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260420.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Monday, April 20, 2026, Vol. 29, No. 78 Headlines A U S T R A L I A ADVANCED HEALTH: First Creditors' Meeting Set for April 23 ALLIED CREDIT 2024-2: Moody's Ups Rating on Class E Notes from Ba1 BABYSKIN LASER: First Creditors' Meeting Set for April 24 BIRDSOL PTY: Goes Into Liquidation; Owes About AUD1.5 Million EAST SYDNEY PRINT: First Creditors' Meeting Set for April 23 GFG ALLIANCE: Smelter Workers Plead For Government Support KAMIKAZE COOMERA: First Creditors' Meeting Set for April 24 NAMOUR TRANSPORT: Enters Liquidation; 32 Staff Lose Jobs T.D.H.A.A PTY: First Creditors' Meeting Set for April 23 I N D I A AKSHAR COTTON: ICRA Keeps D Debt Ratings in Not Cooperating AMBICA IRON: CARE Keeps B- Debt Rating in Not Cooperating Category AMRIT HOMES: CARE Keeps D Debt Rating in Not Cooperating Category ANDHRA FERRO: ICRA Keeps D Debt Ratings in Not Cooperating Category ANNA GOWRI: Ind-ra Affirms BB on INR1,470MM Loans, Outlook Positive BAGH BAHAR: Insolvency Resolution Process Case Summary BIDFORCE BROKERS: Voluntary Liquidation Process Case Summary DOMINO'S PIZZA: Voluntary Liquidation Process Case Summary G.T. CINEMAS: CARE Keeps D Debt Rating in Not Cooperating Category GREVEK INVESTMENT: Insolvency Resolution Process Case Summary GROWELL HIRE: Liquidation Process Case Summary HARI & CO: CARE Keeps D Debt Ratings in Not Cooperating Category HUBLI COTTON: CARE Keeps D Debt Rating in Not Cooperating Category JAIPRAKASH ASSOCIATES: NCLAT Adjourns Hearing on Vedanta Plea KHANDWA INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating KIMS SUPER: CARE Keeps B- Debt Rating in Not Cooperating Category KISH EXPORTS: ICRA Withdraws D Rating on INR10cr LT Loan KRISTAL PROJECTS: Insolvency Resolution Process Case Summary KU KOO: CARE Upgrades Rating on INR26.06cr LT Loan to B+ LACEWORK SECURITY: Voluntary Liquidation Process Case Summary LET'S JUMP: Insolvency Resolution Process Case Summary LOCKTON INSURANCE: Voluntary Liquidation Process Case Summary M2 ANIMATION: Voluntary Liquidation Process Case Summary MA SARADA: ICRA Withdraws D Rating on INR4.01cr Cash Loan MADHUVAN TIEUP: Insolvency Resolution Process Case Summary MAHA ASSOCIATED: CARE Keeps D Debt Ratings in Not Cooperating METTU CHINNA: CARE Keeps D Debt Ratings in Not Cooperating MID WEST: ICRA Withdraws B Rating on INR8cr Term Loan MURLI COLD: ICRA Withdraws B+ Rating on INR10cr LT Loan NANIBALA COLD: CARE Keeps B- Debt Rating in Not Cooperating OCEAN CONSTRUCTIONS: ICRA Withdraws D Rating on INR16.50cr LT Loan ORACLE POLYMER: CARE Keeps B- Debt Rating in Not Cooperating R. R. AND COMPANY: CARE Keeps B- Debt Rating in Not Cooperating RAYMIX CONCRETE: CARE Keeps D Debt Rating in Not Cooperating RUCHI WORLDWIDE: CARE Keeps D Debt Ratings in Not Cooperating SAI SWADHIN: CARE Keeps D Debt Rating in Not Cooperating Category SENBO ENGINEERING: CARE Keeps D Debt Ratings in Not Cooperating SHIV EDIBLES: CARE Lowers Rating on INR40cr LT Loan to B- SHIV ONKAR: CARE Keeps D Debt Rating in Not Cooperating Category SMALL STREAM: Voluntary Liquidation Process Case Summary TIRUR PROJECTS: Voluntary Liquidation Process Case Summary TRANSCON BUILDCON: Insolvency Resolution Process Case Summary TUSCAN CONSULTANTS: Liquidation Process Case Summary VARDHAN AGRO: Insolvency Resolution Process Case Summary VEDANSH INFRASTRUCTURE: Insolvency Resolution Process Case Summary I N D O N E S I A BANK NEGARA: Moody's Rates New AT1 Capital Securities 'Ba3(hyb)' J A P A N [] Japan Pledges $10BB to Help SEA Countries Cope With Oil Prices M A L A Y S I A GREENPRO CAPITAL: Completes Minority Investment in Forekast Limited N E W Z E A L A N D D & P WINTER: Creditors' Proofs of Debt Due on May 12 HANDY RENTALS: Court to Hear Wind-Up Petition on April 24 INSITE TECHNOLOGY: Court to Hear Wind-Up Petition on April 30 LINDBOM FABRICATION: Creditors' Proofs of Debt Due on May 18 MCU COATINGS: Creditors' Proofs of Debt Due on June 8 S I N G A P O R E FUNDTIER PTE: Commences Wind-Up Proceedings GS HOMES: Court to Hear Wind-Up Petition on May 8 KINETIQUETTES PTE: Creditors' Meetings Set for May 11 PACIFIC HUNT: Court to Hear Wind-Up Petition on April 24 SDCL ASIA: Creditors' Proofs of Debt Due on May 18 S O U T H K O R E A HOMEPLUS CO: MegaCoffee Leads Bid as Financing Terms Shape Outcome INUS CO: Enters Corporate Rehabilitation Proceedings T H A I L A N D [] THAILAND: Bankruptcy Reform Pushed as Lifeline for Debt Crisis - - - - - ================= A U S T R A L I A ================= ADVANCED HEALTH: First Creditors' Meeting Set for April 23 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Advanced Health Intelligence Ltd (formerly "Advanced Health Insights" and "Advanced Health Intelligence") will be held on April 23, 2026, at 10:00 a.m. at the offices of BRI Ferrier Western Australia at Level 4, 673 Murray Street, in West Perth, WA and via virtual meeting technology. Giovanni Maurizio Carrello of BRI Ferrier Western Australia was appointed as administrator of the company on April 13, 2026. ALLIED CREDIT 2024-2: Moody's Ups Rating on Class E Notes from Ba1 ------------------------------------------------------------------ Moody's Ratings has upgraded the ratings on five classes of notes issued by Allied Credit ABS Trust 2024-2. The affected ratings are as follows: Issuer: Allied Credit ABS Trust 2024-2 Class B Notes, Upgraded to Aaa (sf); previously on Jul 18, 2025 Upgraded to Aa1 (sf) Class C Notes, Upgraded to Aa1 (sf); previously on Jul 18, 2025 Upgraded to Aa3 (sf) Class D Notes, Upgraded to Aa3 (sf); previously on Jul 18, 2025 Upgraded to A3 (sf) Class E Notes, Upgraded to Baa1 (sf); previously on Jul 18, 2025 Upgraded to Ba1 (sf) Class F Notes, Upgraded to Baa3 (sf); previously on Jul 18, 2025 Upgraded to Ba3 (sf) A comprehensive review of all credit ratings for the respective transaction(s) has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by an increase in note subordination available for the affected notes and the good collateral performance to date. No action was taken on the remaining rated classes in the deal as credit enhancement remains commensurate with the current rating for the respective notes. Following the March 2026 payment date, the note subordination available for the Class B, Class C, Class D, Class E, and Class F Notes has increased to 18.0%, 13.3%, 10.9%, 4.9%, and 4.0%, respectively, from 14.9%, 11.1%, 9.1%, 4.1%, and 3.4% at the time of the last rating action for these notes in July 2025. Principal collections have been distributed on a pro-rata basis among all notes (excluding Class A-X Notes) since the January 2026 payment date. Current total outstanding notes (excluding Class A-X Notes) as a percentage of the total closing balance (excluding Class A-X Notes) is 57.4%. Class A-X Notes are not collateralised and are repaid senior through the interest waterfall. As of end-February 2026, 1.7% of the outstanding pool was 30-plus days delinquent and 0.2% was 90-plus days delinquent. The portfolio has incurred 0.8% (as a percentage of the original portfolio balance) of gross losses to date, all of which have been covered by excess spread. Based on the observed performance to date and loan attributes, Moody's have decreased Moody's expected default assumption to 3.3% of the outstanding pool balance (equivalent to 2.7% of the original pool balance) from 4.1% of the outstanding pool balance (equivalent to 3.5% of the original pool balance) at the time of the last rating action in July 2025. Moody's have also decreased the Aaa portfolio credit enhancement assumption to 15.0% from 18.0%. The transaction is securitisation of loans backed primarily by motor vehicle assets originated by Allied Credit Pty Ltd. The principal methodology used in these ratings was "Moody's Global Approach to Rating Auto Loan- and Lease-Backed ABS" published in June 2025. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in the notes' available credit enhancement. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the notes' available credit enhancement, and (3) a deterioration in the credit quality of the transaction counterparties. BABYSKIN LASER: First Creditors' Meeting Set for April 24 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Babyskin Laser & Cosmetic Clinic Pty Ltd will be held on April 24, 2026, at 10:00 a.m. via Microsoft Teams. Travis Olsen and Matthew Ormsby of SV Partners were appointed as administrators of the company on April 14, 2026. BIRDSOL PTY: Goes Into Liquidation; Owes About AUD1.5 Million ------------------------------------------------------------- Adelaide Now reports that Adelaide-based agtech startup Birdsol has entered liquidation after collapsing with approximately AUD1.5 million in debts. The company, which was founded five years ago, claimed its AI-driven product, Cherrp, could protect crops from bird damage by using drones and cameras to recognize species and deter them using targeted sounds, Adelaide Now says. Nicholas David Cooper of Oracle Insolvency Services was appointed as liquidator of the company on April, 2026. Birdsol Pty Ltd previously entered administration on Feb. 27, 2026. EAST SYDNEY PRINT: First Creditors' Meeting Set for April 23 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of East Sydney Print Pty Ltd will be held on April 23, 2026, at 12:00 p.m. via virtual meeting technology. Jialan Xu and John McInerney of Grant Thornton Australia were appointed as administrators of the company on April 15, 2026. GFG ALLIANCE: Smelter Workers Plead For Government Support ---------------------------------------------------------- ABC News reports that Tasmanian smelter workers at risk of losing their salaries within the next two weeks are pleading with the state and federal governments to step in. About 175 workers at Australia's only manganese smelter, Liberty Bell Bay, were told on April 17 that they would be laid off next Friday [April 24], unless they take leave without pay. The ABC says the workforce, based in Tasmania's north, are calling on the Tasmanian government and the Commonwealth to lock in their salaries for the next couple of months. They want the governments to provide the fortnightly payroll of about AUD1.6 million until a buyer is locked in for the site, which is hoped to occur in the next six weeks, the ABC relates. According to the ABC, John Dusautoy, who has worked at the George Town smelter for nearly four decades, said the message workers received April 16 about losing future pay "really hit home". "The administrators are doing all they can, the management are doing all they can, the disheartening part is I think the governments need to step up and help," Mr. Dusautoy said. The ABC relates that the smelter is currently under administration, and workers were told April 16 there was not enough money to pay the majority of employees after the current pay cycle, which ends on April 24. They were told they could either take leave without pay from then, or be made redundant. Nick Duigan, who is Tasmania's Minister for Energy and Renewables, said the state government was working on a support package for the LBB workers, the ABC relays. He said the package would need to be provided in conjunction with the federal government, which has previously provided bailouts to smelters on the mainland. "We would see a role for state government and absolutely, definitely the federal government to provide some support . . . to make sure those workers get paid," the ABC quotes Mr. Duigan as saying. "It's early days and . . . we would be calling on the federal government to support the state, noting the federal government has stepped in in other states around the country." The ABC adds that a spokesperson for federal Industry Minister Tim Ayres said the Commonwealth would work with the state government to ensure workers and local suppliers are supported. LBB was placed into voluntary administration in March, after its parent company GFG Alliance failed to lodge financial statements for five years. External administrators Ernst and Young, funded by White Oak Commercial Finance, have since pursued a rapid sales process for the smelter, the ABC notes. 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. KAMIKAZE COOMERA: First Creditors' Meeting Set for April 24 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Kamikaze Coomera Pty Ltd (formerly t/as Kamikaze Teppanyaki & Bar) will be held on April 24, 2026, at 10:00 a.m. at the offices of Greengate Advisory, at Suite 5GB, Level 5, 199 George Street, in Brisbane, QLD and via Zoom platform. Patrick Loi and John Chand of Greengate Advisory NSW were appointed as administrators of the company on April 15, 2026. NAMOUR TRANSPORT: Enters Liquidation; 32 Staff Lose Jobs -------------------------------------------------------- The Courier Mail reports that Namour Transport, a 42-year-old Queensland trucking company, has entered liquidation after collapsing under under eight-figure debts. The Courier Mail relates that creditors voted to wind up the business, resulting in the termination of 32 staff members, marking the end of the long-standing freight operator. Namour Transport was placed into liquidation on April 16, 2026, with SV Partners appointed as liquidators. Frank O'Neill and David Stimpson of SV Partners were appointed as administrators of the company on March 4, 2026. T.D.H.A.A PTY: First Creditors' Meeting Set for April 23 -------------------------------------------------------- A first meeting of the creditors in the proceedings of T.D.H.A.A Pty Ltd, trading as Wagyu Whisky Wine, Halal Meats Sydney, Waratah Smallgoods, Astute Financial Rouse Hill and Sydney Wholesale Meats, will be held on April 23, 2026, at 10:00 a.m. at the 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. ========= I N D I A ========= AKSHAR COTTON: ICRA Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term ratings of Akshar Cotton Industries (ACI) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 10.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 0.03 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 1.39 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding ACI's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with ACI, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Akshar Cotton Industries (ACI) was established in August 2011 in Gujarat as a partnership firm. ACI is promoted and managed by Mr. Ashok Bhai Dudhagara, Mr. Hashmukbhai Pansuriya and Mr. Narendrabhai Virani. Firm is engaged in production of cotton bales and cottonseeds widely used in textile and edible oil industry. AMBICA IRON: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Ambica Iron and Steel Private Limited (AISPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated February 4, 2025, placed the rating(s) of AISPL under the 'issuer non-cooperating' category as AISPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AISPL 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 Ambica Iron & Steel Private Limited (AISPL) was incorporated in January 1983 for manufacturing of MS Rounds, Flats, Angles, Channels, & Sq. Bar etc. However, the company commenced commercial operation from 1985. The company is promoted by Mr. Sanjay Kumar Bansal and family, having its registered office at Bisra Road, Rourkela, Dist – Sundargarh, Odisha - 769001, and manufacturing facility located at Beldihi, Post - Kalunga, Dist - Sundargarh, Odisha – 770031. It has a current installed capacity of 14500 MTPA (approx.), with capacity utilisation of around 90% in FY17. Mr. Kaur Sain Bansal (aged, 75 years) having more than two decades of experience in the same line of industry, looks after the day to day operations of the company. He is supported by other directors Mr. Sanjay Kumar Bansal (aged, 48 years), Mr. Akhil Gupta (aged, 37 years) along with a team of experienced professionals. Further, the company started its operation since 1985 and has a satisfactory track record of operation for more than three decades. AMRIT HOMES: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Amrit Homes Private Limited (AHPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 25.90 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 AHPL under the 'issuer non-cooperating' category as AHPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AHPL 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 Bhopal (Madhya Pradesh) based Amrit Homes Private Limited (AHPL) was incorporated by Mr. Dalip Singh Bindra and Mr. Pritpal Singh Bindra in 1995 with an objective to carry out real estate activity. The company has completed various real estate projects which include 6 residential and 2 commercial complexes. ANDHRA FERRO: ICRA Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Andhra Ferro Alloys Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 30.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 15.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term 25.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Long-term/ 33.50 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Unallocated remain under 'Issuer Not Cooperating' Category Short-term- 8.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Andhra Ferro Alloys Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Andhra Ferro Alloys Limited, ICRA has been trying to seek information from the entity so as to monitor its performance further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 1986, Andhra Ferro Alloys Limited is engaged in the production of ferro alloys. The company has two units-unit1 is located at Srinivasan agar, Pendurthi, Vizianagaram district (installed capacity is 3.5 million volt ampere (MVA)) and unit 2 is located at Garbham, Vizianagaram district (installed capacity of 15.5MVA). The unit 1 was dismantled during February 2009 and AFAL is setting up 11MVA capacity ferro alloy unit each at unit 1 and 2. The total capex at unit 2 is INR26.34 crore funded by a term loan of INR15.00 crore and is expected to be completed by April 2016. The total capex at unit 1 is INR27.56 crore and was proposed to be funded by term loan of INR17.00 crore; however, the company has deferred the construction of unit 1. AFAL is promoted and managed by Mr. Brajendra Khandelwal who has over 25 years of experience in the ferro alloy industry. ANNA GOWRI: Ind-ra Affirms BB on INR1,470MM Loans, Outlook Positive ------------------------------------------------------------------- India Ratings and Research (Ind-Ra) has revised the Outlook on Anna Gowri Educational Trust's (AGET) bank loan facilities to Positive from Stable as follows: -- INR1,470.43 million Bank loan facilities (reduced from INR 1,500 million) has rating affirmed at IND BB/Positive/IND A4+ and Outlook is revised to Positive. -- INR 150 million Bank loan facilities is assigned IND A4+ rating. Analytical Approach Ind-Ra continues to take a standalone view of AGET to arrive at the ratings. Detailed Rationale of the Rating Action The Positive Outlook reflects the commencement of AGET’s medical college, with an approved intake capacity of 150 Bachelor of Medicine and Bachelor of Surgery (MBBS) students in FY26, and Ind-Ra’s expectation of its revenue scaling up in the near to medium term. The trust has completed the admissions of 150 MBBS seats and booked fee income of INR200 million and hospital income of INR157.50 million for 9MFY26. The ratings factor in AGET’s limited operational track record and small scale of operations and high debt burden along with the regulatory risk in the education sector. The ratings are, however, supported by AGET’s healthy EBITDAR margins, comfortable coverage levels and extensive experience of the trustees in the education and healthcare sectors. List of Key Rating Drivers Weaknesses - Limited operational track record and small scale of operations - High debt burden - Regulatory risk Strengths - Experienced trustees and continued financial support - Commencement of medical college lends support to revenue base - Comfortable EBITDAR margins and coverage Detailed Description of Key Rating Drivers Limited Operational Track Record and Small Scale of Operations: AGET has been established to operate a multispecialty hospital (phase I and II) and a medical college (phase III). The trust commenced commercial operations of the hospital with a 330-bed capacity in September 2023 and was operating at full capacity as on March 31, 2025. During 9MFY26, the average outpatient visits per day increased to 1,400 (FY25: 1,250) and in-patient stay per day increased to 560 (100), indicating increasing demand for the hospital. The occupancy rates remained stable at 81% in 9MFY26 (FY25: 81%). The trust is increasing its bed capacity to 1,000 (from 650) to meet the National Medical Commission’s (NMC) regulatory requirement for enhanced seats, which is expected to complete in the near term. The trust’s scale of operations remained small, due to its nascent stage of operations. The trust’s revenue increased 11.50% yoy to INR207.43 million in FY25 (FY24: INR186.04 million), and its hospital income accounted for 99% of the revenue. During 9MFY26, the trust booked total revenue of INR357.50 million, which comprised a tuition fee income of INR200 million and hospital income of INR157.50 million. Ind-Ra expects AGET’s revenue to grow substantially in the near- to medium term, supported by increased student enrolments in its medical college. High Debt Burden: Ind-Ra expects AGET’s debt burden to remain high in the near- to medium term, due to debt-funded capex plans. AGET has availed term loans of INR1,300 million for the establishment of the multispecialty hospital and the medical college. AGET’s net leverage (net debt/EBITDA) increased to 9.05x in FY25 (FY24: 6.03x). The debt/income ratio was high at 506.14% in FY25 (FY24: 377.08%). The trust plans to incur INR1,500 million capex during FY27-FY28 for creating additional beds, academic blocks, and hostel buildings to meet NMC’s requirement for enhanced intake in undergraduate and postgraduate medical seats. As per the management, the capex would be funded through debt of INR1,100 million and the rest through internal accruals and trustee funds. Regulatory Risks: The education sector in India is highly regulated and AGET’s operations may be impacted in case of any adverse regulatory changes in the central/state government policies and regulations. Experienced Trustees and Continued Financial Support: The founder trustee Dr. A. Vaithilingam is an Orthopaedist and has over 30 years of experience in professional practice. He had promoted Anna Medical College in Mauritius in 2010 and has been managing around eight diagnostic centres (Accura Specialty Labs) since 2008 across Chennai. He is also associated with M/s Andhra Mahila Sabha, a well-known institution imparting service in education and medical facilities to the underprivileged. He heads the orthopaedic department of the medical institution run by M/s Andhra Mahila Sabha. The trustees have provided strong financial support to the trust by providing corpus funds and unsecured loans. The trustees, which had cumulatively infused INR786 million as on 31 March 2025, pumped in INR200 million during FY26 and plan to infuse INR300 million in FY27. Commencement of Medical College Lends Support to Revenue Base: AGET has obtained the essentiality certificate from Andhra Pradesh government and a letter of permission (LOP) from NMC on 23 October 2025 to commence the operations of its medical college with 150 MBBS intake in the academic year 2025-26. It has completed the admissions with 100% enrolments. Furthermore, the trust is enhancing the MBBS intake to 250 seats from 150 seats and has already obtained the required state government approvals and submitted the application for enhancement to the NMC. The trust expects the NMC to complete the inspection process by May 2026 and plans to admit students against the enhanced intake from the academic year 2026–27. Furthermore, the trust plans to commence postgraduate medical courses at its college from FY28 and will apply to the NMC by end‑December 2026 for the approval of the intake of 60 seats for doctor of medicine (MD)/ master of surgery (MS) courses. Comfortable EBITDAR Margins and Coverage: Ind-Ra expects AGET’s EBITDAR margin and coverage levels to moderate but remain comfortable in the near- to medium term, supported by the commencement of the MBBS course in FY26. Ind-Ra expects AGET’s EBITDAR margin to witness some volatility in the near term due to its nascent stage of operations. Its EBITDAR margin moderated to 48.81% in 9MFY26 (FY25: 55.43%) and would have moderated further in FY26, due to likely increase in staff cost and other operating expenses in 4QFY26, following the commencement of the medical college in 3QFY26. It reported net surplus of INR31.60 million as of 9MFY26 (FY25: net deficit of INR60.76 million) and cash accruals of INR106.60 million (INR84.80 million). The coverage levels remained healthy during FY24-FY25 with the debt service coverage ratio (DSCR) rising to 2.31x in FY25 (FY24: 2.11x) and interest coverage ratio (EBITDAR/interest expenses) of 3.81x (3.15x). Liquidity Stretched: The trust had an unrestricted cash and investment of INR8.73 million at FYE25 (FYE24: INR0.43 million). The available funds provided a meagre cover to its total debt (0.83%) and low cover to operating expenditure (9.45%) in FY25. Furthermore, the trust had an unrestricted cash and investment of INR23.70 million as on 31 March 2026 (FYE25: INR8.73 million). The trust’s cash flow from operation turned negative at INR56.16 million in FY25 (FY24: positive cash flow from operations of INR276.35 million), due to the repayment to its creditors. The trust did not have any working capital limit outstanding from banks/financial institutions as on 28 February 2026. The trust did not report any receivable as it does not provide credit for its hospital services, and the medical college started its operations in 3QFY26. Ind-Ra expects the low cash position and debt-funded capex to further stress the liquidity profile of the trust in the near term. However, sustained growth in cash flow from operation, driven by continued enrolment in existing courses and an expected increase in the intake for existing courses and new courses would support the liquidity profile of the trust. Ind-Ra considers AGET’s cash flow from operations and unrestricted cash and bank balances and the corpus funds infused by the trustees to be adequate for its debt service obligations of around INR190 million in FY27. Rating Sensitivities Negative: Events that could, individually or collectively, lead to a negative rating action are: -- the lack of financial support from the trustees in the form of corpus funds and unsecured loans, if required -- a fall in the cash flow from operations, resulting in deterioration in the liquidity position Positive: Substantial growth in the scale of operations while maintaining healthy EBITDA margins and the net leverage reducing below 5x and an improvement in the liquidity position, all on sustained basis, could lead to a positive rating action. About the Company AGET was established in 2021 as a public charitable trust by Dr. A. Vaithilingam. The trust operates a 650-bed multispecialty hospital (teaching hospital) in Puttur, Andhra Pradesh. Also, the trust commenced operation of its medical college with 150 MBBS seats in October 2025. BAGH BAHAR: Insolvency Resolution Process Case Summary ------------------------------------------------------ Debtor: Bagh Bahar Appliances Private Limited Syska House, Office No. S-4, 4th Floor, S. No.2, Sakorenagar, New Airport Road, Near Anand, Residency, Pune Maharashtra, India, 411014 Insolvency Commencement Date: March 12, 2026 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: September 8, 2026 Insolvency professional: Rajeev Mannadiar Interim Resolution Professional: Rajeev Mannadiar 401, Darshan CHS, Raghunath Dadaji Street, Fort, Mumbai - 400001 Email: rajeev@integroip.com bbapl.cirp@outlook.com Last date for submission of claims: April 22, 2026 BIDFORCE BROKERS: Voluntary Liquidation Process Case Summary ------------------------------------------------------------ Debtor: Bidforce Brokers Private Limited Flat-5F Orbit North View, 3, Khelat Babu Lane, Kolkata - 700037, West Bengal Liquidation Commencement Date: April 7, 2026 Court: National Company Law Tribunal, Kolkata Bench Liquidator: Niraj Kumar Poddar Court, Gate No 3, 3rd Floor, Room No Q, 18, Rabindra Sarani, Kolkata - 700001 Tel: 70117 83969 Email: csipnirajkumar@gmail.com bidforceliquidation@gmail.com Last date for submission of claims: May 7, 2026 DOMINO'S PIZZA: Voluntary Liquidation Process Case Summary ---------------------------------------------------------- Debtor: Domino's Pizza Private Limited Regus Elegance, Level 2, Old Mathura Road, Jasola, New Delhi - 110025 Delhi, India Liquidation Commencement Date: March 25, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Ajay Rajendra Abad Sr. No 6/10/14, 7th Floor, Office No C-704, Vantage C, Opposite Bavdhan Police Station, Bavdhan Khurd, Pune - 411021 Tel: +91 98900 65176 Email: ipajayabad@outlook.com Last date for submission of claims: April 24, 2026 G.T. CINEMAS: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of G.T. Cinemas Private Limited (GCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 113.49 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 5, 2025, placed the rating(s) of GCPL under the 'issuer non-cooperating' category as GCPL had failed to provide information for monitoring of the rating and as agreed to in its Rating Agreement. GCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 22, 2025, January 1, 2026, January 11, 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 GTPL was incorporated on May 4, 2005 by 4 brothers namely Thimmaiah Anand, Thimmaiah Ramachandra, Thimmaiah Gangadhar and Thimmaiah Manjunath. The company has set up a mall cum shopping complex at Magadi road, Bengaluru called GT World Mall. The mall is operational since 2017. GREVEK INVESTMENT: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Grevek Investment and Finance Private Limited 13, 3rd Floor Khetan Bhavan, 198, J Tata Road, Churchgate, Mumbai, Maharashtra, India - 400020 Insolvency Commencement Date: April 7, 2026 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: October 4, 2026 Insolvency professional: Rajendra Dattatray Aphale Interim Resolution Professional: Rajendra Dattatray Aphale C 203, Sarovar Darshan Tower, Almeida Road, Pachpakhadi, Near TMC, Thane, Maharashtra - 400601 Email: rajaphale.ip@gmail.com cirp.grevekinvestment@gmail.com Last date for submission of claims: April 21, 2026 GROWELL HIRE: Liquidation Process Case Summary ---------------------------------------------- Debtor: Growell Hire Purchase & Finance Private Limited No. 6/13, Park Avenue, North Avenue, Kesavaperumalpuram, Off Greenways Road, Chennai - 600028 Liquidation Commencement Date: March 26, 2026 Court: National Company Law Tribunal, Chennai Bench Liquidator: P. Balasubramanian 85/3, Sukkaliyur, Karuppampalayam Village, Karur, Tamil Nadu, 639003 Email: karurbalaw@gmail.com Door No. 3&4, 157E Ground Floor, Mahathma Gandhi Road, Bharathi Nagar, Karur - 639002 Email: cirp.growell@gmail.com Last date for submission of claims: April 25, 2026 HARI & CO: CARE Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Hari & Co International LLP (HCIL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 31.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.00 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 February 4, 2025, placed the rating(s) of HCIL under the 'issuer non-cooperating' category as HCIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HCIL 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 Hari & Co. International LLP (HCI) was incorporated in May 2016 and is being managed by promoters, Mr. Hariharan and Mr. Annamalaisamy. HCI is involved in trading/exporting perishable food (fruits & vegetables), non-perishable food (food staple such as rice, wheat, sugar, etc.) and construction materials such as boulders, steel bars, cement, aggregate, etc., as well. HUBLI COTTON: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Hubli Cotton Industries (HCI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated February 5, 2025, placed the rating(s) of HCI under the 'issuer non-cooperating' category as HCI had failed to provide information for monitoring of the rating and had as agreed to in its Rating Agreement. HCI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 22, 2025, January 1, 2026, January 11, 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 Karnataka based, Hubli Cotton Industries (HCI) was established on July 18, 2015 as a partnership firm and its commercial operations started from January, 2017. The firm is promoted by Mr. Maheshchandra P Khandelwal along with his family members. The firm is engaged in processing of cotton lint and seeds. JAIPRAKASH ASSOCIATES: NCLAT Adjourns Hearing on Vedanta Plea ------------------------------------------------------------- The Economic Times reports that the National Company Law Appellate Tribunal (NCLAT) on April 13 adjourned its hearing over Vedanta Group's petitions against the selection of Adani Enterprises' bid for debt-ridden Jaiprakash Associates Ltd (JAL). According to ET, the insolvency appellate tribunal adjourned the hearing on account of a change in the composition of the bench, which was hearing the two appeals filed by Vedanta Ltd. The change has been made due to the unavailability of a member of the bench. NCLAT will decide the date for the next hearing shortly, ET notes. ET says Vedanta has filed two petitions, challenging the March 17 order by the Allahabad bench of NCLT, which approved Adani Enterprises Ltd's INR14,535-crore bid to acquire JAL through the insolvency process. On March 24, NCLAT declined any interim stay on the order passed by the NCLT approving the Adani Group's bid for acquiring JAL. However, it said the plan would be subject to the outcome of the appeals filed by the Anil Agarwal-led Vedanta Group. About JAL Jaiprakash Associates Ltd (JAL) is the flagship company of the Jaypee group and is engaged in engineering and construction, cement, real estate and hospitality businesses. JAL was one of the leading cement manufacturers with an installed capacity of ~28 million tonnes per annum (mtpa) and under implementation capacity of ~5 mtpa on a consolidated basis as on March 31, 2018. JAL is also engaged in the construction business in the field of civil engineering, design and construction of hydro-power, river valley projects. JAL is also undertaking power generation, power transmission, real estate, road BOT, healthcare and fertilizer businesses through its various subsidiaries/SPVs. JAL featured in Reserve Bank of India's second list of at least 26 defaulters with which it wants creditors to start the process of debt resolution before initiating bankruptcy proceedings. In September 2018, ICICI Bank had filed an insolvency petition against JAL under Section 7 of IBC, claiming a default of more than INR16,000 crore. On June 3, 2024, the Allahabad bench of National Company Law Tribunal (NCLT) admitted the insolvency plea filed by ICICI Bank. The tribunal also appointed Bhuvan Madan as Interim Resolution Professional of JAL after suspending the board of the company. Bhuvan Madan is the resolution professional (RP) for the JAL. SBI has also moved NCLT against JAL, claiming a total default of INR6,893.15 crore as of Sept. 15, 2022. KHANDWA INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Khandwa Industries Private Limited (KIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.15 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated February 3, 2025, placed the rating(s) of KIPL under the 'issuer non-cooperating' category as KIPL had failed to provide information for monitoring of the rating and as agreed to in its Rating Agreement. KIPL 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 KIPL was incorporated in the year 2008 for manufacturing of cotton bales & seeds and trading of cotton bales, oil, cakes and seeds. KIPL is promoted by the Gupta family who are into the cotton business since the year 1950. Mr. Sandeep Gupta and Ms. Ramadevi Gupta are actively involved in operations of KIPL. KIPL is primarily engaged in trading of ginned cotton. KIMS SUPER: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Kims Super Speciality Hospital Private Limited (KSSHPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 23.86 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 27, 2025, placed the rating(s) of KSSHPL under the 'issuer non-cooperating' category as KSSHPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KSSHPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 23, 2025, January 02,2026 and April 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 Kims Super Speciality Hospital Private Limited (KSSHPL) was incorporated on January 13, 2004 by one Dr. Y.R Krishna and Dr. Y.R Sekhar for setting up a multi-specialty hospital at Bilaspur, Chhattisgarh. The hospital commenced operation with 100 bed capacity in January, 2011. Subsequently in April 2015, the company expanded the capacity to 200 beds. The hospital is equipped with state-of-the-art technology and well qualified & experienced doctors/surgeons. The hospital also has tie-ups with various government organisations and corporates who have a presence in and around Chhattisgarh in addition to TPAs with most of the public/private insurance companies. KISH EXPORTS: ICRA Withdraws D Rating on INR10cr LT Loan -------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Kish Exports Limited in accordance with its withdrawal policy and closure of the rated facilities, as evidenced by the No Due Certificate issued by the lenders. Consequently, there are no dues pending from Kish Exports Limited towards the rated bank facilities, and the withdrawal is based on the confirmation received from the lenders regarding the same. The Key Rating Drivers and their Description, Liquidity Position, Rating Sensitivities, Key financial indicators have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 10.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Withdrawn Cash Credit Short-term 1.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Withdrawn Others KEL was incorporated in 1993. The company, promoted by Mr. M.K. Lakhwani and Ms. Sanjana Samtani, manufactures and exports all types of woven garments for ladies and kids segments. KEL derives 90% of its revenues from sales of ladies garments, 5% from kids garments and the remaining 5% from accessories. The company deals in garments made of different fabrics like cotton, linen, silk, mosscrepe, georgette, Y/D plaids etc., which are procured from Surat and South India and some from Delhi NCR. The designing of garments is done in-house based on the instructions/designs approved by customers. Most of the garment manufacturing for KEL is done by Ishvar International, which is a Group company (proprietorship firm with Mrs. Lakhwani as proprietor). The entire cutting, finishing and packing of garments is done in-house. The company mainly exports to the US, the UK and South Africa. KRISTAL PROJECTS: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Kristal Projects (India) Limited 34/35/36, Ambalipura Road, Bellandur, Bangalore, Karnataka, India, 560037 Insolvency Commencement Date: April 7, 2026 Court: National Company Law Tribunal, Bengaluru Bench Estimated date of closure of insolvency resolution process: October 4, 2026 Insolvency professional: Nilesh Rajendra Kothari Interim Resolution Professional: Nilesh Rajendra Kothari A-703, Iskon Riverside, Near Shelaleikh Society, Shahibaug, Ahmedabad, Gujarat - 380004 Email: ip.nkothari@gmail.com 410, 4th Floor, Blue Rose, Industrial Estate, Near Metro Mall, Borivali East, Mumbai, Maharashtra - 400066 Email: cirp.kristalprojects@gmail.com Last date for submission of claims: April 21, 2026 KU KOO: CARE Upgrades Rating on INR26.06cr LT Loan to B+ -------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Ku Koo Ch Ku Poultry Farm Private Limited (KPFPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 26.06 CARE B+; Stable; Rating removed Facilities from ISSUER NOT COOPERATING category and Upgraded from CARE D; Stable outlook assigned Rationale and key rating drivers In the absence of receipt of requisite information, and in line with the extant SEBI guidelines, CARE Ratings Limited (CareEdge Ratings) had placed and reviewed the ratings assigned to the bank facilities of KPFPL under the category of 'Issuer Not Cooperating'. However, KPFPL has now provided the requisite information. Accordingly, CareEdge Ratings has conducted a full review of the rating, and the rating now stand at 'CARE B+; Stable'. The revision in the rating assigned to the bank facilities of KPFPL is primarily on account of the availability of requisite information for annual surveillance and timely servicing of its debt obligations for more than 90 days as reflected from its bank statements and confirmed with the lender. However, the rating remain constrained by the company's moderate profitability, capital structure and debt coverage indicators and stretched liquidity position. The rating also continue to temper by the susceptibility of margins to volatility in raw material prices and the company's presence in a highly fragmented and competitive industry. The rating further derive strength from the company's stable, albeit moderate scale of operations, improvement in capital structure with moderate debt coverage indicators in FY25, and the experience of the promoters. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Improving Scale of operations marked by total operating income (TOI) above INR120 crore on a sustained basis. * Improving profitability margins indicated by profit before interest, lease rentals, depreciation, and taxation (PBILDT) margin above 10% on a sustained basis. Negative factors * Declining profitability margins marked by PBILDT margin of below 5% on a sustained basis. * Deterioration in capital structure indicated by overall gearing ratio of above 3x on a sustained basis. Analytical approach: Standalone Outlook: Stable Stable Outlook reflects CareEdge Ratings' expectation that the company would be able to sustain its improved profitability margins aided by higher demand for its products. Detailed description of key rating drivers: Key weaknesses * Moderate profitability position: The profitability position remained moderate, as reflected by a PBILDT margin of 7.96% in FY25 compared with 9.05% in FY24. However, PAT margin remained stable at 5.75% in FY25 (INR5.55 crore), in line with the PAT margin of 5.75% in FY24 (INR5.80 crore) supported by a reduction in finance costs following the scheduled repayment of term loans. Negative factors * Declining profitability margins marked by PBILDT margin of below 5% on a sustained basis. * Deterioration in capital structure indicated by overall gearing ratio of above 3x on a sustained basis. Analytical approach: Standalone Outlook: Stable Stable Outlook reflects CareEdge Ratings' expectation that the company would be able to sustain its improved profitability margins aided by higher demand for its products. Detailed description of key rating drivers: Key weaknesses * Moderate profitability position: The profitability position remained moderate, as reflected by a PBILDT margin of 7.96% in FY25 compared with 9.05% in FY24. However, PAT margin remained stable at 5.75% in FY25 (INR5.55 crore), in line with the PAT margin of 5.75% in FY24 (INR5.80 crore) supported by a reduction in finance costs following the scheduled repayment of term loans. * Stable scale of operations: The scale of operations as marked by TOI remained stable at ~ INR100 crore in past three years ended FY25. Further, till March 26, 2026, KPFPL reported TOI of INR105 crore. * Long track record of operations and experienced promoters: KPFPL was originally established in 1988 as a partnership firm and during October 2020, it was converted into private limited company. It has a track record of around two decades in the poultry business. Mr. Dilip Pathre, Director, a retired Income Tax Officer looks after overall affairs of the company since 2013. Another director, Mr. Kunal Pathre has an industry experience of more than a decade which was gained through his association with KPFPL. The promoters have established relationships with suppliers as well as customers. Liquidity: Stretched Liquidity remained stretched, marked by high utilisation of working capital limits, low cash and bank balances, an increasing operating cycle, and moderate cash flow from operations. The average utilisation of working capital limits remained high at around 95% during the past twelve months ended February 2026. Cash and bank balances remained low at INR0.13 crore as on March 31, 2025. The operating cycle has been increasing on a year-on-year basis; however, it remained moderate at 55 days in FY25 compared with 45 days in FY24 and 40 days in FY23. The elongation was primarily due to higher inventory holding and an increase in the receivables collection period. Gross cash accruals stood at INR5.42 crore in FY25 against term loan repayment obligations of INR3.09 crore falling due in FY26. Cash flow from operations (CFO) remained moderate at INR6.67 crore in FY25, improving from INR5.92 crore in FY24. Current and quick ratio remained at 1.04x and 0.16x respectively as on March 31, 2025. Alibag (Maharashtra) based Ku-Koo-Ch-Ku Poultry Farm Private Limited (KPFPL) was initial established as partnership firm in 1988 and later in October 2020 converted to Private Limited Company. KPFPL is promoted by Mr. Dilip Pathre, Mr. Kunal Pathre, Mrs. Madhavi Pathre and Mrs. Vinita Pathre. The entity is engaged in poultry farming business and has a total production capacity of 4.50 lacs broiler chickens per week as on March 31, 2025. The day-old chicks are further provided to farmers who look after their nurturing process, feeding, medicine, vaccination, etc. The entity has its own retail outlet located at Alibaug, Maharashtra to sell chilled chickens as well as live birds. The Ku-Koo-Ch-Ku Poultry Farm Private Limited has two units in Choronde, Alibag, Raigad and Bamangaon, Mangaon, Raigad with layer bird capacity of 79,000 birds and egg capacity per day of 32,000 on March 31, 2025. LACEWORK SECURITY: Voluntary Liquidation Process Case Summary ------------------------------------------------------------- Debtor: Lacework Security India Private Limited Building No. K-4, K-Block, NDSE-2, New Delhi - 110049, India Liquidation Commencement Date: March 30, 2026 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Sandeep Chandra A-23, GF, South City-2, Sector 49, Gurugram - 122018, Harnaya Tel: 98919 94613, 98107 68844 Email: cssandeep@live.in Last date for submission of claims: April 29, 2026 LET'S JUMP: Insolvency Resolution Process Case Summary ------------------------------------------------------ Debtor: Let's Jump Trampoline and Adventure Private Limited G-87, Happy Goldmines Shoppers, B/S Beladimora, Vesu, Surat, Gujarat, India, 395007 Insolvency Commencement Date: April 6, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Estimated date of closure of insolvency resolution process: October 3, 2026 Insolvency professional: Atul Mittal Interim Resolution Professional: Atul Mittal Aarsh Resolution Professionals Pvt Ltd 174, BALCO Apartments, Plot No.58, IP Extension, Patparganj, Delhi - 110092 Email: atulmittalip135@gmail.com 163, BALCO Apartments, Plot No.58, IP Extension, Patparganj, Delhi - 110092 Email: cirp.letsjumptrampoline@gmail.com Last date for submission of claims: April 20, 2026 LOCKTON INSURANCE: Voluntary Liquidation Process Case Summary ------------------------------------------------------------- Debtor: Lockton Insurance Brokers (India) Private Limited 802, 8th Floor, Tower A, Peninsula Business Park, Lower Panel, Delisle Road, Mumbai, Maharashtra, India - 400013 Liquidation Commencement Date: March 20, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Kumudini Dinesh Bhalerao Ecstasy, 803/804, 8th Floor, City of Joy, J.S.D. Road, Mulund West, Mumbai - 400080 Tel No: +91-98190-87717 Email: kumudinparanjape@mmjc.in Last date for submission of claims: April 19, 2026 M2 ANIMATION: Voluntary Liquidation Process Case Summary -------------------------------------------------------- Debtor: M2 Animation Mumbai Private Limited 707, Lodha Supremus, Senapati Bapat Marg, Lower Parel West, Near HDFC Bank House, Delisle Road, Mumbai, Maharashtra, India, 400013 Liquidation Commencement Date: March 31, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Anagha Anasingaraju 1-2, Aishwarya Sankul, 17 G.A. Kulkarni Path, Opposite Joshi's Railway Museum, Kothrud, Pune - 411038 Tel: 020-25466265/25461561 Email: rp.anagha@kanjcs.com Last date for submission of claims: April 30, 2026 MA SARADA: ICRA Withdraws D Rating on INR4.01cr Cash Loan --------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Ma Sarada Cold Storage Pvt Ltd in accordance with its withdrawal policy and closure of the rated facilities, as evidenced by the No Due Certificate issued by the lenders. Consequently, there are no dues pending from Ma Sarada Cold Storage Pvt Ltd towards the rated bank facilities, and the withdrawal is based on the confirmation received from the lenders regarding the same. The Key Rating Drivers and their Description, Liquidity Position, Rating Sensitivities, Key financial indicators have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 1.55 [ICRA]D; ISSUER NOT COOPERATING; Fund based Withdrawn Term Loan Long-term- 4.01 [ICRA]D; ISSUER NOT COOPERATING; Fund based Withdrawn Cash Credit Incorporated in 1987, Ma Sarada Cold Storage Private Limited is engaged in providing cold storage facility to potato farmers and traders on a rental basis. The facility of the company is located in Bankura district of West Bengal having an annual storage capacity of 21,052 metric tonnes. MADHUVAN TIEUP: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Madhuvan Tieup Private Limited House No. 28, Pocket-1, Paschim Puri, North West, Delhi - 110063 Insolvency Commencement Date: April 4, 2026 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: October 3, 2026 Insolvency professional: Umesh Gupta Interim Resolution Professional: Umesh Gupta Unit No. 112, 1st Floor, Tower-A, Spazedge, Sector-47, Sohna Road, Gurgaon, Haryana - 122018 Email: umesh@vamindia.in cirp.madhuvantieup@gmail.com Last date for submission of claims: April 20, 2026 MAHA ASSOCIATED: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Maha Associated Hotels Private Limited (MAHPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 70.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 5.00 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 January 21, 2025, placed the rating(s) of MAHPL under the 'issuer non-cooperating' category as MAHPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MAHPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 7, 2025, December 17, 2025, December 27, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Maha Associated Hotels Private Limited (MAHPL), incorporated on December 23, 2009, is engaged in development of a threestar mid-market hotel and a hotel training facility at New Industrial Complex, Neemrana, Alwar District, and Rajasthan. The hotel is being developed under the brand name of 'Hampton by Hilton'with Hampton Inns International Franchise LLC (HIIL, subsidiary of international hospitality major Hilton Worldwide LLC) as the technical partner for the project. MAHPL has a franchise agreement with HIIL, primarily for the use of brand name and also a program fee agreement for marketing related activities of HIIL. METTU CHINNA: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Mettu Chinna Mallareddy Godowns (MCMG) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.27 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.23 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 5, 2025, placed the rating(s) of MCMG under the 'issuer non-cooperating' category as MCMG had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MCMG continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 22, 2025, January 1, 2026, January 11, 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 Andhra Pradesh based, Mettu Chinna Mallareddy Godowns (MCMG) was established as a partnership firm in the year 2011 and promoted by Mr. Ch. Venkata Krishna Rao and Mrs. Ch. Lakshmi. The firm is engaged in providing ware house for lease rental purpose to Andhra Pradesh State Warehousing Corporation. The property is built on total land area of 18 acres comprising of nine godowns having storage capacity for food crops like paddy around 45000 MT and each godown having storage capacity of 5000MT. MID WEST: ICRA Withdraws B Rating on INR8cr Term Loan ----------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Mid West Builders Private Limited in accordance with its withdrawal policy and closure of the rated facilities, as evidenced by the No Due Certificate issued by the lenders. Consequently, there are no dues pending from Mid West Builders Private Limited towards the rated bank facilities, and the withdrawal is based on the confirmation received from the lenders regarding the same. The Key Rating Drivers and their Description, Liquidity Position, Rating Sensitivities, Key financial indicators have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 8.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Term Loan Vaishnovi Builders, promoted by Mr. V.V.S. Pratap, has been involved in developing real estate projects in South India for past 2 decades offering services in residential and commercial segments. Till the last RC date, it has developed more than 12 projects comprising 2.87 lakh sft area. Mr. Pratap has started developing real estate projects in Bangalore in the name of Mid-West Builders Pvt Ltd in July 2014. MWBPL was undertaking development of one residential project, Mid-West Elita, in Bangalore. MURLI COLD: ICRA Withdraws B+ Rating on INR10cr LT Loan ------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Murli Cold Storage Private Limited in accordance with its withdrawal policy and closure of the rated facilities, as evidenced by the No Due Certificate issued by the lenders. Consequently, there are no dues pending from Murli Cold Storage Private Limited towards the rated bank facilities, and the withdrawal is based on the confirmation received from the lenders regarding the same. The Key Rating Drivers and their Description, Liquidity Position, Rating Sensitivities, Key financial indicators have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Cash Credit Murli Cold Storage Private Limited operates a potato cold storage facility at Boinchi in Hooghly district of West Bengal, with the current storage capacity of 241,836 quintal. Incorporated in 1976 by the Kolkata-based Agarwal family, the company commenced commercial operations in 1977 with an initial capacity of 38,000 quintal, which has been gradually raised to the current level. Another group company, Mahima Cold Storage Private Limited, runs a potato cold storage facility with the capacity of 149,664 quintal in Cooch Behar district of West Bengal. NANIBALA COLD: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Nanibala Cold Storage Private Limited (NCSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated February 6, 2025, placed the rating(s) of NCSPL under the 'issuer non-cooperating' category as NCSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NCSPL 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 NCSPL was incorporated in March 1997 to set up a cold storage facility with a storage capacity of 21,800 Metric Tonnes in Bankura district of West Bengal. Since its inception, the company has been engaged in the business of providing cold storage facility primarily for potatoes to farmers along with trading of potatoes. The company also provides interest bearing advances to farmers for their agricultural activities against the receipts of potato stored. OCEAN CONSTRUCTIONS: ICRA Withdraws D Rating on INR16.50cr LT Loan ------------------------------------------------------------------ ICRA has withdrawn the ratings assigned to the bank facilities of Ocean Constructions (India) Private Limited in accordance with its withdrawal policy and closure of the rated facilities, as evidenced by the No Due Certificate issued by the lenders. Consequently, there are no dues pending from Ocean Constructions (India) Private Limited towards the rated bank facilities, and the withdrawal is based on the confirmation received from the lenders regarding the same. The Key Rating Drivers and their Description, Liquidity Position, Rating Sensitivities, Key financial indicators have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 12.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Withdrawn Cash Credit Long-term 6.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Withdrawn Term Loan Long-term 16.50 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Withdrawn Others Ocean Constructions, a proprietorship firm set up in 2006 and owned by Mr. Sharfuddin Ali Mulki was taken over by Ocean Constructions India Private Limited (OCIPL, incorporated in 2008) in April 2013. OCIPL, promoted by Mr. Sharfuddin Ali and his brothers Mr. lnayath Ali and Mr. Abid Ali undertakes civil contracts involving irrigation canals, aqueducts, site grading & levelling and road works in Karnataka mainly for government clients including Karnataka Neeravari Nigam Limited (KNNL), Krishna Bhagya Jala Nigam Ltd (KBJNL), Public Works Department (PWD) Karnataka, National Highway Authority of India (NHAI), Visvesvaraya Jala Nigam Ltd (VJNL), National Mineral Development Corporation (NMDC) and Mangalore City Corporation (MCC). Ocean Constructions previously undertook subcontracting works for private companies including Shapoorji Pallonji and company Ltd and AMR India Ltd. Mr. lnayath Ali was previously the national secretary of National Students' Union of India (NSUI) and general secretary of Karnataka Pradesh Youth Congress Committee (KPYCC) and has good relationship with governmental agencies awarding the contracts. ORACLE POLYMER: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Oracle Polymer Industries Private Limited (OPIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.34 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.10 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 January 29, 2025, placed the rating(s) of OPIPL under the 'issuer non-cooperating' category as OPIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. OPIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 15, 2025, December 25, 2025, January 4, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Telangana based, Oracle Polymer Industries Private Limited (OPIPL) was incorporated on 16 November, 2012, promoted by Mr. Venugopal Reddy and his family members. The company is engaged into manufacturing of Non-woven fabric. The manufacturing unit of the company is situated in Kothur Village, Mahaboobnagar Dist., and Telangana covering the area of 0.8 acres. It has 7 branches for distribution of the final product, located in the states of Karnataka, Andhra Pradesh, Tamil Nadu and Telangana among others. The major raw material used by the company is poly propylene, master batch fillers and master batch colors and these are purchased from the local market situated in and around Mahaboobnagar Dist. (Telangana). The installed production capacity of the company is 3000 MT per annum; however, the actual utilized capacity is 2400 MT per annum. R. R. AND COMPANY: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of R. R. and Company Private Limited (RRCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.35 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 28, 2025, placed the rating(s) of RRCPL under the 'issuer non-cooperating' category as RRCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RRCPL 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 R. R. and Company Pvt. Ltd. (RRCPL) was established as a partnership firm namely Ramchandra Ramniwas & Co. in 1945 by one Karwa family of Dibrugarh, Assam. Since inception, the firm has been in operation of Eveready battery agency business and along with an authorised dealership business of Indian Oil Corporation Limited (IOCL). Later, in the year 1995, the firm converted into a private limited company and rechristened as RRCPL and the business operation was taken over by one Jain family from Dibrugarh. Presently, the company has five petrol pump of IOCL in Dibrugarh, Sibsagarand and Lakhimpur district of Assam. The day-to-day affairs of the company are looked after by Mr. Kamal Kumar Jain, Managing Director, with adequate support from other two directors and a team of experienced personnel. RAYMIX CONCRETE: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Raymix Concrete India Private Limited (RCIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 20.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 28, 2025, placed the rating(s) of RCIPL under the 'issuer non-cooperating' category as RCIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RCIPL 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, 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 Tamil Nadu based, Raymix Concrete was incorporated as a Private Limited Company in 2005 by Mr. Antony Francis and his family members. RCIPL is engaged in the mixing and supply of ready-mix concrete to the customers engaged in the infrastructure works such as construction of roads and buildings etc. The company purchases materials like cement, rock, metal and sand from local suppliers located in and around Chennai and supplies its finished product to the customers located in and around Tamil Nadu. RUCHI WORLDWIDE: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Ruchi Worldwide Limited (RWL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 835.00 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 Ltd. (CareEdge Ratings) had, vide its press release dated February 7, 2025, placed the rating(s) of RWL under the 'issuer non-cooperating' category as RWL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RWL 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 RWL is based of Indore, Madhya Pradesh and is an international trading arm of the group and is involved in trading of various agri-commodities including edible oil, raw cotton, castor seeds and oil, coffee, grain and pulses. In pursuance of implementation of Resolution Plan approved by the NCLT Ruchi Soya Industries Limited has transferred its entire ownership in Ruchi Worldwide Limited (52.48%) to Sanatan Multi Skill Development and Education Private Limited on 27th March 2020. The balance (47.52%) is held by Dinesh Khandelwal (Trustee of Disha Foundation Trust). SAI SWADHIN: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sai Swadhin Commercials Private Limited (SSCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.64 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 30, 2025, placed the rating(s) of SSCPL under the 'issuer non-cooperating' category as SSCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSCPL 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). Analytical approach: Standalone Outlook: Not Applicable Sai Swadhin Commercials Private Limited (SSCPL) was incorporated in August, 2008, however after remaining dormant for seven years the company started commercial operation from April 2015. The company was promoted by Mr. Jami Ramesh, Mr. Jami Sivasai, Mrs. Jami Kavita and Mrs. Jami Nirmala based out of Koraput, Odisha. The company has been engaged in extraction of cashew nut shell liquid and cashew de-oiled cake at its plant located at Ganjam, Odisha. The plant has a processing capacity of 252,000 quintals for cashew de-oiled cake and 108,000 quintals for cashew nut shell liquid. The company procures its raw materials from domestic markets and sales through dealers across all over India. Presently, the company has around 25 dealers. SENBO ENGINEERING: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Senbo Engineering Limited (SEL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 142.68 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 157.32 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 7, 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 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 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 Senbo Engineering Limited (SEL) was initially established as Senbo & Company, a proprietorship entity by one Mr. Kajal Sengupta in Kolkata, West Bengal. The entity was reconstituted as private limited company on July 13, 1990 and later incorporated as a public limited company in April, 2005. SEL is engaged in construction of underground tunnelling, station for metro railways, flyovers and bridges. Over the decades, it has executed few medium sized metro railways contracts in Kolkata and New Delhi, besides completing few flyover projects. Further, SEL also execute work orders in joint venture with other companies. Currently, the day to day affairs of the company is looked after by Mr. Kajal Sengupta (chairman and managing director) well supported by other directors. SHIV EDIBLES: CARE Lowers Rating on INR40cr LT Loan to B- --------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Shiv Edibles Limited (SEL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 40.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated February 5, 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 22, 2025, January 1, 2026, January 11, 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 SEL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Incorporated in December 2003, SEL is a closely-held public limited company based out of Kota (Rajasthan). SEL is engaged in solvent extraction along with refining of soya and mustard crude oil. SEL's primary products include refined soya and mustard oil, Soya Meal (SM) and other by products like fatty acids, gums and acid oils, etc. It has an installed capacity of 300 Tons per Day (TPD) for solvent extraction and 140 TPD for refining as on March 31, 2020. SEL is part of Kota based Shiv Group of Industries comprising of SEL, Shiv Agrevo Limited, Shiv Vegpro Pvt Ltd engaged in processing of edible oil and Shiv Health Food LLP engaged in processing of dairy products. Besides these, Shiv Trading Company and Maheshwari Udyog are the associate entities engaged in the trading of soya products. SHIV ONKAR: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shiv Onkar Plasto Private Limited (SOPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2.73 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 30, 2025, placed the rating(s) of SOPPL under the 'issuer non-cooperating' category as SOPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SOPPL 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). Analytical approach: Standalone Outlook: Not Applicable SOPPL was incorporated in July 2009 in the name of Shiv Onkar Constructions Private Limited. However, the name of the company was changed to current one with effect from April 2015. Initially the company was into civil construction and restaurant business. However, the company had discontinued the civil construction and restaurant business since April 2016. After change of its name, the company had started setting up manufacturing plant for molded plastic chair. In April 2017, SOPPL has completed the project with aggregate cost of INR5.20 crore. SOPPL has commenced commercial operations from April 2017 onwards. The manufacturing facility of the company is located at Sitamarhi, Bihar with aggregate installed capacity of 432000 chairs per annum. SMALL STREAM: Voluntary Liquidation Process Case Summary -------------------------------------------------------- Debtor: Small Stream India Private Limited 1st Floor, Gopala Krishna Complex, #45/3 Residency Road, Bengaluru - 560025 Karnataka, India Liquidation Commencement Date: March 30, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Ajay Rajendra Abad Sr. No 6/10/14, 7th Floor, Office No C-704, Vantage C, Opposite Bavdhan Police Station, Bavdhan Khurd, Pune - 411021 Tel: +91 98900 65176 Email: ipajayabad@outlook.com Last date for submission of claims: April 29, 2026 TIRUR PROJECTS: Voluntary Liquidation Process Case Summary ---------------------------------------------------------- Debtor: Tirur Projects Private Limited 21/308 H Kalady Complex, Poongottukulam, Tirur, Kerala, India - 676101 Liquidation Commencement Date: March 30, 2026 Court: National Company Law Tribunal, Kochi Bench Liquidator: Lakshmi Narasimman Sarumathy 19/2026-D, 2nd Floor, Indus Avenue, Kallai Road, Kozhikode, Kerala, India - 673002 Email: tirurprojectsvl@gmail.com Saruchiram Villa No 6, Bougainvillea Near Nethaji Nagar, Kottooli - 673016, Kerala Last date for submission of claims: April 29, 2026 TRANSCON BUILDCON: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Transcon Buildcon Private Limited Plot No. 94 to 103, 106(pt), Site Office Khotwadi, PM Marg, Near Milan International Hotel, Santacruz (West), Mumbai City, Maharashtra, India - 400054 Insolvency Commencement Date: April 6, 2026 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: October 3, 2026 Insolvency professional: Amit Vijay Karia Interim Resolution Professional: Amit Vijay Karia 405, Hind Rajasthan Building, D.S. Phalke Road, Dadar East, Mumbai - 400014 Email: ipamitkaria@gmail.com cirp.transconbuildcon@gmail.com Last date for submission of claims: April 22, 2026 TUSCAN CONSULTANTS: Liquidation Process Case Summary ---------------------------------------------------- Debtor: Tuscan Consultants and Developers Private Limited 2nd Floor No. 35/1, Yellappa Chetty Layout, Civil Station, Ulsoor Road, Bangalore, Karnataka, India - 560042 Liquidation Commencement Date: March 27, 2026 Court: National Company Law Tribunal, Chennai Bench Liquidator: Kailash Thanmal Shah 505, 21st Century Business Centre, Near World Trade Centre, Ring Road, Surat - 395002, Gujarat Email: ipktshah@gmail.com liq.tuscan@gmail.com Last date for submission of claims: May 7, 2026 VARDHAN AGRO: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Vardhan Agro Processing Limited At Post Pusesawali Tal Khatav, District Satara, Pusesawali, Maharashtra, India - 415512 Insolvency Commencement Date: April 6, 2026 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: October 2, 2026 Insolvency professional: Mahesh G. Bagla Interim Resolution Professional: Mahesh G. Bagla 404 and 405, Sahil Kohinoor Gokul Nagar 2, State Bank of India Lane, Katraj Kondhwa Highway, Kondhwa Budruk, Shikshak Society Lane-1, Pune Email: maheshbagla@gmail.com Office No. 304, Gera Junction, Lulla Nagar Signal, Kondhwa Road, Pune - 40 Email: vardhancirp@gmail.com Last date for submission of claims: April 20, 2026 VEDANSH INFRASTRUCTURE: Insolvency Resolution Process Case Summary ------------------------------------------------------------------ Debtor: Vedansh Infrastructure Private Limited Plot No. 25, DSIIDC Shed, Scheme-II, Basement, Okhla Industrial Area, Phase II, Okhla Industrial Estate, South Delhi, New Delhi, Delhi, India, 110020 Insolvency Commencement Date: March 25, 2026 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: September 21, 2026 Insolvency professional: Manish Agarwal Interim Resolution Professional: Manish Agarwal 307, Prakash Deep Building, Tolstoy Marg, Connaught Place, New Delhi, National Capital Territory of Delhi, 110001 Email: vrregisteredvaluer@gmail.com cirp.vedanshinfrastructure@gmail.com Last date for submission of claims: April 22, 2026 ================= I N D O N E S I A ================= BANK NEGARA: Moody's Rates New AT1 Capital Securities 'Ba3(hyb)' ---------------------------------------------------------------- Moody's Ratings has assigned a Ba3(hyb) rating to Bank Negara Indonesia (Persero) Tbk (P.T.)'s (BNI) USD-denominated Additional Tier 1 (AT1) capital securities. The rating is assigned based on draft documents reviewed by Moody's, which are not expected to be materially different from those in the final documentation. RATINGS RATIONALE The Ba3(hyb) rating is 3 notches below BNI's baa3 Adjusted Baseline Credit Assessment (BCA), reflecting the risk of non-cumulative coupon suspension and principal write-down at the point of non-viability, as well as subordination during liquidation. Moody's do not incorporate any government support into the rating, as these securities are intended to be loss-absorbing in the event of financial stress. The AT1 capital securities are contractual, non-viability preferred securities. Coupons of these securities could be cancelled on a non-cumulative basis at the bank's discretion, and on a mandatory basis subject to the availability of distributable funds, regulatory capital requirements and regulatory discretion. The principal amount of these capital securities could also be partially or fully written down if: (1) the bank's Common Equity Tier 1 ratio is at or below 5.125%; (2) a competent authority plans to rescue the bank by injecting capital; (3) the regulator instructs the bank to do so on grounds of non-viability. This rating action is based on a baseline scenario of a contained impact on energy markets notwithstanding ongoing disruption to oil supply and limited damage to production or infrastructure. Nevertheless, Moody's recognizes that BNI's credit profile, similar to other financial institutions in Indonesia, may be susceptible to a more adverse scenario in the Middle East conflict, reflecting its activity in a sector exposed to the macro financial conditions risk transmission channel, which could lead to a more consequential impact on creditworthiness. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The rating of the AT1 capital securities will move in line with the bank's BCA. Moody's could upgrade BNI's AT1 rating and BCA if the bank's asset quality improves, driven by a significant decrease in restructured loans and special mention loans, with a corresponding decrease in credit costs and the Stage 3 loan ratio. On the other hand, Moody's could downgrade the AT1 rating and BCA if the bank's asset quality deteriorates significantly; or its capitalization, measured by tangible common equity (TCE)/risk-weighted assets (RWA), decreases below 11%. PRINCIPAL METHODOLOGY The principal methodology used in this rating was Banks published in November 2025. BNI is headquartered in Jakarta with total assets of IDR1,362 trillion as of December 31, 2025. ========= J A P A N ========= [] Japan Pledges $10BB to Help SEA Countries Cope With Oil Prices ----------------------------------------------------------------- The New York Times reports that Japan said it would provide about $10 billion in financial support to help Southeast Asian nations cope with soaring oil prices that threaten production of petroleum-derived products in the region. According to The Times, Japan's prime minister, Sanae Takaichi, announced the initiative on April 15 at a regional forum that included Japan and major Southeast Asian economies such as Thailand, Vietnam, the Philippines and Malaysia. The pledge comes as much of Asia is being buffeted by disruptions in oil supplies stemming from the war in the Middle East, The Times notes. With crude prices surging, the aid is intended to help less wealthy nations in the region buy oil from the United States and other suppliers. For Japan, the move is a bid to shore up its own industries and supply chains. Southeast Asia, in particular, has been battered by the global drop-off in oil supplies, The Times says. The region is a major manufacturer of products derived from oil that are crucial to producing everything from plastics to clothing - underscoring how the war in the Middle East is disrupting not only a fuel but an essential ingredient for global manufacturing. The Times relates that Ms. Takaichi said she hopes the financial aid will bolster factories in Southeast Asia. "Japan will not simply provide oil to countries struggling due to the situation in the Middle East, but will work together with Asian countries to build a resilient energy and critical mineral supply chain," The Times quotes Ms. Takaichi as saying. Japan's financial support was about a year's worth of Southeast Asian oil imports, she said. According to The Times, Japan maintains one of the world's largest strategic petroleum reserves - equivalent to 254 days of domestic demand. It began releasing those stocks last month. Still, industry experts have flagged a point of friction: Japan's stockpiles are dedicated to domestic oil refiners, not foreign nations. Japan has recently struggled with a shortage of naphtha, a crude-oil derivative. The Japanese toilet maker Toto said last week that it was suspending new orders for its prefabricated bathroom units, citing a shortage of naphtha-derived solvents, The Times relays. Concerns are also mounting over Japan's supply chain for petroleum-derived medical goods. Several patient and physician groups submitted a joint request to Japan's health ministry this month, urging officials to identify which medical equipment supply lines are most at risk from the reduced production of oil byproducts. The Times adds that Ms. Takaichi said Japan relied on Asian countries for supplies such as hemodialysis equipment, waste fluid containers and surgical gloves. "Fuel shortages and supply chain disruptions in Asia would hinder the procurement of medical supplies from Asia to Japan," Ms. Takaichi said. The country is therefore distributing aid, she said, "in order to protect the lives and livelihoods of its citizens." =============== M A L A Y S I A =============== GREENPRO CAPITAL: Completes Minority Investment in Forekast Limited ------------------------------------------------------------------- Greenpro Capital Corp. disclosed in a regulatory filing that on February 13, 2026, it entered into a Share Exchange Agreement with Forekast Limited, a company formed under the laws of the British Virgin Islands and the shareholders of Forekast. The Forekast Shareholders are BHL Ltd., Moira Venture Limited, Renhari Limited, Joharne Limited, Crescent East Limited, and Stratifi Global Limited The Share Exchange Agreement contained customary representations, warranties, covenants, closing conditions and termination provisions and provided for a closing date of March 31, 2026, subject to the terms set forth therein On March 31, 2026, all conditions to closing were satisfied, and the Company consummated the transactions contemplated by the Share Exchange Agreement. At closing, the Company acquired 1,360 ordinary shares of Forekast from the Forekast Shareholders, representing 13.6% of Forekast's outstanding equity interests on a fully diluted basis as of the Closing Date. In consideration therefor, the Company issued to the Forekast Shareholders an aggregate of 8,500,000 shares of its common stock, par value $0.0001, such shares constituting the "Exchange Shares". The transaction constituted a minority investment in Forekast and did not result in the Company obtaining control of Forekast. A full text copy of the Share Exchange Agreement is available at https://tinyurl.com/axsp36wr About Greenpro Capital Corp. Kuala Lumpur, Malaysia-based Greenpro Capital Corp. provides cross-border business solutions and accounting outsourcing services to small and medium-sized businesses located in Asia, with an initial focus on Hong Kong, China, and Malaysia. Greenpro offers a range of services as a package solution to its clients, believing that this approach can reduce business costs and improve revenues. Malaysia-based SFAI MALAYSIA PLT, the Company's auditor since 2025, issued a "going concern" qualification in its report dated March 30, 2026, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2025, citing that for the year ended December 31, 2025, the Company incurred a negative cash flow from operating activities of $1,790,250 and as of December 31, 2025, the Company incurred an accumulated deficit of $40,246,712. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $5,091,388 in total assets, $1,500,544 in total liabilities, and $3,590,844 in total equity. ===================== N E W Z E A L A N D ===================== D & P WINTER: Creditors' Proofs of Debt Due on May 12 ----------------------------------------------------- Creditors of D & P Winter Holdings 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: Gareth Russel Hoole Raymond Paul Cox Chiragkumar Bhailalbhai Patel Ecovis KGA Limited Level 2, 5–7 Kingdon Street Newmarket Auckland 1023 HANDY RENTALS: Court to Hear Wind-Up Petition on April 24 --------------------------------------------------------- A petition to wind up the operations of Handy Rentals Nelson 2011 Limited will be heard before the High Court at Nelson on April 24, 2026, at 11:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Jan. 22, 2026. The Petitioner's solicitor is: Kelly King Inland Revenue 663 Colombo Street Christchurch Central Christchurch INSITE TECHNOLOGY: Court to Hear Wind-Up Petition on April 30 ------------------------------------------------------------- A petition to wind up the operations of Insite Technology Limited will be heard before the High Court at Auckland on April 30, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Jan. 22, 2026. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 LINDBOM FABRICATION: Creditors' Proofs of Debt Due on May 18 ------------------------------------------------------------ Creditors of Lindbom Fabrication Limited are required to file their proofs of debt by May 18, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 10, 2026. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 MCU COATINGS: Creditors' Proofs of Debt Due on June 8 ----------------------------------------------------- Creditors of MCU Coatings New Zealand Limited are required to file their proofs of debt by June 8, 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: David Webb Robert Campbell Deloitte Level 12 20 Customhouse Quay Wellington 6011 ================= S I N G A P O R E ================= FUNDTIER PTE: Commences Wind-Up Proceedings ------------------------------------------- Members of Fundtier Pte. Ltd. and Fundtier Holdings Pte. Ltd. on April 10, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Mr. David Ho Chjuen Meng Mr. Goh Geok Lin M/s Avery Corporate Advisory 9 Raffles Place #08-04 Republic Plaza Singapore 048619 GS HOMES: Court to Hear Wind-Up Petition on May 8 ------------------------------------------------- A petition to wind up the operations of GS Homes Pte. Ltd. will be heard before the High Court of Singapore on May 8, 2026, at 10:00 a.m. Ang Jia Li filed the petition against the company on April 9, 2026. The Petitioner's solicitors are: M/s Moey & Yuen 120 Robinson Road #12-01 Singapore 068913 KINETIQUETTES PTE: Creditors' Meetings Set for May 11 ----------------------------------------------------- Kinetiquettes Pte. Ltd. will hold a meeting for its creditors on May 11, 2026, at 4:00 p.m., via electronic means. Agenda of the meeting includes: a. to present a full statement of the company's affairs together with a list of creditors and the estimated amount of their claims; b. to appoint liquidators; c. to form a committee of inspection of not more than 5 members, if thought fit; and d. any other business. Ong Shyue Wen and Saw Meng Tee of EA Consulting Pte Ltd (a subsidiary of EisnerAmper PAC) were appointed as provisional liquidators of the Company on April 14, 2026. PACIFIC HUNT: Court to Hear Wind-Up Petition on April 24 -------------------------------------------------------- A petition to wind up the operations of Pacific Hunt Energy Limited will be heard before the High Court of Singapore on April 24, 2026, at 10:00 a.m. Fiona Tan filed the petition against the company on March 23, 2026. The Petitioner's solicitors are: Yuen Law LLC 50 South Bridge Road #03-00 Singapore 058682 SDCL ASIA: Creditors' Proofs of Debt Due on May 18 -------------------------------------------------- Creditors of SDCL Asia (Singapore) Pte. Ltd. are required to file their proofs of debt by May 18, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 10, 2026. The company's liquidator is: Muk Siew Peng c/o ClearView Associates Pte Ltd 133 New Bridge Road #08-01 Chinatown Point Singapore 059413 ===================== S O U T H K O R E A ===================== HOMEPLUS CO: MegaCoffee Leads Bid as Financing Terms Shape Outcome ------------------------------------------------------------------ ChosunBiz reports that as the sale of Homeplus Co. Express gets on track, MGC Global, the operator of MEGA MGC COFFEE (hereafter MegaCoffee), is being named as a strong acquisition candidate. The price expected by the market is around KRW300 billion. According to ChosunBiz, MGC Global is regarded as a solid company generating annual net profit in the KRW80 billion range, but a look under the hood shows a high short-term borrowing fund ratio and tight cash flow, making it a variable whether actual financing is possible. The market analyzes that MGC Global is highly likely to form a consortium with an external financial investor (FI) to pursue the acquisition. ChosunBiz relates that the investment banking (IB) industry said MGC Global and a distribution company based in the South Gyeongsang region were said to have participated in the preliminary bidding for the sale of Homeplus Co. Express on March 31. The sellers, hoping for participation by a major distribution corporation, are receiving final bids through April 21, but for now, a two-way race between the two companies that entered the preliminary bid is likely. In the industry, considering financial capacity and willingness to expand business, MGC Global is seen as more likely to acquire, ChosunBiz states. Some suggest MGC Global may find KRW300 billion burdensome and attempt to adjust the acquisition price, but an IB industry official said, "Because this is a court-led sale, I understand there is little room for price negotiation." ChosunBiz says MGC Global's ability to mobilize cash appears sufficient to acquire Homeplus Co. Express. At the end of last year, MGC Global's cash and cash equivalents (separate basis) were KRW153.4 billion, and short-term financial products were KRW31.9 billion. In total, it has secured KRW185.4 billion in liquidity. It is at a level where it can shoulder more than half of the KRW300 billion Homeplus Co. Express acquisition price being discussed in the market with equity. The issue, however, is the liability structure, ChosunBiz notes. As of the end of last year, short-term borrowing fund reached KRW105.7 billion, and of the total financial liabilities of KRW151.5 billion, KRW124.6 billion, or 82%, matures in the first half of this year. As foreign-currency working-capital loans from commercial banks account for most of it, a substantial portion of cash reserves is tied up in repaying existing liabilities. MGC Global also posted a solid KRW87.7 billion in operating cash flow last year but paid out KRW77.2 billion as dividends, ChosunBiz discloses. Largest shareholder Woo Yoon received KRW69 billion, and Premier Partners, which invested as an FI, received KRW8.2 billion. In addition, an extra dividend of KRW41 billion was decided under the 2025 settlement of account profit appropriation plan. It is also understood that KRW172.5 billion flowed out for repayment of short-term borrowing fund. In short, despite posting KRW84.2 billion in net profit last year, MGC Global made large expenditures on major shareholder dividends and liability repayment. Because of this, some assess it is hard to say the company has sufficiently stockpiled dry powder for a large M&A, adds ChosunBiz. About Homeplus Co Homeplus Co. operates discount store chain in South Korea. It currently operates 126 stores nationwide. Homeplus entered court-led rehabilitation process on March 4, 2025, after a Seoul court approved the request by MBK Partners, the private equity fund that owns the discount store chain. The decision came after Korea Investors Service and Korea Ratings Inc. downgraded the company's rating, citing the company's lack of efforts to improve its financial health. INUS CO: Enters Corporate Rehabilitation Proceedings ---------------------------------------------------- ChosunBiz reports that bathroom-specialized corporations Inus entered corporate rehabilitation proceedings (formerly court receivership) after a prolonged slump in the construction and real estate markets. According to ChosunBiz, legal sources said on April 11 that Bankruptcy Division of the Seoul Bankruptcy Court (presiding judge Director General Park So-young) issued a comprehensive stay order on Inus the previous day. This followed Inus applying to the court for corporate rehabilitation proceedings on April 14. A comprehensive stay order is a measure to protect corporations asset before the commencement of rehabilitation proceedings by barring the disposal of property or repayment of debt without court approval and prohibiting creditors' provisional seizures and injunctions. Inus applied for corporate rehabilitation proceedings because its performance deteriorated as the slump in the construction and real estate markets dragged on, according to ChosunBiz. ChosunBiz, citing last year's Inus audit report, discloses that sales were KRW137.7 billion, down 34% from the previous year (KRW209.2 billion). Operating profit of KRW2.3 billion turned to an operating loss of KRW17.8 billion last year. Net loss widened from KRW12.9 billion to KRW32.1 billion. The liquidity situation is also challenging, ChosunBiz notes. Last year, Inus' current liabilities were KRW161.8 billion, about KRW38.7 billion higher than current assets, including cash and cash equivalents (KRW123.1 billion), ChosunBiz discloses. Without external financing, it means it would be difficult to repay liabilities even if all assets were sold. ChosunBiz relates that the external auditor also expressed a "disclaimer of opinion," questioning the company's ability to continue as a going concern. The reason was severe uncertainty facing Inus and the inability to obtain sufficient audit evidence. An Inus official said, "Inus is pursuing practical measures on multiple fronts, such as mergers and acquisitions (M&A) and asset sales, to graduate early from rehabilitation proceedings," adding, "We will prioritize maintaining employment for executives and employees and minimizing harm to partner companies," ChosunBiz relays. Based in South Korea, Inus Co., Ltd. specializes in bathroom remodeling solutions, offering sanitary ware, tiles, faucet fittings, and accessories. =============== T H A I L A N D =============== [] THAILAND: Bankruptcy Reform Pushed as Lifeline for Debt Crisis ----------------------------------------------------------------- The Nation reports that a coalition of civil society groups, lawmakers and debt reform advocates is pressing Thailand's new government to urgently revive the amended Bankruptcy Act, arguing that it could become one of the country's most important structural debt solutions by opening the door to voluntary rehabilitation for small debtors without requiring any fresh budget spending. According to The Nation, the call was made at a public forum organised by Fair Finance Thailand under the theme of why the new administration must continue the bankruptcy law reform. Supporters of the bill said the timing is critical, The Nation relays. The draft had already passed the House of Representatives unanimously, but lapsed when parliament was dissolved. Under Section 147 of the Constitution, however, a new cabinet can ask parliament to take up a lapsed bill within 60 days from the opening of the first parliamentary session, allowing it to continue without restarting from scratch, according to The Nation. Campaigners said that if the government fails to act within that window, millions of small debtors will be forced to wait longer while their interest burdens continue to grow. The Nation says the reform is being promoted as more than a technical legal amendment. Backers describe it as a long-overdue escape route for ordinary debtors trapped in a system that offers little realistic path back to solvency. Fair Finance Thailand has previously framed the bankruptcy bill as a sustainable debt-resolution mechanism rather than a populist handout, arguing that it would help remove the stigma attached to insolvency and create a more workable rehabilitation channel for individuals and small businesses. According to The Nation, one of the bill's most important features is the introduction of stronger and faster legal protection once the court accepts a rehabilitation petition. Under the proposed framework, an automatic stay would immediately suspend enforcement action, giving debtors breathing room while a plan is prepared. A Senate article discussing the reform said this mechanism would prevent creditors from pressing ahead with lawsuits or asset seizures during that period, allowing debtors to reorganise more effectively. The Nation relates that supporters have also highlighted other major changes, including a cramdown mechanism that would allow a court-approved plan to proceed even if not all creditors agree, provided the plan meets legal standards. They also point to lower access thresholds for entering rehabilitation and specific protections aimed at ensuring civil servants do not automatically lose their jobs simply because they enter a debt-restructuring process, The Nation adds. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***