260422.mbx

260422.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 Wednesday, April 22, 2026, Vol. 29, No. 80 Headlines A U S T R A L I A 45 BONVIEW: First Creditors' Meeting Set for April 28 ACT LEISURE: First Creditors' Meeting Set for April 24 EVORA THERAPY: Brisbane Clinic Goes Into Liquidation GTA MANAGEMENT: First Creditors' Meeting Set for April 28 KIMBERLY PEARL: First Creditors' Meeting Set for April 27 LASTMINUTE.COM.AU: Shutters as Expedia Changes Direction LUCINDAAN PTY: First Creditors' Meeting Set for April 29 C H I N A YUEDA DIGITAL: Robert Csercse Resigns From Board and Committees [] CHINA: EV Boom Masks Rising Bankruptcies Across Sector H O N G K O N G LI & FUNG: S&P Affirms 'BB' LT ICR on Signs of Business Growth I N D I A APOLLO POLYVINYL: CARE Keeps D Debt Ratings in Not Cooperating ARG HOUSING: CARE Keeps D Debt Rating in Not Cooperating Category FLIC MICROWAVES: CARE Keeps D Debt Ratings in Not Cooperating GREEN MIRROR: CARE Keeps D Debt Rating in Not Cooperating Category H.D. OVERSEAS: CARE Keeps B- Debt Rating in Not Cooperating IL&FS ENERGY: CARE Keeps D Debt Ratings in Not Cooperating ISHANIKA HOTELS: CARE Keeps D Debt Rating in Not Cooperating J AND G TRANSFORMER: CARE Keeps D Debt Rating in Not Cooperating K.P. CHACKO: CARE Keeps B- Debt Rating in Not Cooperating Category KARPAGAM MILLS: CARE Keeps D Debt Ratings in Not Cooperating MANEESH PIPES: CARE Lowers Rating on INR19.15cr LT Loan to B- MEVADA OIL: CARE Keeps D Debt Rating in Not Cooperating Category MSV LABORATORIES: CARE Keeps D Debt Rating in Not Cooperating MURARI PAVAN: CARE Keeps B- Debt Rating in Not Cooperating NASIM AHSAN: CARE Keeps B- Debt Rating in Not Cooperating Category PARANJAPE SCHEMES: CARE Keeps D Debt Ratings in Not Cooperating RAM AUTOTECH: CARE Keeps D Debt Rating in Not Cooperating Category RAMAKRISHNA ELECTRONICS: CARE Keeps D Rating in Not Cooperating SAFESPACE WAREHOUSING: CARE Keeps B- Rating in Not Cooperating SAI BALAJI: CARE Keeps D Debt Ratings in Not Cooperating Category SPGV PETROCHEM: CARE Keeps D Debt Ratings in Not Cooperating V. SATYA: CARE Keeps C Debt Ratings in Not Cooperating Category VARDHMAN INDUSTRIAL: CARE Keeps D Debt Rating in Not Cooperating VIJAYA DURGA: CARE Keeps D Debt Rating in Not Cooperating Category VIMIT METALS: CARE Keeps B- Debt Rating in Not Cooperating YASHODA LINEN: Ind-ra Assigns BB+ Rating to INR1,350 Bank Loans J A P A N NISSAN MOTOR: Chinese JV Must Focus on Surviving, Deputy GM Says N E W Z E A L A N D HASZARD PLUMBING: Khov Jones Appointed as Receivers JOHN AND JAMES: Creditors' Proofs of Debt Due on May 26 MEAT MASTERS: Court to Hear Wind-Up Petition on May 8 RIJANSY GENERAL: Court to Hear Wind-Up Petition on April 30 RJS ENGINEERING: Creditors' Proofs of Debt Due on May 15 SHUNDI CUSTOMS: Seascape Receivers Launch Sale Campaign for Tower THREE60DEGREES: Director Closed Bank Accounts Before Liquidation S I N G A P O R E ADEPT VENTURES: Court Enters Wind-Up Order ASTRA WOMEN'S: Creditors' Proofs of Debt Due on May 20 JP RENO: Court Enters Wind-Up Order MAXEON SOLAR: Court Appoints Deloitte as Interim Judicial Managers MOOLOOLABAR PTE: Court Enters Wind-Up Order REX INT'L: Exec Director and Chairman to Retire Amid Restructuring VIET 3S: Court Enters Wind-Up Order V I E T N A M VIETNAM EXIMBANK: S&P Lowers ICRs to 'B+/B' on Governance Factors - - - - - ================= A U S T R A L I A ================= 45 BONVIEW: First Creditors' Meeting Set for April 28 ----------------------------------------------------- A first meeting of the creditors in the proceedings of 45 Bonview Circuit Pty Ltd will be held on April 28, 2026, at 11:00 a.m. via virtual meeting only. Manuel Hanna of Romanis Cant was appointed as administrator of the company on April 16, 2026. ACT LEISURE: First Creditors' Meeting Set for April 24 ------------------------------------------------------ A first meeting of the creditors in the proceedings of ACT Leisure Program Pty Ltd and Alleviate Health Services Pty Ltd will be held on April 24, 2026, at 2:30 p.m. at the offices of Greengate Advisory, at Suite 32.02, Level 32, 31 Market Street, in Sydney, NSW and via Zoom. John Chand and Patrick Loi of Greengate Advisory NSW Pty Ltd were appointed as administrators of the company on April 16, 2026. EVORA THERAPY: Brisbane Clinic Goes Into Liquidation ---------------------------------------------------- The Courier Mail reports that Evora Therapy, an occupational therapy clinic for children in inner Brisbane, has gone into liquidation, after operating for only three years. The company has debts totaling AUD112,477, according to The Courier Mail. Sole director and owner Tyler Rodwell started the business in 2023. GTA MANAGEMENT: First Creditors' Meeting Set for April 28 --------------------------------------------------------- A first meeting of the creditors in the proceedings of GTA Management Pty Ltd will be held on April 28, 2026, at 12:00 p.m. via virtual meeting technology. Jason Tang and Ozem Kassem of KPT Restructuring were appointed as administrators of the company on April 15, 2026. KIMBERLY PEARL: First Creditors' Meeting Set for April 27 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Kimberly Pearl Tours Pty Ltd, trading as Kimberley Pearl Charters, will be held on April 27, 2026, at 11:00 a.m. via Teams videoconferencing facility. Liam Bellamy and John Kukulovski of Mackay Goodwin were appointed as administrators of the company on April 15, 2026. LASTMINUTE.COM.AU: Shutters as Expedia Changes Direction -------------------------------------------------------- David Adams at SmartCompany reports that Lastminute.com.au, a haven for spontaneous travellers across Australia, will soon shut down with all bookings redirected to parent company Expedia. A notice posted on the website said the website and app will no longer accept new bookings from June 2, SmartCompany relates. Until May 15, travellers "can continue to book hotels, flights, car hire, packages and activities via the site and the app for travel within the next 9 months," according to the website. But between May 15 and June 2, all bookings must be for travel completed by November 1, SmartCompany relays. "This change affects all travel options, including hotels, flights, car hire, packages, and activities," it said. Travellers will still be able to modify or cancel their reservations past June 2. According to SmartCompany, the Lastminute.com.au website did not list a reason for its closure, but Expedia in January confirmed layoffs as part of an internal reshuffle. "We are also simplifying our structure and reducing organizational layers to move faster and with more accountability," an Expedia Group spokesperson told Business Insider at the time. "These are not easy decisions, and we are grateful for the contributions of our colleagues who are impacted." Lastminute.com.au connects travellers to Australian and international hotels, resorts, airlines, and tourism businesses. LUCINDAAN PTY: First Creditors' Meeting Set for April 29 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Lucindaan Pty Ltd will be held on April 29, 2026, at 11:00 a.m. via Microsoft Teams. Travis Pullen of B&T Advisory was appointed as administrator of the company on April 16, 2026. ========= C H I N A ========= YUEDA DIGITAL: Robert Csercse Resigns From Board and Committees --------------------------------------------------------------- Yueda Digital Holding disclosed in a regulatory filing that Robert Luigi Csercse resigned from his position as an independent director of the Company's Board of Directors, as well as from his roles as chair of the Compliance Committee and member of both the Audit and Compensation Committees. The Company stated that Mr. Csercse's resignation was not the result of any disagreement with the Company regarding its operations, policies, or practices. About Yueda Digital Holding Yueda Digital Holding focuses on identifying and evaluating potential partnerships across financial technology and blockchain ecosystems and developing our bitcoin and ether treasury framework. The company was formerly known as AirNet Technology Inc. and changed its name to Yueda Digital Holding in September 2025. Yueda Digital Holding was founded in 2005 and is based in Beijing, the People's Republic of China. Singapore-based Assentsure PAC, the Company's auditor since 2025, issued a "going concern" qualification in its report dated May 2, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has a history of operating losses and negative operating cash flows and has negative working capital of approximately US$52.6 million as of December 31, 2024. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Historically, the Company has relied principally on both operational sources of cash and non-operational sources of equity and debt financing to fund its operations and business development. The Company's ability to continue as a going concern depends on management's ability to successfully execute its business plan which includes increasing the utilization rate of existing staffs and potential financing from public market or private placement. However, there is no assurance that the measures can be achieved as planned. As of Dec. 31, 2024, the Company had $72.17 million in total assets, $93.26 million in total liabilities, and a total deficit of $21.09 million. [] CHINA: EV Boom Masks Rising Bankruptcies Across Sector --------------------------------------------------------- UPI.com reports that China's electric vehicle industry, the world's largest and most advanced, is facing mounting financial strain as fierce competition and overcapacity push many companies toward bankruptcy. While the sector has expanded rapidly on the back of strong battery manufacturing and artificial intelligence capabilities, analysts warn that structural weaknesses are emerging beneath the surface, , UPI.com relays. China produced nearly 17 million electric vehicles in 2025, accounting for about 70% of global output. China produced nearly 17 million electric vehicles in 2025, accounting for about 70% of global output, UPI.com discloses. Exports reached roughly 4 million units, giving the country more than 40% of the global market, according to industry estimates. According to UPI.com, leading manufacturer BYD is widely expected to challenge Tesla in both scale and technology, underscoring China's growing dominance in the sector. However, the rapid expansion has come at a cost. Over the past several years, about 30 Chinese EV makers have gone bankrupt, reflecting intensifying price wars and oversupply, UPI.com notes. Of roughly 120 EV companies currently operating in China, only a small number remain financially stable, while most face significant liquidity risks, industry observers said, UPI.com relays. UPI.com says even major players are under pressure. NIO, often grouped with XPeng and Li Auto as leading startups, reported a net loss of CNY14.9 billion in 2025, equivalent to about 2.1 billion U.S. dollars. Its cumulative losses over eight years have exceeded CNY110 billion, or roughly $15.2 billion. The company also cut more than 10,000 jobs last year as part of restructuring efforts. Industry-wide debt has climbed to around CNY3 trillion, or about $415 billion, a level comparable to the gross domestic product of some Southeast Asian economies. UPI.com says analysts attributed the financial stress to persistent overproduction and aggressive competition, which have eroded margins and weakened balance sheets. Despite growing concerns, there have been few signs of coordinated policy measures to address the imbalance. Without structural adjustments, experts warn that bankruptcies could continue to rise across the sector, UPI.com adds. ================= H O N G K O N G ================= LI & FUNG: S&P Affirms 'BB' LT ICR on Signs of Business Growth -------------------------------------------------------------- S&P Global Ratings affirmed its 'BB' long-term issuer credit rating on Li & Fung Ltd. S&P also affirmed its 'BB' long-term issue ratings on the company's senior unsecured notes (with a recovery rating of '3') and 'B' long-term issue rating on its subordinated perpetual hybrid securities. The stable rating outlook reflects S&P's view that Li & Fung's operating performance should improve over the next 12 months, assuming the Middle East conflict does not prolong. Li & Fung Ltd.'s expanded orders and clients acquisitions should support EBITDA in 2026. The growth will still be slow due to cautious demand. The immediate effect of the Middle East conflict on the Hong Kong-based supply chain manager will likely be modest. The hit to consumer demand if the conflict prolongs would be a bigger risk, in S&P's view. S&P said, "We expect Li & Fung's EBITDA to rise by low-mid single digit in 2026. The company is temporarily benefiting from a favorable change to its revenue mix, with growth in the higher-margin trading-as-a-principal business, where it acts as supplier and delivers finished goods, helping to boost EBITDA, after a high single-digit increase in 2025. This benefit should diminish over the next few months as inventory (built up due to high tariffs last year) are drawn down. "We anticipate sustained revenue growth from more orders. This should support EBITDA growth for the remainder of the year as average unit costs are unlikely to decrease further amid higher production costs from high oil prices. "The company has also obtained several sizable new clients over the past few months. New client signings do not guarantee an order will be placed. We believe order growth will be gradual and only start contributing to EBITDA in the last quarter of 2026." Cautious demand will weigh on Li & Fung's revenue growth. This is because clients in general will likely be wary in placing orders. The caution stems from market volatilities and uncertainty due to geopolitical conflict such as the Middle East war and soft consumer sentiment. As an example, tariff complications in 2025 led to a pause in orders for a few weeks and lengthened negotiations with clients. Li & Fung's revenue declined by 8.2% in 2025 versus S&P's expectation of 2.9% growth. Even when excluding department stores--which the company is actively reducing due to lower growth and rising credit risk--revenue grew only 4%, below S&P's expectation of a 15%-20% increase. While EBITDA rose by high single digit in 2025, the improvement mainly came from cost savings and favorable revenue mix rather than more revenue from clients. The Middle East conflict has limited immediate effects on Li & Fung. The company has not received any order cancellations from clients so far. S&P's base case assumes the war's intensity will peak and the Strait of Hormuz's effective closure will ease during April, but some disruptions are likely to persist for months. Demand destruction from a prolonged conflict is a bigger risk. This could manifest in several ways. Weaker consumer sentiment would be the most important effect because it would likely reduce client orders. A significant portion of Li & Fung's revenue depends on discretionary categories like apparel, which will likely be hit significantly if a prolonged conflict hurts consumer spending. The company's orders may decline to a lesser extent than the broader retail sector because 46% of its 2025 revenue is made up of discounters, big box, and club clients. European clients, which accounted for more than 40% of Li & Fung's revenue in 2025, may diversify some sourcing away from Asia as shipping routes become slower and more expensive. The impact should only be slightly negative because the company can partially support this shift through its growing sourcing network elsewhere. There are also limited sourcing alternatives outside Asia that can fully handle the sourcing volume, even though the volume could decrease due to weaker demand. Declining orders will have a negative impact on profitability. This is because operating leverage will hurt Li & Fung's margins given its lean cost structure. Pricing pressure from clients would also compress margins. Li & Fung's higher dividend payment would slow down deleveraging. We expect the company to increase shareholder returns as EBITDA grows over the next two years. The dividend payout in 2026 will be higher than in 2025. Discretionary cash flow would be near zero over the next two years. As a result, S&P forecasts Li & Fung's debt-to-EBITDA ratio will only decrease mildly to 3.5x-3.6x in 2026-2027. Li & Fung's debt-to-EBITDA ratio improved to 3.7x in 2025 from 4.4x in 2024. This is because the company repaid US$120 million of bank borrowings and a US$50 million perpetual bond, along with EBITDA growth. S&P said, "The stable rating outlook reflects our view that Li & Fung's operating performance will improve over the next 12 months. EBITDA will slightly expand as order growth will likely be slow amid volatile market conditions. "We expect Li & Fung's leverage, as measured by the debt-to-EBITDA ratio, to be 3.6x in 2026 with a cash balance sufficient to cover bank borrowings and senior notes. "We could lower the rating if Li & Fung's trading business weakens. Declining revenue or EBITDA for the company without strong recovery prospects could trigger a downgrade. "We could also lower the rating if Li & Fung's financial measures deteriorate, reflected in leverage staying above 4x and the cash balance falling below outstanding bond and loan obligations. "We could upgrade Li & Fung if we believe the company can significantly increase its market share and customer traction to enlarge and diversify its revenue sources while keeping the debt-to-EBITDA ratio below 2x." ========= I N D I A ========= APOLLO POLYVINYL: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Apollo Polyvinyl Private Limited (APPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 56.88 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 13.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated February 13, 2025, placed the rating(s) of APPL under the 'issuer non-cooperating' category as APPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. APPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 30, 2025, January 9, 2026, January 19, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable APPL was incorporated in 2011 by Mr. Sunil Kapoor for trading in SAV (Self Adhesive Vinyl), PVC (Polyvinyl chloride) sheets, Flex, Vinyl (front lit, back lit), Lamination films and Foam boards. The promoters have been engaged in this business since 1996 under other group companies and have presence in Bangalore, Cochin, Cuttack, Hyderabad, Hosur, Kolkata, New Delhi, Noida, Sivakasi and Vijayawada. APPL has its registered office in Chennai and has sales offices at Chennai and Hosur. ARG HOUSING: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of ARG Housing Private Limited (AHPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 17.17 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated February 24, 2025, placed the rating(s) of AHPL under the 'issuer non-cooperating' category as AHPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AHPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 10, 2026, January 20, 2026, January 30, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable ARG Housing Private Limited (AHPL) was incorporated in 2008 with an objective to work on the real estate project and is a part of Jaipur based 'ARG' group. Currently, AHPL is executing one integrated township project under the name of 'ARG Puram' at Jaipur. FLIC MICROWAVES: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Flic Microwaves Private Limited (FMPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.33 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.25 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated February 12, 2025, placed the rating(s) of FMPL under the 'issuer non-cooperating' category as FMPL had failed to provide information for monitoring of the rating and as agreed to in its Rating Agreement. FMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 29, 2025, January 8, 2026, January 18, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Hyderabad based Flic Microwave Private Limited (FMPL) was established as a partnership firm in 1991 by Mr. Prasantha Pradhan and Mrs. Nivedita Mohanty. Later, the constitution of the firm changed to Private Limited Company in August 1992. FMPL is engaged in manufacturing of Microwaves. The Company majorly deals in Components, Super Components, Sub Systems and EM Systems, etc. FMPL imports raw material i.e. electrical components from USA and sells the final product in domestic market. The company majorly deals with public sector entities such as Defence Research Development Organisation (DRDO), Bharat Electronics Limited, Defense Electronics Research Laboratory, Defence Avionocs Research Establishment, etc. The key person of the company is Mr. Sukumar Pradhan (Managing Director) with post-graduation in Electronics, he has nine years' experience as a scientist in Defence Research Development Organisation (DRDO). GREEN MIRROR: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Green Mirror Buildcon Private Limited (GMBPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated February 10, 2025, placed the rating(s) of GMBPL under the 'issuer non-cooperating' category as GMBPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GMBPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 27, 2025, January 6, 2026, January 16, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Incorporated in September 2013, Ahmedabad (Gujarat)- based GMBPL is promoted by two promoters namely Mr Suresh Badgujar and Mr. Jitendra Badgujar. GMBPL is undertaking a greenfield project to manufacture Autoclaved Aerated Concrete (AAC) blocks/bricks with proposed installed capacity of 1,00,000 Cubic Meters per Annum (CMPA) at its plant located at Kheda district of Gujarat. H.D. OVERSEAS: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shree H.D. Overseas (SHD) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.57 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated February 19, 2025, placed the rating(s) of SHO under the 'issuer non-cooperating' category as SHO had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SHO continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 5, 2026, January 15, 2026, January 25,2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Shree H.D. Overseas (SHD) was established in April,2016 as partnership firm by Mr. Kailash Singla and his brother Mr. Vijay Singla and their wives, Mrs. Ritu Singla and Mrs. Poonam Singla. The firm commenced operations in November, 2016. SHD is engaged in processing paddy at its unit located at Karnal, Haryana Status of non-cooperation with previous CRA: CRISIL has continued the rating assigned to the bank facilities of SHD into Issuer Not Cooperating category vide press release dated October 29,2025 on account of its inability to carry out a review in the absence of requisite information. IL&FS ENERGY: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of IL&FS Energy Development Company Limited (IEDCL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1,137.85 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term Long 100.00 CARE D; ISSUER NOT COOPERATING Term Instruments Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 300.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 200.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 205.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 195.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 100.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated March 27, 2019, placed the rating of IEDCL under the 'issuer non-cooperating' category, as IEDCL had failed to provide the surveillance fees for the rating exercise as agreed to in its Rating Agreement. IEDCL continues to be non-cooperative despite repeated requests for submission of information through email dated March 1, 2026, March 11, 2026, and March 21, 2026. In line with the extant Securities and Exchange Board of India (SEBI) guidelines, ratings on IEDCL's long-term and non-convertible debentures (NCDs) and inter-corporate deposits (ICDs) continue to be denoted as CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and public at large) are hence requested to exercise caution while using above rating(s). Analytical approach: Standalone IEDCL is a subsidiary of Infrastructure Leasing & Financial Services Limited (IL&FS, rated 'CARE D'; holds 91.42% stake) is into power generation business through conventional and non-conventional energy sources. At consolidated level, as on June 30, 2018, the operational capacity of the company was ~2,803.50 MW. ISHANIKA HOTELS: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Ishanika Hotels Private Limited (IHPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated February 7, 2025, placed the rating(s) of IHPL under the 'issuer non-cooperating' category as IHPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. IHPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 24, 2025, January 3, 2026, January 13, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Lucknow based, Ishanika Hotels Private Limited (IHPL) was incorporated as a private limited company in April, 2017. The company is currently being promoted by Mr. Arun Kumar Singh and Mrs. Roli Singh. The hotel comprises of total 50 rooms, along with 2 banquet halls, 2 conference rooms, 1 restaurant. The company has entered into marketing arrangements with online tours and travels portals like Go Ibibo, Make My Trip, and also has tie-ups with local tourist guides for potential customers. J AND G TRANSFORMER: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of J and G Transformer Private Limited (JGTPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.95 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated February 6, 2025, placed the rating(s) of JGTPL under the 'issuer non-cooperating' category as JGTPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JGTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 23, 2025, January 2, 2026, January 12, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Gurgaon (Haryana) based J and G Transformer Company (JGTPL) was originally established as proprietorship firm by Mr. Manohar Lal Bera in 2009. The firm was reconstituted into private limited company in 2015 and is currently being managed by Mr. Manohar Lal Bera and Mrs. Usha Gera. JGTPL is engaged in manufacturing of power & distribution transformers. JGTPL is also engaged in maintenance and repairing of transformers. These transformers are mainly supplied to state electricity boards of Haryana (Uttar Haryana Bijli Vitran Nigam and Dakshin Haryana Bijli Vitran Nigam) wherein the orders are acquired through bidding. K.P. CHACKO: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of K.P. Chacko and Sons (KCS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 17.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated February 12, 2025, placed the rating(s) of KCS under the 'issuer non-cooperating' category as KCS had failed to provide information for monitoring of the rating and as agreed to in its Rating Agreement. KCS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 29, 2025, January 8, 2026, January 18, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable K.P. Chacko & Sons (KCS) based at Kerala was established in the year 1992 as a partnership firm by Mr. Jerald Jacob and his wife Mrs. Rajee Jerald. The firm is mainly engaged in retailing of jewellery, ethnic gold and stone studded ornaments along with silver jewellery and gift articles. KCS has its retail showroom located at Thodupuzha, Kerala in around 2000 sq. ft. area. Around 95% of the total revenues of the firm are generated from sale of gold and gold ornaments while balance of the sales is being done from sale of silver and silver articles. KARPAGAM MILLS: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Sri Karpagam Mills India Private Limited (SKMIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 55.85 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 6.45 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated January 30, 2025, placed the rating(s) of SKMIPL under the 'issuer non-cooperating' category as SKMIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SKMIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 16, 2025, December 26, 2025, January 5, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information hich however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Sri Karpagam Mills India Private Limited (SKMIPL) was incorporated in the year 2005 by Mr. A. Somasundaram and his brothers. SKMIPL is located at Coimbatore, Tamil Nadu is engaged in manufacturing of cotton yarn of counts 10-60s with installed capacity of 52,800 spindles as on June 30, 2020. MANEESH PIPES: CARE Lowers Rating on INR19.15cr LT Loan to B- ------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Maneesh Pipes Private Limited (MPPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 19.15 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated February 7, 2025, placed the rating(s) of MPPL under the 'issuer non-cooperating' category as MPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 24, 2025, January 3, 2026, January 13, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of MPPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable MPPL incorporated in March 13, 1991, was promoted by Mr Jagadish Prasad Jhawar, Mr Brij Mohan Jhawar (brother of Mr J.P. Jhawar) and Mr Anurag Jhawar (Son of Mr B.M. Jhawar). Initially, the company was established as a partnership concern in the name of "Maneesh Fabrication & Allied Products" in 1972. Subsequently, it was reconstituted as a private limited company in 1991 with its name changed to the current one. The company is engaged in turnkey execution of water supply contracts which contributed almost 98.65% of its total revenue in FY16. Apart from execution of contracts it is also involved in manufacturing of Reinforced Cement Concrete (RCC) pipes. The manufacturing facility of the unit is located at Raipur, Chhattisgarh with testing facilities as per IS 1916, having an installed capacity of 11,000 metres per annum. MEVADA OIL: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Mevada Oil Mill Private Limited (MOMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.60 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated January 31, 2025, placed the rating(s) of MOMPL under the 'issuer non-cooperating' category as MOMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MOMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 17, 2025, December 27, 2025, January 6, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Surendranagar (Gujarat) based Mevada oil Mill Private Limited (MOMPL) was established in April, 2000 as a proprietorship firm by Mr. Ramesh Mevada. The firm was engaged in the business of production of refined groundnut oil and trading in all types of Edible Oil and Oil Cakes. During October 2016, the Proprietorship firm was reconstituted as "Mevada Oil Mill Private Limited" and is now engaged into manufacturing of cotton wash oil, crude corn oil and oil cakes as well as trading in all kinds of edible oil, non-edible oil and oil cakes. MSV LABORATORIES: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of MSV Laboratories Private Limited (MLPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 21.25 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated January 31, 2025, placed the rating(s) of MLPL under the 'issuer non-cooperating' category as MLPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MLPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 17, 2025, December 27, 2025, January 6, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Purba Medinipur (West Bengal) based MSV Laboratories Pvt. Ltd. (MLPL), incorporated in November 1991 was promoted by Mr. Asok Maiti along with his family members. Since inception, it has been involved in manufacturing of bio-fertilizer, biopesticides, organic fertilizer and organic pesticides. The sole manufacturing facility of the company is located at Medinipur, West Bengal with an installed capacity of 600 ton of bio fertilizer, 6000 ton of organic fertilizer, 20 ton of biopesticides and 20 KL of organic pesticides. MLPL sells its products through distributors and markets its products under the brand name of "Kiran" and "Carbo" and has wide presence in the state of West Bengal. This apart, the company has a godown at Ratulia with storage capacity of 20,000 MT and has been operational from FY16. MLPL is a closely held family managed business. The board of the company comprises four members, representing the promoters with Mr. Asok Maiti, Chairman, being at the helm of affairs. He has an experience of over three decades in this line of business. The day-to-day affairs of the company are looked upon by him with adequate support from his co-directors and a team of experienced personnel. MURARI PAVAN: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sri Murari Pavan Agrotech (SMPA) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated February 18, 2025, placed the rating(s) of SMPA under the 'issuer non-cooperating' category as SMPA had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SMPA continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 4, 2026, January 14, 2026, January 24, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Sri Murari Pavan Agrotech (SMPA) was established in 2015 as a partnership firm and promoted by Mr. Srihari and his family members. The firm is engaged in manufacturing of cotton lint and seeds. The partners of the firm are engaged in same line of business since 1990 as they were operating cotton ginning business under sole proprietorship as "Murari Agro Industries" and "Krishna Traders". Subsequently, these proprietor firms were merged and started the partnership firm with the name of "Sri Murari Pavan Agrotech". The commercial operations started from April 2016. The manufacturing unit is spread across 2.52 acres located at Nandayal, Andhra Pradesh. SMPA purchases raw material from local farmers located in and around Nandayal. The firm sells the cotton lint and seeds to the customers with Andhra Pradesh and Telangana. NASIM AHSAN: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Nasim Ahsan Construction Private Limited (NACPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 30.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated February 6, 2025, placed the rating(s) of NACPL under the 'issuer non-cooperating' category as NACPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NACPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 23, 2025, January 2, 2026, January 12, 2026, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Nasim Ahsan Construction Pvt. Ltd. (NACPL) was initially promoted as a partnership firm in April 1996 in the name of Nasim Ahsan & Co. (NAC) to execute civil and mechanical engineering construction projects in the state of Bihar. In February 2010, NAC was converted into a Private Limited Company and rechristened as NACPL. The company is engaged in providing services primarily to oil marketing and refining companies for installation of pipeline and other structural fabrication works. As of now, the single largest customer for the company is Indian Oil Corporation Ltd. (IOCL). Shri Nasim Ahsan, Managing Director, looks after the day to day operations of the company with adequate support from other two directors and a team of experienced professionals. PARANJAPE SCHEMES: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Paranjape Schemes (Construction) Limited (PSCL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-convertible 175.00 CARE D; ISSUER NOT COOPERATING debentures Rating continues to remain under ISSUER NOT COOPERATING category Fixed deposit 55.00 CARE D; ISSUER NOT COOPERATING Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings), vide its press release, dated October 7, 2020, had placed the rating of PSCL under the 'issuer non-cooperating' category as PSCL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PSCL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls dated March 2, 2026, March 12, 2026, and April 2, 2026. In line with the extant Securities and Exchange Board of India (SEBI) guidelines, CareEdge Ratings has reviewed the rating basis best available information, which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and public at large) are hence requested to exercise caution while using these ratings. The rating of PSCL continues to factor in delays in the debt servicing of rated non-convertible debentures (NCDs), based on best available information. Analytical approach: Standalone Outlook: Not applicable Liquidity: Poor Incorporated in 1987, PSCL is into residential and commercial real estate development. The company has undertaken real estate projects in Pune, Mumbai, Chiplun, Kolhapur, and Bangalore. The group has completed over 190 projects with total saleable area of 15.33 million square feet (msf). RAM AUTOTECH: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Shri Ram Autotech Private Limited (SRAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated February 7, 2025, placed the rating(s) of SRAPL under the 'issuer non-cooperating' category as SRAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SRAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 24, 2025, January 3, 2026, January 13, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Gurgaon-Haryana based, Shri Ram Autotech Private Limited (SRAPL) was established as a proprietorship firm in 1992 and was reconstituted as a private limited company in 2010 and thus, incorporated in 2011 by Mr. Rajesh Sharma and Mr. Santosh Sharma. The company is engaged in manufacturing of auto components for OEMs with wide variety of product portfolio such as Horns, breaks and switches etc. The manufacturing facilities of the company are located at Faridabad and Gurgaon in Haryana. The company also manufactures e-rickshaw under the name of 'Jangid Motors'. RAMAKRISHNA ELECTRONICS: CARE Keeps D Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ramakrishna Electronics (Karnataka Division) (RED) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated February 18, 2025, placed the rating(s) of RED under the 'issuer non-cooperating' category as RED had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RED continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 4, 2026, January 14, 2026, January 24, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Ramakrishna Electronics_Karnataka Division (RED), is a partnership firm established in April, 2003 by Mr. V. Raghavenrdra, Mr. V. Ravi Kumar, Mr. K. Mahnjunath, Mr. M. Mahesh, Mr. B. Shatrugna and Mrs. V. Rajeshwari. The firm has its registered office located at Municipal Shopping Complex, Park Road, Kurnool. The firm is engaged in distribution and trading (wholesale) of consumer electronic products and home appliances of Samsung in seven districts of Karnataka (Raichur, Bellary Koppal, Hubli, Gadag, Baghalkot, Bjiapur and Belgaum). The firm is exclusive distributor of electronics appliance of Samsung in seven district of Karnataka. The firm has warehouses at Hubli, Gangavathi and Belgaum. SAFESPACE WAREHOUSING: CARE Keeps B- Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Safespace Warehousing (India) Private Limited (SWPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.89 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated February 10, 2025, placed the rating(s) of SWPL under the 'issuer non-cooperating' category as SWPL had failed to provide information for monitoring of the rating and as agreed to in its Rating Agreement. SWPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 27, 2025, January 6, 2026, January 16, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Indore (Madhya Pradesh) based Safespace Warehousing (India) Private Limited (SWPL) was incorporated in July 2012 as a private limited company by Mr. Rahul Parashar and Mr. Dharm Veer Singh. SWPL is operating a warehouse for providing services to reputed clients like LG Electronics India Limited, Asian Paints Limited, Mount Everest Breweries Limited, The Divisional Flying Squad, Life Care Logistics Private Limited etc. The company operates with storage space of around 3.06 Hectare (7.56 Acres). SAI BALAJI: CARE Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Sri Sai Balaji Associates (SSBA) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 0.60 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 6.90 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated February 18, 2025, placed the rating(s) of SSBA under the 'issuer non-cooperating' category as SSBA had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSBA continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 4, 2026, January 14, 2026, January 24, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Kadapa (Andhra Pradesh) based, Sri Sai Balaji Associates was established as a partnership firm in 2002 by Mr. Venkata Subba Reddy and Mr. Pal Reddy. SSBA is engaged in civil construction works like construction of canals, water tanks and under wiring works relating to Department of Power Grid Corporation of India, in Andhra Pradesh and Telangana. The firm purchases materials like cement, steel, metal and CWD pipes from local suppliers located in and around Andhra Pradesh and engage into construction works. Till now, the firm has completed around 20 projects with total value of about INR200.00 crore. SPGV PETROCHEM: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of SPGV Petrochem India Private Limited (SPIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 24.80 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated January 30, 2025, placed the rating(s) of SPIPL under the 'issuer non-cooperating' category as SPIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SPIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 16, 2025, December 26, 2025, January 5, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Ahmedabad Gujarat based SPGV Petrochem (India) Pvt. Ltd. (SPIPL) is engaged in the trading of petroleum products such as bitumen, furnace oil and pet coke. SPIPL was initially incorporated in October 2010 as a partnership firm by Mr. Sanjeev Shah and Mr. Dharmesh Shah as partners. Subsequently, in May 2012, it was converted into a private limited company. V. SATYA: CARE Keeps C Debt Ratings in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of V. Satya Murthy (VSM) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.00 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 11.00 CARE C/CARE A4; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated February 18, 2025, placed the rating(s) of VSM under the 'issuer non-cooperating' category as VSM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VSM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 4, 2026, January 14, 2026, January 24, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable M/s V. Satya Murthy was established as proprietary concern in November, 2003 by Mr. Vemula Satya Murthy. The propriety concern is engaged in the civil construction business as a special class contractor. It is engaged in the works like laying of roads and irrigation works for government organizations covering Irrigation & C.A.D. Department. Mr. Murthy is a special class contractor and has experience of more than two decades in civil contract works. VARDHMAN INDUSTRIAL: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Vardhman Industrial Steel Private Limited (VISPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated February 12, 2025, placed the rating(s) of VISPL under the 'issuer non-cooperating' category as VISPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VISPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 29, 2025, January 8, 2026, January 18, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in 2011, Vardhman Industrial Steel Private Limited (VISPL) is promoted by Mr Sushil Jain and his wife Ms Anju Jain. During the year 2011, VIPL took over the business operations two proprietorship firms i.e. Vardhman Loha & Traders (Proprietor - Mr Sushil Jain) and Vardhman Industrial Steel Sales (Proprietor – Ms Anju Jain) engaged in the trading of iron and steel products. VIPL is engaged in the trading of iron and steel products such as angles, channels, rounds, beams, plates, flats and tubes. VIPL operates through its outlet located in Bahadurgarh, Haryana. VIJAYA DURGA: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Vijaya Durga Green Fields Private Limited (VDGFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated January 30, 2025, placed the rating(s) of VDGFPL under the 'issuer non-cooperating' category as VDGFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VDGFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 16, 2025, December 26, 2025, January 5, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Vijaya Durga Green Fields Private Limited was promoted by Smt. Nandamuri Meenalatha and Smt. Potluru Sita Ratnam in December 2013. The company is engaged in trading of cotton lint and cotton yarn and is the supplier of cotton lint to various spinning units in the major cotton growing region in Krishna District, Andhra Pradesh. The company started commercial operations from January 2014 onwards. VIMIT METALS: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Vimit Metals and Infrastructure Private Limited (VMIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.39 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated February 7, 2025, placed the rating(s) of VMIPL under the 'issuer non-cooperating' category as VMIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VMIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 24, 2025, January 3, 2026, January 13, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Jaipur (Rajasthan) based Vimit Metals and Infrastructure Private Limited (VMIPL), incorporated in May 2008, was promoted by Mr. Arun Sharma along with his son, Mr. Amit Sharma. VMIPL is engaged in the business of manufacturing of Polyvinyl Chloride (PVC), Soil, Waste & Rainwater (SWR), Un-plasticized Poly Vinyl Chloride (uPVC) pipes and fittings that find their end user applications in the irrigation, water management, drainage and sewerage systems. YASHODA LINEN: Ind-ra Assigns BB+ Rating to INR1,350 Bank Loans --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has rated Yashoda Linen Yarn Limited’s (YLYL) bank loan facilities as follows: Instrument Type Size of Issue Rating Assigned (million) --------------- ------------- ---------------- Bank Loan Facilities INR1,350 IND BB/Stable/INDA4+ Analytical Approach Ind-Ra has taken a fully consolidated view of YLYL and its 80% parent Yajur Fibres Limited (YFL; debt rated at 'IND BBB'/Stable/'IND A3+'), reflecting the strong operational and strategic linkages among these two entities. However, Ind-Ra no longer consolidates other Kankaria group companies - Ambica Jute Mills Limited, Kelvin Jute Limited, Bally Jute Company Limited, and Ballyfabs International Limited for the rating review, due to the reduced operational and financial linkages observed during FY25 and 9MFY26. While Bally Jute Company has provided a shortfall undertaking for YLYL's loan, the funds for the projects are already tied up through bank borrowings and an initial public offering (IPO) by YFL, as per the management. The promoters are segregating the jute mills division from the textile division, thereby establishing an independent management structure for YFL and YLYL. As the ratings for the jute mills entities are projected to be withdrawn, only YFL and YLYL have now been evaluated on a consolidated basis. Furthermore, the promoters raised funds through an IPO in January 2026 to support the establishment of a new linen yarn manufacturing unit, strengthening the group’s strategic focus on the textile business. Detailed Rationale of the Rating Action The ratings factor in the time and cost overrun risks associated with YLYL's under-construction project, along with the risks of lower-than-expected standalone revenue and profitability. The ratings further factor in the expected moderation in the consolidated credit metrics in FY27-FY28, with the impending debt-funded capex in YLYL; a recovery in the credit metrics will be a key monitorable. Moreover, YLYL faces an elongated working capital cycles, driven by its high dependence on agricultural output for flax plants. The ratings also factor in YFL's improved liquidity position, supported by the proceeds raised through an IPO in January 2026. The equity infusion has strengthened the company's cash balances, enhanced its financial flexibility by reducing working capital debt, and provided sufficient funding for the ongoing project requirements in its subsidiary company. List of Key Rating Drivers Strengths - Medium scale of operations; likely to improve - Established market position with longstanding operational track record - Healthy operating margins - Comfortable credit metrics; likely to decline Weaknesses - Elongated working capital cycle - Cost and time overrun risk associated with new project - Agriculture-based and regulated industry Detailed Description of Key Rating Drivers Medium Scale of Operations; Likely to Improve: YFL's revenue increased to INR1,138.59 million in FY25 (FY24: INR843.20 million; FY23: INR616.76 million), driven by an improved demand for cotton-based flax fibre. The company has recently expanded from linen-based fibres into the jute fibre segment, transforming traditional jute bags into cottonisable jute fibres. However, sales volume declined to 2,017 metric tonnes in FY25 (FY24: 3,239MT; FY23: 2,419MT). The company benefited from higher realisations of INR564,497/MT in FY25 (FY24: INR260,327/MT; FY23: INR254,981/MT). At end-February 2026, the company achieved a revenue of INR900 million, and Ind-Ra expects revenue to increase further in the near to medium term, supported by a sustained demand for its products. Furthermore, YLYL will set up a greenfield unit at Vikram Udyogpuri, DMIC (Industrial Park, Ujjain, Madhya Pradesh) for the production of 100% wet spun linen yarn and blended yarn. The project involves the production of 100% flax (linen) yarn through the wet spinning process. The company plans to install the project with a capacity of 23,000 spindles in three phases. In the first phase, the project will have a capacity of 12,448 spindles, consisting of 26 spinning machines. Established Market Position with Longstanding Operational Track Record: The group has nearly 50 years of experience in the textile sector, particularly in cotton, jute, and synthetic spinning within the ring spun and open-end segments. The company has been producing flax yarn (dry) since 2014, and it began manufacturing natural textile cottonised fibre in 2016. In addition to a diversified portfolio of jute products, the group manufactures cotton, flax, and blended fabric bags, and operates businesses in information technology-related services. Healthy Operating Margins: YFL's operating margin improved to 16.45% in FY25 (FY24: 9.98%; FY23: 11.29%; FY22: 11.47%), with the return on capital employed rising to 20.2% (FY24: 10%). The margin expansion was driven by process improvements, reduced fibre loss, lower manpower and power costs, enhanced quality systems, and optimised raw material blending. These initiatives collectively helped lower operating costs while enhancing product consistency. However, margins remain vulnerable to fluctuations in raw material prices, which are primarily influenced by overall agricultural output. In 9MFY26, the operating EBITDA margin further improved to 17.75%, although realisations declined to INR425,981/MT due to volatility in the plant-based flex fibre market. Ind-Ra expects margins to remain broadly in line with FY25 levels over the near-to-medium term. Comfortable Credit Metrics; Expected to decline: YFL's credit metrics remained comfortable in FY25, with the interest coverage improving to 5.93x (FY24: 3.74x), supported by a rise in the EBITDA to INR187.25 million (INR84.11 million). The net leverage also improved to 2.82x in FY25 (FY24: 3.01x), despite an increase in the gross debt to INR533.71 million (INR261.65 million). YFL's long-term debt primarily comprises fund-based facilities. YLYL, is likely to raise a further INR990 million of debt in FY27 for setting up a 100% wet spun linen yarn and blended yarn manufacturing unit. The incremental borrowings are likely to exert pressure on the consolidated credit metrics of YFL and YLYL in the near term. However, the enhanced capacities are expected to support revenue and EBITDA growth once operational, enabling adequate liquidity to meet interest and repayment obligations over the medium term. Elongated Net Working Capital Cycle: The net working capital cycle lengthened to 286 days in FY25 (FY24: 144 days; FY23: 268 days), primarily due to an increase in the inventory holding days to 305 (131; 277). This rise was driven by the agricultural nature of the raw materials, which are vulnerable to weather-related volatility. The debtor period improved to 23 days in FY25 (FY24: 31 days; FY23: 26 days), while the creditor period extended to 42 days (FY24: 18 days; FY23: 36 days). Given that the company imports around 80% of its raw materials (raw flax and linen fibre) from Belgium and Egypt, it typically maintains raw material inventory of 90-100 days, a manufacturing cycle of 7-10 days, and finished goods inventory of 60-70 days. Cost and Time Overrun Risk Associated with New Project in Subsidiary Company: The rating factors in the time and cost overrun risks associated with YFL’s subsidiary, YLYL, which planning to establish a spinning unit for manufacturing linen yarn. The project is designed to have an approximate capacity of 23,000 spindles and will be executed in three phases., with the first phase involving the installation of 12,448 spindles. The unit will produce 100% flax (linen) yarn using the wet spinning process. For this purpose, the company requires 35 acres of leasehold land located within the designated industrial area of the MP Industrial Development Corporation near Indore, Madhya Pradesh. The land has been allotted, and key approvals under the single-window clearance system have already been obtained. YFL raised nearly INR1,204 million through its IPO in January 2026. Of this, the company has infused INR171.75 million was already infused into the project at end-March 2026, and an additional INR480 million is planned to be invested by March 2027. The total investment for the project is INR1,480 million, which is being funded through a term loan of INR990 million (67%) and the promoters’ equity and unsecured loan infusion of INR498.30 million (33%). As of February 2026, YLYL had incurred INR223.91 million (15% of the total cost) for purchasing land and starting construction works. A term loan of INR990 million has been sanctioned, and the first tranche of INR52.16 million was disbursed in February 2026. The company is likely to incur the balance amount till March 2027. The management stated that the commercial operations will commence from March 2027. Agriculture-based and Regulated Industry: The availability of flax, being an agricultural commodity, is highly dependent on climatic conditions and crop yield patterns. This reliance on weather results in fluctuations in both the price and quality of flax fibre across seasons. Since raw material cost constitutes a significant portion of total production cost, any increase in flax prices can directly impact the profitability of linen manufacturers. Additionally, flax and linen industry faces its own structural challenges, including limited domestic cultivation, dependence on imports for high-grade flax, and volatility in global supply chains. These factors expose the company to risks related to foreign exchange fluctuations, shipment delays, and international pricing pressures. Liquidity Adequate: The company launched its IPO in January 2026, comprising 6920,000 equity shares with a face value of INR10 each, offered at an issue price of INR174 per share (including a share premium of INR164). The total size of the public issue amounts to INR1,204 million, against which INR144.80 million will be incurred as issue-related expenses, resulting in estimated net proceeds of INR1,059.27 million. The company plans to utilise the net issue proceeds of INR120 million for setting up a 50,000 square feet shed and installing an additional capacity of 4 tonnes per day at its existing unit in Howrah. A further INR480 million will be invested in its subsidiary, YLYL, to establish a yarn manufacturing unit in Madhya Pradesh, focused on a 100% open-end and blended yarn line. Approximately INR360 million will meet the company's working capital needs, and the remaining funds will cover general corporate purposes, including the repayment of INR 100 million in unsecured debt. YFL's average month-end utilisation of fund-based limits stood at around 91.14% and that of non-fund-based limits stood at 91.29% during the 12 months ended February 2026. In FY25, the cash flow from operations turned negative at INR236.54 million (FY24: INR113.39 million; FY23: negative INR75.16 million) due to high working capital utilisation for inventory. The net working capital cycle lengthened to 286 days in FY25 (FY24: 144 days; FY23: 268 days), primarily due to an elongation in the inventory holding period to 305 days (131 days; 277 days). The extended inventory period was driven by the agricultural nature of raw materials, which are vulnerable to weather-related volatility. YFL has debt repayment obligations of INR0.20 million in FY27 and FY28 each. The free cash flows also declined to negative INR255.72 million (FY24: INR89.24 million, FY23: negative INR174.84 million) in FY25. The unencumbered cash balance stood at INR5.94 million (FYE24: INR8.24 million) at FYE25. YFL does not have any capital market exposure and relies only on banks and financial institutions to meet its funding requirements. Rating Sensitivities Positive: An improvement in the scale of operations, timely commissioning of the subsidiary's new project, achievement of the targeted profitability levels, and a sustained improvement of liquidity and overall credit metrics would be positive for the ratings. Negative: Any delay in the commencement of operations at the subsidiary's new project, inability to achieve the envisaged scale and targeted profitability, deterioration in the liquidity position, or a weakening of credit metrics on a sustained basis would be negative for the ratings. About the Company Incorporated in 2022, YLYL is establishing a textile unit for manufacturing linen and linen-blended yarn. The facility will be developed in two phases and will house nearly 23,000 spindles. In the first phase, the company plans to install 12,448 spindles. The project is located in Ujjain, Madhya Pradesh. YLYL is an 80% subsidiary of YFL. ========= J A P A N ========= NISSAN MOTOR: Chinese JV Must Focus on Surviving, Deputy GM Says ---------------------------------------------------------------- Yicai Global reports that Dongfeng Nissan, a 50:50 joint venture between Chinese carmaker Dongfeng Motor and Japanese auto giant Nissan Motor, must humbly learn from rivals faced with challenges posed by new forces in the electric vehicle market and focus on surviving, according to its deputy general manager. Auto JVs need to break market stereotypes in brand image and quickly follow up and iterate on new electric models, Zhou Feng, who is also deputy GM and executive vice president of Dongfeng Motor, said in a recent interview with Yicai. "We are earnestly studying companies like Li Auto and Huawei Technologies, which lead in vehicle intelligence technology," Zhou noted. "Behind this lies a sense of openness, as the Chinese market is large enough to make inclusiveness the norm." Dongfeng Nissan aims to establish itself as a "new JV force," with the key point being a shift in mindset by no longer fixating on what the boss says every day but understanding what customers think, he stressed. This is the strategic framework the company needs amid the evolving competitive landscape, he added. The mindset can be summarized in one word: GLOCAL (Global + Local), combining the brand's JV heritage with localization to build cars for Chinese customers, utilizing Chinese tech, resources, and matching the speed of the local market, Zhou told Yicai. For example, Dongfeng Nissan used to take four years to develop a new vehicle several years ago, but the cycle was shortened to 24 months last year, while the company works to cut it to 18 months this year, Zhou pointed out, Yicai relays. Platformization, modularization, and the reuse rate of electronic architectures serve as a crucial tech foundation for improving the overall development speed, while also ensuring more stable quality, he added. In an era of technological advancements where new advancements emerge daily, greater attention needs to be paid to auto software updates, he noted. For example, Dongfeng Nissan's over-the-air upgrades should be more convenient and should continuously evolve in line with tech progress, he pointed out. In addition, Dongfeng Nissan should learn from new players and become a user-oriented company, striving to change the public's perception of the company as outdated and traditional, Zhou, as cited by Yicai, stressed. Dongfeng Nissan has an internal team of 400 customer experience officers who regularly invite car owners for meetings with manufacturing, research and development, business, and design teams to provide feedback on new products, Zhou said. They identify any areas of dissatisfaction, while the carmaker uses the feedback to make improvements, he added. "We have been listening to young customers, communicating in a way that they are willing to hear, rather than speaking from our own perspective to say what we want," Zhou said. There are hundreds of car models competing in the Chinese market, but it is not necessary to focus too much on how strong the competitors are, he pointed out, Yicai relays. Dongfeng Nissan is particularly concerned about whether its models can "resonate with customers," so it is better to spend more time understanding its clients instead of getting caught up in competing on price, equipment, or certain product features, he stressed. "We do not advocate for a 'price war' among carmakers, but rather a 'value war,'" Zhou noted. "The industry's transformation continues, so everyone must keep moving forward." Dongfeng Nissan announced the release of an electric sport utility vehicle, the NX8, earlier this month after launching two key new EV models last year, the N6 and the N7, which somewhat broke the market's skepticism that it "cannot excel in new energy vehicles." About Nissan Motor Japan-based Nissan Motor Co., Ltd. manufactures and distributes automobiles and related parts. The Company produces luxury cars, sports cars, commercial vehicles, and more. Nissan Motor markets its products worldwide. Fitch Ratings, on April 15, 2026, 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'. S&P Global Ratings, in November 2025, lowered its long-term ratings on Nissan Motor and its overseas subsidiaries to 'BB-' from 'BB' and affirmed its short-term ratings at 'B'. The negative outlook reflects S&P's view that prolonged weak profitability and negative FOCF may further deteriorate the company's creditworthiness. Moody's Ratings, in February 2025, also downgraded to Ba1 from Baa3 the senior unsecured rating for Nissan Motor Co., Ltd. At the same time, Moody's have assigned a Ba1 corporate family rating and withdrawn the company's Baa3 issuer rating. Moody's have also maintained the negative rating outlook. ===================== N E W Z E A L A N D ===================== HASZARD PLUMBING: Khov Jones Appointed as Receivers --------------------------------------------------- Steven Khov and Kieran Jones of Khov Jones on April 15, 2026, were appointed as receivers and managers of Haszard Plumbing And Gasfitting Limited and The 3nutmegs Limited. The receivers and managers may be reached at: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 JOHN AND JAMES: Creditors' Proofs of Debt Due on May 26 ------------------------------------------------------- Creditors of John And James NZ Limited and Urbanz Limited are required to file their proofs of debt by May 26, 2026, to be included in the company's dividend distribution. John and James NZ commenced wind-up proceedings on April 8, 2026. Urbanz Limited commenced wind-up proceedings on April 9, 2026. The company's liquidators are: Daran Nair Heiko Draht Nair Draht Limited 97 Great South Road Epsom, Auckland 1051 MEAT MASTERS: Court to Hear Wind-Up Petition on May 8 ----------------------------------------------------- A petition to wind up the operations of Meat Masters Limited will be heard before the High Court at Auckland on May 8, 2026, at 10:45 a.m. AFFCO New Zealand Limited filed the petition against the company on March 18, 2026. The Petitioner's solicitor is: Roxy Robertson AFFCO Head Office 6128 Great South Road Horotiu 3288 RIJANSY GENERAL: Court to Hear Wind-Up Petition on April 30 ----------------------------------------------------------- A petition to wind up the operations of Rijansy General Contracting Limited will be heard before the High Court at Auckland on April 30, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on March 10, 2026. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 RJS ENGINEERING: Creditors' Proofs of Debt Due on May 15 -------------------------------------------------------- Creditors of RJS Engineering Limited, S.E.P. Stone Limited and Silver & Co Construction Limited are required to file their proofs of debt by May 15, 2026, to be included in the company's dividend distribution. RJS Engineering and S.E.P. Stone commenced wind-up proceedings on April 15, 2026. Silver & Co Construction Limited commenced wind-up proceedings on April 16, 2026. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 SHUNDI CUSTOMS: Seascape Receivers Launch Sale Campaign for Tower ----------------------------------------------------------------- NZ Herald reports that the receivers of the company that partially built New Zealand's tallest apartment tower, Seascape, will try to find buyers for the project. NZ Herald relates that Mike Bayley, chairman and managing director of Bayleys, announced the campaign to try to sell Seascape. That is due to start in a few weeks, the report ntoes. Brendon Gibson and Neale Jackson were appointed joint and several receivers and managers of the assets and undertaking of Shundi Customs Limited and Shundi Tamaki Village Limited on March 2. THREE60DEGREES: Director Closed Bank Accounts Before Liquidation ---------------------------------------------------------------- The Press reports that a court-appointed liquidator is investigating the actions of a creditor-pursued Christchurch construction consultant, who moved to a small island. Joshua Stevenson's company Three60Degrees Ltd was placed in liquidation by the High Court in Christchurch on March 5, owing more than NZD500,000, The Press notes. Last year, Mr. Stevenson was hunted by private investigators on behalf of creditors after he left town, leaving no forwarding address while mail and legal documents piled up outside his Addington office, The Press recalls. He was located living on Kawau Island north of Auckland. In his first report, liquidator Brenton Hunt said he is investigating Mr. Stevenson's activities, especially his past transactions and use of company funds, according to The Press. The Press relates that the report said Mr. Stevenson appears to have closed down bank accounts, drained a current account, and sold company-owned vehicles, all prior to liquidation. He is the company's lone director and shareholder. Mr. Hunt said, despite contacting Mr. Stevenson, he has been unable to talk with him to discover the company's financial history and why it became insolvent, The Press adds. ================= S I N G A P O R E ================= ADEPT VENTURES: Court Enters Wind-Up Order ------------------------------------------ The High Court of Singapore entered an order on April 10, 2026, to wind up the operations of Adept Ventures Pte. Ltd. United Overseas Bank Limited filed the petition against the company. The company's liquidators are: Mr. Gary Loh Weng Fatt Mr. Dev Kumar Harish Nandwani c/o BDO Advisory Pte. Ltd. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ASTRA WOMEN'S: Creditors' Proofs of Debt Due on May 20 ------------------------------------------------------ Creditors of Astra Women's Specialists (WB) Pte. Ltd. and SW1 (Vietnam) Pte. Ltd. are required to file their proofs of debt by May 20, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 10, 2026. The company's liquidators are: Lin Yueh Hung Goh Wee Teck 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095 JP RENO: Court Enters Wind-Up Order ----------------------------------- The High Court of Singapore entered an order on April 10, 2026, to wind up the operations of JP Reno Pte. Ltd. United Overseas Bank Limited filed the petition against the company. The company's liquidators are: Mr. Gary Loh Weng Fatt Mr. Dev Kumar Harish Nandwani c/o BDO Advisory Pte. Ltd. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 MAXEON SOLAR: Court Appoints Deloitte as Interim Judicial Managers ------------------------------------------------------------------ Maxeon Solar Technologies, Ltd. announced that together with its subsidiary, Maxeon Solar Pte. Ltd., the Company has been placed under the interim judicial management of interim judicial managers, pursuant to an order made by the General Division of the High Court of the Republic of Singapore, a sealed copy of which was issued on April 9, 2026. Mr. Tan Wei Cheong and Mr. Lim Loo Khoon of Deloitte Singapore SR&T Restructuring Services Pte. Ltd. have been appointed as the Companies' joint and several interim judicial mangers, pending the court's determination of the Companies' applications to be placed under judicial management. The Court also ordered that the affairs, business and property of the Companies shall be managed by the Interim Judicial Managers during the period in which the order for the appointment of the Interim Judicial Managers is in effect. The Interim Judicial Managers are empowered and authorized to exercise all powers and entitlements of judicial managers conferred by Singapore's Insolvency, Restructuring and Dissolution Act 2018 (including the First Schedule of the IRDA) and all powers and entitlements of directors of the Companies conferred by the constitution of the Companies, or any other applicable law in force. At the same time, the powers of the directors and officers of the Companies will cease and the Companies will be managed by the Interim Judicial Managers. The Interim Judicial Managers have discretion to delegate management duties to the Companies' management teams prior to being placed under the interim judicial management. Without prejudice to the generality of the paragraph above, the Interim Judicial Managers are authorized to: (a) take into custody or under their control and collect, get in and receive all assets, properties, things in actions, effects of business, monies, stock in trade, securities, deeds, books, documents and papers of or in the name of the Companies (whether solely or otherwise) and to which the Companies are or appear to be entitled; (b) open, operate and close one or more separate bank account(s) and that the signatories to the account(s) be the Interim Judicial Managers and/or such other persons as may be nominated by the Interim Judicial Managers; (c) pay all the outstanding salaries of all the employees of the Companies (including the requisite employer's Central Provident Fund contributions, or its equivalent, and all reimbursements for expenses); (d) continue, renegotiate or terminate the employment contracts of the Companies' employees as the Interim Judicial Managers deem fit; (e) pay all outstanding taxes, rental and all other operational expenses incurred in the usual course of business in order to maintain the Companies as going concerns; (f) be remunerated from the assets of the Companies; and (g) pass such resolutions of the Companies as are required to take control of the Companies' assets including but not limited to, the Companies' subsidiaries and associated companies. Update from Interim Judicial Managers The Interim Judicial Managers are working closely with the management of the Companies to take immediate steps to stabilize the business and operations of the Companies and their subsidiaries. The Interim Judicial Managers will release further announcements as and when there are material developments in relation to the company. About Maxeon Solar Maxeon Solar Technologies, Ltd. is a Singapore-based company that designs and manufactures photovoltaic panels. The company was previously a division of the American SunPower company before it was spun off in August 2020. Maxeon is still the primary provider of solar panels for SunPower. Singapore-based Ernst & Young LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 30, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and negative free cash flows and has stated that substantial doubt exists about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $186.31 million in total assets, $507.96 million in total liabilities, and $21.65 million in net deficit. MOOLOOLABAR PTE: Court Enters Wind-Up Order ------------------------------------------- The High Court of Singapore entered an order on April 10, 2026, to wind up the operations of Mooloolabar Pte. Ltd. United Overseas Bank Limited filed the petition against the company. The company's liquidators are: Mr. Gary Loh Weng Fatt Mr. Dev Kumar Harish Nandwani c/o BDO Advisory Pte. Ltd. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 REX INT'L: Exec Director and Chairman to Retire Amid Restructuring ------------------------------------------------------------------ The Business Times reports that Rex International's executive director and chairman John Gerard Nicholas d'Abo will retire at the company's annual general meeting on April 24. This comes amid recent challenges faced by the company and the restructuring and streamlining of its executive roles, said Rex International in a bourse filing on April 20, BT relays. Mr. d'Abo, 57, was appointed as executive chairman and member of the remuneration and audit committee in April 2024. His role includes leading and ensuring the effectiveness of the board, as well as promoting a culture of openness and debate at the board, among other responsibilities. According to BT, the company announced several changes in its senior management appointments recently: In March, Mans Lidgren, 49, who had been on extended medical leave since November 2025, stepped down as chief executive officer for health reasons. He continues serving the company as senior adviser on a part-time basis. He was succeeded by Per Arne Lind, 53, who stepped down as chief financial officer to assume the role. As CEO, his responsibilities include overseeing the group's strategic positioning and business expansion, as well as its major business and financial decisions. On April 2, the company announced that Lina Berntsen, 48, would no longer be its chief technology officer. It said: "The group is streamlining its operations and given the group's reduced usage of the Rex Virtual Drilling technology (mainly for offshore exploration assets) for which Berntsen is responsible, a decision has been made that a CTO is no longer necessary." BT notes that the oil exploration and production company disclosed a material uncertainty warning in its audited financial statements for the year ended Dec. 31, 2025, stemming from significant financial shortfalls. It reported a capital deficiency of US$94.4 million and a net current liability position of US$81.3 million as at Dec 31, 2025. The deficits were primarily driven by its subsidiary Lime Petroleum Holding (LPH), which recorded a net loss of US$128.3 million for 2025 and a capital deficit of US$152.8 million, BT discloses. The group's total loans and borrowings stood at US$248.7 million, with its financial position heavily affected by LPH's debt obligations. To manage its obligations, LPH appointed financial and legal advisers in February to pursue a comprehensive debt restructuring, according to BT. This followed bondholder agreements in January to defer US$5 million in interest payments and suspend a minimum liquidity covenant until Mar 31, and subsequent steps in March to support interim funding. BT adds that independent auditors at Deloitte expressed significant doubt about the group's ability to continue as a going concern. However, Rex International's board maintained that preparing the financial statements on a going-concern basis "remains appropriate", citing its belief that a successful debt restructuring would enable LPH to "continue operations for the foreseeable future". Headquartered in Singapore, Rex International Holding Limited -- https://www.rexih.com/ -- an investment holding company, operates as an oil exploration and production company. VIET 3S: Court Enters Wind-Up Order ----------------------------------- The High Court of Singapore entered an order on April 10, 2026, to wind up the operations of Viet 3S Hair Salon Pte. Ltd. DBS Bank Ltd filed the petition against the company. The company's liquidators are: Mr. Gary Loh Weng Fatt Mr. Dev Kumar Harish Nandwani c/o BDO Advisory Pte. Ltd. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ============= V I E T N A M ============= VIETNAM EXIMBANK: S&P Lowers ICRs to 'B+/B' on Governance Factors ----------------------------------------------------------------- S&P Global Ratings lowered its long-term issuer credit rating on Vietnam Export Import Commercial Joint Stock Bank (Eximbank) to 'B+' from 'BB-'. The outlook is stable. At the same time, S&P affirmed its 'B' short-term issuer credit rating on the bank. S&P views Eximbank's lack of board continuity and frequent leadership changes as a source of volatility. The bank has announced that four members of its board of directors and four members of its board of supervisors have resigned. This is part of Eximbank's five year strategy and restructuring process to position the bank for growth and strengthen its presence across Vietnam including in the north. The relocation of the headquarters to Hanoi from Ho Chi Minh City is also part of this effort. Eximbank has frequent leadership changes, including the chairpersons, and a history of shareholders' conflicts that have delayed annual general meetings (AGMs). The board replacements are due to be elected at the bank's AGM scheduled for end April 2026. The bank has historically been headquartered in Ho Chi Minh, and is more established and heavily concentrated in the south of Vietnam. Eximbank's move to Hanoi and strategic refocus are designed to address its weaker presence in the north; the bank's market share of loans and deposits in Hanoi is about 0.5% while it is 2.2% in Ho Chi Minh City. It would also strengthen the bank's overall national footprint. S&P said, "In our view, gaining market share is a long-term endeavor, with strategic shifts taking two to three years to gain traction and for tangible results to materialize. We believe continued instability over governance and leadership turnover highlight vulnerabilities in the bank's execution and strategic consistency." Profit was hit due to accounting adjustments and elevated provisioning costs. The bank's net profit slumped to Vietnam dong (VND) 1,137 billion in 2025, from VND3,327 billion in 2024. This crimped the bank's capital build-up, resulting in a reduction of its risk-adjusted capital (RAC) ratio to 6.1% in 2025, from 6.4% in 2024. The bank's zero dividend payout policy mitigated the capital impact. A spike in provisioning costs was due to the introduction of 'Decree 86', which required Eximbank to write down its collateral value of some of its nonperforming loans (NPLs) to zero, and make full provisions. This is applicable to NPLs where collateral qualifies for disposal but the bank continues to hold for over a year for movable properties, or two years for fixed assets. Several other Vietnam banks recorded similar increases in provisioning costs during the same period. Eximbank also recognized a significant increase in expenses in 2025 due to accounting adjustments. The bank had previously recognized expenses incurred (e.g., fees paid to Visa and Mastercard) to earn commission and non-interest income only after it has been billed. The bank said it will apply matching principle and recognize a corresponding expense related to the revenue generated in the same period. This necessitated a one-off expense charge in 2025 to bring historical transactions in line with this principle. Adjustments to the bank's reporting systems created swings in revenue recognition and introduced volatility into its 2025 reported profitability. Eximbank's underlying revenue from its core business remains intact. S&P believes net profit levels in 2026 will recover to their long-run average levels in the absence of the above one-off charges, and forecast the RAC ratio to be 5.6%-5.8% over the next 12 months. S&P said, "We believe Vietnam's banking system still faces a volatile operating environment. This stems from rapid credit growth and high private-sector debt, amid geopolitical headwinds. Eximbank has embarked on its transformation and strategic shift during a period of heightened volatility. Inflationary passthrough and second-order impact from the Middle East conflict could spill over to the broader economy and the banking sector. "In our view, failure to execute on its strategy in a prudent manner or over-aggressive expansion could exacerbate downside risks for the bank, especially if driven by pressure to expand market share rapidly. In this regard, we note that Eximbank has set a loan growth target of 16.5% for 2026, which is broadly in line with the Vietnam's central bank average target for the sector. "The stable outlook on Eximbank reflects our expectation that the bank will execute on its strategic revamp and restructuring efforts, and maintain its capitalization over the next 12 months. "We may lower the rating if Eximbank's corporate governance weakens, which could happen due to leadership turnover and shareholder disputes that disrupt continuity. "We could also lower the rating if the bank's financial position weakens further, which could happen due to, for example, failure to execute strategy, excessive risk taking, or frequent restatements of financial results. "We could also lower the rating if capital erosion happens owing to weakness in internal capital accruals due to aggressive expansion or growth in new markets at the expense of corporate governance and sound risk management. Specifically, we may downgrade Eximbank if its RAC ratio falls below 5% on a sustained basis. "We could raise the rating on Eximbank if we perceive: (1) a track record that the board is functioning effectively and independently; (2) management has stabilized; and (3) the company has consistently executed its announced targets. "The bank could require several years to achieve this outcome, underpinned by a stable leadership team that ensures continuity in strategic implementation. We view this as unlikely over the next 12 months." Environmental, Social, And Governance Governance factors are a negative consideration in S&P's credit rating analysis of Eximbank, due to recent sweeping board member resignations; history of shareholder disputes, leading to frequent management changes; and gaps in internal controls, leading to accounting adjustments. In addition, S&P believes governance and transparency in the broader Vietnamese banking industry are weak. The failure of Saigon Commercial Bank revealed wide-ranging lapses in corporate governance and gaps in supervisory oversight, underscoring vulnerabilities in the financial sector. Vietnamese banks typically don't publish timely financial statements with detailed notes. The disclosure on capital, risk-weighted assets, NPLs, and restructured loans are typically very limited in bank annual reports. Environmental, social, and governance (ESG) credit factors for this change in credit rating/outlook and/or CreditWatch status: -- Governance structure -- Risk management, culture, and oversight -- Transparency and reporting ********* 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. 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