260504.mbx

260504.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Monday, May 4, 2026, Vol. 29, No. 88 Headlines A U S T R A L I A A H BEARD: First Creditors' Meeting Set for May 8 BERNDALE CAPITAL: Ex-Director Pleads Guilty to Dishonest Conduct ILC COMMERCIAL: First Creditors' Meeting Set for May 8 INTERTRADE INSURANCE: Second Creditors' Meeting Set for May 6 LGE HOLDINGS: Second Creditors' Meeting Set for May 8 LIDCO INTERNATIONAL: First Creditors' Meeting Set for May 8 ORDE TRUST 2024-1: Moody's Ups Rating on Class F Notes to Ba1 PEPPER ASSET 5: Fitch Assigns 'B(EXP)sf' Rating on Class F Notes THIESS GROUP: S&P Affirms 'BB+' ICR on Shareholder Support C H I N A CHINA VANKE: Fitch Cuts IDRs to 'RD, Then Hikes IDRs to 'CC' CHINA VANKE: Offloads Pig Farming Unit to Ease Liquidity Crunch CHINA VANKE: Posts CNY5.95 Billion Loss in Q1 Ended March 31 LONGFOR GROUP: Fitch Alters Outlook on 'BB-' LongTerm IDR to Stable SANAN OPTOELECTRONICS: Corruption Watchdog Probes General Manager I N D I A ALPHA MILKFOODS: ICRA Keeps B+ Debt Rating in Not Cooperating ANCHAU INDUSTRIES: Voluntary Liquidation Process Case Summary BALAJI TEXTILES: ICRA Keeps B- Debt Rating in Not Cooperating BGR ENERGY: Insolvency Resolution Process Case Summary BHARAT EXPORT: ICRA Keeps D Debt Rating in Not Cooperating DIAN BIOFUELS: Ind-Ra Withdraws Rating on INR2,550MM Bank Loans IMMACULATE AGRO: Liquidation Process Case Summary JONAS PETRO: ICRA Keeps D Debt Ratings in Not Cooperating Category KALWAKURTHY MUNICIPALITY: ICRA Keeps B+ Rating in Not Cooperating KHIMJI FINSERVE: Ind-Ra Gives IND BB Rating on INR1,000MM Loans M B CERAMIC: ICRA Keeps B+ Debt Ratings in Not Cooperating NEO PAPER: ICRA Keeps B- Debt Ratings in Not Cooperating Category PARAM RENEWABLE: Insolvency Resolution Process Case Summary POMMYS GARMENTS: ICRA Keeps D Debt Ratings in Not Cooperating R N ENTERPRISES: ICRA Keeps D Debt Ratings in Not Cooperating RADHA KRISHNA: ICRA Keeps B+ Debt Ratings in Not Cooperating RADIUS WATER: ICRA Keeps D Debt Ratings in Not Cooperating RAM PROTEINS: ICRA Keeps D Debt Ratings in Not Cooperating Category REDDY PHARMACEUTICALS: ICRA Keeps C Ratings in Not Cooperating REGENT GRANITO: ICRA Keeps D Debt Ratings in Not Cooperating RELIANCE INFRATEL: Supreme Court Restores SBI-led Lender to CoC ROSEBERRY DEVELOPERS: ICRA Moves D Debt Rating to Not Cooperating SANT FOODS: ICRA Withdraws B Rating on INR15cr Long Term Loan SHADNAGAR MUNICIPALITY: ICRA Keeps B+ Rating in Not Cooperating SHREYANS OILS: ICRA Keeps B+ Debt Rating in Not Cooperating SRG SPINNING: ICRA Keeps B+ Debt Rating in Not Cooperating VENKATA UMASHANKAR: ICRA Withdraws D Rating on INR33cr Term Loan VRUSHKA MICROFIN: Ind-Ra Affirms IND BB Rating on INR200MM Loans I N D O N E S I A JAPFA COMFEED: Fitch Puts 'B+' LongTerm IDR on Watch Positive JAPFA COMFEED: S&P Affirms 'B+' LongTerm ICR, Outlook Stable J A P A N NISSAN MOTOR: Drops EV Production Plan in U.S. NISSAN MOTOR: Shares Climb After Forecasting Profit Instead of Loss M A L A Y S I A GREENPRO CAPITAL: Christopher Wong Exits Board, Three Committees N E W Z E A L A N D GODLIKE LIMITED: Creditors' Proofs of Debt Due on May 22 HOBSON CONSTRUCTION: Court to Hear Wind-Up Petition on May 7 MAMMOTH CONSTRUCTION: Creditors' Proofs of Debt Due on May 29 STYLISH TILES: Creditors' Proofs of Debt Due on May 31 WATERHOLE SWIMMING: Court to Hear Wind-Up Petition on May 7 [] NEW ZEALAND: March 2026 Sees Highest Liquidation Since 2015 S I N G A P O R E CATAHOULA II: Creditors' Proofs of Debt Due on June 2 CONCEPT GENIUS: Creditors' Proofs of Debt Due on May 30 ESMEGEN COMMUNICATIONS: Court to Hear Wind-Up Petition on May 15 GRAB HOLDINGS: Moody's Ups CFR to Ba2 & Alters Outlook to Stable JAPFA PTE: Fitch Gives 'B+(EXP)' LongTerm IDR, Outlook Stable SGMP PTE: Creditors' Proofs of Debt Due on May 21 THOMSON CAPITAL: Court to Hear Wind-Up Petition on May 8 S R I L A N K A CONSTRUCTION GUARANTEE: Fitch Affirms 'BB(lka)' National IFS Rating V I E T N A M SAIGON THUONG: Fitch Affirms 'BB-' LongTerm IDRs, Outlook Stable - - - - - ================= A U S T R A L I A ================= A H BEARD: First Creditors' Meeting Set for May 8 ------------------------------------------------- A first meeting of the creditors in the proceedings of A H Beard Holdings Pty Limited and A.H. Beard Pty Ltd will be held on May 8, 2026, at 11:00 a.m. and 11:30 a.m., respectively, via virtual meeting. Peter Anthony Lucas & Damien Lee Hou Lau of P A Lucas & Co were appointed as administrators of the company on April 28, 2026. BERNDALE CAPITAL: Ex-Director Pleads Guilty to Dishonest Conduct ---------------------------------------------------------------- Former director of collapsed retail over-the-counter (OTC) derivatives provider Berndale Capital Securities Pty Ltd, Stavro D'Amore, has pleaded guilty to multiple dishonesty offences, including the illegal transfer of AUD681,496.98 in company funds between 2017 and 2018. Mr. D'Amore knew that the company funds were primarily derived from retail client deposits. Former Berndale clients are owed in excess of AUD8.9 million. Mr. D'Amore appeared before the Federal Court of Australia yesterday and pleaded guilty to three 'rolled up' charges which combine multiple offences including: -- dishonestly using his position as a director contrary to s 184(2) of the Corporations Act 2001 (Corporations Act) -- dishonest conduct in the course of carrying on a financial services business contrary to s 1041G and 1311(1) of the Corporations Act, and -- authorising the making of a false and misleading statement in a document submitted to ASIC contrary to ss 1308(2) and 1311(1) of the Corporations Act. Mr. D'Amore had previously pleaded not guilty to all charges following his committal proceedings in September 2024. ASIC banned Mr. D'Amore from providing financial services for six years and cancelled Berndale's Australian financial services (AFS) licence in November 2018. The matter is listed for a sentence hearing on July 2, 2026. The matter is being prosecuted by the Office of the Director of Public Prosecutions (Cth) (CDPP) following a referral from ASIC. Berndale was a Melbourne-based financial services business that issued and made a market for retail OTC derivative products. On Nov. 22, 2018, ASIC cancelled Berndale's AFS licence due to multiple concerns, including failures to comply with reporting obligations and statutory notices, and concerns that Mr D'Amore was not adequately trained or competent to provide financial services. Prior to, and in the days following the licence cancellation, Mr. D'Amore transferred Berndale company funds to benefit himself and other associates and entities. In December 2018, ASIC sought freezing orders against Berndale and subsequently the appointment of receivers and managers. In October 2019, Berndale and its associated entities were wound up. Berndale's AFS licence required it to maintain a minimum level of net tangible assets of at least the greater of AUD1 million or 10% of its average revenue, and to lodge audited financial reports. The relevant overseas funds and accounts either did not exist or were grossly inaccurate. ASIC's investigation into Berndale arose from ASIC's work into retail OTC providers and the consumer harm caused by highly complex and risky products offered to the public. The maximum penalties for Mr. D'Amore's misconduct are: -- 2,000 penalty units or 5 years imprisonment for dishonestly using his position as a director -- 4,500 penalty units or 10 years imprisonment for dishonest conduct in the course of carrying on a financial services business, and -- 200 penalty units or imprisonment for 5 years, or both, for making false or misleading statements in documents submitted to ASIC. Mr. D'Amore was charged on June 2, 2023, at the same time as former director Daniel Kirby. On Sept. 16, 2024, Mr. Kirby pleaded to dishonest conduct and misuse of company funds. On July 15, 2025, Mr. Kirby was sentenced to 2 years and 11 months imprisonment, to be released after 12 months on a recognisance of AUD1,000 on the condition that he be of good behaviour for a further 3 years. ILC COMMERCIAL: First Creditors' Meeting Set for May 8 ------------------------------------------------------ A first meeting of the creditors in the proceedings of ILC Commercial Pty Ltd in its own right and ATF ILC Commercial Unit Trust will be held on May 8, 2026, at 10:30 a.m. at the offices of Greengate Advisory, at Suite 32.02, Level 32, 31 Market Street, in Sydney, NSW and via Zoom. Patrick Loi and John Chand of Greengate Advisory NSW were appointed as administrators of the company on April 30, 2026. INTERTRADE INSURANCE: Second Creditors' Meeting Set for May 6 ------------------------------------------------------------- A second meeting of creditors in the proceedings of Intertrade Insurance Services Pty Ltd has been set for May 6, 2026, at 11:00 a.m. via Microsoft Teams. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by May 5, 2026 at 4:00 p.m. Ameer Jaggessar and Anthony Phillip Wright of Olvera Advisors Pty Ltd were appointed as administrators of the company on March 20, 2026. LGE HOLDINGS: Second Creditors' Meeting Set for May 8 ----------------------------------------------------- A second meeting of creditors in the proceedings of LGE Holdings Pty Ltd, formerly trading as 'La Gemme Estate', has been set for May 8, 2026, at 10:00 a.m. via virtual meeting technology (telephone conference). The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by May 7, 2026 at 4:00 p.m. Ozem Kassem and Ian Niccol of KPT Restructuring were appointed as administrators of the company on March 24, 2026. LIDCO INTERNATIONAL: First Creditors' Meeting Set for May 8 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Lidco International Pty Ltd will be held on May 8, 2026, at 10:30 a.m. at 50/41-49 Norcal Road, in Nunawading, Victoria and via virtual meeting technology. Peter Goodin of Magnetic Insolvency was appointed as administrator of the company on April 28, 2026. ORDE TRUST 2024-1: Moody's Ups Rating on Class F Notes to Ba1 ------------------------------------------------------------- Moody's Ratings has upgraded ratings on five classes of notes issued by BNY Trust Company of Australia Limited as trustee of ORDE Series 2024-1 Trust. The affected ratings are as follows: Issuer: ORDE Series 2024-1 Trust Class B Notes, Upgraded to Aaa (sf); previously on Dec 10, 2024 Upgraded to Aa1 (sf) Class C Notes, Upgraded to Aa1 (sf); previously on Dec 10, 2024 Upgraded to Aa3 (sf) Class D Notes, Upgraded to A1 (sf); previously on Dec 10, 2024 Upgraded to Baa1 (sf) Class E Notes, Upgraded to Baa2 (sf); previously on Mar 7, 2024 Definitive Rating Assigned Ba2 (sf) Class F Notes, Upgraded to Ba1 (sf); previously on Aug 8, 2025 Upgraded to B1 (sf) A comprehensive review of all credit ratings for the respective transaction(s) has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by (1) an increase in credit enhancement available to the affected notes and (2) the collateral performance to date. No actions were taken on the remaining rated classes in the deal as credit enhancement remains commensurate with the current rating for the respective notes. Following the April 2026 payment date, credit enhancement available for the Class B, Class C and Class D Notes has increased to 16.0%, 14.6% and 8.3 from 8.5%, 7.8% and 4.4% respectively as of the last rating action for these notes in December 2024. Credit enhancement available for the Class E Notes has increased to 5.8% from 2.1% at closing. Credit enhancement available for the Class F Notes has increased to 3.4% from 2.2% as of the last rating action for this class of notes in August 2025. Since the March 2026 payment date, principal collections have been applied on a pro-rata basis to all notes, with the Class G1 and Class G2 Notes' share allocated in reverse sequential order to the rated notes, starting with the Class F Notes. Current outstanding note balance as a percentage of the closing note balance is 33.6%. As of end-March 2026, 4.5% of the outstanding pool was 30-plus day delinquent and 3.2% was 90-plus day delinquent. The deal has not incurred any losses to date. Based on the observed performance to date and loan attributes, Moody's have lowered Moody's expected loss assumption to 1.95% of the outstanding pool balance (equivalent to 0.7% of the original pool balance) from 2.0% of the outstanding pool balance (equivalent to 1.0% of the original pool balance) at the time of the last rating action in August 2025. Moody's have also lowered Moody's MILAN CE assumption to 8.2% from 9%. The transaction is a securitisation of first-ranking mortgage loans made to prime and near prime borrowers secured over residential properties located in Australia. The loans were originated by ORDE Mortgage Custodian Pty Ltd and are serviced by ORDE Financial Pty Ltd. The principal methodology used in these ratings was "Residential Mortgage-Backed Securitizations" published in October 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations and (2) an increase in credit enhancement available for the notes. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in credit enhancement available for the notes and (3) a deterioration in the credit quality of the transaction counterparties. PEPPER ASSET 5: Fitch Assigns 'B(EXP)sf' Rating on Class F Notes ---------------------------------------------------------------- Fitch Ratings has assigned expected ratings to Pepper Asset Securities No.5 Trust's (PAS No.5) pass-through floating-rate notes. The notes are backed by a pool of first-ranking Australian automotive novated lease receivables originated by Pepper Asset Finance Pty Limited, a subsidiary of Pepper Money Limited (Pepper). The notes will be issued by BNY Trust Company of Australia Limited as trustee for Pepper Asset Securities No.5 Trust. This is a whole loan sale, where the trustee acquired all of the seller's rights, titles and interests in the receivables using funds provided by the investors under a whole loan pass-through structure. All notes and units are held by investors. Entity/Debt Rating ----------- ------ Pepper Asset Securities No.5 Trust A1-a LT NR(EXP)sf Expected Rating A1-x LT NR(EXP)sf Expected Rating B LT AA(EXP)sf Expected Rating C LT A(EXP)sf Expected Rating D LT BBB(EXP)sf Expected Rating E LT BB(EXP)sf Expected Rating F LT B(EXP)sf Expected Rating G LT NR(EXP)sf Expected Rating Transaction Summary The total collateral pool at the 31 March 2026 cut-off date was AUD1,070 million and consisted of 22,187 receivables with weighted-average (WA) seasoning of 12.8 months, WA remaining maturity of 40.8 months and an average contract balance of AUD48,212. KEY RATING DRIVERS Stress Commensurate with Ratings: The pool consists entirely of novated leases. Fitch has assigned base-case default expectations of 1.5% and 'AAAsf' default multiples of 7.5x for novated leases. The recovery base case for electric vehicles (EVs) is 24.0%, with a 'AAAsf' recovery haircut of 60.0%, and for non-EVs 35.0%, with a 'AAAsf' recovery haircut of 50.0%. Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 2.6% in 2025 and unemployment was 4.3% in March 2026. Fitch forecasts GDP growth of 2.4% in 2026 and 2.1% in 2027, with unemployment at 4.5% in both years. Excess Spread Limited by Commission Note Repayment: The transaction includes a class A1-x note to fund the purchase-price component related to the unamortised commission paid to introducers for the origination of the receivables and a premium. The note will not be collateralised, but will amortise in line with an amortisation schedule. The note's repayment limits the availability of excess spread to cover losses, as it ranks senior in the interest waterfall, above the class B to G notes. The class A to G notes will receive principal repayments pro rata upon satisfaction of stepdown criteria. Other structural features include a reverse turbo mechanism that redirects available excess income to repay note principal, a loss reserve that is initially funded by note issuance at closing and traps excess income on or before the third payment date, which is available for loss reimbursement within the first three months, and a supplemental reserve that traps excess income to cover losses and class G interest shortfall. Fitch's cash flow analysis incorporates the transaction's structural features and tests each note's robustness by stressing default and recovery rates, prepayments, interest-rate movements and default timing. Counterparty Risks Addressed: Counterparty risk is mitigated by documented structural mechanisms that ensure remedial action takes place should the ratings of the swap providers or transaction account bank fall below a certain level. Low Operational and Servicing Risk: All receivables were originated by Pepper Asset Finance, which demonstrated adequate capability as originator, underwriter and servicer. Pepper is not rated by Fitch. Servicer disruption risk is mitigated by backup servicing arrangements. The nominated backup servicer is BNY Trust Company of Australia Limited. Fitch undertook an operational and file review and found that the operations of the originator and servicer were comparable with those of other auto and equipment lenders. No Residual Value Risk: There is no residual value exposure in this transaction. However, 100% of the portfolio by loan value has balloon amounts payable at maturity, which was incorporated into the analysis. ESG - Environment: EVs form 39.8% of the pool in PAS No.5. However, there is limited credit performance data for EVs and available market data show notable differences in recoveries between EVs and non-EVs. The large concentration has a negative impact on the assessed credit profile of the transaction and results in a rating impact. Fitch's analytical approach for this transaction was not adjusted purely due to the green nature of the collateral, but Fitch references available market data for EVs to determine its rating assumptions. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Factors that could, individually or collectively, lead to negative rating action/downgrade: Transaction performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce credit enhancement available to the notes. Downgrade Sensitivities Unanticipated increases in the frequency of defaults and decreases in recoveries on defaulted receivables could produce loss levels higher than Fitch's base case, and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions; these include increasing WA defaults and decreasing the WA recovery rate. The rating sensitivity section provides insight into the model-implied sensitivities the transaction faces when assumptions - defaults or recoveries - are modified, while holding others equal. The modelling process uses the modification of default and loss assumptions to reflect asset performance in up and down environments. The results should only be considered as one potential outcome, as the transaction is exposed to multiple dynamic risk factors. Class B / Class C / Class D / Class E / Class F Expected Rating: AAsf / Asf / BBBsf / BBsf / Bsf 10% increase in defaults: AA-sf / A-sf / BBBsf / BBsf / Bsf 25% increase in defaults A+sf / BBB+sf / BBB-sf / BB-sf / Less than Bsf 50% increase in defaults: A-sf / BBBsf / BBsf / B+sf / Less than Bsf 10% decrease in recoveries: AAsf / Asf / BBBsf / BBsf / Bsf 25% decrease in recoveries: AAsf / Asf / BBBsf / BBsf / Bsf 50% decrease in recoveries: AA-sf / A-sf / BBBsf / BBsf / Bsf 10% increase in defaults / 10% decrease in recoveries: AA-sf / A-sf / BBBsf / BBsf / Bsf 25% increase in defaults / 25% decrease in recoveries: A+sf / BBB+sf / BB+sf / BB-sf / less than Bsf 50% increase in defaults / 50% decrease in recoveries: BBB+sf / BBB-sf / BB-sf / Bsf / less than Bsf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Economic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of CE that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. Upgrade Sensitivities Class B / Class C / Class D / Class E / Class F Expected Rating: AAsf / Asf / BBBsf / BBsf / Bsf 10% decrease in defaults /10% increase in recoveries: AA+sf / A+sf / A-sf / BBB-sf / B+sf USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Prior to the transaction closing, Fitch sought to receive a third-party assessment conducted on the asset portfolio information, but none was made available for this transaction. As part of its ongoing monitoring, Fitch reviewed a small, targeted sample of the originator's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis, according to its applicable rating methodologies, indicates that it is adequately reliable. ESG Considerations PAS No.5 has an ESG Relevance Score of '5' for Energy Management because EVs form 39.8% of the pool, which has a negative impact on the credit profile, and is highly relevant to the rating. The Relevance Score (RS) is higher than the baseline RS of '2' (no impact) for this general issue in the Australian auto sector. There is limited credit performance data for EVs, and available market data show notable differences in recoveries between EV and non-EVs. Although Fitch's analytical approach for the transaction was not adjusted purely due to the green nature of the underlying collateral, Fitch referenced available market data for EVs in determining its recovery assumptions. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. THIESS GROUP: S&P Affirms 'BB+' ICR on Shareholder Support ---------------------------------------------------------- On May 1, 2026, S&P Global Ratings affirmed its 'BB+' long-term issuer credit rating on Thiess. At the same time, it revised Thiess' stand-alone credit profile (SACP) upward to 'bb+' from 'bb' to reflect the view that Thiess' financial profile has improved by more than a turn of leverage to about 1.9x debt-to-EBITDA. The stable outlook reflects our expectation that Thiess will maintain its leading market position in mining services, maintain its improved financial profile, and grow its order book for the next two years. S&P also expects Thiess to remain a strategically important subsidiary of CIMIC and the broader ACS, Actividades de Construccion y Servicios SA group, thereby supporting rating stability. Thiess' financial profile is improved, in our view. This is because the company no longer has a potential funding exposure from the financial sponsor Elliott exercising its put option to sell its 40% shareholding in Thiess to the other shareholder CIMIC. This reflects Hochtief (which wholly owns CIMIC) providing a A$1.235 billion irrevocable equity commitment to fund the exposure. The equity commitment will only apply if the put is exercised and is sized to meet: (1) the likely payment for the shareholding; and (2) any shortfalls in dividends to which Elliot is expected to be entitled to leading up to the maturity of the put. The put is exercisable between April 2025 and December 2026. S&P said, "Elliott has strong incentives to exercise the put option, in our view. If Elliott retained its ownership, it would lose its guaranteed distribution entitlement under its preference shares and its receipt of future distributions would also be subject to a catchup of any accrued distribution shortfalls, including any shortfalls to which CIMIC is entitled, an amount we believe would be material. We have therefore raised Thiess' financial risk profile to intermediate from significant. "Under our base case, we expect Elliott to sell its stake and Thiess to become fully owned by CIMIC from 2027. Accordingly, we have reversed the debt treatment that we have applied to Elliott's put and associated preference shares. "We estimate the change will lead to an improvement in Thiess' leverage (ratio of adjusted net debt to EBITDA), which we now assess on a net basis. We forecast Thiess will operate with leverage of about 2.0x on a business-as-usual basis (see 'Our Base-Case Scenario' for further details). "Thiess' financial flexibility could increase under CIMIC's consolidated ownership. At a minimum, we anticipate Thiess will benefit from greater discretion over the timing of approximately A$162 million of annual payments currently paid to Elliott. That said, we expect Thiess to pay an increased level of distributions to CIMIC, and consequently, the broader ACS group for the equity commitment support. "Thiess' established position as one of the largest contract mining service providers globally underpins its business profile. We believe this is supported by its track record, scale, and geographic diversity. However, this assessment is tempered by risks associated with commodity downturns, meaningful exposure to thermal coal (though we note Thiess' exposure to thermal coal has decreased to 25.9% in 2025 from 45% in 2021), and the capital-intensive nature of its operations. "We believe Thiess remains important to the long-term strategy of ACS and CIMIC. This reflects Thiess' role as an important component of CIMIC's integrated client offering to the broader resources and commodities market and Thiess' significant financial contribution to CIMIC and ACS. Hochtief's equity commitment reinforces Thiess' importance to the ACS group. "The stable outlook reflects our expectation that Thiess will maintain its leading market position in mining services and grow its contract book over the next two years. This should enable the company to operate with an adjusted debt-to-EBITDA ratio of below 2.0x over the period. "The outlook also reflects our view that Thiess will remain a strategically important subsidiary of CIMIC and the broader ACS group. As a result, any changes to our rating on ACS could influence our rating on Thiess. "We believe a downgrade of Thiess is unlikely, given its 'bb+' SACP and our view of its strategic importance to CIMIC and the ACS group. "Nevertheless, we could lower the rating if we believe there has been a significant deterioration in Thiess' SACP, likely concurrent with a weakening of its importance to the ACS group." A material decline in Thiess' SACP could be precipitated if: -- The company's operating performance deteriorates significantly, for example from material market share losses or margin declines; -- Liquidity substantially weakens; or -- The company operates with minimal headroom under financial covenants. Assuming no material changes in S&P's view of Thiess' SACP and its group status to the ACS group, it could also lower the rating if it was to downgrade ACS group by two or more notches. An upgrade of Thiess would most likely depend on an upgrade of ACS. S&P said, "Rating upside could also occur if we revise Thiess' SACP upward to 'bbb-'. While unlikely over the next two years, we could revise the SACP upward if the company considerably increases its scale while maintaining profitability and cash flow stability, underpinned by a supportive financial policy." ========= C H I N A ========= CHINA VANKE: Fitch Cuts IDRs to 'RD, Then Hikes IDRs to 'CC' ------------------------------------------------------------ Fitch Ratings has downgraded China Vanke Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'RD' (Restricted Default) from 'CC' on the completion of what Fitch views as a distressed debt exchange (DDE) in accordance with its Corporate Rating Criteria. Fitch has simultaneously upgraded the IDRs to 'CC' from 'RD', reflecting China Vanke's post-restructuring profile. Fitch has also affirmed the Long-Term IDR on China Vanke's wholly owned subsidiary, Vanke Real Estate (Hong Kong) Company Ltd (Vanke HK), at 'CC'. Fitch has affirmed Vanke HK's senior unsecured rating and the rating on its outstanding senior notes at 'C', with a Recovery Rating of 'RR5'. Fitch rates China Vanke and Vanke HK under its Parent and Subsidiary Linkage Rating Criteria. The companies' credit profiles are the same, reflecting very high credit risk. Vanke HK is China Vanke's sole offshore financing platform and is reliant on funds from China Vanke to repay its debt obligations. Key Rating Drivers Completion of DDE: China Vanke has completed the restructuring of CNY2 billion of bonds originally maturing on 23 April 2026. It repaid 40% of the principal of these onshore bonds and extended the maturity date of the remaining 60% by one year. Fitch considers these measures as a DDE in accordance with its Corporate Rating Criteria. Fitch views the extension of the maturity dates of the principal by one year as a material reduction in terms, while the restructuring allows the issuer to avoid a probable eventual default. Tight Liquidity; Debt Restructuring Likely: China Vanke will have CNY13 billion of capital market debt maturing from May to December 2026. It reported CNY61.5 billion of cash as at end-2025, against debt maturing in one year of CNY160.6 billion. Fitch believes most of the cash balance may be restricted and not readily available for debt repayment. As such, China Vanke may not be able to repay its upcoming capital market debt maturities, which may result in another DDE. Negative FCF Persists: Fitch expects China Vanke's free cash flow (FCF), including potential asset disposal proceeds, to remain negative in 2026, as Fitch expects sales to fall by about 50% in 2026 after a 46% decline in 2025. China Vanke reported net losses attributable to shareholders of CNY88.6 billion in 2025, due to a decline in development revenue recognition, low gross margins, and provisions for asset and credit impairments. The auditor also expressed material uncertainty related to the company remaining a going concern while issuing an unmodified audit opinion. Rated on Standalone Basis: China Vanke's largest shareholder, with a 27.18% stake, is Shenzhen Metro Group Co. Ltd (SZMC), which is wholly owned by Shenzhen municipality's State-owned Assets Supervision and Administration Commission. Fitch rates China Vanke on a standalone basis as SZMC has a minority stake in China Vanke, does not control its board and does not consolidate China Vanke. Peer Analysis The IDRs on China Vanke and Vanke HK are driven by the high level of credit risk related to the repayment of debt obligations. Fitch’s Key Rating-Case Assumptions Fitch's Key Assumptions Within Its Rating Case for the Issuer: - Sales to drop by 50% in 2026, and 30% per year in 2027 and 2028 (2025: 46% drop). - FCF outflow after asset disposal proceeds of CNY10 billion-15 billion in 2026-2028 (2025: CNY14 billion outflow). - Trade and bills payables to drop by CNY30 billion in 2026, and CNY25 billion per year in 2027 and 2028 (2025: CNY30 billion drop). Corporate Rating Tool Inputs and Scores Fitch scored China Vanke as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): management (b, lower), sector characteristics (b+, moderate), market and competitive positioning (b+, lower), diversification and asset quality (bb, lower), company operational characteristics (ccc-, higher), profitability (ccc-, moderate), financial structure (b-, lower), and financial flexibility (ccc-, higher). - 'B+' to 'CC' considerations apply in its analysis and result in an adjustment of -1 notch. - The governance assessment of 'Some Deficiencies' results in no adjustment. - The operating environment assessment of 'bbb-' results in no adjustment. - The SCP is 'cc'. To derive the Long-Term IDR: - No further adjustments were made to the SCP, resulting in an IDR of 'CC'. Fitch scored Vanke HK as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): management (b, lower), sector characteristics (b+, moderate), market and competitive positioning (ccc+, lower), diversification and asset quality (b+, lower), company operational characteristics (ccc-, higher), profitability (ccc-, moderate), financial structure (ccc-, moderate), and financial flexibility (ccc-, higher). - 'B+' to 'CC' considerations apply in its analysis and result in an adjustment of -1 notch. - The governance assessment of 'Good' results in no adjustment. - The operating environment assessment of 'bbb-' results in no adjustment. - The SCP is 'cc'. To derive the Long-Term IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in the same credit profile for both the parent and the subsidiary. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade For China Vanke and Vanke HK: - Fitch would downgrade the IDR to 'C' if a default or default-like process has begun. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade For China Vanke and Vanke HK: No positive rating action is anticipated in the near term, as Fitch believes a default or debt restructuring is probable. Liquidity and Debt Structure China Vanke reported CNY61.5 billion of cash at end-2025, including regulated pre-sale funds, against short-term debt of CNY160.6 billion. About CNY13 billion of capital market debt will mature during May-December 2026. Issuer Profile China Vanke is one of China's 10 largest developers by contracted sales in 2024 and 2025, with a nationwide footprint. Its main businesses are real-estate development and property services. Vanke HK is China Vanke's main offshore fundraising entity. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for China Vanke and Vanke HK. ESG Considerations China Vanke has an ESG Relevance Score of '4' for Group Structure due to the opaque funding arrangements for its development projects, which has a negative impact on the credit profile and is relevant to the rating in conjunction with other factors. China Vanke has an ESG Relevance Score of '4' for Financial Transparency due to the cessation of disclosure of its monthly sales data, which has a negative impact on the credit profile and is relevant to the rating in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- China Vanke Co., Ltd. LT IDR RD Downgrade CC LT IDR CC Upgrade LC LT IDR RD Downgrade CC LC LT IDR CC Upgrade Vanke Real Estate (Hong Kong) Company Ltd LT IDR CC Affirmed CC senior unsecured LT C Affirmed RR5 C CHINA VANKE: Offloads Pig Farming Unit to Ease Liquidity Crunch --------------------------------------------------------------- Caixin Global reports that China Vanke Co. Ltd. plans to sell its entire stake in its pig-farming unit for CNY3.29 billion (US$483 million) as the embattled developer accelerates asset disposals to survive a deepening cash crunch. Caixin relates that the divestment underscores the acute financial distress facing the state-backed real estate giant, which is scrambling to shed non-core businesses to cover a massive short-term debt shortfall amid China’s protracted housing slump. About China Vanke China Vanke Co., Ltd. operates real estate development businesses. The Company provides housing renovation, housing loans, real estate brokerage, and other businesses. China Vanke also operates logistics, material supply, and other businesses. Fitch Ratings, in February 2026, upgraded China Vanke Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) to 'CC' from 'RD' following the completion of what Fitch views as a distressed debt exchange (DDE) in accordance with its Corporate Rating Criteria. The IDRs reflect China Vanke's post-restructuring profile. Fitch also affirmed the Long-Term IDR on China Vanke's wholly owned subsidiary, Vanke Real Estate (Hong Kong) Company Ltd (Vanke HK), at 'CC'. Fitch has also affirmed Vanke HK's senior unsecured rating and the rating on its outstanding senior notes at 'C', with a Recovery Rating of 'RR5'. Moody's Ratings, on Dec. 30, 2025, downgraded the following ratings of China Vanke Co., Ltd. and its wholly-owned subsidiary, Vanke Real Estate (Hong Kong) Company Limited -- (1) China Vanke's corporate family rating (CFR) to Ca from Caa2; (2) Backed senior unsecured rating on the medium-term note (MTN) program of Vanke Real Estate to (P)C from (P)Caa3; and (3) Backed senior unsecured rating on the bonds issued by Vanke Real Estate to C from Caa3. Moody's have also maintained the negative outlooks of the entities. S&P Global Ratings, on Dec. 23, 2025, lowered its long-term issuer credit rating on China Vanke Co. Ltd. to 'SD' from 'CCC-'. S&P affirmed its 'CCC-' long-term issuer credit rating on its subsidiary Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK) and its 'CCC-' long-term issue ratings on Vanke HK's senior unsecured notes. At the same time, S&P removed the ratings from CreditWatch, where they were placed with negative implications on Nov. 27, 2025. CHINA VANKE: Posts CNY5.95 Billion Loss in Q1 Ended March 31 ------------------------------------------------------------ Bloomberg News reports that China Vanke's losses dragged on in the first quarter, as home deliveries fell, weighing on the embattled developer's overall revenue. The company reported a net loss of CNY5.95 billion in the three months ended in March, Bloomberg discloses citing a Hong Kong exchange filing on April 29. That's slightly narrower than the CNY6.25 billion loss a year earlier. According to Bloomberg, Vanke's quarterly loss follows its combined loss of more than CNY130 billion in the past two fiscal years, signalling persistent earnings erosion under China's protracted home-price slump. While the pace of decline in China's newly built homes abated in Q1, real estate values are still falling in most regional hubs and smaller cities where the majority of Vanke's projects sit. Bloomberg relates that the developer, which oversees more than a trillion yuan of assets, is one of China's few major property developers to have so far avoided default. But it has been wrestling with a liquidity crunch for more than two years, and has in recent months turned to continuous bond extensions to buy more time. The loss stemmed mainly from declines in home settlements. Homes delivered tumbled 33 per cent by area from a year earlier, contributing to a 24 per cent drop in total revenues, Vanke said in the earnings. Chinese builders sell residences on contract and only book revenue after construction is completed. Vanke's earnings this year "could be hampered by inadequate property write-downs" in previous fiscal periods, Bloomberg Intelligence analysts Kristy Hung and Patrick Wong wrote in a note earlier this month. About China Vanke China Vanke Co., Ltd. operates real estate development businesses. The Company provides housing renovation, housing loans, real estate brokerage, and other businesses. China Vanke also operates logistics, material supply, and other businesses. Fitch Ratings, in February 2026, upgraded China Vanke Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) to 'CC' from 'RD' following the completion of what Fitch views as a distressed debt exchange (DDE) in accordance with its Corporate Rating Criteria. The IDRs reflect China Vanke's post-restructuring profile. Fitch also affirmed the Long-Term IDR on China Vanke's wholly owned subsidiary, Vanke Real Estate (Hong Kong) Company Ltd (Vanke HK), at 'CC'. Fitch has also affirmed Vanke HK's senior unsecured rating and the rating on its outstanding senior notes at 'C', with a Recovery Rating of 'RR5'. Moody's Ratings, on Dec. 30, 2025, downgraded the following ratings of China Vanke Co., Ltd. and its wholly-owned subsidiary, Vanke Real Estate (Hong Kong) Company Limited -- (1) China Vanke's corporate family rating (CFR) to Ca from Caa2; (2) Backed senior unsecured rating on the medium-term note (MTN) program of Vanke Real Estate to (P)C from (P)Caa3; and (3) Backed senior unsecured rating on the bonds issued by Vanke Real Estate to C from Caa3. Moody's have also maintained the negative outlooks of the entities. S&P Global Ratings, on Dec. 23, 2025, lowered its long-term issuer credit rating on China Vanke Co. Ltd. to 'SD' from 'CCC-'. S&P affirmed its 'CCC-' long-term issuer credit rating on its subsidiary Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK) and its 'CCC-' long-term issue ratings on Vanke HK's senior unsecured notes. At the same time, S&P removed the ratings from CreditWatch, where they were placed with negative implications on Nov. 27, 2025. LONGFOR GROUP: Fitch Alters Outlook on 'BB-' LongTerm IDR to Stable ------------------------------------------------------------------- Fitch Ratings has revised the Outlook on China-based Longfor Group Holdings Limited's Long-Term Foreign-Currency Issuer Default Rating (IDR) to Stable from Negative, and affirmed the IDR at 'BB-'. The agency has also affirmed Longfor's senior unsecured rating, and the ratings on its outstanding senior notes at 'BB-'. Longfor's rating is underpinned by stable recurring income generated from its sizeable investment property (IP) portfolio and property management business. These strengths help mitigate the risks arising from the challenging operating environment of its development property (DP) business, its reduced access to unsecured funding and declining pool of unencumbered IP assets, which remain key constraints to the rating. The affirmation and revision of the Outlook reflect its view that Longfor will maintain a sufficient liquidity buffer to withstand further weakness in China's homebuilding industry, supported by reduced debt repayment pressure and its record of generating positive operating cash flow (OCF) amid the industry downturn. Key Rating Drivers Improved Debt Maturity Profile: Longfor's debt maturity pressure has eased significantly, with annual unsecured debt maturities dropping to CNY5 billion-7 billion in the next three years, from about CNY20 billion in the previous three years. Fitch believes its CNY18 billion in reported readily available cash at end-2025 and its record of achieving positive OCF give the company a sufficient liquidity buffer to meet its near-term debt maturities. Reassessed Under APAC REIT Navigator: Fitch now derives Longfor's ratings by applying the APAC REIT Navigator, from the Chinese Homebuilder Navigator previously, to reflect the group's evolving business profile. Longfor's DP business has contracted in the past few years, while its IP and other recurring non-DP businesses have continued to grow. As a result, its IP and other recurring businesses accounted for the majority of the group's assets and EBITDA in 2025, becoming the key drivers of its credit profile. Its assessment of Longfor's credit profile includes all of the group's debt, including debt related to the DP business, when calculating its credit metrics. Fitch also believes the company's sufficient liquidity buffer and conservative cash flow management will mitigate the continued challenges in China's property market. Reliant on Secured Borrowing: Longfor has been substituting unsecured borrowings with secured, IP-backed funding over the past few years, given its limited access to unsecured debt. However, capacity for additional IP-backed financing is increasingly limited, as about 90% of the CNY210 billion self-owned IP portfolio (excluding leased for subleasing) is already pledged against CNY101 billion of IP loans. Any further increase in secured debt could also heighten subordination risk for offshore unsecured creditors. Positive OCF Despite DP Pressure: Fitch expects Longfor to generate moderate positive OCF in 2026 and 2027, supported by recurring cash flow from non-DP businesses and declining land and construction outflows. This is even as Fitch forecasts contracted sales to decline by 45% to CNY35 billion in 2026 (1Q26: -56% yoy) and 25% to CNY26 billion in 2027. Longfor had positive OCF in the past three years despite a sales slump, including around CNY5.8 billion in OCF in 2025, despite a 38% drop in contracted sales. Fitch also expects land-bank replenishment to remain limited in the near term, with small investments to revitalise existing land bank. Steady Non-DP Businesses: Fitch expects the non-DP businesses' recurring income to rise steadily, supported by an expanding shopping mall portfolio. Non-DP gross profit was flat yoy in 2025, as rising rental income from shopping malls was offset by declines in rental-housing and property-management income, as the company exited unprofitable projects. A prolonged Iran conflict, while not its base case, could lead to slower economic growth and consumer spending in China. However, Fitch believes there is a sufficient rating buffer to withstand such an impact. Healthy Shopping Malls: The shopping mall portfolio continued to perform steadily, with moderate same-store rental income growth, excluding the effect of asset enhancement initiatives, while underlying retail sales growth remained healthy at 3% (or 6% excluding car sales) on a same-store basis. The occupancy rate also remained healthy at 97%. Peer Analysis Longfor is rated two notches below Yuexiu Real Estate Investment Trust's (BBB-/Stable) Standalone Credit Profile of 'bb+'. Longfor has a much larger, over CNY200 billion, IP portfolio compared with Yuexiu's CNY40 billion. Its business is also more granular with about 100 operating shopping malls and rental homes diversified across China, compared with Yuexiu's office-led portfolio, which is concentrated in Guangzhou. Longfor's recurring EBITDA net leverage and recurring EBITDA interest coverage are also stronger than Yuexiu's, supported by the additional recurring income that it generates from the property management business, although Longfor's loan-to-value ratio is higher. However, Longfor's rating is constrained by the risk associated with its sizeable DP business, its weaker access to unsecured funding and a small unencumbered asset pool after raising a large amount of IP loans to address its debt maturities in the past few years. Fitch’s Key Rating-Case Assumptions - Contracted sales to decline by 45% in 2026 and 25% in 2027 (2025: -38%, 3M26: -56%) - Non-DP revenue to grow at 3% in 2026 and 2027 (2025: flat) - Land acquisition at 10% of sales proceeds in 2026 and 15% in 2027 (2025: 7%) - Construction costs, including IP capex, of CNY25.5 billion, or 78% of sales proceeds, in 2026, and CNY15.2 billion, or 65% of sales proceeds, in 2027 (2025: CNY39.3 billion, or 65% of sales proceeds) Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): management (bbb-, lower), access to capital (b, higher), liability profile (bbb, moderate), property portfolio (bbb+, moderate), rental income risk profile (bbb, moderate), profitability (bb+, moderate), financial structure (bb, moderate), and financial flexibility (bb, moderate). - Assessments of the quantitative financial subfactors include bespoke calculations. - The governance assessment of 'Good' results in no adjustment. - The operating environment assessment of 'bbb-' results in no adjustment. - The SCP is 'bb-'. To derive the Long-Term IDR: No further adjustments were made to the SCP, resulting in an IDR of 'BB-' RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Negative cash flow from the DP business, which could result from weaker-than-expected sales and/or aggressive land-banking activities - A decline in non-development EBITDA, which could be caused by decline in occupancy and/or rental rates, for a sustained period - Non-development EBITDA interest coverage below 1.5x on a sustained basis (2025: 2.1x, 2026F: 2.4x, 2027F: 2.7x) - Net debt/IP value above 60% on a sustained basis (2025: 63%, 2026F: 59%, 2027F: 55%) Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Stabilisation in contracted sales and positive cash flow from the DP business on a sustained basis - Improvement in access to unsecured funding on a sustained basis - Non-development EBITDA interest coverage above 2x on a sustained basis - Net debt/IP value below 50% on a sustained basis Liquidity and Debt Structure Longfor had CNY18.0 billion in available cash, excluding regulated presale funds, as of end-2025. This covers 1.1x its CNY15.8 billion in short-term debt, of which CNY7.3 billion were offshore unsecured loans and onshore bonds, including CNY2.3 billion in China Bond Insurance Corporation-guaranteed medium-term notes. Longfor's liquidity is also supported by its access to IP-backed bank funding and positive OCF. Issuer Profile Longfor is a privately owned commercial landlord and property developer in China. As of end-2025, it operated 99 malls across 25 cities in China. Its IP portfolio, which comprises mainly shopping malls, was valued at over CNY200 billion as of end-2025. Longfor's DP business has shrunk significantly over the past few years amid the property market downturn and limited reinvestments. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Longfor Group Holdings Limited. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Longfor Group Holdings Limited LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed BB- SANAN OPTOELECTRONICS: Corruption Watchdog Probes General Manager ----------------------------------------------------------------- Caixin Global reports that the general manager of Sanan Optoelectronics Co. Ltd. has been placed under investigation by anti-graft authorities, just weeks after a similar probe targeted the company's founder. Caixin says Sanan Optoelectronics announced on April 29 that Lin Kechuang, the company's vice chairman and general manager, had been retained and placed under investigation by graft busters in Chongqing. According to Caixin, the concurrent investigations, coupled with the freezing of the controlling family's entire 29.5% stake, threaten to upend control of one of China's largest LED chipmakers. Headquartered in Xiamen, China, Sanan Optoelectronics Co.,Ltd. engages in the research, development, production, and sale of compound semiconductor materials and devices in China and internationally. It offers gallium nitride, gallium arsenide, silicon carbide, indium phosphide, aluminum nitride, and sapphire products. The company also provides LED epitaxial wafer, chips, headlights; and RF and filter chips, power electronics chips, and optical and non optical communication chips. ========= I N D I A ========= ALPHA MILKFOODS: ICRA Keeps B+ Debt Rating in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term rating of Alpha Milkfoods Private Limited (AMFPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING ". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 24.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding AMFPL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with AMFPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. AMFPL is setting up a milk processing plant in Hathras (Uttar Pradesh) with a processing capacity of 4 lakh litres of milk per day, to manufacture desi ghee, skimmed milk powder, dairy whitener, butter etc. The company has been promoted by Mr Gian Prakash Gupta and Mr Vipin Gupta. The promoters also have a Haryana based company, incorporated in 1991, engaged in milk processing, under the name of Karnal Milk Foods Limited. ANCHAU INDUSTRIES: Voluntary Liquidation Process Case Summary ------------------------------------------------------------- Debtor: Anchau Industries Private Limited B-37 G/F Gurunanak Pura, Laxmi Nagar, Delhi - 110092 Liquidation Commencement Date: April 21, 2026 Court: National Company Law Tribunal, Chandigarh Bench Liquidator: Archit Gupta 2nd Floor, Manmohan House, B-2581/3B/1, Industrial Area-A, Ghora Road, Near Zoom Hotel Building, Ludhiana - 141003 Email: liq.anchau@gmail.com archit2176@gmail.com Last date for submission of claims: May 21, 2026 BALAJI TEXTILES: ICRA Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term rating of Sri Balaji Textiles (SBT) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]C; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 5.00 [ICRA]B- (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Facilities to remain under 'Issuer Not Cooperating' category The rating downgrade is attributable to the lack of adequate information regarding SBT's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating, as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with SBT, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Promoted in 1994 by Mr. C. Rajendran, Sri Balaji Textiles (SBT) is proprietorship firm engaged in manufacturing of Melange yarn, predominantly in the 20- 40's count range, which is used by garment industries in manufacturing of Tshirts. SBT has its manufacturing unit located in Coimbatore district (TN). BGR ENERGY: Insolvency Resolution Process Case Summary ------------------------------------------------------ Debtor: BGR Energy Systems Limited Registered Office: E-4, Pannamgadu Industrial Estate, Ramapuram Post, Tada Mandalam, Tada, Tirupati District, Andhra Pradesh, 524401 Corporate Office: 443, Anna Salai, Teynampet, Chennai, Tamil Nadu, 600018 Insolvency Commencement Date: April 17, 2026 Court: National Company Law Tribunal, Amaravati Bench Estimated date of closure of insolvency resolution process: October 10, 2026 Insolvency professional: Dommeti Surya Rama Krishna Saibaba Interim Resolution Professional: Dommeti Surya Rama Krishna Saibaba Flat No. A-105, Mahindra Ashvita, Hafeejpet Road, Near Hi-Tech City MMTS Railway Station, KPHB Colony, Hyderabad, Telangana, 500085 Email: dsrk39@yahoo.com Plot No. 4&5, Flat No. 104, Kavuri Supreme Enclave, Kavuri Hills, Madhapur, Hyderabad, Telangana, 500033 Email: bgcirp222@gmail.com Last date for submission of claims: May 6, 2026 BHARAT EXPORT: ICRA Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term rating of Bharat Export Overseas in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING ". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 13.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Bharat Export Overseas's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Bharat Export Overseas, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 1985, Bharat Export Overseas is a partnership firm promoted by Mr. Gurprit Sawhney and Ms. Preeti Singh. The firm is engaged in manufacturing and export of garments for women. BEO has three manufacturing facilities located in Gurgaon, Haryana with total annual manufacturing capacity of 6 lakh pieces. The firm primarily exports to U.K and Germany. DIAN BIOFUELS: Ind-Ra Withdraws Rating on INR2,550MM Bank Loans --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has withdrawn Dian Biofuels Private Limited's (DBPL) bank loan facilities rating as follows: -- Rating on INR2,550 million bank loan facilities is withdrawn from being rated as IND BB/Negative(Issuer Not Cooperating) on Feb. 4, 2026. Detailed Rationale of the Rating Action Ind-Ra is no longer required to maintain the ratings, as the agency has received a no-dues certificate from the lender and withdrawal request from the issuer. This is consistent with Ind-Ra’s Policy on Withdrawal of Ratings. Ind-Ra will no longer provide analytical and rating coverage for the company. About the Company Incorporated in September 2016, DBPL is setting up a fuel grade ethanol plant of 250 kilo litres per day in Ahmedabad. DBPL is promoted by Saurin Dilipbhai Shah and Sunny Dilip Pandya. IMMACULATE AGRO: Liquidation Process Case Summary ------------------------------------------------- Debtor: Immaculate Agro Spices Private Limited Kanjiravelil House Pazhamthottam (P O), Ernakulam, Kerala - 683565 Liquidation Commencement Date: April 17, 2026 Court: National Company Law Tribunal, Kochi Bench Liquidator: SPP Insolvency Professionals LLP 2nd Floor, CODISSIA, G.D. Naidu Towers, Huzur Road, Coimbatore - 641018 Tel: +91-94888-10404/73730-52341 Email: Iaspl@gmail.com ipeadmin@sppgroups.com Last date for submission of claims: May 17, 2026 JONAS PETRO: ICRA Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ ICRA has kept the Long-Term and Short-Term ratings of Jonas Petro Products Private Limited (JPPPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/ [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 0.75 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 2.84 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 1.91 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category Short-term 0.05 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Short Term- 1.45 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding JPPPL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with JPPPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Jonas Petro Products Private Limited (JPPPL) was established in the year 2010 and is engaged in conversion of waste oil to recycled fuel oil/reclaimed fuel oil (RFO). JPPPL has a storage and processing unit of 12000 kilo liter per annum situated in Mangalore, Karnataka. The company also has a well-equipped wastewater treatment facility. The company commenced its operations in April 2012. KALWAKURTHY MUNICIPALITY: ICRA Keeps B+ Rating in Not Cooperating ----------------------------------------------------------------- ICRA has kept the Long-Term rating of Kalwakurthy Municipality (KKM) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Issuer Rating - [ICRA]B+ (Stable); ISSUER NOT COOPERATING; Rating Continues to remain under issuer not cooperating category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding KKM's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with KKM, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. The KKM, being an ULB, provides civic services to the Kalwakurthy town. The town is located in Nagarkurnool district of Telangana and is at a distance of around 80 km from the state capital, Hyderabad. The major economic activity in the region is agriculture, which primarily includes rice, fruits and vegetables. According to Census 2011, Kalwakurthy covers an area of 9.00 sq. km. and has a population base of 28,060 of which 65% is accounted by slum dwellers. The ULB is governed by the provisions of the Telangana State Municipalities Act, (TSM Act) 1965. The major functions of the KKM involve water supply, solid waste management, repair and maintenance of roads, street lighting and amenities such as shopping stalls, community hall, playgrounds, parks/gardens, among other civic amenities. The council of the KKM, comprising 20 Ward Councillors, is headed by a Chairperson. The executive wing is headed by a Municipal Commissioner, who is appointed by the GoTS and is supported by the head of various departments. KHIMJI FINSERVE: Ind-Ra Gives IND BB Rating on INR1,000MM Loans --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has taken the following rating actions on Khimji Finserve Pvt. Ltd.'s (KFPL) bank loan facilities: -- INR1,000 million bank loan facilities is assigned IND BB/Positive rating -- INR180 million bank loan facilities has IND BB/Positive rating affirmed Analytical Approach Ind-Ra continues to take a standalone view of KFPL to arrive at the rating. Detailed Rationale of the Rating Action The Positive Outlook reflects KFPL's planned portfolio expansion over the medium term, backed by a likely increase in capital buffers through the conversion of unsecured promoter loans to equity and a potential significant equity infusion in FY27. This portfolio expansion and the resultant operating leverage benefits should boost KFPL's profitability. However, the rating is constrained by KFPL's medium scale of operations, high geographical concentration, low funding flexibility, and modest profitability in 9MFY26. List of Key Rating Drivers Weaknesses - Medium scale of operations - High geographical concentration - Low funding flexibility - Modest profitability Strengths - Stable asset quality - Adequate capitalisation - Part of larger Khimji group Detailed Description of Key Rating Drivers Medium Scale of Operations: KFPL operates in the gold loan segment. Its assets under management (AUM) grew to INR460 million in 9MFY26 (FY25: INR333 million; FY24: INR243 million, FY23: INR87 million). KFPL lends loans against gold for an average ticket size of INR0.1 million, with an average tenor of four-to-five months. Hence, the disbursement momentum remains critical for loan book growth. Since KFPL is in the evolution stage, scale remains a critical factor for achieving operational efficiencies. Considering the existing scale of operations, the company has adequate systems and processes in place to carry out its day-to-day operations. High Geographical Concentration: The company faces a high geographical concentration risk, with all its 47 branches located in just two states - Odisha and Andhra Pradesh. During 9MFY26, the company expanded its branch network to 47 from 15 and entered Andhra Pradesh with 21 branches. While the branches are ready, disbursements have yet to commence. The company also plans to deepen its presence in the two states, given the growth potential, and eventually aims to enter additional states in the long run to diversify operations. Low Funding Flexibility: KFPL's funding profile is concentrated, with cash credit facilities from two banks forming about 68% of the total borrowings in9MFY26; unsecured, zero-interest promoter loans accounted for the remaining 32%. These promoter loans are likely to be converted into equity, subject to the management’s decision. The company is exploring co-lending, non-convertible debentures, and working capital demand loan to diversify its liabilities. Also, it is engaged in advance discussions with two-to-three lenders to raise debt. The agency believes diversifying the funding base will be essential to support KFPL's loan book growth. Modest Profitability: KFPL's operating expenses are elevated due to its strategy of bulk branch expansion. Expenses increased to INR58.84 million in 9MFY26 (FY25: INR52.7 million; FY24: INR24.5 million; FY23: INR33.3 million), primarily from adding 21 branches in Andhra Pradesh, where disbursements have yet to commence, exerting pressure on profitability. Operating expenses to average assets was 14.4% in 9MFY26 (FY25: 13.7%; FY24: 14.2%). KFPL’s credit cost was nil in 9MFY26 (FY25: 0.1%). The return on asset under management (ROAUM; 9MFY26: 0.2%; FY25: 0.1%; FY24:0.4%) has yet to stabilise, with a profit after tax of INR0.87 million (INR0.24 million; INR0.59 million). Ind-Ra opines KFPL’s operating leverage could benefit profitability over the medium term, as the operations scale with a rationalisation of operating expenses. Stable Asset Quality: KFPL extends gold loans with a tenor of up to 12 months with bullet principal repayments, while interest accrues monthly. The average loan-to-value (LTV) ratio of the overall book was 75% in 9MFY26. The gross non-performing assets were nil in 9MFY26. Although the borrower class is vulnerable, the ultimate credit loss is limited due to an LTV cap of 75%, as per regulatory requirements at disbursement and the liquid nature of the collateral. KFPL maintains a risk filter, wherein a resolution is initiated if the principal-plus-interest reaches 90% of the collateral value, leading to a notice served to the borrower. The management holds auctions to recover delayed dues; the company has conducted three gold auctions to date, with no losses incurred. Ind-Ra believes maintaining of adequate LTV buffers and timely auctions and recoveries will be critical for KFPL to sustain its stable asset quality. Adequate Capitalisation: At end-9MFY26, KFPL's capital adequacy ratio stood at 67.43% (FY25: 78.8%; FY24: 60%; FY23: 54%), with leverage (debt/tangible net worth) of 3.3x (2x; 1.7x; 0.9x). Unsecured promoter loan was converted to equity of INR29.6 million in FY25 and INR85 million in March 2026. Also, the promoters plan to infuse around INR600 million in FY27, which would significantly increase the net worth. This will be a key monitorable event. The management intends to cap the leverage at 4.0x over the medium term. Part of Larger Khimji Group: Being a part of the large Khimji group has enabled KFPL to easily raise funding from banks. Furthermore, the Khimji group is a renowned jewellery brand in Odisha, and KFPL benefits from brand recall. Liquidity Adequate: As of March 31, 2026, the company had free cash of INR1.55 million and undrawn bank limits of INR201.42 million, providing liquidity coverage for more than three months of debt obligations of INR13.04 million. As per the asset-liability statement as of December 2025, KFPL did not have any negative mismatch in the less-than-one-year bucket. Rating Sensitivities Negative: The following factors could, individually or collectively, lead to a negative rating action: - a significant dilution in the capital buffers due to losses - deterioration in the asset quality (gross non-performing assets above 3%) - funding challenges and deterioration in the liquidity position Positive: The following factors could, individually or collectively, lead to a positive rating action: - significant expansion of the franchise along with the planned equity infusion as per the agreed timeline - an improvement in the profitability - maintaining of the liquidity and capital buffer Any Other Information. Not applicable About the Company KFPL is a registered non-banking financial company headquartered in Khorda, Odisha. The company commenced operations in September 2022. KFPL offers loans against gold for an average ticket size of INR0.1 million with an average tenor of four-to-five months. At end-December 2025, it had 47 branches - 26 in Odisha and 21 in Andhra Pradesh. KFPL is a part of the Khimji group, which was incorporated in 1936, with Khimji - KD & Sons Pvt Ltd (debt rated at 'IND BBB+'/Stable) being their primary business. The group is also involved in the dealership of automobiles, real estate, and hotels. KFPL's promoters acquired Vee Gee Credit Capital Private Limited in 2022, and post a complete change of management, the company was renamed as KFPL. M B CERAMIC: ICRA Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term rating of M B Ceramic LLP (MBCL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 3.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 8.17 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding MBCL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with M B Ceramic LLP, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in January 2018, M B Ceramic LLP (MBCL) manufactures heavy-duty parking floor tiles at Kharkrechi, Morbi (Gujarat). The manufacturing unit of MBCL has an annual installed production capacity of 40,500 MT i.e. ~4,500 Boxes/per day and ~13,50,000 boxes annually. The firm commenced its commercial operations from May 2019. At present, MBCL manufactures parking floor tiles in the dimension of 300mmx300mm, 400mmx400m and 400mmx 800mm. The firm has also started manufacturing parking tiles in size of 400mmx1200mm from January 2020, which supports diversification in product offering. The partners have extensive experience in the ceramic industry vide their association with other entities. The partners of the MBCL are also associated with the other tile manufacturing companies, namelyLuton Ceramic Pvt. Ltd., Capson Vitrified Private Limited, Lancer Ceramic Private Limited, Capson Impex Private Limited, Capron Vitrified Private Limited and Aricon Papers Private Limited. NEO PAPER: ICRA Keeps B- Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term ratings of Neo Paper Mill Private Limited (NPMPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B-(Stable); ISSUER NOT COOPERATING ". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 1.14 [ICRA]B- (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 3.89 [ICRA]B- (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term- 4.97 [ICRA]B- (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding NPMPL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Neo Paper Mill Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in March 2012, Neo Paper Mills Private Limited (NPMPL) proposes to manufacture kraft paper for packaging applications. The proposed unit is located in Halkarni, Kolhapur district of Maharashtra and would have a production capacity of 13,500 MTPA. The company plans to manufacture kraft paper in the range of 50-150 GSM (grams per square meter) and having a Burst Factor of 14-16 BF. Kraft paper is used (i) in manufacturing corrugated boxes, paper grocery bags, multiwall sacks, envelopes and other packaging (ii) for lining particle boards and (iii) as base paper for producing sand paper. The main raw materials required for manufacturing kraft paper are waste paper, water, alum, rosin, starch, gum, dyes and other chemicals used for treating and removing impurities. PARAM RENEWABLE: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Param Renewable Energy Private Limited Registered Office: 15th Floor, A Block, Westgate Business Bay, SG Road, Jivraj Park, Ahmadabad City, Gujarat - 380051 Other Office: 6th Floor, Capital Cyber Scape, Ullahwas, Sector-59, Gurugram, Haryana - 122102 Insolvency Commencement Date: April 21, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Estimated date of closure of insolvency resolution process: October 17, 2026 Insolvency professional: Khushvinder Singhal Interim Resolution Professional: Khushvinder Singhal House No. 399, Sector 12-A, Panchkula, Haryana - 134112 Email: kvsinghal@gmail.com SCO-818, 1st Floor, (Above Yes Bank) NAC, Manimajra, Chandigarh - 160101 Tel: 77173 03525 Email: cirp.paramrenewable@gmail.com Last date for submission of claims: May 4, 2026 POMMYS GARMENTS: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term ratings of Pommys Garments (India) Limited (PGIL) in the 'Issuer Not Cooperating' category. The rating is denoted as "ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 26.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 3.38 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding PGIL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with PGIL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Pommys Garments (India) Limited (PGIL) was set up in 1998 as a partnership firm with the present directors as the partners. The company was converted from a private limited company to a public limited company in November 2017 and the namechanged from Pommys Garments (India) Private Limited to Pommys Garments (India) Limited. Initially, PGIL was involved in the manufacturing of women's night wear had diversified during the recent years to also manufacture women's tops and leggings. The Company procures raw material (cloth) in bale form from suppliers in Gujarat, Mumbai, Tirupur and Rajasthan. The Company has an in house capacity to produce 5000 pieces per day. The Company has also recently entered into newer segments like women's innerwear, salwars and men's shirts. The Company also has retail presence through 19 showrooms across Tamil Nadu and Pondicherry and also plans to open 5 more showrooms in during 2016-17. Currently PGIL sells its products through ~300 retail showrooms across TamilNadu, Kerala, Karnataka and Andhra Pradesh under the brand "Pommys". R N ENTERPRISES: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term ratings of R N Enterprises in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 10.76 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long Term- 4.24 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding R N Enterprises' performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with R N Enterprises, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. R N Enterprises was set up as a partnership firm in 2010. It is an authorized distributor of Mitsubishi range of air conditioners in Telangana and Andhra Pradesh. The company is managed by Mr. Rajesh Malik and Mr. Neeraj Malik. RNE is part of the Malik group which is involved in automobile dealerships. RADHA KRISHNA: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term rating of Sri Radha Krishna Rice Industry in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 11.25 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 3.75 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Sri Radha Krishna Rice Industry's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Sri Radha Krishna Rice Industry, ICRA has been trying to seek information from the entity so as to monitor its performance further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Sri Radha Krishna Rice Industry was established as a partnership firm in 2003 by Mr. K. Brahmaiah and other family members, who have more than 20 years of experience in rice milling business. The rice mill is located in the Nellore District of Andhra Pradesh and is engaged in milling of paddy to produce boiled rice, broken rice and bran. It has an installed capacity of 57,600 per annum. RADIUS WATER: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Radius Water Limited (RWL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 19.94 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term/ 6.06 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Unallocated remain under 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding RWL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with RWL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 1998, RWL is a special-purpose vehicle (SPV), promoted by Radius Corporation Limited. It supplies raw as well as treated water and provides services for industrial effluent treatment and disposal to industries located in Borai Industrial Growth Centre (BIGC) at Durg, Chhattisgarh, with a water storage capacity of 60 million litres per day (MLD). The project has been executed on build, own, operate and transfer (BOOT) basis under the public-private partnership (PPP) model as per the concession agreement signed between RWL and Chhattisgarh State Industrial Development Corporation Limited [CSIDC, erstwhile M.P. Audyogik Kendra Vikas Niram (R) Ltd.]-a nodal agency for industrial development in Chhattisgarh. The project is also sponsored by CSIDC. RAM PROTEINS: ICRA Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------- ICRA has kept the Long Term and Short-Term ratings of Shree Ram Proteins Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING." Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short-term- 31.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit the 'Issuer Not Cooperating' category Long-term- 6.15 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan the 'Issuer Not Cooperating' category Short term- 0.10 [ICRA]D; ISSUER NOT COOPERATING; Non fund based- Rating Continues to remain under the 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Shree Ram Proteins Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Shree Ram Proteins Limited, ICRA has been trying to seek information from the entity so as to monitor its performance further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Initially incorporated as Shree Ram Proteins Private Limited in August 2008 by Rajkot-based Mr. Lalit Vasoya, Mr. Lavji Savaliya and their family members for processing cotton seeds and carrying out related trading activities, it was converted into a public limited company in 2017, and its name was changed to Shree RamProteins Limited. The company was listed on the NSE in 2020, prior to which it was listed on the NSE Emerge Platform (SME) since 2018. At present, the company's processing plant operations include cotton seed de-linting, de-hulling, cotton seed oil extraction and cotton seeds DOC. The company also deals in rapeseed oil, oil cake, soya oil, groundnut oil, mustard seeds/oil, rice bran and soya cake. REDDY PHARMACEUTICALS: ICRA Keeps C Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term ratings of Reddy Pharmaceuticals Limited (RPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]C; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 2.70 [ICRA]C; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long Term- 7.30 [ICRA]C; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding RPL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with RPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Reddy Pharmaceuticals Limited (RPL) was incorporated in 1996 and has been engaged in trading of pharmaceutical products. The company forayed into manufacturing of Active Pharmaceutical Ingredients (APIs) and Intermediates during FY2017 after taking over an existing facility from Jupiter Biotech Limited in Rudraram, Patancheru Mandal, Telangana. The company is currently manufacturing anti-fungal APIs such as Itraconazole. REGENT GRANITO: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term and Short-Term ratings of Regent Granito India Ltd. (RGL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 37.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 5.33 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Short-term 15.03 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding RGL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with RGL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Regent Granito India Ltd. (RGL) is a vitrified tiles manufacturer with a production plant at Himmatnagar in Gujarat. The company was established in 2003 and has manufacturing capacity of ~19,000 sq. m. of double charged vitrified tiles per day. RGL currently manufactures vitrified tiles of sizes 800mm x 800mm, 600mm x 600 mm and 800mm x 1200mm with the current set of machineries at its production facility. RELIANCE INFRATEL: Supreme Court Restores SBI-led Lender to CoC --------------------------------------------------------------- CNBC-TV18 reports that the Supreme Court has delivered a significant ruling in the Reliance Infratel insolvency case, allowing the SBI-led consortium of lenders to rejoin the committee of creditors (CoC) and pursue claims worth INR3,628 crore. According to CNBC-TV18, the court quashed a 2022 order by the National Company Law Appellate Tribunal (NCLAT) that had excluded the SBI-led consortium from the CoC. It also directed the resolution professional to reconstitute the CoC to include these lenders. In a key finding, the Supreme Court held that corporate guarantees issued by Reliance Infratel qualify as "financial debt", thereby recognising the SBI-led consortium as financial creditors in the process. CNBC-TV18 relates that the ruling paves the way for the consortium to assert its claims against Reliance Infratel. The SBI-led group includes Bank of India, UCO Bank, Syndicate Bank, Oriental Bank of Commerce and Indian Overseas Bank. CNBC-TV18 notes that the case stems from a series of lending arrangements. In 2010, Doha Bank extended a foreign currency loan of $250 million to Reliance Infratel. In 2011, the SBI-led consortium provided loans of INR6,015 crore to Reliance Communications and INR735 crore to Reliance Telecom. Subsequently, in 2017, Reliance Infratel issued corporate guarantees to secure lenders' exposure to Reliance Communications and Reliance Telecom. With the apex court now recognising these guarantees as financial debt, the lenders regain a formal role in the insolvency resolution process, CNBC-TV18 states. About Reliance Infratel Reliance Infratel Limited (RITL) builds, owns, and operates telecommunication towers, optic fiber cable assets, and related assets. Its customers use the space on its telecommunication towers to install active communication related equipment and operate their wireless communications networks. The company serves wireless and other communications service providers and non-communications customers under long-term contracts. RITL, formerly Reliance Telecom Infrastructure Limited, is a part of the RCom group. RCom (holding company for group telecom operations) has ~95% stake in RITL through its wholly-owned subsidiary - Reliance Communications Infrastructure Limited and other trusts and holding companies. RITL commenced insolvency resolution process on May 15, 2019. Mr. Manish Dhirajlal Kaneria of RBSA Advisors was appointed as interim resolution profession of the company. ROSEBERRY DEVELOPERS: ICRA Moves D Debt Rating to Not Cooperating ----------------------------------------------------------------- ICRA has moved the rating for the proposed non-convertible debentures of Roseberry Developers Private Limited (RDPL) to the 'Issuer Not Cooperating' category because of lack of adequate information regarding RDPL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Proposed 300.00 [ICRA]D; ISSUER NOT COOPERATING; non-onvertible and Rating moved to 'ISSUER NOT debenture COOPERATING' category As a part of its process and in accordance with its rating agreement with RDPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with ICRA's aforesaid policy, the rating view has been taken on the entity based on the best available information. RDPL was incorporated in 2007 and was initially part of the Shipra Group. In 2019, the company was acquired by the Saya Group through its entity, Saya Cementation Limited. Subsequently, in May 2025, the shareholding structure was reconstituted, pursuant to which 50% of the equity was acquired by the Harmony Group through Harmony Infra Ventures Private Limited, while the balance 50% continues to be held by the Saya Group (Mr. Vikas Bhasin). RDPL owns a land parcel of approximately 1.93 acres in Indirapuram, Ghaziabad, on which residential project – Horizon Residences, is being developed. The project will comprise 264 luxury residential units with an aggregate saleable area of approximately 1.07 mn sf. The project is registered under RERA in October 2025, with the stipulated completion in February 2030. SANT FOODS: ICRA Withdraws B Rating on INR15cr Long Term Loan ------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Sant Foods Private Limited in accordance with its withdrawal policy and closure of the rated facilities, as evidenced by the No Due Certificate issued by the lenders. Consequently, there are no dues pending from Sant Foods Private Limited towards the rated bank facilities, and the withdrawal is based on the confirmation received from the lenders regarding the same. The Key Rating Drivers and their Description, Liquidity Position, Rating Sensitivities, Key financial indicators have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 15.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Cash Credit Sant Foods Private Limited (SFPL) was established in 2008. The company mills rice at an installed capacity of 6 tons per hour. The company has two sortex machines with the capacity of 5 tons/hour and 2 tons/hour. The company is managed by Mr. Pradeep Wadhwa. SHADNAGAR MUNICIPALITY: ICRA Keeps B+ Rating in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term ratings of Shadnagar Municipality in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Issuer Rating - [ICRA]B+ (Stable); ISSUER NOT COOPERATING; Rating Continues to remain under issuer not cooperating category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Shadnagar Municipality's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Shadnagar Municipality, ICRA has been trying to seek information from the entity so as to monitor its performance further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. The SNM, being an ULB, provides civic services to the Shadnagar town, which is located in Rangareddy district of Telangana, around 55 km from the state capital, Hyderabad. The major economic activity in the region is agriculture. According to Census 2011, Shadnagar covers an area of 40 sq km and has a population of 54,432, of which 53% are slum dwellers. The ULB is governed by the provisions of the Telangana State Municipalities Act, (TSM Act) 1965. The major functions of the SNM include water supply, solid waste management, repair and maintenance of roads, street lighting and amenities like shopping stalls, community hall, playgrounds, parks/gardens. The council of the municipality comprises 23 Ward Councillors headed by a chairperson. The executive wing is headed by a Municipal Commissioner, who is appointed by the GoT and is supported by the heads of various departments. SHREYANS OILS: ICRA Keeps B+ Debt Rating in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Shreyans Oils Limited (SOL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 6.00 [ICRA]B+(Stable);ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under the 'Issuer Not Cooperating' category Long Term- 2.50 [ICRA]B+(Stable)/[ICRA]A4; Unallocated ISSUER NOT COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding SOL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with SOL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Shreyans Oils Limited (SOL) was incorporated in 1992 by Mr. Jayant Singh Dullo and others. The company manufactures crude rice bran oil (RBO) and de-oiled rice bran cake (DORBC) at its Ludhiana (Punjab)- based manufacturing facility. The plant has a total installed capacity of 200 metric tonnes per day (MTPD). It is only into solvent extraction and sells the crude oil to the oil refiners to the nearby regions. The company procures rice bran from the rice millers in the near byregions of Punjab and Haryana. SRG SPINNING: ICRA Keeps B+ Debt Rating in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term rating of Srg Spinning And Weaving Mills Private Limited (SRG) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING ". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 7.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding SRG's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with SRG, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. SRG Spinning & Weaving Mills Private Limited (SRG) was incorporated in February 2013 and commenced the commercial operations in June 2014. The company is engaged in the business of manufacturing of grey fabric from synthetics and cotton yarn. The plant of the company is located at Kishangarh with a total installed capacity of 42 Lakh Meter Per Annum for manufacturing of grey fabrics. In FY2018, the company reported a net profit of INR0.09 crore on an operating income of INR33.13 crore, as compared to a net profit of INR0.06 crore on an operating income of INR31 crores in the previous year. VENKATA UMASHANKAR: ICRA Withdraws D Rating on INR33cr Term Loan ---------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Sri Venkata Umashankar Spintex Private Limited in accordance with its withdrawal policy and closure of the rated facilities, as evidenced by the No Due Certificate issued by the lender. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 33.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Withdrawn Term Loan Long-term- 2.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Withdrawn Cash Credit 'Issuer Not Cooperating' Consequently, there are no dues pending from Sri Venkata Umashankar Spintex Private Limited towards the rated bank facilities, and the withdrawal is based on the confirmation received from the lenders regarding the same. The Key Rating Drivers and their Description, Liquidity Position, Rating Sensitivities, Key financial indicators have not been captured as the rated instruments are being withdrawn. Sri Venkata Umashankar Spintex Private Limited, incorporated on 4th May 2010 with an object to set up Cotton Spinning Mill with 20,160 spindles. The company is promoted by Sri Chundur Naga Veeranjaneyulu and his family members who have been involved in the cotton industry for more than 2 decades. The company has successful ramp up of operations in July 2013 to manufacturing cotton yarn of 32s count. VRUSHKA MICROFIN: Ind-Ra Affirms IND BB Rating on INR200MM Loans ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed the rating on Vruksha Microfin Private Limited's (VMPL) bank loan rating as follows: -- INR200 million bank loan facilities' rating of IND BB/Stable is affirmed. Analytical Approach Ind-Ra continues to take a standalone view of VMPL. Detailed Rationale of the Rating Action The affirmation reflects VMPL's continued small scale of operations, impacted by a decline in portfolio growth; high geographical concentration; and modest profitability driven by elevated funding costs and a fixed cost-intensive operating structure. However, the rating continues to factor in VMPL’s adequate capitalisation, and the promoters' extensive experience in the microfinance (MFI) sector. A sustained improvement in the scale and profitability metrics would be a key monitorable List of Key Rating Drivers Weaknesses - Small scale of operations, high geographical concentration - Asset quality to be tested with seasonality of operations - Modest profitability Strengths - Adequate capitalisation - Experienced promoters Detailed Description of Key Rating Drivers Small Scale of Operations, High Geographical Concentration: VMPL's asset under management (AUM) fell to INR380.3 million in 9MFY26 (FY25: INR697.1 million; FY24: INR809 million; FY23: INR342 million), because of limited funding from lenders for disbursements amid headwinds in the MFI sector. The company extends small ticket loans to joint liability groups of women. As VMPL began operating only in August 2021, it has seen limited cycles so far and does not have a proven track record. At this stage of evolution, the scale plays an important role in factors such as operational efficiencies; concentration risks; and consistent, clear, and scalable policies. However, considering the existing scale of operations, the company has adequate systems and processes in place to carry out its day-to-day operations. Moreover, VMPL is exposed to high geographical concentration risk, as all its 21 branches are in Tamil Nadu. However, the company is planning to enter the neighbouring southern states in long run. Ind-Ra believes a contiguous expansion would benefit the company, as non-contiguous expansion might present operational and control-related challenges. Asset Quality to be Tested with Seasonality of Operations: VMPL's gross non-performing assets (GNPA) decreased to 3% in 9MFY26 (FY25: 4.1%; FY24: 0.14%; FY23: 0.17%). It was elevated in FY25 because of the downturn in the MFI industry, leading to the fall in AUM. VMPL’s credit cost was 2.2% in FY25 (FY24: 1.3%). The company’s 0+ day past due delinquencies decreased to 4.2% in 9MFY26 (FY25: 7.5%; FY24: 1.12%), as its collection efficiency was 95%. However, the management has placed a high focus on collections. Ind-Ra opines the company’s small portfolio and area of operations relative to large non-banking finance company (NBFC)-MFIs has provided the management with better ability to control its portfolio quality . However, it continues to face systemic and idiosyncratic risks, given that the operations are mainly related to unsecured microfinance loans and the vulnerable socio-economic profiles of its borrowers. Modest Profitability Profile: VMPL's PAT increased to INR2.39 million in 9MFY26 (FY25: INR0.07 million; FY24: INR9 million) due to provisioning, which is yet to reflect. The profit decline in FY25 was because of higher borrowing cost of 16.3% (FY24: 14%), credit costs, and overhead expenses. Profit is likely to moderate for FY26 (FY25: 0.01%; FY24: 1.4%) because of credit costs and a borrowing cost of 16.8% in 9MFY26. Given the challenging operating environment, the company’s ability to remain profitable will be a key monitorable. Adequate Capitalisation: VMPL's tangible net worth was INR215.7 million as of 9MY26 (FY25: INR213.53 million; FY24: INR213 million), with leverage (debt/equity) of 1.2x (2.6x; 3.1x; 2.2x). VMPL had adequate capitalisation levels at end-9MFY26, with a tier 1 ratio of 56.8% (FY25: 31.35%; FY24: 28.1%). While VMPL’s plans to raise incremental borrowings to fund AUM growth might will elevate the leverage ratio, Ind-Ra expects the ratio to remain below 3.0x in the medium term, given the systemic risks MFIs face. Experienced Promoter: VMPL's board of directors have experience of over a decade in the microfinance sector. With its extensive experience, the management has prioritised the establishment of systems and risk management processes. VMPL conducts local surveys in its operational areas, targeting regions with low non-performing portfolios for underwriting purposes. Ind-Ra believes that the management's experience will continue to support the business's risk profile. Liquidity Adequate: As of March 2026, the company had cash and cash equivalent of INR46.2 million, against debt repayments of INR39 million over the next two months. The company maintains one to two months of liquidity. As per December 2025, company does not have a negative cumulative mismatch in the up to one year bracket. Rating Sensitivities Negative: The following factors could, individually or collectively, lead to a negative rating action: - significant deterioration in the asset quality and profitability metrics - leverage exceeding 3.0x - inability to maintain adequate liquidity Positive: The following factors could, individually or collectively, lead to a positive rating action: - a sustained increase in the scale of operations while reducing the geographical concentration - a sustain improvement in the profitability - enhanced management strength Any Other Information. Not applicable About the Company VMPL is a registered NBFC-MFI, extending collateral-free micro-loans to groups of women from low-income households under the joint liability model. It operates through 21 branches in eight districts of Tamil Nadu, with AUM of INR380.3 million as of 9MFY26. ================= I N D O N E S I A ================= JAPFA COMFEED: Fitch Puts 'B+' LongTerm IDR on Watch Positive ------------------------------------------------------------- Fitch Ratings has placed Indonesia-based PT Japfa Comfeed Indonesia Tbk's Long-Term Issuer Default Rating (IDR) of 'B+' on Rating Watch Positive (RWP). Fitch Ratings Indonesia has placed Japfa's National Rating of 'A(idn)' on RWP. The rating action follows the announcement of a proposed US dollar note by Japfa's 55.4% stakeholder, Japfa Pte. Ltd. (JL; B+(EXP)/Stable). Fitch expects the proposed issuance to improve JL's financial transparency, which had weakened following its privatisation in 2025. Fitch expects Japfa's financial performance to moderate from the record highs seen in 2025, but its EBITDA net leverage, after proportionate consolidation of some subsidiaries, should remain low at around 2x in the medium term (2025: 1.1x). Fitch will resolve the RWP and upgrade the ratings once JL completes the bond issuance. 'A' National Ratings denote expectations of a low level of default risk relative to other issuers or obligations in the same country or monetary union Key Rating Drivers Parent's Proposed US Dollar Note: Fitch expects the proposed bond by JL to address reduced financial transparency and limited clarity on governance and financial policy changes following JL's privatisation in June 2025. Fitch believes the proposed bond covenants will support regular financial reporting by JL and guide its financial policies. Improved Parent Profile: JL's Vietnam operations have strengthened in past two years, which will likely reduce pressure on Japfa to upstream cash. This also mitigates risk from weakening restrictions on cash outflows from Japfa since it has refinanced its March 2026 US dollar note with local bank loans with looser covenants. Japfa paid dividends even in weaker years such as 2022, which could be used to support JL's loss-making Vietnam operations and other smaller businesses. The Vietnam operation, which accounted for about 20% of JL's EBITDA in 2024-2025, recovered quickly after losses in 2022-2023, due to improved operational integration, enhanced biosecurity and lower raw material prices, although sector experienced recurring African swine fever (ASF) outbreaks. Fitch expects improved integration and biosecurity in JL's Vietnam operation to reduce earnings volatility from potential ASF outbreaks. JL's EBITDA net leverage is likely to stay at around 3x (2025: 1.5x), well below the 4x-6x in 2022-2023. Linkages with Parent: Japfa and JL have the same Standalone Credit Profile (SCP) and are rated on a standalone basis under Fitch's Parent and Subsidiary Linkage (PSL) Rating Criteria. Upon issuance of JL's proposed bond, Fitch expects Japfa's SCP to be upgraded, as JL's issuance should improve its financial transparency, which will bolster Japfa's Governance score that now drags down its SCP by one notch. In that case, Japfa's IDR could be one notch above the consolidated profile of its then weaker parent due to 'open' ring-fencing and 'porous' access and control, in line with PSL criteria. Open Ring-Fencing, Porous Access: Japfa's debt mix after its US dollar note refinancing comprises only bank loans, which Fitch views as having looser restrictions on dividend payments and affiliate transactions. This drives the 'open' legal ring-fencing assessment. Japfa raises non-equity funding independently of JL and maintains some separation at the board level, resulting 'porous' assessment for access and control. Margins to Moderate from Rising Cost: Fitch expects Japfa's EBITDA margin to stabilise at under 9% from 2026 (2025: 12%) as Fitch expects raw materials cost to rise while demand may weaken amid inflationary pressure from the Middle East conflict. Japfa says that imports of soybean meal, a key raw material for the feed segment, have not been affected, while corn, the other key raw material, is mostly sourced locally. Some Cost Flexibility: Fitch expects key raw material prices to rise but remain below the peaks of 2022-2023 in the medium term, underpinning margins. Fitch believes Japfa can partly offset cost pressure through some flexibility in the feed mix and partial cost pass-through in its feed segment. Profitability remains sensitive to volatility in live-bird prices, driven by local supply and demand. Japfa's record high 2025 performance was supported by improved poultry prices from rising demand and a balanced supply. Rising but Flexible Capex: Japfa's plans around IDR10 trillion of capex in 2026-2029 (2025: IDR2.7 trillion), including annual maintenance capex of IDR500 billion-IDR700 billion, and expansion capex to modernise farms and facilities and build silos. Japfa can defer some expansion capex if market conditions weaken. It also has some capacity to increase production without significant additional capex. Fitch expects the company to fund its capex mainly through internal cash flow, with limited reliance on external borrowing. Low Leverage: Fitch expects Japfa's net leverage, after proportionate consolidation of some subsidiaries, to rise but stay around 2.0x as capex increases and margins moderate. After JL's privatisation in 2025, Fitch tightened Japfa's positive sensitivity for net leverage to 2.0x to reflect risks from a private parent that has some volatile, unprofitable operations. The current 2.5x positive trigger reflects Japfa's SCP before governance considerations, while its weaker governance is assessed separately under the Governance framework and results in a one-notch negative impact. Vertically Integrated Operation: Japfa's upstream operation provides stability to profitability, as the company can pass on some cost increases to animal feed prices. In 2025, the poultry feed operating profit margin was 8.7% (2024: 7.1%), while margins for commercial farms surged due to high demand. Downstream margins are also likely to be more stable than midstream, although the segment's contribution to profitability is low relative to the upstream operation. Peer Analysis Japfa's IDR is comparable with that of Brazil's Minerva S.A. (BB/Stable). Minerva is one of South America's largest beef exporters, with export sales accounting for about 55% of revenue. Its profitability has been resilient, despite high input costs, helped by its export orientation. Japfa's operation, in comparison, is concentrated in Indonesia, which makes it vulnerable to policy changes and the supply-demand balance in the domestic poultry industry. Minerva's scale is also larger, and Fitch expects its EBITDA to reach USD1 billion in 2026, supporting Minerva's higher rating. Japfa's National Long-Term Rating is comparable with that of PT Samator Indo Gas Tbk (A(idn)/Stable) and PT Bali Towerindo Sentra Tbk (A-(idn)/Positive). Samator is smaller than Japfa, with EBITDA of less than USD100 million in 2025. However, Samator's credit profile is supported by its position as the industry leader, commanding 40% of Indonesia's industrial and 75%-80% of its medical gas market. Samator's contracted sales also account for a large proportion of revenue, providing medium-term visibility. This compares with Japfa, which is exposed to volatile supply-demand in the domestic poultry market and swings in raw material prices. Japfa is rated higher than Bali Tower, reflecting its stronger market position and larger business scale. Bali Tower is a small tower company relative to local telecommunication tower peers, with EBITDA of less than USD50 million. Fitch forecasts Japfa to remain Indonesia's second-largest poultry company with EBITDA of around USD300 million in the near term. Fitch also expects Bali Tower to have higher leverage with EBITDA net leverage of around 3.7x in 2026-2027. Fitch’s Key Rating-Case Assumptions - Low-single digit average annual sales volume growth for key segments in 2026-2027 - EBITDA margin to stay below 9% - Average annual capex of around IDR2.6 trillion in 2026-2027 - Dividend payout ratio of 55% of the previous year's net income Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): management (bb, moderate), sector characteristics (bbb-, moderate), market and competitive positioning (bb-, higher), diversification and asset quality (b+, higher), company operational characteristics (bb, moderate), profitability (bb-, moderate), financial structure (bbb, lower), and financial flexibility (bb, moderate). - Assessments of the quantitative financial subfactors include bespoke calculations. - The Governance assessment of 'Some Deficiencies' results in an adjustment of -1 notch(es). - The Operating Environment assessment of 'bbb-' results in no adjustment. - The SCP is 'b+'. To derive the IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in the same credit profile for both parent and subsidiary approach. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Fitch will upgrade Japfa to 'BB-' and 'A+(idn)' upon completion of the note issuance by JL, as Fitch expects the issuance to improve financial transparency, which will raise Japfa's SCP. The IDR and National Rating on Japfa can then be a notch above the consolidated profile of its weaker parent, provided Fitch assesses ring-fencing as 'open' and access and control as 'porous' under Fitch's PSL criteria, - If JL does not complete the proposed note issuance, an upgrade could be supported by an improvement in Fitch's assessment of Japfa's Governance score to 'Good', along with EBITDA net leverage sustained below 2.5x (after proportionate consolidation of minority stakes in a few subsidiaries). Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Fitch would remove the ratings from RWP and affirm the ratings with Stable Outlook if JL does not issue the US dollar notes and/or Fitch's assessment of Japfa Governance score remains at 'Some Deficiencies' Liquidity and Debt Structure Japfa had a cash balance of around IDR3.6 trillion at end-2025, against a short-term outstanding loan balance of IDR2.9 trillion, which Fitch expects will be rolled over, and IDR954 billion of long-term debt due within 12 months. Japfa refinanced its USD348 million US dollar note due in March 2026 with local bank loans. Liquidity is supported by Japfa's large undrawn committed revolving facility of IDR2 trillion with maturity beyond 12 months at end-2025. Fitch does not expect any significant hindrance in rolling over the short-term loans, due to the company's strong financial profile and longstanding relationships with many major local banks. Issuer Profile Japfa is the second-largest poultry company in Indonesia, by the company's estimate. It is vertically integrated and has market shares of around 21% in the poultry-feed business and around 25% in day-old chicks in 2025. Its operations also include aquaculture. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for PT Japfa Comfeed Indonesia Tbk. ESG Considerations Japfa has an ESG Relevance Score of '4' for Governance Structure as the company is majority owned and controlled by the Santosa and Kolonas families, through JL, with the families having representation on Japfa's board and management, which has a negative impact on the credit profile, and is relevant to the rating in conjunction with other factors. Japfa has an ESG Relevance Score of '4' for Group Structure as its immediate parent, JL, is private. This limits financial transparency and its ability to assess the support requirement from Japfa, especially with the presence of volatile businesses at JL. This has a negative impact on the credit profile and is relevant to the rating in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- PT Japfa Comfeed Indonesia Tbk LT IDR B+ Rating Watch On B+ Natl LT A(idn) Rating Watch On A(idn) JAPFA COMFEED: S&P Affirms 'B+' LongTerm ICR, Outlook Stable ------------------------------------------------------------ S&P Global Ratings affirmed its 'B+' long-term issuer credit rating on Japfa Comfeed Indonesia Tbk. PT. S&P also revised its stand-alone credit profile on the company to 'bb-' from 'b+'. The stable outlook reflects S&P's view that Japfa Comfeed and its parent will maintain disciplined capital expenditure and dividend policies over the next year, as well as a sufficient liquidity cushion. Japfa Comfeed's solid earnings and cash flow amid healthy industry conditions will preserve its improved balance sheet strength over the next one to two years. Our rating on Japfa Comfeed will be constrained by parent company Japfa Pte. Ltd. due to debt at that level and close operational linkages. Japfa Comfeed's improved balance sheet strength will remain amid healthy industry conditions. S&P expects the company's earnings to remain strong over the next 24 months. This should remain the case even as they moderate toward midcycle levels from their peak. Japfa Comfeed's cash flow adequacy ratio--the ratio of funds from operations (FFO) to debt--should remain around 40% in 2026 and 35%-37% in 2027. This is down from 55% in 2025 but still above its typical sub-30% levels over the past seven years. This improvement in leverage is on the back of strong cash generation stemming from a rebound in Indonesia's poultry industry. The company reduced its debt in 2024 and 2025. Its adjusted debt fell to Indonesian rupiah (IDR) 10.4 trillion in 2025 from a peak of IDR13.4 billion in 2023 Demand for poultry and low risk of oversupply will support solid earnings and cash flow. Factors supporting demand for poultry will be a growing population and the Indonesian government's free meals program. This is despite a recent spending cut. A lower quota in 2024 for imports of chickens termed "grandparent stock" for breeding also alleviated risk of oversupply, which can weaken poultry pricing. Japfa Comfeed's margins could normalize toward midcycle levels, due to rebalancing demand and supply. Conflicts in the Middle East could increase costs of living in Indonesia, which could affect purchasing power and poultry consumption. Raw material costs could also rise due to higher shipping and fertilizer costs. S&P expects the company's EBITDA margin to ease to 10.5%-11.0% in 2026 and 9.5%-10.5% in 2027 from about 12% in 2025. Such levels remain higher than 6%-8% in 2022 and 2023. Japfa Comfeed has demonstrated its ability to pass through part of the raw material cost increase to its feed price. Japfa Comfeed retains flexibility in its capital spending, in our view. The company has reaccelerated its capital expenditure (capex) for growth since 2025, and S&P expects spending of IDR2.7 billion-IDR2.9 billion annually in 2026 and 2027. The higher spending is to support new production capacity and downstream expansion, such as for an additional slaughterhouse. Japfa Comfeed can scale back nonessential capex when the cycle turns. This will help the company to manage leverage and liquidity. S&P estimated nonessential capex accounts for about half of total capex. The company reduced cash capex from IDR3.2 trillion in 2019 to IDR1.7 trillion-IDR2.2 trillion level annually in 2020-2024, when COVID-19 and high raw material costs hit. Regulatory risk is a watchpoint. This stems from Indonesia's potential move to centralize soybean meal imports through a state-owned enterprise (SOE). Soybean meal accounts for 20%-25% of Japfa Comfeed's input costs. It currently buys soybean meal through a centralized sourcing company, Annona Pte. Ltd., which is wholly owned by its parent, Japfa Pte. Ltd. The timeline and execution plan for the centralization move is uncertain. The SOE's pricing mechanism could affect the input costs and margins of Indonesian agrifood companies, including Japfa Comfeed. The payable terms could also affect the working capital of Japfa Comfeed, which also linked to its use of working capital loans. Japfa Comfeed has a payable term with Annona of almost four months, compared with an industry average of typically less than two months. The creditworthiness of Japfa Pte. Ltd. continues to constrain the rating on Japfa Comfeed. The credit quality of Japfa Comfeed and Japfa Pte. Ltd. are closely linked. Japfa Comfeed has close operational linkages with the parent. It sources raw materials, such as soybean meal, through Annona. The purchase from Annona represents 18%-23% of Japfa Comfeed's total raw materials costs. About 80% of Japfa Comfeed's cost of goods sold are raw material costs. Japfa Comfeed had longer payables days to Annona compared with third-party suppliers. S&P said, "In our view, a dividend payout from Japfa Comfeed to the parent could be stickier than before. This is in view of the higher debt at the parent level following its privatization. Japfa Comfeed contributes 70%-80% of the group's EBITDA. As a result, we believe dividends from the subsidiary will form a key source of debt servicing for Japfa." Japfa Pte. Ltd.'s leverage ratios will be weaker than those of Japfa Comfeed. Japfa Pte. Ltd.'s earnings largely mirror Japfa Comfeed's performance, given Japfa Comfeed contributes 70%-80% of Japfa Pte. Ltd.'s consolidated EBITDA. However, Japfa Pte. Ltd. carries additional debt at the holding company level and in Annona. These translate into weaker metrics compared with Japfa Comfeed. S&P said, "While Japfa Pte. Ltd.'s Vietnam swine operations performed exceptionally well in 2024-2025 due to supply shortages, we expect swine prices to moderate in 2026-2027 as supply grows. "We estimate Japfa Pte. Ltd.'s FFO-to-debt ratio could normalize to 25%-29% in 2026 and 2027. Similarly, FFO cash interest coverage could decrease to 4.0x-4.3x in 2026 and 2027, well above our downgrade trigger of 3x. "We expect Japfa Pte. Ltd. to remain largely disciplined in managing capex and dividends amid volatile industry conditions and preserve a sufficient liquidity buffer. "The stable outlook reflects our expectation that Japfa Comfeed and its parent will maintain disciplined capex and dividends policies, and control debt levels amid volatile industry conditions. We also expect the companies to preserve a sufficient liquidity cushion. "The stable outlook also reflects our view that Japfa Comfeed's credit quality will move in tandem with that of its parent, because we consider Japfa Comfeed to be a core subsidiary of the group." S&P may lower the rating on Japfa Comfeed if the consolidated group's credit quality deteriorates, which could happen if: -- Japfa Pte. Ltd.'s EBITDA margin contracts or its capex and working capital needs exceed S&P's expectations such that FFO cash interest coverage falls materially below 3.0x. -- Japfa Pte. Ltd.'s liquidity weakens due to larger working capital outflows than S&P expects, or the company faces difficulty in rolling over working capital facilities. This could also happen if Japfa increases use of short-term debt to fund working capital, while failing to maintain sufficient cash or multi-year committed credit facilities. -- While it would not change the rating on Japfa Comfeed, S&P may revise downward its assessment of the company's stand-alone credit profile if it believes its FFO-to-debt ratio will weaken materially to sustainably below 30%. S&P may raise the rating on Japfa Comfeed if the consolidated group's credit quality improves, which could happen if: -- Japfa Pte. Ltd.'s FFO-to-debt ratio will stay sustainably above 30% through industry volatility amid more favorable industry conditions or it adopts a more conservative leverage tolerance. -- Japfa Pte. Ltd. demonstrates a record of more prudent liquidity management. This could happen if the company reduces its reliance on short-term debt to fund working capital or maintain stronger cash or multi-year committed credit facilities. -- Any rating upgrade would also hinge on Japfa Pte. Ltd. maintaining a healthy capital structure with a sufficiently long debt maturity profile and with currency risk remaining under control. S&P said, "We may also raise the rating on Japfa Comfeed if we believe its operational linkages with the parent have decreased or we believe that the parent has reduced dependence on Japfa Comfeed to service its debt. "Although it would not change the rating on Japfa Comfeed, we may revise upward our assessment of the company's stand-alone credit profile if we believe its FFO-to-debt ratio will stay sustainably above 45% through industry volatility while maintaining a sufficient liquidity buffer." ========= J A P A N ========= NISSAN MOTOR: Drops EV Production Plan in U.S. ---------------------------------------------- Jiji Press reports that Nissan Motor Co. will scrap its plans to produce electric vehicles at its vehicle assembly plant in Canton, Mississippi, company officials said April 30. Jiji Press relates that the decision apparently reflects sluggish EV sales following the end of U.S. government subsidies for EV purchases. Nissan announced in 2022 that it would invest 500 million dollars to manufacture EVs at the Canton plant, Jiji Press recalls. At the time, the automaker aimed to increase the proportion of EVs to more than 40 pct of its vehicle sales in the United States by fiscal 2030. Jiji Press says the company plans to expand production of other vehicle models at the plant. An official at Nissan North America Inc. said that the decision was made in light of market conditions, demand and a review of Nissan's strategy. The official said that the United States is a key market and that the company will continue to focus on it as a foundation for revenue and growth, Jiji Press relays. 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. NISSAN MOTOR: Shares Climb After Forecasting Profit Instead of Loss ------------------------------------------------------------------- Bloomberg News reports that Nissan Motor Co. shares climbed the most in more than two months after the Japanese carmaker raised its earnings outlook, avoiding what could have been its first annual operating loss in five years. According to Bloomberg, the stock rose as much as 6.5% in early morning trading in Tokyo, the most since February 17 on an intraday basis, after the company estimated it posted a full-year operating profit of JPY50 billion (US$314 million), compared with its previous forecast for a JPY60 billion loss. Nissan cited the removal of US emissions-related charges, a favorable foreign-exchange impact and improved cost performance. "Earnings are solid, thanks in part to stronger-than-expected progress in restructuring," Kazunori Maki, an analyst at SMBC Nikko Securities Inc., wrote in a note, Bloomberg relays. It's a rare bright spot for a carmaker that's been struggling to reshape itself after failing to keep up with the industry's shift to electric vehicles and hybrids in Japan, China and the US. Even so, the revision mainly reflect non-core factors rather than a rebound in underlying demand, according to Bloomberg. Nissan's management expects further gains from cost discipline, improved cash flow in the second half and incremental benefits from a refreshed product lineup. Bloomberg adds that final results are scheduled to be released May 13. 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. =============== M A L A Y S I A =============== GREENPRO CAPITAL: Christopher Wong Exits Board, Three Committees ---------------------------------------------------------------- Greenpro Capital Corp. disclosed in a regulatory filing that Christopher Yu Nien Wong notified the Company of his resignation as a member of the Company's Board of Directors, effective April 30, 2026. Mr. Wong also resigned, effective April 30, 2026, from his positions as a member of the Audit Committee, the Compensation Committee and the Nominating and Corporate Governance Committee of the Board. Mr. Wong's resignation was not the result of any disagreement with the Company on any matter relating to the Company's operations, policies or practices. The Company is evaluating candidates to fill the resulting vacancy. About Greenpro Capital Corp. Kuala Lumpur, Malaysia-based Greenpro Capital Corp. provides cross-border business solutions and accounting outsourcing services to small and medium-sized businesses located in Asia, with an initial focus on Hong Kong, China, and Malaysia. Greenpro offers a range of services as a package solution to its clients, believing that this approach can reduce business costs and improve revenues. Malaysia-based SFAI MALAYSIA PLT, the Company's auditor since 2025, issued a "going concern" qualification in its report dated March 30, 2026, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2025, citing that for the year ended December 31, 2025, the Company incurred a negative cash flow from operating activities of $1,790,250 and as of December 31, 2025, the Company incurred an accumulated deficit of $40,246,712. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $5,091,388 in total assets, $1,500,544 in total liabilities, and $3,590,844 in total equity. ===================== N E W Z E A L A N D ===================== GODLIKE LIMITED: Creditors' Proofs of Debt Due on May 22 -------------------------------------------------------- Creditors of Godlike Limited are required to file their proofs of debt by May 22, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 25, 2026. The company's liquidator is: Digby John Noyce RES Corporate Services Limited PO Box 301890 Albany Auckland 0752 HOBSON CONSTRUCTION: Court to Hear Wind-Up Petition on May 7 ------------------------------------------------------------ A petition to wind up the operations of Hobson Construction Limited will be heard before the High Court at Auckland on May 7, 2026, at 10:00 a.m. Facade Solutions Limited of Auckland filed the petition against the company on March 17, 2026. The Petitioner's solicitor is: Turner Hopkins Level 1, 1/7 The Strand Takapuna, Auckland MAMMOTH CONSTRUCTION: Creditors' Proofs of Debt Due on May 29 ------------------------------------------------------------- Creditors of Mammoth Construction And Maintenance Limited are required to file their proofs of debt by May 29, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 21, 2026. The company's liquidator is: Emma Margaret Laing Laing Insolvency Specialists Limited PO Box 2468 Dunedin 9044 STYLISH TILES: Creditors' Proofs of Debt Due on May 31 ------------------------------------------------------ Creditors of Stylish Tiles Limited are required to file their proofs of debt by May 31, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 23, 2026. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 WATERHOLE SWIMMING: Court to Hear Wind-Up Petition on May 7 ----------------------------------------------------------- A petition to wind up the operations of Waterhole Swimming Centre Limited will be heard before the High Court at Auckland on May 7, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Sept. 4, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 [] NEW ZEALAND: March 2026 Sees Highest Liquidation Since 2015 -------------------------------------------------------------- Radio New Zealand reports that more companies went into liquidation in March 2026 than in any other March since 2015, new data showed. Centrix's latest update showed 3,023 liquidations in the year to March. In the month, there were 286 company liquidations and 308 insolvencies, RNZ discloses. According to RNZ, construction remained the leading industry for company liquidations, with 768 firms liquidated in the past year, although this represented just 0.9 percent of all registered construction companies. Hospitality was the second-largest contributor, recording 399 liquidations - an increase of 49 percent compared with the previous year and 1.3 percent of all hospitality businesses, RNZ relays. Inland Revenue has been a significant driver of insolvencies as it chased unpaid tax debt. It has started to report businesses' debt to credit agencies, so would-be lenders have more visibility of a company's financial situation. Inland Revenue is usually ranked first among creditors, if a business goes into liquidation. According to RNZ, Centrix managing director Keith McLaughlin said the data was starting to be registered with Centrix, but the full picture was not yet reflected. Business credit defaults were down 16 percent year-on-year in Centrix's data. He said that could indicate that the liquidation rate could improve in future. "It really is a tidy-up from the historical past," RNZ quotes Mr. McLaughlin as saying. "When we look at arrears in the business sector, they are down. "The trend is positive and, if arrears are lower now than they have been, that will ultimately flow through to liquidation, which is the back end of the process. "What we're trying to achieve is a little bit more transparency around IRD debt, because you can do a credit report and the credit book comes up saying there's no arrears, but if there is tax debt there, it's probably a false impression "I think, until there's total transparency around IRD debts, there is always that cloud hanging over you saying, 'Well, is there a debt out there to the IRD that we're not aware of?'. "That creates a domino effect, because if somebody owes money to the Inland Revenue, if they ultimately go through, then that creates a domino impact on the market, where they don't pay their creditors and consequently they get into strife, so it's quite important to have full transparency on any outstanding liabilities." Manufacturing showed improvement, with liquidations down 5 percent. RNZ adds that McDonald Vague insolvency practitioner Keaton Pronk said the March quarter was the busiest in the past 10-15 years for winding up applications and corporate insolvency appointments. "It looks like this trend will continue into April, with winding up applications above past Aprils and insolvency appointments tracking that way too." Centrix said the "other services" sector, which included more than 26,000 registered companies, was an area of concern, RNZ states. Over the past year, 174 companies across the sector were placed into liquidation, up from 124 the previous year - a 40 percent year-on-year increase. According to RNZ, the sharpest pressure remained in automotive repair and maintenance, where 74 companies were liquidated over the past 12 months, compared with 27 a year earlier. This reflected continuing cost pressure, softer demand and weaker discretionary spending conditions. Centrix said overall consumer credit demand was still above last year's level, but inquiry volumes were starting to ease. Activity was holding up in home loans, vehicle lending and personal loans, adds RNZ. ================= S I N G A P O R E ================= CATAHOULA II: Creditors' Proofs of Debt Due on June 2 ----------------------------------------------------- Creditors of Catahoula II IVT Pte. Ltd. are required to file their proofs of debt by June 2, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 22, 2026. The company's liquidators are: Lin Yueh Hung Goh Wee Teck c/o 8 Wilkie Rd #03-08 Wilkie Edge Singapore 228095 CONCEPT GENIUS: Creditors' Proofs of Debt Due on May 30 ------------------------------------------------------- Creditors of Concept Genius Pte. Ltd. are required to file their proofs of debt by May 30, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 27, 2026. The company's liquidators are: Lau Chin Huat Yeo Boon Keong c/o Technic Inter-Asia 50 Havelock Road #02-767 Singapore 160050 ESMEGEN COMMUNICATIONS: Court to Hear Wind-Up Petition on May 15 ---------------------------------------------------------------- A petition to wind up the operations of Esmegen Communications Pte. Ltd. will be heard before the High Court of Singapore on May 15, 2026, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on April 22, 2026. The Petitioner's solicitors are: Tito Isaac & Co LLP 1 North Bridge Road #30-00 High Street Centre Singapore 179094 GRAB HOLDINGS: Moody's Ups CFR to Ba2 & Alters Outlook to Stable ---------------------------------------------------------------- Moody's Ratings has upgraded the corporate family rating of Grab Holdings Inc to Ba2 from Ba3 and changed the outlook to stable from positive. "The upgrade of Grab's CFR to Ba2 reflects continued improvement in its credit quality, underpinned by stronger earnings and cash flow generation," says Yu Sheng Tay, a Moody's Ratings Assistant Vice President and Analyst. "While higher oil prices and softer consumer sentiment represent near-term headwinds, Grab's scale, leading market position in Southeast Asia, and sizable cash buffers allow it to sustain driver support programs, giving it an advantage over smaller regional competitors," adds Tay. RATINGS RATIONALE Grab's credit quality has improved, underpinned by stronger earnings and cash flow generation that Moody's expects to be maintained even as elevated oil prices and softer consumer sentiment create near-term pressure on its mobility and deliveries businesses. Moody's projects Moody's-adjusted EBITDA, which includes share-based compensation and interest income, to increase to around $590 million in 2026 and $740 million in 2027, from $483 million in 2025, supported by continued GMV growth across mobility and deliveries, narrowing losses in the financial services segment, and disciplined cost management. Although elevated oil prices arising from the Middle East conflict create near-term pressure on mobility and deliveries margins, Moody's expects earnings to continue to grow. Grab has responded with targeted driver support measures, including fuel rebates and vouchers, co-funded fuel discounts, and has raised fuel surcharges in certain markets. Moody's expects Grab to have the flexibility to moderate consumer incentives, if needed, to help manage margin pressure, while leaning on affordability-focused products to sustain demand. Furthermore, elevated fuel prices affect all ride-hailing and food delivery operators. Grab's financial resources and scale as the largest operator in Southeast Asia give it a meaningful advantage over smaller regional rivals, which may lack the financial capacity to sustain driver support programs over a prolonged period. Grab has stepped up investment activity over the last 12 months, including in autonomous and remote-driving technologies and digital wealth management, as well as the $600 million acquisition of a food delivery business in Taiwan, marking its first foray outside Southeast Asia. Moody's views the increase in M&A activity as broadly consistent with the company's strategy to strengthen existing business lines, and these transactions will not materially compromise the company's net cash position. Moody's projects Grab's financial services segment to register its first full year of positive EBITDA in 2027, with breakeven EBITDA targeted by the end of 2026. This reflects continued scaling of the lending business across its digital banking and fintech platforms. Moody's also expects the company to remain open to inorganic opportunities that enhance its capabilities and broaden its product offerings in financial services. Grab has very good liquidity. It had unrestricted cash balances and short-term investments of $5.0 billion (excluding customer deposits of $1.6 billion), compared with $2.0 billion of debt as of December 2025. Grab's liquidity is further bolstered by around $1.0 billion of non-current time deposits and investments. Alongside cash flow generation, these sources are sufficient to fund the company's share buybacks, proposed acquisitions and investments, capital expenditures, and debt maturities. This rating action is based on a baseline scenario of a contained impact on energy markets notwithstanding ongoing disruption to oil supply and limited damage to production or infrastructure. Nevertheless, Moody's recognizes that Grab's credit profile may be susceptible to a more adverse scenario in the conflict, reflecting its exposure to the macro financial conditions risk transmission channel, which could lead to a more consequential impact on creditworthiness. OUTLOOK The stable outlook reflects Moody's expectations that Grab's earnings and cash flow will continue to grow over the next 12-18 months, supported by its leading market position and cash buffers, even as elevated oil prices weigh on mobility and deliveries margins in the near term. Moody's also expects the company to execute its growth strategy prudently, particularly with respect to acquisitions and shareholder returns, while maintaining very good liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Moody's would upgrade Grab's rating if it maintains its leading market position in mobility and delivery services; continues to improve its revenue, earnings, margins and free cash flow; demonstrates a track record of profitability at its financial services segment; and maintains very good liquidity and prudent financial policies, particularly in terms of acquisitions and shareholder returns; and debt/EBITDA remains below 2.5x. The rating could be downgraded if Grab's market position in mobility and delivery services erodes such that its revenue and earnings deteriorate; losses at its financial services segment increase further or the breakeven timeline is materially delayed; the company pursues an aggressive growth strategy or embarks on outsized shareholder returns; or if leverage, as measured by debt/EBITDA, rises above 3.5x, particularly if accompanied by a significant reduction in the company's cash buffer and liquidity position. The principal methodology used in this rating was Business and Consumer Services published in February 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. PROFILE Grab was founded in 2012 and provides ride-hailing, delivery and digital financial services in Southeast Asia. The company also provides digital banking services in Singapore, Malaysia and Indonesia. Grab has been listed on the NASDAQ since December 2021 and is controlled by its CEO and co-founder, Anthony Tan. JAPFA PTE: Fitch Gives 'B+(EXP)' LongTerm IDR, Outlook Stable ------------------------------------------------------------- Fitch Ratings has published Singapore-based Japfa Pte. Ltd.'s (JL) expected Long-Term Issuer Default Rating (IDR) of 'B+(EXP)' with a Stable Outlook. Fitch has also published the 'B+(EXP)' rating of JL's proposed US dollar note with a Recovery Rating of 'RR4'. The expected rating reflects JL's volatile but improving earnings, modest leverage and strong market position in the poultry industries in Indonesia and Vietnam. Fitch expects improved integration and enhanced biosecurity in JL's Vietnam operations to reduce earnings volatility from potential African swine fever (ASF) outbreaks, while the Indonesian business - JL's key earnings contributor - should remain stable over the medium term. Fitch also expects JL's net leverage to remain at around 3.0x (2025: 1.5x) in the medium term, providing a buffer to the rating against external shocks. The final ratings are contingent upon the successful issuance of the US dollar notes and receipt of final documentation conforming materially to information already received. Key Rating Drivers Earnings Volatility in Operations Outside Indonesia: Operations in Vietnam contributed about 20% of JL's EBITDA in 2024-2025 after losses in 2022-2023 due to ASF outbreaks, lingering pandemic effects and higher raw material costs. Fitch expects increasing stability in earnings from Vietnam on greater vertical integration and enhanced biosecurity. However, the swine industry in Vietnam remains exposed to ASF risk without an approved vaccine. The enhancements have mitigated ASF-related losses in JL's swine inventory in the past three years. Selling prices are also higher when ASF outbreaks tighten swine supply. JL's operations in Myanmar and Bangladesh are exposed to political and social uncertainty. However, together with India, these markets make up less than 4% of group revenue and assets. JL says these operations are around break-even with minimal debt, and it may provide up to USD30 million of support in the medium term, mainly for discretionary capex. Margins to Moderate from Rising Costs: Fitch expects JL's EBITDA margin to normalise to around 8.5% from 2026, after staying above 10% in 2024-2025 and in the mid-single digits in 2022-2023. The 2026 margin could face pressure from rising raw material costs and a potential weakening in demand amid inflationary pressure from the Middle East conflict. JL says imports of soybean meal, a key raw material for the feed segment, have not been affected, while, corn, the other key raw material, is mostly sourced locally in Indonesia. Fitch expects key raw material prices to rise but remain below the 2022-2023 peak in the medium term, underpinning margins. Fitch believes JL can mitigate cost pressure through some flexibility in feed mix and partial cost pass-through in its feed segment. Profitability remains sensitive to volatility in live-bird and swine-fattening prices, driven by local supply-demand dynamics. Strong Market Position: JL's 55.4%-owned subsidiary, PT Japfa Comfeed Indonesia Tbk (Japfa, B+/Stable)), is Indonesia's second-largest integrated poultry producer by market share and one of the leaders in Vietnam's poultry industry. Japfa is JL's key earnings contributor, accounting for 80% of consolidated EBITDA in the past two years, and Fitch expects this to continue. Fitch forecasts Japfa's EBITDA net leverage, after proportionate consolidation of some subsidiaries, to remain around 2x in the medium term (2025: 1.1x). Modest Leverage: Fitch expects JL's net leverage to rise, but remain commensurate with its rating, as average annual capex remains at above USD180 million (2025: USD199 million) and margins normalise. Most of the capex is for Japfa for replacement spending and efficiency improvements, providing flexibility to reduce capex if needed without affecting production. Fitch thinks Japfa can cover most of its capex with operating cash flow. Fitch expects JL's working capital to remain stable, despite intra-year seasonality. Proposed Notes: JL plans to issue US dollar notes at the holding company (holdco) and use the proceeds mainly to refinance a USD170 million bank loan raised to fund its privatisation in 2025. The issuance will enhance financial transparency, and limit related-party transactions and cash upstreaming. Fitch expects the holdco's dividend income from Indonesia and Vietnam to increase from the operations' improved financial profiles. Fitch believes the holdco has access to subsidiaries' cash flow, subject to their covenant constraints. Rated on Standalone Basis: JL is owned and controlled by the Santosa and Kolonas families through investment holding vehicles. Fitch has limited information on these intermediate entities, which also hold the families' investment in AustAsia Group Ltd (AAG). Fitch rates JL on a standalone basis. Fitch expects any cash upstreaming to be governed by the proposed US dollar note's covenants and assume a dividend payout of 35% of prior-year net income, although historical payouts have varied, including payout during weaker periods. Related-Party Exposure: JL increased its stake in AAG to 11.3% in January 2026 (2.5%: 2025) after previously relinquishing its ownership in 2022. JL said the relationship is limited to fee-based professional services although the renewed link raises the risk of future support for AAG's funding needs. AAG remains loss-making amid China's dairy sector weakness and it has elevated near-term refinancing needs with CNY2.1 billion in debt due within one year at end-1H25, partially addressed by a HKD310 million rights issue in August 2025. Event Risk from Related Party: JL invested USD29 million in AAG to acquire shares from the two families, which together hold around 50% of AAG. Fitch assumes no further investment in AAG, in line with JL's guidance. Fitch would treat any additional cash outlays as an event risk that could weaken JL's liquidity or credit metrics and signal greater-than-expected related-party linkage. Peer Analysis JL's credit profile is broadly comparable with that of Brazil's Minerva S.A. (BB/Stable) and the UK's Boparan Holdings Limited (B+/Stable). Minerva is one of South America's largest beef exporters, with exports accounting for around 55% of revenue. Fitch believes its export orientation has supported resilient profitability despite high input costs. JL's operations are more concentrated in Indonesia and Vietnam, which increases exposure to domestic policy changes and supply-demand conditions in the poultry and swine markets. Minerva's scale is also larger, at around twice that of JL, and Fitch expects its EBITDA to reach USD1 billion in 2026, supporting Minerva's higher rating. Boparan is less vertically integrated than JL and depends more on third-party cattle and feed supply. Fitch sees both issuers as having geographic concentration but strong market positions in their respective markets. Boparan's EBITDA scale is smaller, but Fitch expects it to have stronger net leverage and interest cover than JL. Fitch’s Key Rating-Case Assumptions - EBITDA margin to stabilise at around 8.5% from 2026 after staying at 9%-12% in 2025-2026 - Annual capex of around USD180 million in 2026-2027 - Dividend payout ratio of 35% of the previous year's net income - No investment other than USD28 million share purchase of AAG completed in January 2026 Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): management (bb, moderate), sector characteristics (bb, moderate), market and competitive positioning (bb-, moderate), diversification and asset quality (b+, moderate), company operational characteristics (bb, lower), profitability (b+, higher), financial structure (b+, moderate), and financial flexibility (bb, moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - 'B+' to 'CC' considerations apply in its analysis and result in no adjustment. - The governance assessment of 'Some Deficiencies' results in no adjustment. - The operating environment assessment of 'bbb-' results in no adjustment. - The SCP is 'b+'. To derive the Long-Term IDR: Fitch has made no further adjustments to the SCP, resulting in a 'B+(EXP)' IDR. Recovery Analysis Fitch assessed the recovery prospects for the proposed US dollar notes at the JL holdco using an enterprise value (EV) for Japfa, based on JL's 55.4% stake in Japfa's EV, net of Japfa's outstanding debt at end-2025. Fitch assumes a 10% administrative claim. Fitch estimates Japfa's post-restructuring EV using a 5.0x EV multiple applied to going-concern EBITDA of IDR4.4 trillion, which is around 15% below its average expected EBITDA over the next three years. For the distribution waterfall, Fitch assumes the undrawn USD75 million committed revolving facility at JL is fully drawn and ranks senior to the US dollar notes. These assumptions imply a recovery rate consistent with a Recovery Rating of 'RR3'. Nevertheless, Fitch rates the notes 'B+' and 'RR4', as the servicing of JL's US dollar notes is dependent on assets and cash flow generated in Indonesia. Under its Country Specific Treatment of Recovery Ratings Criteria, Indonesia is classified under the Group D of countries in terms of creditor friendliness, and Recovery Ratings are subject to a cap at 'RR4'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Unsuccessful bond issuance - EBITDA net leverage of above 3.5x on a sustained basis Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An upgrade is unlikely in the near term. However, Fitch may takes positive rating action if its assessment of governance improves to 'Good' and the company demonstrates a longer record of better and stable performance outside Indonesia, in addition to EBITDA net leverage that is below 2.5x. Liquidity and Debt Structure The company's USD801 million in near-term maturities at end-2025 included Japfa's USD350 million note at Japfa due in March 2026, which the company refinanced with local bank loans. The remainder is mainly working-capital facilities that Fitch expects to be rolled over in normal business conditions, supported by long-standing banking relationships at the holdco and key subsidiaries. Term-loan amortisation will peak at USD163 million in 2028, when JL's holdco loan matures, although the company has a two-year extension option. JL had cash of around USD333 million and USD209 million of undrawn committed revolving facilities with maturity of more than 12 months at end-2025. These, together with modest operating cash flow and good banking access, should support debt servicing. About half of end-2025 total debt, excluding the US dollar note, is amortising, which helps spread maturities. Issuer Profile JL has integrated animal farming, processing and distribution facilities in a few Asian countries. It generated over USD550 million in EBITDA in 2025. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Japfa Pte. Ltd. ESG Considerations JL has an ESG Relevance Score of '4' for Group Structure as the company is entirely owned and controlled by the Santosa and Kolonas families, with no independent board members, which has a negative impact on the credit profile, and is relevant to the rating in conjunction with other factors. JL has an ESG Relevance Score of '4' for Governance Structure as its immediate parents are private investment holding companies for which Fitch has no financial information. There is also a risk of more related-party transactions from the company's renewed links with AAG, which has been reporting financial losses. This has a negative impact on the credit profile, and is relevant to the rating in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- Japfa Pte. Ltd. LT IDR B+(EXP) Publish senior unsecured LT B+(EXP) Publish RR4 SGMP PTE: Creditors' Proofs of Debt Due on May 21 ------------------------------------------------- Creditors of SGMP Pte. Ltd. are required to file their proofs of debt by May 21, 2026, to be included in the company's dividend distribution. The company's liquidators are: Leow Quek Shiong Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory 600 North Bridge Road #23-01 Parkview Square Singapore 188778 THOMSON CAPITAL: Court to Hear Wind-Up Petition on May 8 -------------------------------------------------------- A petition to wind up the operations of Thomson Capital Holding Pte. Ltd. will be heard before the High Court of Singapore on May 8, 2026, at 10:00 a.m. Longitude 101 Pte. Ltd filed the petition against the company on April 13, 2026. The Petitioner's solicitors are: 1forAll Law LLC 150 Thomson Road, #07-03 Singapore 307605 ================= S R I L A N K A ================= CONSTRUCTION GUARANTEE: Fitch Affirms 'BB(lka)' National IFS Rating ------------------------------------------------------------------- Fitch Ratings has affirmed Sri Lanka-based Construction Guarantee Fund's (CGF) National Insurer Financial Strength (IFS) Rating at 'BB(lka)'. The Outlook is Stable. The affirmation of CGF's rating reflects its subdued operating conditions, constrained premium growth in recent years and elevated claim risk, although these pressures are partly offset by the fund's adequate capital position, conservative investment mix and gradual recovery in premium income. Key Rating Drivers Subdued Operating Conditions: CGF's operating conditions remained subdued in 2025. Government-led construction activity has been largely limited to small- to medium-scale rehabilitation and maintenance work, while new project origination, particularly large-scale infrastructure, remains constrained. Fitch expects CGF's income to pick up gradually in 2026, supported by Cyclone Ditwah-related reconstruction work and other small infrastructure projects, although claim risk persists due to ongoing contractor stress and project delays. Premium Growth Resumed: Premium income rebounded in 2025, rising sharply by 284% to LKR38 million from a low base, with growth supported by post-flood reconstruction and a pick-up in government-led projects. Employer claims totalled LKR23 million in 2025, a decline of 27% yoy. Fitch calculates that CGF's underwriting loss was LKR104 million in 2025, down from a LKR140 million loss in 2024. However, Fitch expect underwriting performance to remain weak in 2026, improving only modestly amid a gradual rise in business volumes. Return on equity averaged 13% over the past three years. High Risk Appetite: Fitch regards the fund's risk appetite as high, as it provides guarantees to high-risk contractors without requiring collateral, particularly small- and medium-sized contractors registered under the Construction Industry Development Authority's National Registration Scheme. CGF attempts to mitigate this risk by conducting a comprehensive screening of the contractors' technical and financial capabilities. CGF's board of trustees recently set a cash collateral requirement of 10% for performance bonds and 20% for advance payment guarantees. Adequate Capital: CGF's capital position remains adequate, supported by total capital of about LKR2.0 billion at end-2025 and sustained entirely through internally generated surplus. Net guarantee-risk exposure to total capital increased to 0.6x by end-2025 (2024: 0.1x), with an increase in net guarantee liabilities to LKR1,155 million in 2025, but remained well below CGF's internal cap of 10x. Cumulative claims since the fund's inception were around LKR205 million, equivalent to approximately 9% of end-2025 equity. The government has not infused additional capital into the fund since its initial grant of LKR55 million and CGF is not paying dividends or levies to the government, allowing earnings to be fully retained to support capital growth. Conservative Investment Mix: CGF's investment approach remains conservative, with around 60% of invested assets held in cash and term deposits at the state-owned Bank of Ceylon (Long-Term Foreign-Currency Issuer Default Rating: CCC+, National Long-Term Rating: AA-(lka)/Stable). Treasury bills accounted for the remainder. Moderate Company Profile: Fitch ranks the company profile as 'Moderate' compared with that of other insurers in Sri Lanka, reflecting the 'Moderate' business profile and 'Neutral' corporate governance. CGF is fully owned by the state, with the secretary to the Treasury functioning as the trust's settlor. Its competitive position is strengthened by the expertise of its trustees, which comprise both public- and private-sector institutions. It has a small operating scale, with total assets and equity of LKR3.4 billion and LKR2.0 billion, respectively, at end-2025. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Sustained deterioration in financial performance or weaker risk-management practices; - A deterioration in the company profile, for instance, due to a significant weakening in CGF's association with the government, or a deterioration in its business risk profile due to a decline in the country's economic conditions that affects the domestic construction sector; - Rising investment and asset risks, including a downgrade of the ratings of financial institutions or the sovereign. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Sustained improvement in the company profile in terms of a larger operating scale and successful diversification into profitable and stable business lines. Entity/Debt Rating Prior ----------- ------ ----- Construction Guarantee Fund Natl LT IFS BB(lka) Affirmed BB(lka) ============= V I E T N A M ============= SAIGON THUONG: Fitch Affirms 'BB-' LongTerm IDRs, Outlook Stable ---------------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Local- and Foreign-Currency Issuer Default Ratings (IDR) of Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) at 'BB-'. The Outlook on the IDRs is Stable. The agency has also affirmed the Viability Rating (VR) at 'b+' and Government Support Rating (GSR) at 'bb-'. Key Rating Drivers Higher Problem Loans Weigh on VR: Sacombank's non-performing loan (NPL) ratio surged to 6.4% by end-2025, from 2.4% at end-2024, following a review of the bank's loan portfolio by its new management. Credit provisions rose to 2.6% of loans, driving the bank to a quarterly loss, although full-year earnings remained positive. These asset-quality metrics are significantly worse than Fitch's projections, leading us to revise the asset quality score to 'b'/stable from 'b+'/positive. Fitch has also revised the bank's risk profile score to 'b'/stable from 'b+/stable' due to its re-assessment of the bank's risk controls and underwriting standards. The revisions reflect its view that while Fitch expects the NPL ratio to ease gradually from asset remediation efforts, it is likely to remain elevated and above those of its locally rated peers in the near term. Nevertheless, Fitch has affirmed the bank's VR, which takes into consideration its business franchise and funding and liquidity that Fitch believes remains largely intact despite these developments. Government Support Intact: Fitch believes that the sharp deterioration in asset quality has not materially impacted the state's ability or propensity to support the bank. Sacombank's Long-Term IDRs and GSR are driven by its expectation of government support, if needed. The ratings balance the Vietnamese sovereign's supportive stance towards the banking sector against Sacombank's moderate systemic importance, with a market share of 4% in system deposits. Sustained Economic Growth: Vietnam's GDP grew by 7.8% in 1Q26, following an 8.0% expansion in 2025. The ongoing conflict in the Middle East and persistent uncertainty over trade tensions are near-term economic headwinds, but Fitch expects the country's growth potential to remain firm in the medium term as it benefits from sustained FDI inflows and robust export performance. This should sustain banking business volumes and keep impairment risks in check. Franchise Intact; But Reorganisation Ongoing: Its assessment of the bank's business profile considers its adequate local franchise as one of the 10 largest banks in Vietnam, which has helped the bank to generate steady business volumes in recent years. However, Sacombank has undergone major leadership changes and the new management intends to step up efforts to remediate asset quality issues. As such, Fitch believes near-term changes could introduce some friction to the bank's growth prospects and financial performance over the next 12-18 months. Credit Costs Affect Profitability: Sacombank's operating profit/risk-weighted asset (RWA) ratio declined to 1% in 2025 (2024: 2.1%), driven by impairment charges associated with the newly disclosed NPLs. Fitch expects its core profitability to recover over the next 12-18 months as credit costs ease, and with loans growing by around 12%. Nevertheless, Fitch has revised the outlook on the earnings and profitability score to negative due to uncertainty about the trajectory of the recovery, in view of the large stock of NPLs and rising external risks. Thin Capital Buffers: Sacombank's Fitch Core Capital (FCC) ratio declined to 8.1% by end-2025 from 8.9% at end-2024 on faster loan growth and the increase in NPLs. Fitch expects the bank's capital ratio to gradually recover over the next 18 months, supported by full retention of earnings and more measured loan growth as the bank continues to focus on resolving existing asset quality issues. Higher Reliance on Term Deposits: The funding and liquidity score of 'bb-'/stable reflects a moderately weaker funding franchise than larger Fitch-rated Vietnamese peers, as indicated by its higher reliance on more expensive time deposits to fund assets. The bank's loan-to-deposit ratio rose to 96% by end-2025 from 90% at end-2024, and Fitch expects the ratio to moderately rise as loan growth is likely to continue to outpace deposit growth. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A downgrade of the sovereign rating would be likely to result in a downgrade of the bank's GSR and Long-Term IDRs. The Short-Term IDRs could be downgraded if the Long-Term IDRs are downgraded to below 'B-'. The VR may be downgraded if Fitch expects the bank's NPL ratio to remain above 5%, which is likely to result in higher provisioning levels and a risk-adjusted profitability that is much lower than its base scenario. A decline in the FCC ratio to less than 6%, without credible plans to restore it to current levels, would also pressure its VR. The Short-Term IDR would be downgraded to 'C' if the Long-Term IDR is downgraded to 'CCC+ or below'. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade in the sovereign rating may result in an upgrade of the bank's GSR and Long-Term IDRs, provided that the state's propensity to support the bank remains intact. The Short-Term IDRs would not be upgraded unless the Long-Term IDRs are upgraded to above 'BB+'. The bank's VR may be upgraded if there is a material recovery in its asset quality (such as the NPL ratio declining and staying at around 2.0% for a sustained period) along with significantly lower credit costs, and Fitch believes that these improvements can be sustained over the medium term alongside a steady risk profile and other financial metrics remaining broadly intact. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS The bank's Long-Term Foreign- and Local-Currency IDRs (xgs) of 'B+(xgs)' exclude the assumption of government support from its underlying rating, and are therefore driven by its VR. Its Short-Term Foreign- and Local-Currency IDRs (xgs) of 'B(xgs) are mapped from the Long-Term IDRs (xgs) according to Fitch's Bank Rating Criteria. OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES The Long-Term IDRs (xgs) could be downgraded if the VR is downgraded. The Short-Term IDRs (xgs) could be downgraded if the Long-Term IDR (xgs) is downgraded to below 'B-'. The Long-Term IDRs (xgs) could be upgraded if the VR is upgraded. The Short-Term IDRs (xgs) could be upgraded if the Long-Term IDR (xgs) is upgraded above 'BB+'. VR ADJUSTMENTS The operating environment score of 'bb' is above the 'b' category implied score due to the following adjustment reason(s): economic performance (positive). The asset quality score of 'b' is below the 'bb' category implied score due to the following adjustment reason(s): underwriting standards and growth (negative). Public Ratings with Credit Linkage to other ratings Sacombank's Long-Term IDRs are linked to Vietnam's sovereign rating, based on its expectation of extraordinary support. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Saigon Thuong Tin Commercial Joint Stock Bank LT IDR BB- Affirmed BB- ST IDR B Affirmed B LC LT IDR BB- Affirmed BB- LC ST IDR B Affirmed B Viability b+ Affirmed b+ Government Support bb- Affirmed bb- LT IDR (xgs) B+(xgs) Affirmed B+(xgs) ST IDR (xgs) B(xgs) Affirmed B(xgs) LC LT IDR (xgs) B+(xgs)Affirmed B+(xgs) LC ST IDR (xgs) B(xgs) Affirmed B(xgs) ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***