260421.mbx

260421.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 Tuesday, April 21, 2026, Vol. 29, No. 79 Headlines A U S T R A L I A ALTUS EMPLOYMENT: First Creditors' Meeting Set for April 29 GI PARTNERSHIP: First Creditors' Meeting Set for April 28 GIVENERGY AUSTRALIA: First Creditors' Meeting Set for April 27 GTC LEGAL: First Creditors' Meeting Set for April 28 NEWSAT LTD: Singapore Tycoon Seeks US$1 Billion From Banks ROBLOI PTY: First Creditors' Meeting Set for April 27 SPECTRE RETAIL 2022-2: Fitch Affirms 'Bsf' Rating on Class E Notes SPOONY: Shutting Down After Rejecting "Antithetical" AI Tools B A N G L A D E S H BANGLADESH: Continues Talks with IMF on Key Reforms Tied to Loan C H I N A XCHANGE TEC: CFO Jiaxing Chang Resigns for Personal Reasons I N D I A AAYAN MULTITRADE: CRISIL Assigns B- Rating to INR503cr Loan AHAMMED HARIS: CRISIL Lowers Rating on LT/ST Loans to D AJAY PROTECH: CRISIL Lowers Rating on INR21cr Bank Loan to D AKHIL BHARTIYA: CRISIL Reaffirms B Rating on INR1cr LT Loan ASANSOL MUNICIPAL: CRISIL Keeps C Debt Rating in Not Cooperating BOXCOWORLD PRIVATE: CRISIL Cuts Rating on LT/ST Ratings to D CRESTIA POLYTECH: CRISIL Lowers Rating on INR44.5cr Loan to B DIVYA JYOTI: CRISIL Keeps D Debt Ratings in Not Cooperating FINECRETE ECO-BLOCKS: CRISIL Keeps D Ratings in Not Cooperating GAJANAN OIL: CRISIL Keeps D Debt Ratings in Not Cooperating INDIA: Plans Special NCLT Bench for Cross-Border Insolvency Cases KVR INDUSTRIES: CRISIL Keeps 'D' Ratings in Not Cooperating MUNJANI BROTHERS: CRISIL Keeps D Debt Ratings in Not Cooperating NAV JYOTI: CRISIL Keeps D Debt Ratings in Not Cooperating NIKHIL FOOTWEARS: CRISIL Keeps D Debt Ratings in Not Cooperating PARAGON APPAREL: CRISIL Lowers Rating on INR11cr Cash Loan to D PARAMOUNT MINERALS: CRISIL Keeps D Ratings in Not Cooperating SHALIMAR WORKS: CRISIL Keeps C Debt Ratings in Not Cooperating STAR AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating Category TRUE POWER: CRISIL Assigns D Rating to INR25cr Capex LoC UNIFY TECHNOLOGIES: CRISIL Cuts Corporate Credit Rating to B VEESONS ENERGY: CRISIL Keeps D Debt Ratings in Not Cooperating VIMLA DEVI: CRISIL Reaffirms B+ Rating on INR1cr LT Loan ZTE TELECOM: TVS Supply Withdraws Appeal in NCLAT on Settlement [] INDIA: IBC Study Calls for MSME Insolvency Auction Reform J A P A N NISSAN MOTOR: Fitch Affirms 'BB' LongTerm IDRs, Outlook Negative M A L A Y S I A LINTEC CORP: Puts Penang Assets Up For Sale Via Tender N E W Z E A L A N D ANATOLIA MASTERTON: Court to Hear Wind-Up Petition on April 23 JAMIESON TRANSPORT: Creditors' Proofs of Debt Due on May 14 M8 DEVELOPMENT: Creditors' Proofs of Debt Due on May 25 PARADISE HAULAGE: Blacklock Rose Appointed as Liquidators SPEEDY FIREWOOD: Court to Hear Wind-Up Petition on April 23 P H I L I P P I N E S ABS-CBN CORP: Net Loss Narrows to PHP4.72 Billion in 2025 S I N G A P O R E ALSEN CHANCE: Court to Hear Wind-Up Petition on May 8 BLACKSTONE ASIA: Court to Hear Wind-Up Petition on May 8 BRAZEN SKY: Court to Hear Wind-Up Petition on May 8 BRIGHTSTONE JEWELLERY: Court to Hear Wind-Up Petition on May 8 URBAN MOTORS: Commences Wind-Up Proceedings X X X X X X X X GIRIN DEKA: CRISIL Keeps C Debt Rating in Not Cooperating Category - - - - - ================= A U S T R A L I A ================= ALTUS EMPLOYMENT: First Creditors' Meeting Set for April 29 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Altus Employment Services Pty Ltd will be held on April 29, 2026, at 11:00 a.m. via teleconference only. Mohammad Najjar of Vanguard Insolvency Australia was appointed as administrator of the company on April 16, 2026. GI PARTNERSHIP: First Creditors' Meeting Set for April 28 --------------------------------------------------------- A first meeting of the creditors in the proceedings of GI Partnership Manager Pty Ltd will be held on April 28, 2026, at 10:00 a.m. at the offices of B&T Advisory, at Level 12, 200 Mary Street, in Brisbane, QLD. Travis Pullen of B&T Advisory was appointed as administrator of the company on April 16, 2026. GIVENERGY AUSTRALIA: First Creditors' Meeting Set for April 27 -------------------------------------------------------------- A first meeting of the creditors in the proceedings of Givenergy Australia Pty Ltd will be held on April 27, 2026, at 11:00 a.m. at the offices of Vincents, at Level 34, 32 Turbot Street, in Brisbane, QLD and via virtual meeting technology. Nick Combis of Vincents was appointed as administrator of the company on April 15, 2026. GTC LEGAL: First Creditors' Meeting Set for April 28 ---------------------------------------------------- A first meeting of the creditors in the proceedings of GTC Legal Pty Ltd, trading as GTC Lawyers, will be held on April 28, 2026, at 11:00 a.m. at the offices of B&T Advisory, at Level 12, 200 Mary Street, in Brisbane, QLD. Travis Pullen of B&T Advisory was appointed as administrator of the company on April 16, 2026. NEWSAT LTD: Singapore Tycoon Seeks US$1 Billion From Banks ---------------------------------------------------------- Bloomberg News reports that a proceedings has started in the Supreme Court of Victoria, where liquidators of failed satellite company NewSat have brought a case against a group of lenders and insurers, including Societe Generale, Credit Suisse - now owned by UBS Group - Standard Chartered, the Export-Import Bank of the United States, and France's Coface. Bloomberg relates that the dispute traces back to the early 2010s, when the small Australian firm sought to build a fleet of satellites but ultimately lost hundreds of millions of US dollars in financing after lenders grew concerned about its CEO's flamboyant behaviour. The company collapsed in 2015. More than a decade later, Singapore real estate tycoon Ching Chiat Kwong, who said he invested US$100 million of his own money into NewSat, is still pursuing the matter, Bloomberg says. According to Bloomberg, within the suit are allegations that the lenders failed to honour loan agreements, which prevented NewSat paying contractors to build and launch a satellite, that ultimately resulted in a loss of potential earnings. Just how much was lost is contentious. Bloomberg says Mr. Ching has put the claim around US$1 billion, based on an expert report, due to the lost opportunity to launch the original satellite and others planned for the future. Standard Chartered said that the claimants asserted loss and damage of up to US$4.81 billion, according to its annual report. Bloomberg notes that the trial is the next twist in a saga over a firm that once had hopes of launching Australia's first independently-owned satellite. But it never took off as lenders grew concerned about the behaviour of its founder Adrian Ballintine, according to a defence filing. A key part of the case, said Mr. Ching, is a document signed by French President Emmanuel Macron, then a politician who oversaw Coface, which insured a chunk of the overall financing package, Bloomberg relays. He is the minister "who actually signed off to stop the funding", Mr. Ching said from his office in downtown Singapore. Spokespeople for SocGen, Standard Chartered and UBS declined to comment. A representative for Macron did not reply to requests for comment. A spokesperson for Coface declined to comment. According to Bloomberg, the banks argue that they were justified in yanking funding from NewSat. The defence filed by lawyers on behalf of the lenders called the allegations against them "vague and embarrassing" and liable to be struck out. In a 2014 e-mail, Brendan Rudd, a consultant to the company, wrote that he had never seen nor heard of more appalling corporate behaviour than at NewSat; the firm could not survive with Mr. Ballintine leading it, and the company's sole purpose appeared to be to fund the executive's lifestyle, according to the defence filing. He said at the time that Mr. Ching continued to support Mr. Ballintine despite being told of some of the issues, the document, as cited by Bloomberg, said. "I totally reject his comments about appalling corporate behaviour and that I used the company to fund my lifestyle," Bloomberg quotes Mr. Ballintine as saying. Mr. Ching told Bloomberg that such concerns over corporate governance were overblown. "When you are in industry or you want to sell services, you are like a salesman," he said. "What is a couple of thousand dollars or first class ticket or private jet to sell what you have and get in hundreds of million dollars of sales?" After completing his national service, Mr. Ching said he started work as an officer in Singapore's police force before moving to construction, Bloomberg relays. He listed his Oxley Holdings in 2010 although the stock has sharply fallen from its peak over a decade ago. He holds a stake currently worth more than US$100 million. He built his fortune with a bet that Singapore's rising young affluent class would want to buy small but more affordable single room apartments of 30 to 45 square metres. Over time, he's parlayed his wealth into personal investments across the globe. These include two vineyards in Tuscany and Palazzo Papadopoli, a 16th-century Venetian palace on the Grand Canal, according to a list of his assets reviewed by Bloomberg. Mr. Ching's office is dominated by a large, gold-framed portrait of a bull, and multiple smaller bull sculptures that he also keeps in his boardroom. Mr. Ching explained that he likes bulls, which in the Chinese zodiac are a sign of persistence. Oxen are also a fit for his company's name, Oxley, he said. He said he has not spoken to Mr. Macron. "I guess one day, it will happen." About NewSat NewSat Limited was a satellite communications provider that was listed on the Australian Securities Exchange until Aug. 31, 2015. On April 17, 2015, receiver managers were appointed to NewSat, with the company entering into liquidation on Aug. 7, 2015. ROBLOI PTY: First Creditors' Meeting Set for April 27 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Robloi Pty. Ltd. will be held on April 27, 2026, at 10:30 a.m. via Microsoft Teams Meeting. Stephen Dixon of HM Advisory was appointed as administrator of the company on April 16, 2026. SPECTRE RETAIL 2022-2: Fitch Affirms 'Bsf' Rating on Class E Notes ------------------------------------------------------------------ Fitch Ratings has affirmed four classes of notes from Spectre Retail Warehouse Trust 2022-2. The notes are backed by a pool of first-ranking Australian automotive lease and loan receivables originated by Angle Auto Finance Pty Ltd (AAF). The notes were issued by Perpetual Corporate Trust Limited as trustee for Spectre Retail Warehouse Trust 2022-2. Entity/Debt Rating Prior ----------- ------ ----- Spectre Retail Warehouse Trust 2022-2 B LT Asf Affirmed Asf C LT BBBsf Affirmed BBBsf D LT BBsf Affirmed BBsf E LT Bsf Affirmed Bsf KEY RATING DRIVERS Stable Performance and Collateral Characteristics: The transaction's 30+ day and 60+ day arrears were 0.9% and 0.4%, respectively, as of end-February 2026, below 1.48% and 0.73% in Fitch's 4Q25 Australian ABS Performance Monitor. Fitch derived product-specific default base-case expectations for novated leases, consumer loans and commercial loans. Its base-case gross-loss expectations and 'Asf' default multiples are as follows: Novated leases: 1.2% (4.7x) Consumer loans: 3.0% (3.6x) Commercial loans: 4.0% (3.3x) The recovery base case for electric vehicles (EVs) is 24.0%, with an 'Asf' recovery haircut of 36%, while the recovery base for non-EVs is 35.0%, with an 'Asf' recovery haircut of 30.0%. The transaction's eligibility criteria and portfolio parameters shaped the proxy portfolio used to drive the asset analysis. The proxy portfolio reflects Fitch's assumption that the portfolio's characteristics may migrate towards the limits during the availability period, including limits on products, asset type and obligor size and concentration. The pool parameters floor novated leases at 30% and cap the commercial loans at 40%, with no parameter limiting the proportion of consumer loans; Fitch assumed 30% were novated leases and 40% were commercial loans, with the remaining consumer loans. There is no parameter limiting the proportion of EVs; Fitch assumed 80% of novated leases were EVs. The weighted-average (WA) base-case default and recovery assumptions were 2.86% and 32.4%, respectively, and the 'Asf' default multiple and recovery haircut were 3.6x and 31.4%. Tight Labour Market Supports Outlook: Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 2.6% in the year to December 2025 and unemployment was 4.3% in February 2026. Fitch forecasts GDP growth of 2.4% in 2026 and 2.1% in 2027, with unemployment at 4.5% in both years. Credit Enhancement Supports Ratings: Spectre 2022-2 is in its revolving period, which is scheduled to expire in March 2027. The transaction employs a sequential structure after the availability period, with no pro rata paydown permitted. The margin on Classes A to E will step up if an amortisation event or an event of default is continuing. If an amortisation event is continuing, 50% of the step-up margin will be subordinated to the repayment of the Commission Notes and the redirection of excess income to the principal waterfall. Per the transaction documentation, payment of subordinated interest, which ranks below losses, is excluded from its rating analysis. Nonpayment of subordinated interest will not lead to an event of default, as outlined in the documentation. Low Operational and Servicing Risk: All receivables were originated by AAF, which demonstrated adequate capability as originator, underwriter and servicer. Servicer disruption risk is mitigated by backup servicing arrangements. The nominated backup servicer is Perpetual Corporate Trust Limited. Fitch undertook an operational review and found that the operations of the originator and servicer were comparable with those of other auto lenders. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Transaction performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce credit enhancement available to the notes. Downgrade Sensitivities Unanticipated increases in the frequency of defaults and decreased recoveries on defaulted receivables could produce loss levels higher than Fitch's base case, and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions; these include increasing WA defaults and decreasing the WA recovery rate. The rating sensitivity section provides insight into the model-implied sensitivities the transaction faces when assumptions - defaults or recoveries - are modified, while holding others equal. The modelling process uses the modification of default and loss assumptions to reflect asset performance in up and down environments. The results should only be considered as one potential outcome, as the transaction is exposed to multiple dynamic risk factors. Notes: B / C / D / E Rating: Asf / BBBsf / BBsf / Bsf 10% increase in defaults : A-sf / BBB-sf / BBsf / Bsf 25% increase in defaults: BBB+sf / BB+sf / BB-sf / less than Bsf 50% increase in defaults: BBBsf / BBsf / B+sf / less than Bsf 10% decrease in recoveries: Asf / BBBsf / BBsf / Bsf 25% decrease in recoveries: Asf / BBB-sf / BBsf / Bsf 50% decrease in recoveries: A-sf / BBB-sf / BBsf / Bsf 10% increase in defaults / 10% decrease in recoveries: A-sf / BBB-sf / BBsf / Bsf 25% increase in defaults / 25% decrease in recoveries: BBB+sf / BB+sf / B+sf / less than Bsf 50% increase in defaults / 50% decrease in recoveries: BBB-sf / BB-sf / Bsf / less than Bsf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Economic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. Notes: B / C / D / E Rating: Asf / BBBsf / BBsf / Bsf 10% defaults decrease / 10% recoveries increase: A+sf / BBB+sf / BBB-sf / BB-sf USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third-party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. Prior to the transaction closing, Fitch reviewed the results of a third-party assessment conducted on the asset portfolio information and concluded that there were no findings that affected the rating analysis. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis, according to its applicable rating methodologies, indicates that it is adequately reliable. ESG Considerations Spectre Retail Warehouse Trust 2022-2, for which EVs form 20% of the pool as of end-February 2026, has an ESG Relevance Score (RS) of '4' for Energy Management, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The ESG RS is higher than the baseline RS of '2' for this general issue in the Australian auto sector. There is limited credit performance data for EVs, and available market data show notable differences in recoveries between EVs and non-EVs. Fitch's analytical approach for the transaction was not adjusted, due purely to the "green" nature of the underlying collateral, but Fitch referenced available market data for EVs in determining its recovery assumptions. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. SPOONY: Shutting Down After Rejecting "Antithetical" AI Tools ------------------------------------------------------------- SmartCompany reports that Spoony, an award-winning Australian social media app focused on the disabled and neurodivergent community, will shut down as investors turn their focus from 'traditional' tech startups to artificial intelligence. Founded in 2024 as an alternative to the likes of Facebook, Instagram, and X, Spoony is a social media app helping users bond over their shared experiences. According to SmartCompany, the startup raised $1 million to fuel its early expansion and now counts more than 65,000 users across the disabled, neurodivergent, and chronically ill communities. But co-founder and CEO Nicholas Carlton says Spoony is set to close by the end of May after its planned October 2025 funding round fell through. Speaking to SmartCompany, Mr. Carlton said Spoony followed the 'grow first, monetise' later model, which has fallen out of favour with investors now prioritising profitability. "In the two years that I've been working on Spoony, the environment has really changed a lot," SmartCompany quotes Mr. Carlton as saying. "The sands have shifted, in a way, and I think there's an expectation now from investors that you are monetising much, much earlier." Advertising - the lifeblood of traditional social media - only makes sense once platforms pass a million users, said Mr. Carlton. "I'm disappointed that we haven't had the opportunity to grow into that," he said. Spoony explored other avenues, SmartCompany notes. It referred users to speech pathologists, or doctors capable of administering ADHD and autism assessments, in a model Carlton called "really successful". However, pursuing those opportunities further would have turned Spoony into a fully-fledged digital health business. "We very much wanted to stay as a lightweight technology company that was bringing people together," he said. Another turning point came when Spoony experimented with a digital therapist powered by artificial intelligence. That model proved popular among some Spoony users, even as it pulled the startup further from its core ethos, according to SmartCompany. "I got really concerned about the relationships people were forming with humanised AI, and so it felt, in the end, quite antithetical to what Spoony was, which was connecting two people together," said Mr. Carlton. Eschewing artificial intelligence - not just in the chatbot, but when constructing the Spoony app itself - proved challenging for the startup when it sought further investment. "A lot of investors probably would have preferred that we were hooking people up with AI friends," he said. And Spoony's heterodox approach to AI showed when it won a Good Design Award last year, leading Mr. Carlton to celebrate "fiercely human" design in the "era of AI slop". SmartCompany says the startup is now pursuing the sale of its assets to an acquirer, potentially an existing digital health business, that seeks a community element. Without that kind of sale, the Spoony platform will wind down by the end of May, adds SmartCompany. =================== B A N G L A D E S H =================== BANGLADESH: Continues Talks with IMF on Key Reforms Tied to Loan ---------------------------------------------------------------- Bangladesh said it will continue negotiating with the International Monetary Fund (IMF) on key reforms the IMF has set as conditions for the balance of a US$5.5 billion loan, with Finance Minister Amir Khosru Mahmud Chowdhury holding meetings in Washington with the global lender's officials. The talks covered revenue collection, banking sector reforms and broader financial changes - key conditions tied to the loan arrangement, according to a statement from the Bangladesh Embassy in Washington. About Bangladesh Bangladesh is a country in South Asia. It is the eighth-most populous country in the world and is among the most densely populated countries with a population of 170 million in an area of 148,460 square kilometres (57,320 sq mi). Dhaka, the capital and largest city, is the nation's political, financial, and cultural centre. Chittagong is the second-largest city and is the busiest port on the Bay of Bengal. As reported in the Troubled Company Reporter-Asia Pacific in late May 2025, Fitch Ratings has affirmed Bangladesh's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B+' with a Stable Outlook. In early December 2024, Moody's Ratings downgraded the Government of Bangladesh's long-term issuer and senior unsecured ratings to B2 from B1 and affirmed short-term issuer ratings at Not Prime. The outlook has been changed to negative from stable. ========= C H I N A ========= XCHANGE TEC: CFO Jiaxing Chang Resigns for Personal Reasons ----------------------------------------------------------- XChange TEC.INC disclosed in a regulatory filing that Ms. Jiaxing Chang resigned as a director, member of the compensation committee, and Chief Financial Officer of the Company. Ms. Jiaxing Chang resigned for personal reasons and has no disagreement with the Company on any matter relating to the Company's operations, policies or practices. About XChange TEC.INC Shanghai, China-based XChange TEC.INC, through its subsidiaries and consolidated variable interest entities, operates insurance agency and insurance technology business. The insurance agency is PRC-licensed and operates nationwide in the PRC with a wide range of insurance products underwritten by major insurance companies, including industry leading and/or state-owned property and casualty insurance companies as well as certain regional property and casualty insurance companies in the PRC. The insurance technology business is focused on operating and developing insurance technology in the PRC, including developing SaaS platform to connect consumers and underwriting support. Singapore-based Onestop Assurance PAC, the Company's auditor since 2023, issued a going-concern qualification its report dated January 14, 2026, attached to the Company's Form 20-F, citing that the Company had accumulated deficits of RMB 4,605,215,000 and RMB 3,856,801,000 as of September 30, 2025, and 2024, respectively. Net cash used in operating activities from continuing operations amounted to RMB 11,698,000, RMB 8,955,000, and RMB 22,178,000 for the years ended September 30, 2025, 2024, and 2023. As of September 30, 2025, and 2024, current liabilities exceeded current assets by RMB 909,308,000 and RMB 1,271,179,000, respectively. The Company generated a net loss of RMB71.3 million (US$9.8 million) in FY 2023, a net loss of RMB226.8 million (US$32.3 million) in FY 2024 and a net loss of RMB748.4 million (US$105.1 million) in FY 2025. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had US$9.7 million in total assets, US$133.4 million in total liabilities, and US$123.6 million in total shareholders' deficit. ========= I N D I A ========= AAYAN MULTITRADE: CRISIL Assigns B- Rating to INR503cr Loan ----------------------------------------------------------- CRISIL Ratings has assigned its 'Crisil B-/Stable' rating to the long-term bank facilities of Aayan Multitrade LLP (AML). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 250 Crisil B-/Stable (Assigned) Term Loan 47 Crisil B-/Stable (Assigned) Working Capital Facility 503 Crisil B-/Stable (Assigned) The rating reflects AML's cyclicality associated with moderate scale of operations in a cyclical industry affected by climatic uncertainty and high regulatory scrutiny, Working capital intensive operations and weak financial risk profile. These weaknesses are partially offset by extensive industry experience of the partners. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of AML. Key Rating Drivers - Weaknesses * Moderate scale of operations in a cyclical industry affected by climatic uncertainty and high regulatory scrutiny: The sugar industry remains highly fragmented due to the presence of several organized and unorganized players. Also, the segment is governed by regulations regarding cane procurement prices (fair and remunerative price) and export quantities, and the seasonal nature of operations that depend on cane harvest and availability. Furthermore, climatic vagaries impacting cane acreage and yield continue to impact the players. The firm's business operations in fiscal 2024 and 2025 remain impacted by y-o-y decline in cane crushed due to availability and high procurement prices. The firm recorded PAT losses in fiscal 2024 and 2025. While fiscal 2026 business profile is expected to remain marked by y-o-y increase in cane crushed, business profile is expected to remain susceptible to climatic uncertainty and high regulatory scrutiny. * Working capital intensive operations: AML's operation remains working capital intensive marked by GCA (Gross current assets) remaining over 190 days for past three fiscals ending March 2025. GCA of 243 days as on March 31, 2025, remain marked by debtors of 72 days and inventory of 118 days. Seasonal nature of operations require it to maintain high fiscal end inventory to cater to ongoing operations, debtors remain marked by sizeable time period involved in payment realization. Overall working capital is expected to remain high in medium term and remains monitorable. * Weak financial risk profile: AML's financial risk profile remains subdued due to high reliance on external debt to support working capital as well as previous debt funded capex. The capital structure is further weakened due to fiscal 2025 PAT losses. Debt protection further remains modest due to high debt levels with interest coverage of 1.2 times for fiscal 2025. Overall financial profile is expected to remain subdued marked by continued reliance on debt and same remains a key rating sensitivity factor. Key Rating Drivers - Strengths * Extensive industry experience of the partners: The firm is owned and managed by Mr. Sachin Sinagare and Mr. Atul Kshirsagar who have more than a decade of experience operating in sugar industry. This has enabled them to develop an ingrained industry understanding and establish healthy relationships with customers and suppliers resulting in revenue remaining over INR400 crore at least for past three fiscals ending March 2025. Liquidity Poor Average bank limit utilization remained at 99% for past 12 months ending January 2026 while net cash accruals for fiscal 2026 and 2027 of INR2.5-3 and 8-9 crore respectively is expected to remain insufficient to cover annual repayment obligations of over INR90 crore. The repayment is expected to be met through fund flow from working capital and unsecured loans from partners. Free cash and bank balance stood at around INR12 crore as on March 31, 2025, while unsecured loans from partners and related entities stood at INR45.5 crore as on March 31, 2025 (stood at INR54 crore a year ago). Current ratio remains subdued at 0.58 times as on March 31, 2025. Outlook Stable Crisil Ratings believes AML will continue to benefit from the extensive experience of its partners and established relationships with clients. Rating sensitivity factors Upward factors * Sustained improvement in scale along with sustenance of operating profitability at over 12% resulting in healthy net cash accruals. * Sustained improvement in financial profile marked by steady accretion to reserves and/or equity infusion driving revival of networth. Downward factors * Decline in revenue or operating profitability resulting in net cash accruals remaining below INR50 lakhs * Significant debt funded capital expenditure or stretch in working capital cycle resulting in further deterioration of financial and liquidity profile. AML was set up in 2015 in Pune as a partnership firm and is currently engaged in production of sugar and byproducts with two plants located in Maharashtra. It is owned and managed by Mr. Sachin Sinagare and Mr. Atul Kshirsagar. AHAMMED HARIS: CRISIL Lowers Rating on LT/ST Loans to D ------------------------------------------------------- CRISIL Ratings has downgraded its rating on the long term bank facilities of Ahammed Haris B (AHB) to 'Crisil D' from 'Crisil B/Stable' and has reassigned its 'Crisil D' rating to the short-term bank facility. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil D (Downgraded from 'Crisil B/Stable') Short Term Rating - Crisil D (Reassigned) The downgrade reflects overdrawals in OD Limits on account of weak liquidity. The company has not disclosed these delays in the no-default statement it has provided. The ratings continue to reflect AHB's small scale of operations exposed to intense competition and highly leveraged capital structure. These weaknesses are partially offset by the extensive industry experience of the proprietor and the firm's sound operating efficiencies. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of AHB. Key Rating Drivers - Weaknesses * Modest scale of operations: High fragmentation in the civil construction industry may continue to constrain scalability, pricing power and profitability of the firm. Furthermore, tender-based operations necessitate aggressive bidding for orders. Revenue increased to INR86.55 crore in fiscal 2024 from INR49.81 crore in the previous fiscal. Scaling up of operations is expected over the medium term, supported by the adequate orderbook. * Working capital intensive operations: Gross current assets were at 294 days as on March 31, 2024 reflecting the working capital intensity of operations. Its large working capital requirements arise from its high debtor and inventory levels. It is required to extend long credit period to the government departments. Furthermore, due to its business need, it holds large work in process & inventory. * Highly leveraged capital structure: AHB has average financial profile marked by by leveraged capital structure with gearing and TOLANW above 5 times as on 31-Mar-2024. Key Rating Drivers - Strengths * Extensive industry experience of the proprietor: The proprietor has an extensive experience in Civil Construction industry. This has given them an understanding of the dynamics of the market and enabled them to establish relationships with suppliers and customers. Firm has an orderbook of around Rs. 134.24 crore including the under-execution and fresh orders. * Sound operating efficiencies: AHB has healthy operating efficiencies, marked by operating margins sustained above 7% in the past 3 fiscals. Liquidity Poor Bank limit utilisation is high at around 99.75 percent for the past twelve months ended January 2025. Cash accrual are expected to be over INR1 – 1.5 crore which are sufficient against term debt obligation of INR0.77 – 0.97 crore over the medium term. Rating sensitivity factors Upward factors * Track record of timely debt servicing for at least over 90 days * Improvement in scale of operations and operating margins leading to higher cash accruals AHB, set up in 2010, is engaged in civil work, such as construction of roads and bridges. The firm is based in Kasargode, Kerala, and owned and managed by Mr Berka Ahammed Haris. AJAY PROTECH: CRISIL Lowers Rating on INR21cr Bank Loan to D ------------------------------------------------------------ CRISIL Ratings has revised the ratings on certain bank facilities of Ajay Protech Private Limited (APPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 21 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil A4 ISSUER NOT COOPERATING) Cash Credit 15 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with APPL for obtaining information through letters and emails dated January 13, 2025, March 23, 2026 and April 10, 2026 among others, apart from telephonic communication. However, the issuer has remained non-cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non-cooperation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of APPL, which restricts the ability of Crisil Ratings to take a forward-looking view on the entity's credit quality. Crisil Ratings believes that the rating action on APPL is consistent with 'Assessing Information Adequacy Risk'. The ratings on the bank facilities of APPL has been downgraded to 'Crisil D/Crisil D Issuer not cooperating' from 'Crisil B+/Stable/Crisil A4 Issuer not cooperating' because of default by the company which has been confirmed by the banker. Incorporated in 2011 by Amrutlal Patel and Chandreshkumar Patel, APPL constructs roads and bridges, including rail-over bridges and flyovers. The company is registered as an 'AA' class contractor with the Government of Gujarat and has also received "Special Category I" certificate. AKHIL BHARTIYA: CRISIL Reaffirms B Rating on INR1cr LT Loan ----------------------------------------------------------- CRISIL Ratings has reaffirmed its 'Crisil B/Stable' rating on the long-term bank facility of Akhil Bhartiya Gramonnayan Sansthan (ABGS). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term Bank Loan Facility 1 Crisil B/Stable (Reaffirmed) The rating continues to reflect the high dependence of ABGS on government authorities and the public for funding, and small scale of operations of the trust. These weaknesses are partially offset by the longstanding regional presence of the trust. Analytical approach Crisil Ratings has evaluated the standalone business and financial risk profiles of ABGS. Key rating drivers - Weaknesses * High dependence on government authorities and the public for funding: ABGS is a registered not-for-profit organisation (NGO-trust), working since 1995 for the upliftment and rehabilitation of the rural areas in Uttar Pradesh. It provides educational services, which include free education for children and informational seminars; and provides orphanage sustenance, medical facilities, cloth donation and other social activities. It depends on public, corporate and government support for its funding requirement and hence remains monitorable for consistent and sufficient accrual. * Small scale of operations: ABGS remained a small-sized, non-government organisation with revenue of around INR0.47 crore in fiscal 2025, which is estimated at INR0.5 crore in fiscal 2026 in the form of grants from the government, which is primarily received in the last quarter of any fiscal. It has launched several programmes for the underprivileged communities residing in remote villages. Any significant improvement in the scale of operations will remain monitorable. Key rating drivers - Strengths * Longstanding regional presence of the trust: The trust has had an established presence in Uttar Pradesh and has been operational for over three decades. Thus, its established presence in the region with diverse services will continue to support its sustainability. The trust was established more than 31 years ago. Regular donations from various large corporates and trustees are one of the benefits of the market presence and goodwill of the trust. Liquidity Poor Annual net cash accrual is expected at INR2-3 lakh against nil term debt obligation over the medium term and will cushion liquidity. The trust had free cash and bank balance of INR0.39 lakh as on March 31, 2025. The current ratio was moderate at 1.03 times as on March 31, 2025, and is estimated around 1.2 times a year later. Outlook Stable Crisil Ratings believes ABGS will continue to benefit from the extensive experience of its proprietor and established relationships with clients. Rating sensitivity factors Upward factors: * Sustained increase in revenue to above INR2 crore * Significant corpus infusion Downward factors: * Inability to increase the receipt of grants * Deterioration in the capital structure with addition of debt, leading to gearing above 1 time Established in 1995, ABGS is a registered not-for-profit organisation (NGO-trust), working since 1995 for the upliftment and rehabilitation of the rural areas in Uttar Pradesh. It provides educational services, which include free education for children and informational seminars; and provides orphanage sustenance, medical facilities, clothes donation and other social activities. The trust is managed by Shirshendu Sheel Trivedi (President). ASANSOL MUNICIPAL: CRISIL Keeps C Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bond of Asansol Municipal Corporation (AMC) continues to be 'CRISIL C Issuer Not Cooperating' Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bond 10 CRISIL C (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with AMC through letters and emails, dated March 19, 2025 and February 28, 2026, among others, apart from telephonic communication, for obtaining information. However, the issuer has remained non-cooperative. Investors, lenders and all other market participants should exercise due caution while using ratings assigned/reviewed with the suffix 'Issuer not cooperating' as these ratings lack a forward-looking component and are arrived at without any management interaction and based on best-available or limited or dated information on the entity. Such non-cooperation by a rated entity may be a result of deterioration in its credit risk profile. Detailed Rationale Despite repeated attempts to engage with the corporation's management, Crisil Ratings did not receive any information on the financial performance or strategic intent of AMC, which restricts the ability of Crisil Ratings to take a forward-looking view on the entity's credit quality. Based on the last available information, tthe rating on bond of AMC continues to be 'Crisil C Issuer not cooperating'. Crisil Ratings believes the rating action is consistent with the Assessing Information Adequacy Risk criteria. AMC is the civic body that governs Asansol Sadar subdivision of the Paschim Bardhaman district in West Bengal. It is the second-largest and second most populous city of West Bengal. BOXCOWORLD PRIVATE: CRISIL Cuts Rating on LT/ST Ratings to D ------------------------------------------------------------ CRISIL Ratings has downgraded the ratings on the bank facilities of Boxcoworld Private Limited (BPL) to 'Crisil D/Crisil D Issuer not cooperating' from 'Crisil BBB-/Stable/Crisil A3' because of instances of delays in interest servicing on the cash credit facility for over 30 days. Additionally, there has been misrepresentation by the Company in the context of a legal dispute relating to the promoter, Mr. Vir Kotak and his father, Mr. Krishna Kotak leading to freeze of bank account and consequent non-payment of debt servicing dues. Also, the Company has not shared the required information to assess its credit risk profile. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil BBB-/Stable') Short Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil A3') Company has recently informed Crisil Ratings that it is undergoing insolvency proceedings under National Company Law Tribunal (NCLT). "The NCLT has admitted the application made by Mr. Krishna Kotak (father of the promoter) for initiating the Corporate Insolvency Resolution Process (CIRP) against BPL. There is a legal dispute in the family between the promoter and his father in the context of unsecured loans of INR4 crore extended by the latter to BPL. As part of its analytical approach articulated in its rating rationale dated May 27, 2025, Crisil Ratings accorded a quasi-equity (75% equity and 25% debt) treatment to these unsecured loans. This was based on an undertaking received from BPL that these unsecured loans are interest free in nature and are expected to be retained in the business over the medium term. Such an undertaking should have precluded any demand for its repayment. However, such a demand seems to have been made and has given rise to the legal dispute. Additionally, in the no-default statement shared by the Company for January 2026, the company did not disclose about the admission of case in NCLT, the appointment of Resolution Professional (RP) in December 2025 and about the delays in debt servicing. The delays in servicing of interest on the cash credit facility appear to have emanated from freezing of the transactions on the bank accounts owing to NCLT proceedings. Both these aspects indicate clear misrepresentation of facts by the Company with Crisil Ratings. Despite repeated attempts to engage with the management, Crisil Ratings failed to receive required information on either the financial performance, business operations or future strategy of BPL. With the RP taking over the company's affairs, the management has highlighted constraints in sharing information. This restricts the ability of Crisil Ratings to take a forward-looking view on the entity's credit quality. Crisil Ratings believes that the rating action on BPL is consistent with 'Assessing Information Adequacy Risk'. * Non cooperation by Issuer: Crisil Ratings has been consistently following up with BPL for obtaining information through emails dated April 13, 2026, and April 14, 2026, apart from telephonic communication. However, the issuer has remained non-cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non-cooperation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' BPL was incorporated in 2021 after the international freight forwarding business from the erstwhile Boxcoworld Logistics India Pvt Ltd (BLIPL) was transferred to BPL, as a going concern through slump sale, from October 2021. The company is held by Boxcoworld Holdings Pte Ltd, which is promoted by Mr Vir Kotak. It is a logistics service provider involved in sea and air freight forwarding services, customer clearance services, inland transportation, warehousing services and door-to-door solutions. CRESTIA POLYTECH: CRISIL Lowers Rating on INR44.5cr Loan to B ------------------------------------------------------------- CRISIL Ratings has migrated the ratings on the bank facilities of Crestia Polytech Private Limited (CPPL) to 'Crisil B/Stable/Crisil A4 Issuer not cooperating' from 'Crisil BBB+/Stable/Crisil A2'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 44.5 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BBB+/Stable') Cash Credit 5 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BBB+/Stable') Cash Credit 5 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BBB+/Stable') Rupee Term Loan 13.35 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BBB+/Stable') Rupee Term Loan 2.46 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BBB+/Stable') Working Capital 0.69 Crisil A4 (ISSUER NOT Demand Loan COOPERATING; Migrated from 'Crisil A2') Crisil Ratings has been consistently following up with CPPL for obtaining information through letter and email dated April 7, 2026, among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of CPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CPPL is consistent with 'Assessing Information Adequacy Risk'. Crisil Ratings has migrated the ratings on the bank facilities of CPPL to 'Crisil B/Stable/Crisil A4 Issuer not cooperating' from 'Crisil BBB+/Stable/Crisil A2'. Incorporated in 2013 and promoted by Mr Pawan Kumar Palriwal and his family, CPPL manufactures high-density polyethylene and polyvinyl chloride pipes, water storage tanks and fittings. The company has three facilities in Patna, Bihar. BirlaNu Limited (erstwhile HIL Limited (HIL)) acquired 100% shareholding of CPPL in April 2024. DIVYA JYOTI: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Divya Jyoti Industries Limited (DJIL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.19 CRISIL D (Issuer Not Cooperating) Bank Guarantee 0.23 CRISIL D (Issuer Not Cooperating) Bank Guarantee 0.23 CRISIL D (Issuer Not Cooperating) Cash Credit 9.52 CRISIL D (Issuer Not Cooperating) Cash Credit 8.84 CRISIL D (Issuer Not Cooperating) Cash Credit 8.84 CRISIL D (Issuer Not Cooperating) Letter Of Guarantee 2.6 CRISIL D (Issuer Not Cooperating) Letter of Credit 3.9 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.65 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with DJIL for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of DJIL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DJIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of DJIL continues to be 'Crisil D/Crisil D Issuer not cooperating'. DJIL, incorporated in 1992, manufactures soya bean oil, soya oil extracts, DOC, and other value-added products. The company's manufacturing facility at Pithampur in Dhar, Madhya Pradesh, has an extraction capacity of 700 tpa and refining capacity of 100 tpa. FINECRETE ECO-BLOCKS: CRISIL Keeps D Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Finecrete Eco-Blocks Private Limited (Finecrete) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 18 CRISIL D (Issuer Not Cooperating) Term Loan 18 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Finecrete for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Finecrete, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Finecrete is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Finecrete continues to be 'Crisil D Issuer not cooperating'. Finecrete, incorporated in July 2013, has set up a manufacturing unit of autoclaved aerated concrete (AAC) blocks, or fly ash bricks. The company's facility is at Panipat, Haryana. GAJANAN OIL: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Gajanan Oil Private Limited (GOPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 60 CRISIL D (Issuer Not Cooperating) Cash Credit 30 CRISIL D (Issuer Not Cooperating) Cash Credit 20 CRISIL D (Issuer Not Cooperating) Cash Credit 15 CRISIL D (Issuer Not Cooperating) Letter of Credit 15 CRISIL D (Issuer Not Cooperating) Letter of Credit 20 CRISIL D (Issuer Not Cooperating) Letter of Credit 5 CRISIL D (Issuer Not Cooperating) Letter of Credit 25 CRISIL D (Issuer Not Cooperating) Term Loan 35 CRISIL D (Issuer Not Cooperating) Term Loan 20 CRISIL D (Issuer Not Cooperating) Term Loan 5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GOPL for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GOPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GOPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GOPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. GOPL is a part of the Gajanan group and is promoted by Mr Nitin Jadhav and his family. The company extracts soya and wash cotton seed oil, and refines soya, cotton and palm oils. GOPL was incorporated in December 2015 to undertake expansion of the brown field project acquired from Bhaskar Foods Pvt Ltd of the Dainik Bhaskar group. INDIA: Plans Special NCLT Bench for Cross-Border Insolvency Cases ----------------------------------------------------------------- The Economic Times of India reports that India plans to set up a special bench of the National Company Law Tribunal (NCLT) with trained manpower to handle cross-border insolvency cases once the new bankruptcy rules are notified, to fast-track proceedings. According to ET, the cross-border framework, approved last month as part of amendments to the Insolvency and Bankruptcy Code (IBC), will be based on a model UN law with modifications to suit the Indian context. KVR INDUSTRIES: CRISIL Keeps 'D' Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kvr Industries Private Limited (KVRIL) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.14 Crisil D (Issuer Not Cooperating) Cash Credit 14 Crisil D (Issuer Not Cooperating) Cash Credit 11.94 Crisil D (Issuer Not Cooperating) Funded Interest 0.96 Crisil D (Issuer Not Term Loan Cooperating) Funded Interest 0.96 Crisil D (Issuer Not Term Loan Cooperating) Long Term Loan 8 Crisil D (Issuer Not Cooperating) Long Term Loan 1.9 Crisil D (Issuer Not Cooperating) Long Term Loan 6.1 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KVRIL for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KVRIL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KVRIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KVRIL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2009, KVRIL manufactures newsprint paper and writing and printing paper. The company is promoted by Mr. Kotha Venkata Rao. MUNJANI BROTHERS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Munjani Brothers (MB) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Export Packing 6 CRISIL D (Issuer Not Credit Cooperating) Export Packing 3 CRISIL D (Issuer Not Credit Cooperating) Export Packing 6 CRISIL D (Issuer Not Credit Cooperating) Export Packing 4 CRISIL D (Issuer Not Credit Cooperating) Export Packing 2 CRISIL D (Issuer Not Credit Cooperating) Post Shipment 5 CRISIL D (Issuer Not Credit Cooperating) Post Shipment 13.5 CRISIL D (Issuer Not Credit Cooperating) Post Shipment 3 CRISIL D (Issuer Not Credit Cooperating) Post Shipment 6 CRISIL D (Issuer Not Credit Cooperating) Post Shipment 9 CRISIL D (Issuer Not Credit Cooperating) Crisil Ratings has been consistently following up with MB for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MB, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MB is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MB continues to be 'Crisil D/Crisil D Issuer not cooperating'. MB was set up in 1986. The firm manufactures cut and polished diamonds and specialises in small diamonds, such as star and melees, ranging from 0.01 carat (ct) to 2.00 ct. NAV JYOTI: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Nav Jyoti Agro Foods Private Limited (NJAFPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 120 CRISIL D (Issuer Not Cooperating) Term Loan 2.4 CRISIL D (Issuer Not Cooperating) Warehouse Financing 10 CRISIL D (Issuer Not Cooperating) Warehouse Financing 20 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with NJAFPL for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of NJAFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NJAFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NJAFPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2011 and based in Karnal (Haryana), NJAFPL mills, processes, and sorts basmati rice. Operations are managed by Mr. Rajinder Singla and his sons Mr. Pankaj Singla and Mr. Manoj Singla. Its plant is in Karnal. NIKHIL FOOTWEARS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Nikhil Footwears Private Limited (NFPL) continue to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 50 CRISIL D (Issuer Not Cooperating) Letter of Credit 20 CRISIL D (Issuer Not Cooperating) Standby Letter 3 CRISIL D (Issuer Not of Credit Cooperating) Term Loan 7.64 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with NFPL for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of NFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of NFPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. NFPL, established in 1987, is promoted and managed by Mr Naresh Agarwal. The company manufactures footwear at its facilities in Kundli and Bahadurgarh, both in Haryana. PARAGON APPAREL: CRISIL Lowers Rating on INR11cr Cash Loan to D --------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Paragon Apparel Private Limited (PAPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 4 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil A4 ISSUER NOT COOPERATING') Cash Credit 11 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING') Cash Credit 2 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING') Letter of Credit 2 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil A4 ISSUER NOT COOPERATING') Letter of Credit 2 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil A4 ISSUER NOT COOPERATING') Packing Credit 10 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING') Packing Credit 4 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING') Term Loan 5 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with PAPL for obtaining information through letter and email dared October 16, 2025, apart from telephonic communication. However, the issuer has remained non-cooperative. Investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'issuer not cooperating' as the rating has been arrived at without any interaction with the management and is based on best-available, limited or dated information regarding the firm. Such non-cooperation by a rated entity may be a result of weakening of its credit risk profile. Rating with the 'issuer not cooperating' suffix lacks a forward-looking component. Detailed Rationale Despite repeated attempts to engage with the management of PAPL, Crisil Ratings did not receive any information on the financial performance or strategic intent of the entity. This restricts the ability of Crisil Ratings to take a forward-looking view on the credit quality of the firm. The rating action on PAPL is consistent with the criteria detailed in 'Assessing information adequacy risk'. Based on the publicly-available information, Crisil Ratings has downgraded its rating on the long-term bank facilities of PAPL to 'Crisil D/Crisil D Issuer not cooperating' from 'Crisil B+/Stable/Crisil A4 Issuer not cooperating'. As per information available in the public domain, there remains delinquency in the entity's accounts and clarity about the same from the management and bankers is awaited. PAPL, incorporated in 1995, manufactures readymade garments such as T-shirts, tops, shorts, and track pants for men, women, and children. The company has capacity to manufacture 700,000 pieces per month. Mr Roshan Baid and family are the promoters. PARAMOUNT MINERALS: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Paramount Minerals and Chemicals Limited (PMCL) continue to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2.25 CRISIL D (ISSUER NOT COOPERATING) Bank Guarantee 0.75 CRISIL D (ISSUER NOT COOPERATING) Bill Discounting 15 CRISIL D (ISSUER NOT under Letter COOPERATING) of Credit Cash Credit 9 CRISIL D (ISSUER NOT COOPERATING) Cash Credit 8 CRISIL D (ISSUER NOT COOPERATING) Cash Credit 3.25 CRISIL D (ISSUER NOT COOPERATING) Letter of Credit 20.22 CRISIL D (ISSUER NOT COOPERATING) Letter of Credit 17 CRISIL D (ISSUER NOT COOPERATING) Letter of Credit 3 CRISIL D (ISSUER NOT COOPERATING) Long Term Loan 7.53 CRISIL D (ISSUER NOT COOPERATING) Packing Credit in 14 CRISIL D (ISSUER NOT Foreign Currency COOPERATING) Proposed Long Term 25 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING) Crisil Ratings has been consistently following up with PMCL for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PMCL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PMCL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PMCL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 1975 and promoted by the Poddar and Sanghai groups, PMCL manufactures OBAs and speciality chemicals used in the textiles, paper and detergent industries. Its products are sold under the Parawhite and Dolomass brands. The manufacturing facility is in Ambernath, Maharashtra. SHALIMAR WORKS: CRISIL Keeps C Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said ratings on bank facilities of The Shalimar Works (1980) Limited (Shalimar Works) continue to be 'Crisil C/Crisil A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 14 Crisil A4 (Issuer Not Cooperating) Cash Credit/ 1.25 Crisil C (Issuer Not Overdraft facility Cooperating) Proposed Long Term 39.75 Crisil C (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with Shalimar Works for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Shalimar Works, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Shalimar Works is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Shalimar Works continues to be 'Crisil C/Crisil A4 Issuer not cooperating'. In 1980, the Turner Morrison group was liquidated, and its assets were acquired by the Government of West Bengal through incorporation of Shalimar Works. The company builds and repairs ships and is also engaged in engineering and fabrication of heavy structures. STAR AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Star Agro Marine Exports Private Limited (SAME) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Foreign Bill 44 CRISIL D (Issuer Not Discounting Cooperating) Foreign Bill 47 CRISIL D (Issuer Not Discounting Cooperating) Foreign Letter 14 CRISIL D (Issuer Not of Credit Cooperating) Long Term Loan 17.45 CRISIL D (Issuer Not Cooperating) Packing Credit 3 CRISIL D (Issuer Not Cooperating) Packing Credit 47 CRISIL D (Issuer Not Cooperating) Standby Letter 56 CRISIL D (Issuer Not of Credit Cooperating) Standby Letter 40 CRISIL D (Issuer Not of Credit Cooperating) Crisil Ratings has been consistently following up with SAME for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SAME, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SAME is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SAME continues to be 'Crisil D/Crisil D Issuer not cooperating'. Established in 1998 by Mr. Shaik Abdul Aziz, the Star group undertakes cultivation, processing, and export of shrimp. The group is based in Nellore (Andhra Pradesh) with its subsidiaries in United States of America and United Kingdom. TRUE POWER: CRISIL Assigns D Rating to INR25cr Capex LoC -------------------------------------------------------- CRISIL Ratings has assigned its 'Crisil D/Crisil D' ratings to the bank facilities of True Power Limited (TPL) on account of delay in servicing of debt. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 3 Crisil D (Assigned) Capex Letter of Credit 25 Crisil D (Assigned) Cash Credit 22 Crisil D (Assigned) Letter of Credit 11 Crisil D (Assigned) Long Term Loan 2.3 Crisil D (Assigned) Proposed Long Term Bank Loan Facility 0.25 Crisil D (Assigned) Working Capital Term Loan 0.45 Crisil D (Assigned) The rating reflects the delay in servicing term loan obligations with SIDBI, which the company had not disclosed in the no-default statement it has provided. The ratings also factor in the established track record of operations of the company for over a decade and it's improving scale of operations. These are partially offset by modest net worth and financial leverage structure and the inherent risks in timely completion of ongoing project expansion for setting up of a solar panel assembly unit. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of TPL. Key Rating Drivers - Weaknesses * Established operating track record and diversified product portfolio: TPL has an established operating track record of over 10 years in the earthing solution and wires and cables segment. The product portfolio includes lightning arresters earthing electrodes, grounding rods and industrial cables. The company also benefits from a pan-India presence through multiple sales branches, which support revenue diversification across geography. * Improving scale of operation: The company's revenue scale improved in FY25 to INR118.20 crore from INR87.12 crore in FY24, driven by stable execution and steady orders. Over the medium-term revenues are expected to be in the range of INR150-Rs 232 crore, supported by steady demand in the core earthing segment and the proposed contribution from the solar panel assembly unit. Key Rating Drivers - Strengths * Delay in debt servicing: TPL has delayed in repayment of term loans availed from SIDBI over the past months with the recent delay being 9 days in December- 25. * Modest Net worth and Leveraged Capital Structure: TPL's net worth remains modest at INR13.23 crore in FY25 and is expected to improve to INR16-20 crore over the medium term. The financial leverage of the company is at 3x in FY25. The proposed INR40 crore capex for the solar panel assembly unit, is expected to be largely debt funded. As a result, the capital structure is expected to weaken over the medium term, with TOL/ATNW expected to remain elevated at 4.28x-5.20x over the medium term. * Timely completion of ongoing project: TPL is in the process of setting up a solar panel assembly unit involving a capital expenditure of around INR40 crore, which is significant in relation to it's net worth. The project marks the company's entry into a new line of business, distinct from it's existing earthing and electrical products segment and exposes it to execution and stabilization risks. The company's ability to complete the project within the envisaged cost and timeline, achieve optimal capacity utilization and secure sustained order flows in a competitive market will be key to the successful stabilization of operations. Any cost overruns, delays in commissioning, or slower than expected operating efficiency could adversely impact on the company's financial profile and liquidity. Liquidity Poor Liquidity is poor as reflected in delay in repayment of term debt obligations. Bank limit utilization is moderate at around 73.75 percent for the past twelve months ended Dec-25. Cash accruals are expected to be over INR4.50- 4.90 crore which are sufficient against term debt obligation of INR1.02- 3.15 crore over the medium term. Current ratio is moderate at 1x as on 31-March-2025, indicating continued dependence on short-borrowings to fund working capital requirements. Rating sensitivity factors Upward factors: * Track record of timely debt servicing for at least over 90 days. * Sustained improvement in the scale of operations and profitability, with EBITDA margins over 6.10%. TPL was incorporated in 2013, and is based out of Barabanki, Uttar Pradesh. The company began its operations in 2016 and is involved in the manufacturing of earthing products and industrial wires and cables. It has three manufacturing units located in Barbanki, Kolkata and Hyderabad. The key promoter of the company is Mr Hari Om Tiwari who holds around 99% of the shares. UNIFY TECHNOLOGIES: CRISIL Cuts Corporate Credit Rating to B ------------------------------------------------------------ CRISIL Ratings has migrated the ratings on certain bank facilities of Unify Technologies Private Limited (UTPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Corporate Credit - Crisil B/Stable (ISSUER NOT Rating COOPERATING; Migrated from 'Crisil BBB-/Stable') Crisil Ratings has been consistently following up with UTPL for obtaining information through letter and email dated March 31, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of UTPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on UTPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on Corporate Credit Rating facilities of UTPL to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BBB-/Stable'. Incorporated in 2014, UTPL provides software solutions and services, including application development and management services, product engineering and management, infrastructure management services, enterprise application implementation, support and integration services. It caters to industry verticals such as financial services, retail, communication, manufacturing, hi-tech, life sciences, energy, utilities, resources and services. The company has five offices across India in Hyderabad, Delhi, Bengaluru, Pune and Chandigarh. It also has offices in Seattle and New York, US. UTPL is promoted by Mr Brahma Naidu Vella and Mr Hima Bindu Vella. VEESONS ENERGY: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Veesons Energy Systems Private Limited (Veesons) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 14 CRISIL D (Issuer Not Cooperating) Cash Credit 24 CRISIL D (Issuer Not Cooperating) Cash Credit 12 CRISIL D (Issuer Not Cooperating) Letter of Credit 9 CRISIL D (Issuer Not Cooperating) Letter of Credit 7.5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 3.83 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 17.57 CRISIL D (Issuer Not Cooperating) Term Loan 12.66 CRISIL D (Issuer Not Cooperating) Working Capital 8 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with Veesons for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Veesons, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Veesons is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Veesons continues to be 'Crisil D/Crisil D Issuer not cooperating'. Veesons commenced operations as a partnership firm in 1981 and was reconstituted as a private limited company in 1994. The company manufactures boilers and boiler components, besides undertaking erection, procurement, and commissioning contracts to set up boilers. Other services include conversion, modification, and renovation of existing boilers. VIMLA DEVI: CRISIL Reaffirms B+ Rating on INR1cr LT Loan -------------------------------------------------------- CRISIL Ratings has reaffirmed its 'Crisil B+/Stable' rating on the long-term bank facility of Vimla Devi Seva Sansthan (VDSS). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 1 Crisil B+/Stable (Reaffirmed) Bank Loan Facility The rating continues to reflect high dependence on government authorities and public for funding and modest scale of operations. These weaknesses are partially offset by longstanding regional presence of the trust. Analytical approach Crisil Ratings has evaluated the standalone business and financial risk profiles of VDSS. Key rating drivers - Weaknesses * High dependence on government authorities and public for funding: VDSS is a not-for-profit organisation (non-governmental organisation [NGO] trust) registered, recognised social organisation working since 1998 for the upliftment and rehabilitation of rural parts in Uttar Pradesh. It provides education services such as free education for children, host informational seminars, etc. and orphan sustenance, medical facilities, clothes donation and other social activities. Public, corporate and government funding support is critical and hence remains monitorable for consistent and sufficient cash accrual. * Modest scale of operations: Scale has been modest, with revenue of INR5-11 crore for the three fiscals through 2025, owing to average funding/donations received from donors. Revenue of the trust depends on tenders received by the organisation. Any improvement in tender allocation to the organisation will remain a key monitorable. The organisation's revenue is volatile as it is largely dependent on tender-driven orders and is estimated at INR2-3 crore in fiscal 2026 against INR11.24 crore in fiscal 2025. Operating margin has remained volatile over the years due to the non-profit nature of the organisation. Key rating drivers - Strengths * Longstanding regional presence of the trust: The trust has been providing diverse services for around three decades in Uttar Pradesh and hence is well reputed in the region. It receives regular donations from various large corporates and trustees. Liquidity Poor Cash accrual is estimated at around INR9 lakh in fiscal 2026 and INR33-34 lakh annually for fiscals 2027 and 2028, against nil yearly debt obligation over the medium term; the surplus cash will aid liquidity. Current ratio is estimated at around 1.2 times as on March 31, 2026 (1.17 times on March 31, 2025) and cash and bank balance at around INR0.65 crore as on March 31, 2025. Low gearing and moderate networth should support financial flexibility. Outlook Stable VDSS will continue to benefit from the extensive experience of its trustees and their established relationship with clients. Rating sensitivity factors Upward factors * Sustained improvement in scale, leading to cash accrual above INR1 crore * Significant corpus infusion Downward factors * Inability to increase the receipt of grants * Deterioration in the capital structure, with addition of debt, leading to gearing above 1 time VDSS is an NGO-trust registered, recognised social organisation working since 1983 for the upliftment and rehabilitation of rural parts in Uttar Pradesh. Its services incude free education for children, environment and natural resource management, health and nutrition, human immunodeficiency virus/acquired immunodeficiency syndrome, rural development and poverty alleviation, etc. The trust is managed by Pranava Gopal Srivastava (President). ZTE TELECOM: TVS Supply Withdraws Appeal in NCLAT on Settlement --------------------------------------------------------------- The Economic Times reports that TVS Supply Chain Solutions has settled its debt dispute with ZTE Telecom India and withdrawn its appeal in NCLAT against an order that rejected insolvency proceedings against the telecom gear manufacturer. Earlier last week, TVS Supply Chain counsel informed the National Company Law Appellate Tribunal (NCLAT) about the settlement and requested withdrawal of the appeal, according to ET. ET relates that a two-member NCLAT bench comprising Chairperson Justice Ashok Bhushan and Member (Technical) Barun Mitra allowed the withdrawal for the plea. "Counsel for the appellant (TVS) submits that the matter has been settled between the parties and he may be permitted to withdraw this appeal. Permission is granted," said NCLAT. In October last year, a Chandigarh-based bench of the National Company Law Tribunal (NCLT) had dismissed the insolvency plea filed by TVS Supply Chain after observing a pre-existing dispute between the parties, ET recalls. NCLT in its order had said that the debt claimed by TVS Supply Chain was disputed and under reconciliation dating back to 2017. TVS Supply Chain Solutions, earlier known as TVS Logistics Services, had moved NCLT claiming a default of INR4.27 crore from ZTE by filing a plea under Section 9 of the Insolvency & Bankruptcy Code. The dispute is for the period June 2012 to February 2019. [] INDIA: IBC Study Calls for MSME Insolvency Auction Reform ------------------------------------------------------------ The Economic Times reports that a study commissioned by the insolvency regulator has called for removing structural inefficiencies in the current auction design pertaining to the rescue of bankrupt micro, small and medium enterprises (MSMEs) and putting in place an improved model to boost resolution. ET relates that the study on MSMEs in the Insolvency and Bankruptcy Code (IBC) by Management Development Institute, Gurgaon, favoured the introduction of a single objective auction model where the bidder offering the highest recovery is awarded. ========= J A P A N ========= NISSAN MOTOR: Fitch Affirms 'BB' LongTerm IDRs, Outlook Negative ---------------------------------------------------------------- Fitch Ratings has affirmed Nissan Motor Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BB'. The Outlook remains Negative. Fitch has also affirmed Nissan's senior unsecured rating at 'BB' and its Short-Term Foreign- and Local-Currency IDRs at 'B'. The affirmation reflects Nissan's still-adequate financial flexibility, supported by its sizeable automotive cash balance and access to liquidity, as well as Fitch's expectation that ongoing restructuring under the Re:Nissan plan will support recovery in profitability and cash flow over the medium term. The ratings remain constrained by weak operating performance, execution risks around the turnaround, and a challenging demand and cost environment. The Negative Outlook reflects the risk that Nissan's credit profile may weaken if its turnaround progresses more slowly than expected in a more challenging industry environment. Although Nissan may benefit from higher vehicle prices and demand shifting towards more fuel-efficient vehicles amid the ongoing Middle East conflict, given its strengths in entry-level SUVs, sedans and mass-market pricing, macroeconomic uncertainty may hinder the recovery in earnings and cash flow needed to stabilise the rating. Key Rating Drivers Restructuring Progress: Nissan is ahead of plan in executing its restructuring plan, with fixed-cost savings of JPY160 billion in April-December 2025, including over JPY80 billion in April-September. Management expects to exceed the JPY250 billion fixed-cost target by the end of the financial year to March 2027 (FYE27). Nissan has also identified more than JPY240 billion of variable-cost savings that it is implementing through a dedicated transformation office. Benefits from these actions will likely build gradually, alongside model launches and supply-chain rationalisation. While early progress on fixed-cost reduction is encouraging and supports the credibility of Re:Nissan, execution remains demanding, particularly for the more back-ended variable-cost measures, which depend on supplier restructuring, engineering simplification and model renewal amid weak markets, tariff increases and rollout risk. Margin Recovery: Nissan's automotive gross profit margin improved to 12.5% in 2QFYE26 and 10.5% in 3Q from 5.4% in 1Q, showing early benefits from restructuring, including plant consolidation, manufacturing rationalisation and tighter cost control. Fitch forecasts gross margin of above 12% in FYE27, supporting a return to automotive EBIT and Fitch-defined FCF (including dividends from sales finance subsidiaries) break even. Fitch's base case scenario does not expect the extent of raw-material inflation or supply-chain disruption stemming from the Middle East conflict to materially offset cost savings from Nissan's restructuring plan and derail its margin recovery. The company's diversified sourcing and manufacturing footprint should also mitigate potential disruption. Nevertheless, escalated inflation risk could weaken demand and dampen Nissan's pace of profit turnaround. Sales Pressure: Fitch assumes global auto sales volumes will decline to 3.2 million units in FYE26 from 3.3 million a year earlier, then remain broadly flat through FYE28. The decline reflects a difficult sales environment, with weakness in Japan, Europe and China partly offset by resilience in North America. North America remains more resilient despite lower regional trade and production cuts to reduce exposure to high US tariffs. Macroeconomic Risk: Weaker macroeconomic conditions could reduce vehicle demand. A prolonged period of high fuel prices stemming from the Middle East conflict could shift demand towards smaller and more fuel-efficient vehicles, including electric vehicles (EVs) and hybrid EVs, which tend to be less profitable than larger trucks and SUVs. Any material mix shift would likely require several months of sustained high fuel prices. Solid Capital Structure: Fitch expects Nissan's capital structure to remain solid, in line with those of higher-rated peers. The company's maintenance of an automotive net cash position supports its balance sheet strength and financial flexibility, providing sufficient buffer for its profitability turnaround amid the on-going restructuring plan. Peer Analysis Nissan enjoys some business profile attributes comparable with highly rated global auto companies. Its global sales volume is comparable with that of Honda Motor Co., Ltd. (A-/Negative) although Honda maintains a significant global presence in the motorcycle sector. The combined scale of Nissan and its accounted affiliate, Mitsubishi Motors, is also comparable with that of Ford Motor Company (BBB-/Stable). Nissan's brand positioning is moderately weaker than some global peers, though it is similar in market position and diversification to Ford and Stellantis N.V. However, Nissan's automotive operating and FCF margins are materially weaker than higher-rated global peers, while uncertainty remains in the company's ability to restore profitability. In particular, Nissan's margins remain well below those of peers such as Honda and Ford, reflecting weaker pricing power, lower capacity utilisation and the ongoing cost burden of its turnaround. Nissan's profitability is lower and less stable, highlighting that its scale and diversification have not yet translated into stronger earnings quality. Nissan is rated at the same level as Ford Otmotive Sanyi A.S.'s Standalone Credit Profile (Ford Otosan, BB+/Stable), due to stronger scale, leverage and liquidity, offset by weaker profitability. Ford Otosan has higher and more stable profitability than Nissan, supported by lower labour costs and an investment guarantee scheme from Ford that supports revenue and earnings. Nissan's automotive revenue is nearly four times larger, and it has much broader product and geographic diversification than Ford Otosan. Nissan's maintenance of an automotive net cash position underpins its assessment of its Financial Structure and Financial Flexibility in the Navigator at 'bbb' and 'a', respectively, which are stronger than Ford Otosan's 'bb-' and 'bb-'. Fitch’s Key Rating-Case Assumptions - A 3.6% decline in auto revenue in FYE26, followed by low-single-digit growth annually in FYE27-FYE29 (FYE25: -1.3%). - Auto gross profit margin rises by 300 bp in FYE27 and then by 50 bp in each of FYE28 and FYE29 through Re:Nissan restructuring initiatives. - An average capex/auto sales ratio in FYE26-FYE29 of 4% (FYE25: 4.6%). Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): management (bbb-, lower), sector characteristics (bbb, moderate), market and competitive positioning (bbb-, moderate), diversification and asset quality (a-, lower), company operational characteristics (bb+, moderate), profitability (b+, higher), financial structure (bbb, moderate), and financial flexibility (a, moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027, 20% for the forecast year 2028 and 20% for the forecast year 2029. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a' results in no adjustment. - The SCP is 'bb'. To derive the IDR: No further adjustments made to the SCP, resulting in an IDR of 'BB' RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Failure to establish a clear trend towards breakeven in operating profit and Fitch-defined FCF in the auto segment, excluding non-recurring restructuring charges, by FYE27, due to rising costs such as raw material and production costs and/or declining sales volumes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - The Outlook will be revised to Stable if the negative sensitivities are not met. Liquidity and Debt Structure Fitch expects Nissan's auto segment to maintain a net cash position with about JPY1.3 trillion-JPY1.5 trillion of cash and cash equivalents in FYE26-FYE29, despite the large negative FCF forecast for FYE26. Fitch expects dividends from sales finance subsidiaries, which are included in Fitch's calculation of Nissan's automotive FCF, to remain stable and support a recovery in its automotive FCF. Its forecast does not include any cash inflow from asset disposals. Nissan also has an unused committed line of JPY1.6 trillion that supports both its auto and sales financing arms. Nissan reports JPY235.6 billion in cash and equivalents under investment securities. Fitch includes 70% of this amount in auto operations liquidity. Fitch sets aside JPY274 billion of cash in its financial projections, equivalent to 2.5% of auto segment revenue, as a reserve for seasonal working capital because the cash is not immediately accessible. Additionally, Fitch deducted JPY248 billion from cash and cash equivalents at the Nissan parent/auto segment and allocated it to financial services. Issuer Profile Nissan is a Japan-based global automaker producing passenger vehicles, commercial vehicles, and electrified models under the Nissan and Infiniti brands. It operates worldwide with major markets in North America, Japan and China and is undergoing restructuring under Re:Nissan. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals Nissan's FYE25 revenue-weighted Climate.VS of 51 by 2035 is in line with that of other automakers. This score reflects the risks associated with policies that encourage the uptake of alternative powertrain vehicles. Its ratings already incorporate these risks as well as Nissan's mitigation plans. While Nissan faces challenges from slower US demand for EVs, policy uncertainty and delays that leave it behind global peers in scale and model cadence, these are partly offset by tighter cost control, restructuring, selective regional launches, alliance-based platform sharing, and a hybrid-led transition strategy that could support profitability and fund broader BEV expansion over time. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Nissan Motor Co., Ltd. LT IDR BB Affirmed BB ST IDR B Affirmed B LC LT IDR BB Affirmed BB LC ST IDR B Affirmed B senior unsecured LT BB Affirmed BB =============== M A L A Y S I A =============== LINTEC CORP: Puts Penang Assets Up For Sale Via Tender ------------------------------------------------------ Rosalynn Poh at the Edge Malaysia reports that after 25 years of operations, Tokyo-listed Lintec Corp, a manufacturer of adhesive-related products, is putting its eight-acre leasehold land in Bukit Minyak Industrial Park, Penang, up for sale via tender. Located about 11km from the first Penang Bridge, the land comes with a single-storey factory that has a combined built-up area of about 132,000 sq ft. According to The Edge, Raine & Horne International Zaki + Partners Sdn Bhd (Penang) partner Lee Wen Tat said the value of the property is estimated at MYR45 million to MYR50 million. "Bukit Minyak Industrial Park is a major industrial hub located in Seberang Perai, developed by Penang Development Corporation. The park spans over 1,000 acres and serves as a critical centre for manufacturing, logistics and high-tech industries in northern Malaysia. Its growth is driven by its excellent connectivity to the North-South Expressway and it is also easily accessible via both the first and second Penang bridges. It is surrounded by Penang Science Park and Batu Kawan Industrial Park, with close proximity to Bukit Tengah Industrial Park," The Edge quotes Lee as saying. According to The Edge, notable and prominent factories located within the industrial park include Flextronics Technology, Jabil Circuit, Amphenol TCS, Paramit Malaysia, UWC Holding, Le Nam Megasheet, Pensonic, Semarak Engineering, Chop Tong Guan and the recently opened MEP Enviro Technology. The industrial park is also located close to amenities such as AEON BiG Bukit Minyak, Lotus's and IKEA Batu Kawan. An online search showed the listing of two pieces of land up for sale in the area, The Edge relays. The first is a 20-acre vacant parcel along the main road of Bukit Minyak with an asking price of MYR80 million, or MYR92 psf, while the second parcel measures five acres and has an asking price of MYR22 million, or MYR100 psf. Lee adds that a recent transaction in July 2025 involved a single-storey factory in Jalan Perindustrian Bukit Minyak 19 with a land area of 105,078 sq ft, which was transacted at MYR11.8 million, or MYR112 psf. Meanwhile, transactions in 2024 were priced between MYR92 and MYR177 psf. The agent for the deal is CBRE | WTW and the tender will end on April 23. The agent told The Edge that the lease on the land will expire on Oct. 29, 2061. In September 2025, Lintec announced its decision to dissolve and liquidate its Malaysian subsidiary Lintec Industries (M) Sdn Bhd (LIM), owing to declining market competitiveness and a significant drop in orders, The Edge recalls. LIM was established in April 2000. According to the notice, LIM manufactured and sold multilayer ceramic capacitor-related tapes used in large quantities in a wide variety of electronic devices to store and release electricity, with a focus on the Southeast Asian region and China. However, the emergence of Chinese manufacturers led to a decrease in the market value of Lintec's products, prompting the company to withdraw from manufacturing and sales at its subsidiary, The Edge relays. The liquidation of LIM is expected to be completed by the end of March this year, The Edge adds. Lintec also has subsidiaries in Kuala Lumpur, Shah Alam and Kuching, where it also has a manufacturing plant. ===================== N E W Z E A L A N D ===================== ANATOLIA MASTERTON: Court to Hear Wind-Up Petition on April 23 -------------------------------------------------------------- A petition to wind up the operations of Anatolia Masterton Limited will be heard before the High Court at Napier on April 23, 2026, at 2:15 p.m. The Commissioner of Inland Revenue filed the petition against the company on Jan. 29, 2026. The Petitioner's solicitor is: Tara Nicola Carr Inland Revenue, Legal Services 55 Featherston Street (PO Box 895) Wellington 6011 JAMIESON TRANSPORT: Creditors' Proofs of Debt Due on May 14 ----------------------------------------------------------- Creditors of Jamieson Transport Limited are required to file their proofs of debt by May 14, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 12, 2026. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 M8 DEVELOPMENT: Creditors' Proofs of Debt Due on May 25 ------------------------------------------------------- Creditors of M8 Development Limited and M8 Group Limited are required to file their proofs of debt by May 25, 2026, to be included in the company's dividend distribution. The companoes commenced wind-up proceedings on March 27, 2026. The company's liquidators are: Daran Nair Heiko Draht Nair Draht Limited 97 Great South Road Epsom, Auckland 1051 PARADISE HAULAGE: Blacklock Rose Appointed as Liquidators --------------------------------------------------------- Benjamin Brian Francis and Garry Cecil Whimp of Blacklock Rose on April 14, 2026, were appointed as liquidators of Paradise Haulage Limited and King Country Supplies Limited. The liquidators may be reached at: Benjamin Francis Garry Whimp C/- Blacklock Rose Limited PO Box 6709 Auckland 1142 SPEEDY FIREWOOD: Court to Hear Wind-Up Petition on April 23 ----------------------------------------------------------- A petition to wind up the operations of Speedy Firewood Limited will be heard before the High Court at Napier on April 23, 2026, at 2:15 p.m. The Commissioner of Inland Revenue filed the petition against the company on Feb. 2, 2026. The Petitioner's solicitor is: Jack David Laird Legal Services 55 Featherston Street (PO Box 895) Wellington 6011 ===================== P H I L I P P I N E S ===================== ABS-CBN CORP: Net Loss Narrows to PHP4.72 Billion in 2025 --------------------------------------------------------- Manila Standard reports that ABS-CBN Corp. said April 20 it narrowed its net loss by 23 percent in 2025 as growth in its content and digital businesses helped offset a steep decline in its cable and broadband segment. The Lopez-led media firm posted a net loss of PHP4.72 billion last year, an improvement from the PHP6.09 billion loss recorded in 2024, Manila Standard discloses. Consolidated revenue fell 9 percent to PHP15.85 billion as a 39-percent drop in cable TV and broadband revenue to PHP3.27 billion offset gains in content production. Group-wide cost-cutting measures brought consolidated operating expenses down 18 percent to PHP20.48 billion, Manila Standard relays. Manila Standard says the cable TV and broadband business improved on a recurring basis, narrowing its net loss by 17 percent to PHP1.34 billion. Including one-time items, that segment reported its net loss fell 82 percent to PHP776 million, aided by PHP3.04 billion in cost reductions. The content production and distribution business grew revenue 5 percent to PHP12.59 billion in 2025, while its recurring net loss narrowed by 11 percent to PHP2.54 billion. Advertising revenue rose by PHP421 million, boosted by election spending and primetime hits such as "Batang Quiapo," "Incognito," "Saving Grace," and "TV Patrol," according to Manila Standard. Consumer revenue grew 4 percent to PHP5.46 billion from PHP5.24 billion, supported by films, music and live events. The BINI world tour, which started with a sold-out show at the Philippine Arena, spanned 14 cities including Dubai, London, Vancouver, Toronto, and 10 US cities. Manila Standard says digital operations emerged as the strongest performer for the segment. Direct-to-consumer revenue hit an all-time high of PHP1.03 billion, while direct ad sales reached a record PHP842 million, up 23 percent from PHP685 million in 2024. The ABS-CBN Entertainment YouTube channel recorded 12 billion views and remained the top entertainment channel in the Philippines and Southeast Asia. Manila Standard adds that the company relaunched iWant in July under the "Home of Filipino Feels" banner with new original titles "MMK," "Ghosting," and "Love at First Spike." The platform grew local subscribers by 19 percent from a year earlier and won Best Online Advertising Campaign at the Global Entertainment Awards. Facebook revenue totaled PHP213 million. About ABS-CBN ABS-CBN Broadcasting operated a network of TV & radio stations in the Philippines. The Company produced entertainment and news programs for basic and cable channels. On May 5, 2020, the National Telecommunications Commission (NTC) issued a cease-and-desist order (CDO) against ABS-CBN, immediately directing it to stop broadcast operations in radio and television. The order followed the expiration of ABS-CBN's broadcast franchise on May 4, 2020. On July 10, 2020, members of the House of Representatives denied ABS-CBN's renewal franchise application, citing several issues on the network's prior 25-year franchise. The network has now rebranded itself as a mass content company and produced television programs, films and other entertainment content through partnerships with independent production companies and broadcasters. ABS-CBN Corp.'s net loss widened to PHP9.76 billion in 2023 from PHP2.46 billion in 2022. ABS-CBN posted PHP4.37 billion net loss in 2024. ================= S I N G A P O R E ================= ALSEN CHANCE: Court to Hear Wind-Up Petition on May 8 ----------------------------------------------------- A petition to wind up the operations of Alsen Chance Holdings Limited will be heard before the High Court of Singapore on May 8, 2026, at 10:00 a.m. The Petitioner's solicitors are: Oon & Bazul LLC 36 Robinson Rd #08-01/06 City House Singapore 068877 BLACKSTONE ASIA: Court to Hear Wind-Up Petition on May 8 -------------------------------------------------------- A petition to wind up the operations of Blackstone Asia Real Estate Partners Limited will be heard before the High Court of Singapore on May 8, 2026, at 10:00 a.m. The Petitioner's solicitors are: Oon & Bazul LLC 36 Robinson Rd #08-01/06 City House Singapore 068877 BRAZEN SKY: Court to Hear Wind-Up Petition on May 8 --------------------------------------------------- A petition to wind up the operations of Brazen Sky Limited will be heard before the High Court of Singapore on May 8, 2026, at 10:00 a.m. The Petitioner's solicitors are: Oon & Bazul LLC 36 Robinson Rd #08-01/06 City House Singapore 068877 BRIGHTSTONE JEWELLERY: Court to Hear Wind-Up Petition on May 8 -------------------------------------------------------------- A petition to wind up the operations of Brightstone Jewellery Limited will be heard before the High Court of Singapore on May 8, 2026, at 10:00 a.m. The Petitioner's solicitors are: Oon & Bazul LLC 36 Robinson Rd #08-01/06 City House Singapore 068877 URBAN MOTORS: Commences Wind-Up Proceedings ------------------------------------------- Members of Urban Motors Pte. Ltd. on April 9, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Ms. Muk Siew Peng c/o ClearView Associates 133 New Bridge Road #08-01 Chinatown Point Singapore 059413 =============== X X X X X X X X =============== GIRIN DEKA: CRISIL Keeps C Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Girin Deka (GD) continue to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 10 CRISIL A4 (Issuer Not Cooperating) Cash Credit 4 CRISIL C (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GD for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GD, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GD is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GD continues to be 'Crisil C/Crisil A4 Issuer not cooperating'. GD was formed as a proprietorship firm of Mr Girin Deka in 1991. The Guwahati-based firm undertakes construction of roads and bridges, for government departments in Assam. ********* 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 ***