2025, January 8, 2026, January 18, 2026 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings assigned to bank facilities of SKE have been revised on
account of non-availability of requisite information.

Analytical approach: Standalone

Outlook: Stable

S.R.V. Knits Exports (SKE) is promoted by Shri S Balusamy as a
proprietorship concern in the year 2006, which is vertically
integrated, from knitting to fabric finishing, printing, embroidery
and sewing. SKE is a 100% percent export Government recognized,
WRAP Certified hosiery garments manufacturer & exporter based at
Tirupur, Tamilnadu. The firm produces high fashion T-shirts,
sweatshirts, nightwear, sleepers, body suits, etc.


S.S. KHARDEKAR: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of S.S.
Khardekar India Private Limited (SKIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      17.17       CARE D; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated February 27, 2025, placed the rating(s) of SKIPL under the
'issuer non-cooperating' category as SKIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SKIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
January 13, 2026, January 23, 2026, February 2, 2026 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not applicable

Incorporated in 2014, S.S. Khardekar India Private Limited (SKIPL)
based in Pune has been engaged in the business of manufacturing of
foundry products. The manufacturing facility of SKIPL is located at
Sanaswadi, Pune.


SAI SWARUPA: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Sai
Swarupa Seeds Private Limited (SSSSPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated January 27, 2025, placed the rating(s) of SSSSPL under the
'issuer non-cooperating' category as SSSSPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SSSSPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 23, 2025, January 2, 2026, April 2, 2026 among others. In
line with the extant SEBI guidelines, CareEdge Ratings has reviewed
the rating on the basis of the best available information which
however, in CareEdge Ratings' opinion is not sufficient to arrive
at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Sri Sai Swarupa Seeds Private Limited (SSSSPL) incorporated in
February 2009 belongs to KPR group of companies promoted by Mr. K
Papa Reddy. SSSSPL is engaged in processing Paddy, Cotton, Maize,
Sunflower, Pulses and Vegetable seeds at its seeds processing plant
located at Warangal, Andhra Pradesh. SSSSPL caters to Andhra
Pradesh and Telangana region through the well-established
distribution network of KPR Agrochem Limited, the holding company.


SAVAIR ENERGY: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Savair
Energy Limited (SEL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      21.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/          47.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated February 3, 2025, placed the rating(s) of SEL under the
'issuer non-cooperating' category as SEL had failed to provide
information for monitoring of the rating and as agreed to in its
Rating Agreement. SEL continues to be non-cooperative despite
repeated requests for submission of information through e-mails
dated December 20, 2025, December 30, 2025, January 9, 2026 among
others. In line with the extant SEBI guidelines, CareEdge Ratings
has reviewed the rating on the basis of the best available
information which however, in CareEdge Ratings opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Incorporated in the year 2001 by the name of Energy Logistics
Private Limited, the Company was subsequently renamed as Savair
Energy Limited (SEL). SEL is promoted by Mr. Saji Antony who is a
Mechanical Engineer by qualification and has worked in various Oil
& Gas companies for 20 years before starting the business in 2001.
The company now focuses in providing EPC services in the Energy and
Infrastructure space, SKID & Packages for the Air filtering, fuel
filtering, Gas Conditioning and Heat
Exchanges systems, project management consultancy in the field of
Energy & Infrastructure. The manufacturing facility is located in
Ambernath MIDC.


SBI MACQUARIE INFRA TRUSTEE: Voluntary Liquidation Case Summary
---------------------------------------------------------------
Debtor: SBI Macquarie Infrastructure Trustee Private Limited
        92, Level 9, 2 North Avenue,
        Maxer Maxity,
        Bandra Kurla Complex,
        Bandra (East), Mumbai,
        Maharashtra, India, 400051

Liquidation Commencement Date: April 1, 2026

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Pranav J. Damania
            407, Sanjar Enclave,
            Opposite Milap Cinema,
            S.V Road, Kandivali West,
            Mumbai - 400067
            Tel: +91 98204 69825
            Email: pranav@winadvisors.co.in

Last date for
submission of claims: May 1, 2026


SHREEMAAVAISHNAVI AGRI: CARE Keeps D Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Shreemaavaishnavi Agri Producer Company Limited (SAPCL) continues
to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.95       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated February 20, 2025, placed the rating(s) of SAPCL under the
'issuer non-cooperating' category as SAPCL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SAPCL continues to be non-cooperative
despite repeated requests for submission of information through
e-mails dated January 6, 2026, January 16, 2026, January 26, 2026,
among others. In line with the extant SEBI guidelines CareEdge
Ratings has reviewed the rating on the basis of the best available
information which however, in CareEdge Ratings opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Shreemaavaishnavi Agri Producer Company Limited (SAPCL) based out
of Madhya Pradesh was incorporated in 2016. It is engaged in the
trading of agricultural commodities including Wheat, Soyabean, and
Chana etc. During FY17, the company undertook a project for
establishing a dall processing mill with an installed capacity of
720 tonne per day. The company purchases raw-material directly from
the farmers and sells its products all over India under the brand
name of "SMVAP".


STERLING GLOBAL: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sterling
Global Oil Resources Private Limited (SGORPL) continues to remain
in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     6,390.83     CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated January 30, 2025, placed the rating(s) of SGORPL under the
'issuer non-cooperating' category as SGORPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SGORPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 16, 2025, December 26, 2025, January 5, 2026 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, CareEdge 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

SGORPL is the energy arm of the erstwhile Sandesara Group headed by
Mr. Nitin Sandesara. The Sandesara group had harboured diversified
business interests ranging from Oil & Gas, Pharmaceuticals,
Healthcare Engineering, Infrastructure, Onshore rigs, Seismic
studies and Oil trading.


STERLING OIL: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sterling
Oil Exploration & Energy Production Company Limited (SOEEPCL)
continues to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     4,649.55     CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated January 22, 2025, placed the rating(s) of SEEPCO under the
'issuer non-cooperating' category as SEEPCO had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SEEPCO continues to be noncooperative despite repeated
requests for submission of information through e-mails dated
December 8, 2025, December 18, 2025, December 28, 2025 among
others. In line with the extant SEBI guidelines, CareEdge Ratings
has reviewed the rating on the basis of the best available
information which however, in CareEdge Ratings' opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

SEEPCO is a step-down subsidiary of Sterling Oil Resources Limited
(SORL) rate 'CARE D; ISSUER NOT COOPERATING' and is into
development and production of crude oil in OML 143 block of
Nigeria. SORL is the energy arm of the erstwhile Sandesara Group
headed by Mr. Nitin Sandesara. The Sandesara group had harboured
diversified business interests ranging from Oil & Gas,
Pharmaceuticals, Healthcare Engineering, Infrastructure, Onshore
rigs, Seismic studies and Oil trading. However, the company
defaulted on about Rs.6000 crore loans between 2006 and 2011. In
October 2017, CBI filed two cases against Sandesara Group's
management under Prevention of Corruption Act and Prevention of
Money Laundering Act, 2002.


TRIPURASHWARI AGRO: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Tripurashwari Agro Product Private Limited (TAPPL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated January 28, 2025, placed the rating(s) of TAPPL under the
'issuer non-cooperating' category as TAPPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. TAPPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 14, 2025, December 24, 2025, January 3, 2026 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Incorporated in 2012, Tripurashwari Agro Products Private Limited
has been engaged in the business of rice milling & processing.
Presently the company owns a unit in Khayerpur (Tripura) through
which it carries out its operations. The day to day affairs of the
company are looked after by Mr. Rakesh Saha with adequate support
from other directors along with a team of experienced personnel.


URJA AUTOMOBILES: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Urja
Automobiles Private Limited (UAPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.81       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated February 4, 2025, placed the rating(s) of UAPL under the
'issuer non-cooperating' category as UAPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. UAPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 21, 2025, December 31, 2025, January 10, 2026, among
others. In line with the extant SEBI guidelines, CareEdge Ratings
has reviewed the rating on the basis of the best available
information which however, in CareEdge Ratings opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Urja Automobiles Private Limited (UAPL) was incorporated during
February 2013 by Mr. Rahul Kumar of Danapur in Patna. Subsequently,
the company started to initiate an auto dealership business and has
setup a selling and servicing facility at Saguna in Danapur. The
company has entered into dealership authority from Nissan Motor
India Pvt. Ltd. (NMIPL) for selling and servicing passenger
vehicles. Later on the company started sales and service facility
at other three locations in Bihar, namely, Araa, Patliputra and
Purnia. The day-to-day affairs of the company are looked after by
Mr. Rahul Kumar (Managing Director) with adequate support from
other three directors and a team of experienced personnel.


VISHWA SAMANYU: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Vishwa
Samanyu Projects Private Limited (VSPPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      38.58       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated January 28, 2025, placed the rating(s) of VSPPL under the
'issuer non-cooperating' category as VSPPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. VSPPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 14, 2025, December 24, 2025, January 3, 2026 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Navayuga Real Ventures Private Limited (NRVPL) is part of Hyderabad
based Navayuga group which is into all types of core infrastructure
development. NRVPL has developed office/commercial space of 2,
07,034 square feet (sft.). The area is spread across two buildings
in Hyderabad (Navayuga Vizva - Gachibowli and Navayuga Complex -
Jubilee Hills) and another in Mumbai (Universal Majestic - Bandra).
Out of total space, 1, 54, 522 sft. has been completely leased out
with 100% occupancy ratio. The balance space of 52,512 sft. (6th
and 7th floor of Navayuga Vizva) was sold by NRVPL during FY17. The
company however still undertakes the maintenance contract (CAM) for
the same and hence derives income from it. The company has changed
its name to Vishwa Samanyu Projects Private Limited (VSPPL) since
December 11, 2020.


YASHODA COLD: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Yashoda
Cold Storage Private Limited (YCSPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.87       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated February 3, 2025, placed the rating(s) of YCSPL under the
'issuer non-cooperating' category as YCSPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. YCSPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 20, 2025, December 30, 2025, January 9, 2026, among
others. In line with the extant SEBI guidelines, CareEdge Ratings
has reviewed the rating on the basis of the best available
information which however, in CareEdge Ratings' opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Farrukhabad-Uttar Pradesh based Yashoda Cold Storage Private
Limited (YCSPL) is incorporated in 2010 by Katiyar family for
providing warehousing storage facility of perishable product mainly
potatoes to nearby farmers and other players. Company's routine
operations are managed by Mr. Kuldeep Katiyar. The company is
engaged in renting of its cold storage facility for potatoes to the
local farmers in Uttar Pradesh.


ZED LIFESTYLE: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Zed Lifestyle Private Limited
        711, Shapath V S.G Road,
        Prahlad Nagar, Ahmedabad,
        Gujarat, India, 380015

Liquidation Commencement Date: April 1, 2026

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Vivek G. Gaggar
            B-1101, Evoke,
            Arkade Art, Vinay Nagar,
            Mira Road East,
            Thane - 401107
            Tel: +91 80975 66838
            Email: vivek.gaggar@nvrandco.com
                   zedvolliq@gmail.com

Last date for
submission of claims: May 1, 2026




=========
J A P A N
=========

EV MOTORS: Files for Bankruptcy Protection
------------------------------------------
Nippon.com reports that an electric vehicle sales company based in
the city of Kitakyushu, Fukuoka Prefecture, southwestern Japan, has
filed for bankruptcy protection with Tokyo District Court under the
civil rehabilitation law.

The application, filed April 14, was accepted immediately, EV
Motors Japan Co. said the same day. Liabilities left by EVMJ
totaled JPY5.7 billion, Nippon.com discloses.

According to Nippon.com, EVMJ faced poor new EV sales and ran into
funding difficulties, after the company conducted a recall
following the discovery of problems in vehicles including electric
buses that were supplied to subway and bus operator Osaka Metro Co.
for the 2025 World Exposition in the western Japan city of Osaka.

Osaka Metro stopped using all of the buses and notified EVMJ of the
cancellation of their contract.

Nippon.com relates that EVMJ said it hopes to promptly find a
sponsor to facilitate its business rehabilitation. "We sincerely
apologize for the great inconvenience we have caused," the company
said.

EV Motors Japan Co. develops and sells electric buses and electric
trucks for domestic use in Japan.


SOFTBANK GROUP: S&P Rates Proposed Senior Unsecured Notes 'BB+'
---------------------------------------------------------------
S&P Global Ratings has assigned its 'BB+' issue credit rating to
SoftBank Group Corp.'s (BB+/Negative/--) proposed senior unsecured
notes. The proposed U.S.-dollar denominated notes and
euro-denominated notes differ in maturities and base interest
rates.

The issue rating on the proposed notes is equal to the long-term
issuer credit rating on the company. This is because S&P estimates
the company's priority debt ratio (the sum of an issuer's total
secured debt, including margin loans, divided by the issuer's total
debt) is significantly below 50%. That is the threshold for us to
consider notching down the issue rating to reflect risk arising
from structural subordination of the debt.

The proposed notes have a limited impact on SoftBank Group's credit
quality. The company will use the proceeds to redeem some of its
existing bonds. It will also use the proceeds to refinance bridge
loans to fund investment in OpenAI Group PBC. S&P said, "In the
next year or so, we forecast the company's loan-to-value ratio (as
we calculate it) will remain about 35%, which is a threshold for us
to consider a downgrade. We estimate the ratio was about 33% as of
the end of March 2026. This is because the share price of Arm
Holdings PLC improved while the investment commitment in OpenAI was
added."

S&P's issuer credit rating on SoftBank Group is based on its view
that:

-- The company has considerable assets of more than $300 billion
(about JPY45 trillion) under management as an investment holding
company.

-- The company will likely maintain the asset liquidity of its
investment portfolio at a certain level, holding Arm and other
listed assets available for sale.

-- The company maintains a high amount of cash on hand and will
likely manage key financial indicators such as the LTV ratio with a
degree of financial discipline.

S&P said, "The negative outlook reflects our view that SoftBank
Group's large follow-on investment in OpenAI means it will take
longer than we had assumed for the company to restore the liquidity
and quality of its investment assets. The company may take measures
to ease its financial burden, such as selling assets, but we
believe the timing and scale of those measures remain uncertain."




=====================
N E W   Z E A L A N D
=====================

DC BUILDERS: Creditors' Proofs of Debt Due on May 12
----------------------------------------------------
Creditors of DC Builders NZ Limited and Riley Roofing Limited are
required to file their proofs of debt by May 12, 2026, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on April 13, 2026.

The company's liquidators are:

          Steven Khov
          Kieran Jones
          Khov Jones Limited
          PO Box 302261
          North Harbour
          Auckland 0751


MILTOWN PROPERTIES: Court to Hear Wind-Up Petition on May 8
-----------------------------------------------------------
A petition to wind up the operations of Miltown Properties Limited
will be heard before the High Court at Auckland on May 8, 2026, at
10:45 a.m.

Nova Energy Limited filed the petition against the company on March
16, 2026.

The Petitioner's solicitor is:

          Jeffrey Gray Ussher
          United Legal Limited, Lawyers
          110 Carlton Gore Road
          Newmarket, Auckland 1023


RAY WHITE: 3 Auckland Agencies Go Into Liquidation Owing NZD5.3MM
-----------------------------------------------------------------
NZ Herald reports that three Auckland real estate agencies that
traded under Ray White have been placed into liquidation, owing
more than NZD5 million to creditors, including Inland Revenue.

NZ Herald relates that City Realty, City Realty Sandringham and
City Realty Wynyard Quarter were placed into liquidation on April
1, with Bryan Williams of BWA Insolvency appointed as liquidator.

Ray White New Zealand is the country's largest real estate group,
offering franchise opportunities designed for business ownership
with comprehensive support, including marketing, technology, and
training. Franchisees operate independently under the Ray White
brand, covering residential, commercial, and rural sectors with a
growing emphasis on property management.


TOFA BUILDERS: Creditors' Proofs of Debt Due on May 15
------------------------------------------------------
Creditors of Tofa Builders Limited and Ascend Advisory Limited are
required to file their proofs of debt by May 15, 2026, to be
included in the company's dividend distribution.

Tofa Builders commenced wind-up proceedings on April 10, 2026.

Ascend Advisory commenced wind-up proceedings on April 12, 2026.

The company's liquidator is:

          Digby John Noyce
          RES Corporate Services Limited
          PO Box 301890
          Albany
          Auckland 0752


UTOPIAN TAUPO: Court to Hear Wind-Up Petition on May 1
------------------------------------------------------
A petition to wind up the operations of Utopian Taupo Limited will
be heard before the High Court at Auckland on May 1, 2026, at 10:45
a.m.

The Commissioner of Inland Revenue filed the petition against the
company on March 10, 2026.

The Petitioner's solicitor is:

          Cloete Van Der Merwe
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


VIDA LANDSCAPE: Creditors' Proofs of Debt Due on May 29
-------------------------------------------------------
Creditors of Vida Landscape Solutions Limited, Garden Rangers
Limited and Abdullah Civil & Transport Limited are required to file
their proofs of debt by May 29, 2026, to be included in the
company's dividend distribution.

Vida Landscape Solutions commenced wind-up proceedings on April 9,
2026.

Garden Rangers Limited commenced wind-up proceedings on April 10,
2026.

Abdullah Civil & Transport commenced wind-up proceedings on April
14, 2026.

The company's liquidators are:

          Derek Ah Sam
          Paul Vlasic
          Rodgers Reidy (NZ)
          PO Box 45220
          Te Atatu
          Auckland 0651




=================
S I N G A P O R E
=================

KLOUDWORK PRIVATE: Court to Hear Wind-Up Petition on May 8
----------------------------------------------------------
A petition to wind up the operations of Kloudwork Private Ltd will
be heard before the High Court of Singapore on May 8, 2026, at
10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
April 7, 2026.

The Petitioner's solicitors are:

          Shook Lin & Bok LLP
          1 Robinson Road
          #18-00, AIA Tower
          Singapore 048542


RUBY 2 INVESTMENT: Creditors' Proofs of Debt Due on May 18
----------------------------------------------------------
Creditors of Ruby 2 Investment Pte. Ltd., Ruby 3 Investment Pte.
Ltd., Ruby 4 Investment Pte. Ltd., and Ruby 5 Investment Pte. Ltd.
are required to file their proofs of debt by May 18, 2026, to be
included in the company's dividend distribution.

The companies commenced wind-up proceedings on April 9, 2026.

The company's liquidators are:

          Quar Lian Huat
          Lu Let Fun
          c/o Tricor Singapore  
          9 Raffles Place
          #26-01 Republic Plaza
          Singapore 048619


ZH CARS: Court Enters Wind-Up Order
-----------------------------------
The High Court of Singapore entered an order on April 10, 2026, to
wind up the operations of ZH Cars Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

          Gary Loh Weng Fatt
          Dev Kumar Harish Nandwani
          BDO Advisory
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778




=============
V I E T N A M
=============

VIET CAPITAL: Moody's Withdraws 'B3' Deposit & Issuer Ratings
-------------------------------------------------------------
Moody's Ratings has withdrawn all ratings of Viet Capital
Commercial Joint Stock Bank, including the B3 long-term (LT) and NP
short-term (ST) local currency (LC) and foreign currency (FC)
deposit and issuer ratings and the b3 Baseline Credit Assessment
(BCA) and Adjusted BCA.

Moody's have also withdrawn the bank's B2/NP LT/ST LC/FC
Counterparty Risk Ratings and B2(cr)/NP(cr) LT/ST Counterparty Risk
Assessments.

Prior to the withdrawal, the outlooks on the LT deposit and issuer
ratings were stable.

RATINGS RATIONALE

Moody's have decided to withdraw the rating(s) following a review
of the issuer's request to withdraw its rating(s).

Viet Capital Commercial Joint Stock Bank (BVBank) is headquartered
in Ho Chi Minh City and reported total assets of VND133 trillion as
of December 31, 2025.




===============
X X X X X X X X
===============

DATASEA INC: Stockholders OK Plan to Merge Into DIT Subsidiary
--------------------------------------------------------------
Datasea Inc. held a special meeting of stockholders at which
stockholders voted on two matters.

     1. To approve and adopt the Merger Agreement and Plan of
Merger by and between the Company and Datasea Intelligent
Technology Ltd., a BVI business company incorporated under the laws
of the British Virgin Islands and a wholly owned subsidiary of the
Company, pursuant to which the Company will merge with and into
DIT, with DIT as the surviving company, and all related
transactions contemplated thereby;

   For: 6,535,347

   Against: 15,306

   Abstain: 0

     2. To approve that by virtue of the Merger and upon the
effective time thereof, the 2,000,000 shares of common stock of
US$0.001 par value of the Company held by each of Zhixin Liu and Fu
Liu immediately prior to the Effective Time be converted into
2,000,000 Class B ordinary shares of DIT with no par value, and
each other share of Common Stock held by each stockholder
immediately prior to the Effective Time be converted into one Class
A ordinary share of DIT with no par value;

   For: 5,535,347

   Against: 15,306

   Abstain: 0

                          About Datasea

Headquartered in Beijing, People's Republic of China, Datasea Inc.
-- http://www.dataseainc.com-- is a technology company
incorporated in Nevada, USA, on Sept. 26, 2014, with subsidiaries
and operating entities located in Delaware, US, and China. The
company provides acoustic business services (focusing on high-tech
acoustic technologies and applications such as ultrasound,
infrasound, and Schumann resonance), 5G application services (5G AI
multimodal digital business), and other products and services to
various corporate and individual customers.

Los Angeles, California-based Kreit & Chiu CPA LLP, the Company's
auditor since 2021, issued a "going concern" qualification in its
report dated Sept. 26, 2025, attached to the Company's Annual
Report on Form 10-K for the fiscal year ended June 30, 2025, citing
that the Company has suffered recurring losses from operations,
negative working capital, and accumulated deficit, which raise
substantial doubt about its ability to continue as a going
concern.

As of December 31, 2025, the Company had $8.64 million in total
assets, $5.17 million in total liabilities, and a total
stockholders' equity of $3.47 million.


                           *********


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
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