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260518.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 18, 2026, Vol. 29, No. 98 Headlines A U S T R A L I A ANGLE ASSET 2024-2: Moody's Ups Rating on Class F Notes to Ba2 AUSCRUSH AND RECYCLE: First Creditors' Meeting Set for May 22 BARBEQUES GALORE: Second Creditors' Meeting Set for May 22 GTC LEGAL: Second Creditors' Meeting Set for May 22 INNOVATIVE CABLING: First Creditors' Meeting Set for May 21 INTERPRAC FINANCIAL: Sues Victim to Avoid Paying Compensation MINERAL RESOURCES: Chris Ellison Sells AUD122 Million of Stock OAKWOOD CABINETRY: First Creditors' Meeting Set for May 21 PEPPER ASSET NO.5: Fitch Assigns 'Bsf' Final Rating to Cl. F Notes B A N G L A D E S H BANGLADESH: Fitch Affirms 'B+' Long-Term IDR, Alters Outlook to Neg C A M B O D I A NAGACORP LTD: S&P Upgrades ICR to 'B+' on Stronger Credit Profile H O N G K O N G CCT FORTIS: Auditor Flags Going-Concern Risks Despite Clean Opinion I N D I A ADANI GREEN: US Set to Drop Criminal Fraud Case vs Gautam Adani AMRUT COTTON: ICRA Keeps B+ Debt Ratings in Not Cooperating ARENE LIFE: ICRA Keeps B+ Debt Ratings in Not Cooperating Category ARUNACHAL TEA: ICRA Keeps B+ Debt Ratings in Not Cooperating AURO INDUSTRIES: ICRA Keeps B+ on INR8cr Debt in Not Cooperating BHAVYA ENTERPRISES: ICRA Keeps B Debt Ratings in Not Cooperating BUNDELA EXPORTS: ICRA Keeps B+ Debt Ratings in Not Cooperating COUNTRY CLUB: ICRA Keeps D Debt Ratings in Not Cooperating FUTURE CORPORATE: ICRA Keeps D Debt Ratings in Not Cooperating INDIAN RAILWAY: Voluntary Liquidation Process Case Summary J THOMAS: Voluntary Liquidation Process Case Summary K. MADANA: ICRA Keeps B+ Debt Ratings in Not Cooperating Category NOBILITY ESTATES: NCLT Allows Withdrawal of Insolvency Proceedings OM FOODS: ICRA Keeps B Debt Ratings in Not Cooperating Category ORANGE CERAMICS: ICRA Keeps B+ Debt Ratings in Not Cooperating PANDIT AUTOMOTIVE: ICRA Keeps D Debt Ratings in Not Cooperating PM CARS: ICRA Keeps B+ Debt Ratings in Not Cooperating Category PMR CONSTRUCTION: ICRA Keeps B+ Debt Rating in Not Cooperating POOJA JEWELLERS: ICRA Keeps D Debt Rating in Not Cooperating PRESTIGE BULK: ICRA Keeps B Issuer Rating in Not Cooperating RADIANT SOLAR: ICRA Keeps D Debt Ratings in Not Cooperating RASHMI HOUSING: ICRA Keeps D Debt Rating in Not Cooperating RURAL FAIRPRICE: ICRA Keeps D Debt Rating in Not Cooperating SAANVI CLOTHING: ICRA Keeps B Debt Ratings in Not Cooperating SHYAM TEXTILES: ICRA Keeps B+ Debt Rating in Not Cooperating SS INDUS: ICRA Withdraws B+ Rating on INR6.50cr LT Loan VARDHMAN ROLLER: ICRA Keeps D Debt Ratings in Not Cooperating VEDANTA RESOURCES: S&P Ups Long-Term ICR to 'BB', Outlook Stable WANAPARTHY MUNICIPALITY: ICRA Keeps B+ Issuer Rating in Not Coop. YES BANK: Moody's Upgrades Bank Deposit & Issuer Ratings to Ba1 [] Cerberus Appoints Rahul Sangwan as Head of India Operations M A L A Y S I A ZELAN BERHAD: Unit Enters Creditors' Voluntary Liquidation N E W Z E A L A N D AROHA FACILITIES: Creditors' Proofs of Debt Due on June 9 GAIA HOMES: Creditors' Proofs of Debt Due on June 8 HASZARD PLUMBING: Court to Hear Wind-Up Petition on May 29 HEAVY TRANSPORT: Creditors' Proofs of Debt Due on July 6 MANHAAS MANUFACTURING: Court to Hear Wind-Up Petition on June 16 S I N G A P O R E CREDO TWO: Creditors' Proofs of Debt Due on June 15 KINBO CONSTRUCTION: Creditors' Proofs of Debt Due on June 8 KLOUDWORK PRIVATE: Court Enters Wind-Up Order MARY CHIA: SGX Asks if Firm Can Continue Operating as Going Concern PRIMEFIELD COMPANY: Creditors' Proofs of Debt Due on June 16 SYNERY MARINE: Indicted for Role in Key Bridge Crash WCT15 PTE: Placed in Liquidation S O U T H K O R E A ASIANA AIRLINES: To Finally Merge With Korea Air on Dec. 17 V I E T N A M PETROVIETNAM POWER: Fitch Affirms BB+ Long-Term IDR, Outlook Stable - - - - - ================= A U S T R A L I A ================= ANGLE ASSET 2024-2: Moody's Ups Rating on Class F Notes to Ba2 -------------------------------------------------------------- Moody's Ratings has upgraded the ratings on five classes of notes issued by Perpetual Corporate Trust Limited as trustee of Angle Asset Finance - Radian Trust 2024-2. The affected ratings are as follows: Issuer: Perpetual Corporate Trust Limited as trustee of Angle Asset Finance - Radian Trust 2024-2 Class B Notes, Upgraded to Aaa (sf); previously on Oct 16, 2025 Upgraded to Aa1 (sf) Class C Notes, Upgraded to Aa2 (sf); previously on Oct 16, 2025 Upgraded to Aa3 (sf) Class D Notes, Upgraded to A1 (sf); previously on Oct 16, 2025 Upgraded to A3 (sf) Class E Notes, Upgraded to Baa2 (sf); previously on Oct 16, 2025 Upgraded to Ba1 (sf) Class F Notes, Upgraded to Ba2 (sf); previously on Oct 16, 2025 Upgraded to B2 (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 a result of the increase in credit enhancement available for the affected notes and performance to date. No action was taken on the remaining rated class in the transaction as credit enhancement remains commensurate with the current rating for the notes. Following the April 2026 payment date, credit enhancement available for the Class B, Class C, Class D, Class E and Class F Notes has increased to 26.1%, 19.5%, 16.0%, 9.2% and 5.6% respectively, from 23.7%, 17.5%, 14.2%, 7.8% and 4.4% at the time of the last rating action in October 2025. Principal collections have been distributed on a pro-rata basis across the rated notes since the December 2025 payment date. Current outstanding notes as a percentage of the total closing balance is 59.1%. As of end-March 2026, 2.5% of the outstanding pool was 30-plus days delinquent, and 0.7% was 90-plus days delinquent. The portfolio has incurred losses of 1.4% (as a percentage of the original pool balance) to date, all of which have been covered by excess spread. Based on the observed performance to date and loan attributes, Moody's have decreased Moody's mean default assumption to 5.8% as a percentage of the outstanding pool balance (equivalent to 5% as a percentage of the original pool balance) from 7.1% of the outstanding pool balance (equivalent to 6% of the original pool balance) at the time of the last rating action in October 2025. Moody's have also decreased the Aaa portfolio credit enhancement (PCE) assumption to 25% from 28%. Moody's analysis has also considered various scenarios involving different mean default rate and PCE to evaluate the resiliency of the note ratings. The transaction is a securitisation of auto and equipment loans and operating leases by Angle Asset Finance, an Australian non-bank asset finance provider. The obligors in the pool are primarily small-to-medium enterprises domiciled in Australia. The underlying assets backing the receivables include, among others, cars, trucks, other wheeled assets and other equipment. The principal methodology used in these ratings was "Equipment Lease and Loan Securitizations" published in June 2025. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in the notes' available credit enhancement. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the notes' available credit enhancement, and (3) a deterioration in the credit quality of the transaction counterparties. AUSCRUSH AND RECYCLE: First Creditors' Meeting Set for May 22 ------------------------------------------------------------- A first meeting of the creditors in the proceedings of Auscrush and Recycle Pty Ltd will be held on May 22, 2026, at 11:30 a.m. at the offices of Cor Cordis, at Level 29, 360 Collins Street, in Melbourne, Vic. Daniel Peter Juratowitch and Matt Sweeny of Cor Cordis were appointed as administrators of the company on May 12, 2026. BARBEQUES GALORE: Second Creditors' Meeting Set for May 22 ---------------------------------------------------------- A second meeting of creditors in the proceedings of: - Barbeques Galore Pty Limited; - Barbeques Galore (Aust) Pty Limited; - Barbeques Galore Services Pty Limited; - Bosmana Pty. Limited; - Cook-On Gas Products (Australia) Pty Ltd; - Cougar Leisure Products Pty Limited; - Douglas Manufacturing Pty Ltd; - G.L.G. Australia Pty Limited; - Galore Group Nominees Pty. Limited; - Galore Pty Limited; - Park-Tec Engineering Pty Ltd; - Pricotech Leisure Brands Pty Limited; - Redgun Pty Ltd; - The Galore Group (International) Pty Limited; and - Vilbrent Pty Ltd has been set for May 22, 2026, at 12:00 p.m. via virtual facilities. 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 21, 2026 at 4:00 p.m. Philip Campbell Wilson, Lisa Gibb and Matthew James Byrnes of Grant Thornton Australia Limited were appointed as administrators of the company on Feb. 12, 2026. GTC LEGAL: Second Creditors' Meeting Set for May 22 --------------------------------------------------- A second meeting of creditors in the proceedings of GTC Legal Pty Ltd has been set for May 22, 2026, at 10:30 a.m. at the offices of B&T Advisory, at Level 12, 200 Mary Street, in Brisbane, Qld. 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 21, 2026 at 4:00 p.m. Travis Pullen of B&T Advisory was appointed as administrator of the company on April 16, 2026. INNOVATIVE CABLING: First Creditors' Meeting Set for May 21 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Innovative Cabling Pty Ltd will be held on May 21, 2026, at 11:00 a.m. via Teleconference. James Stuart McPherson of Meertens was appointed as administrator of the company on May 11, 2026. INTERPRAC FINANCIAL: Sues Victim to Avoid Paying Compensation ------------------------------------------------------------- Lucas Baird at The Australian Financial Review reports that an ASX-listed company closely linked to the AUD1 billion failure of the Shield and First Guardian funds is suing the financial complaints ombudsman and one of the victims who lost almost their entire retirement savings in the dodgy schemes. The Financial Review relates that filings with the Federal Court show the under-pressure InterPrac Financial – whose authorised financial advisers allegedly took kickbacks for pushing clients into the defective investment schemes – last week added victim Melinda Kee to a claim against the Australian Financial Complaints Authority. Ms. Kee is arguably the most prominent advocate for the nearly 12,000 people who lost their superannuation with the managed funds. She has repeatedly met with government and regulators as they unpick the issue, while at the same time running support groups for the other victims online. According to the Financial Review, InterPrac had initially only sued AFCA, but Justice Jonathan Beach ordered it to join "as necessary parties and as defendants, any identified complainant" last month to progress its claims. Callun Blurton, a director at Financial Dispute Legal, who is acting for Ms. Kee, said the claims against the AFCA and his client were "deplorable", and may delay the authority from processing other related claims against InterPrac, the Financial Review relays. "We are acting for a very large group of people on this, and they just want an outcome, but the likely consequence now is that they will now have to wait." The Financial Review says victims were lured into the products by dodgy lead generators and financial advisers, who pressured them to switch their super into a self-managed fund or investment platform, from where they were directed to invest in Shield or First Guardian. The products promised diversified assets and high returns, but liquidators say that the pair actually held risky, illiquid assets with little likelihood they can recover enough money to make the victims whole again. Wealth platforms are used by financial planners to facilitate and administer investments on behalf of their clients in managed funds and securities. As reported in the Troubled Company Reporter-Asia Pacific on April 9, 2026, ASIC has commenced Federal Court proceedings seeking the appointment of a receiver to investigate a proposed sale of Interprac Financial Planning Pty Ltd by Sequoia Wealth Group Pty Ltd, a wholly owned subsidiary of ASX-listed Sequoia Financial Group. Sequoia Wealth entered into a Share Sale Agreement to sell 100% of its shares in Interprac to Conquest Investment Partners Pty Ltd (Conquest) in March 2026 for AUD50,000. If appointed by the Court, the receiver will: * investigate and report on whether the sale of Interprac's shares by Sequoia Wealth to Conquest is bona fide, fair and reasonable, and * report on Interprac's financial position and its solvency. ASIC is bringing this application out of concern that the intended sale of Interprac may adversely affect the interests of its creditors, including Interprac's liabilities arising from AFCA complaints in relation to the Shield Master Fund and First Guardian Master Fund, given that Sequoia may cease to guarantee Interprac's debts upon completion of the sale to Conquest. MINERAL RESOURCES: Chris Ellison Sells AUD122 Million of Stock -------------------------------------------------------------- The Australian Financial Review reports that mining billionaire Chris Ellison sold AUD122 million of shares in Mineral Resources from his external investment vehicle in the days surrounding the Albanese government's announcement that it would tighten rules on trusts and so-called bucket companies. Between May 11 and May 14, the New Zealand-born mining magnate sold 1.75 million shares from Sandini Pty Ltd for an average of almost AUD70 each, according to an ASX filing. In May 12's budget, Labor imposed a minimum effective tax rate of 51 per cent on distributions from discretionary trusts to bucket companies, in a move that could affect Mr. Ellison's long-standing corporate vehicle, according to the Financial Review. Mr. Ellison is the sole shareholder in Sandini. The company has been used to make external investments for the mining billionaire, including a controversial deal involving industrial land in the Perth suburb of Bullsbrook. The Financial Review relates that the iron ore and lithium miner said last week's share sale was undertaken for personal financial planning purposes, including the establishment of a family office, and complied with the company's securities trading policy. Shares in MinRes, which hit a low of AUD14 in April 2025 but have recovered partly due to a fivefold increase in lithium prices since June, closed down 7.7 per cent on May 15 at AUD64.77. According to the Financial Review, Mr. Ellison and MinRes remain under investigation by the Australian Securities and Investments Commission and the Australian Taxation Office over allegations of tax evasion, related-party transactions, and the misuse of company resources. ASIC is also probing Mr. Ellison's share trading around Kali Metals, a lithium minnow whose stock spiked in the days after its float in January 2024. Following an investigation by The Australian Financial Review, Mr. Ellison apologised for his role in a decade-long tax evasion scheme that enriched him and four executives but cost shareholders more than AUD7 million. He committed to stand down from the company by mid-2026. But the recent run-up in the miner's share price has led investors to believe the company's largest individual shareholder has no intention of standing down. Two weeks ago, MinRes issued Sandini almost 139,000 new share options as part of the miner's long-term incentive scheme. MinRes' chief financial officer, Mark Wilson, was also given share options under the new scheme, the Financial Review relays. Last week's share sale is Mr. Ellison's first since 2017, and he still owns 20.8 million shares held in a mix of Sandini, his Wabelo investment vehicle, and his superannuation fund, the Financial Review notes. MinRes did not respond to a request to clarify whether Ellison's share sales were linked to the changes to discretionary trusts and bucket companies. Following last week's share sales, Mr. Ellison's stake in MinRes, at 10.54 per cent, is now worth AUD1.35 billion at May 15's share price. About MinRes Based in Osborne Park, Australia, Mineral Resources Limited (ASX:MIN) -- https://www.mineralresources.com.au/ -- is an ASX-listed company operating across mining services, as well as mining of iron ore and lithium minerals. As reported in the Troubled Company Reporter-Asia Pacific in late April 2026, Fitch Ratings has assigned Mineral Resources Limited's (MinRes, BB-/Stable) proposed senior unsecured notes a rating of 'BB-'. The bonds are rated at the same level as MinRes' Long-Term Issuer Default Rating (IDR), as they constitute its unconditional, unsecured and unsubordinated obligations. In April 2026, Moody's Ratings assigned a Ba3 rating to Mineral Resources Limited's proposed $1.0 billion senior unsecured notes issuance. The notes, issued by MinRes, will be unconditionally and irrevocably guaranteed on a senior unsecured basis by all wholly-owned subsidiaries of the Company (other than any immaterial or unrestricted subsidiaries). The TCR-AP reported in November 2025 that Fitch Ratings has revised the Outlook on Mineral Resources Limited's Issuer Default Rating (IDR) to Stable from Negative. At the same time, Fitch has affirmed MinRes' IDR and the rating on its senior unsecured US dollar notes at 'BB-'. OAKWOOD CABINETRY: First Creditors' Meeting Set for May 21 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Oakwood Cabinetry Pty Ltd will be held on May 21, 2026, at 9:30 a.m. at at the offices of Level 11, 385 Bourke Street, in Melbourne, Vic, and virtual meeting technology. Brent Leigh Morgan and Shane Justin Cremin of Rodgers Reidy were appointed as administrators of the company on May 11, 2026. PEPPER ASSET NO.5: Fitch Assigns 'Bsf' Final Rating to Cl. F Notes ------------------------------------------------------------------ Fitch Ratings has assigned final ratings to Pepper Asset Securities No.5 Trust's 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. The class A1-a and A1-x notes have been assigned ratings of 'AA+sf'. They were not rated when the expected ratings were assigned on 27 April 2026. Entity/Debt Rating Prior ----------- ------ ----- Pepper Asset Securities No.5 Trust A1-a AU3FN0109807 LT AA+sf New Rating NR(EXP)sf A1-x AU3FN0109815 LT AA+sf New Rating NR(EXP)sf B AU3FN0109047 LT AAsf New Rating AA(EXP)sf C AU3FN0109054 LT Asf New Rating A(EXP)sf D AU3FN0109062 LT BBBsf New Rating BBB(EXP)sf E AU3FN0109070 LT BBsf New Rating BB(EXP)sf F AU3FN0109088 LT Bsf New Rating B(EXP)sf G AU3FN0109096 LT NRsf New Rating NR(EXP)sf Transaction Summary The total collateral pool at the 30 April 2026 cut-off date was AUD1 billion and consisted of 20,815 receivables with weighted-average (WA) seasoning of 13.8 months, WA remaining maturity of 40.0 months and an average contract balance of AUD48,039. The pool has amortised from the previous 31 March 2026 cut-off date used for the assignment of the expected ratings. 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 is 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 41.0% 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 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 CE 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 CE and remaining loss-coverage levels available to the notes. Decreased CE 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 A1-x / Class A1-a / Class B / Class C / Class D / Class E / Class F Rating: AA+sf / AA+sf / AAsf / Asf / BBBsf / BBsf / Bsf 10% increase in defaults: AA+sf / AA+sf / AA-sf / A-sf / BBBsf / BBsf / Bsf 25% increase in defaults AAsf / AAsf / A+sf / BBB+sf / BBB-sf / BB-sf / Less than Bsf 50% increase in defaults: A+sf / A+sf / A-sf / BBBsf / BBsf / B+sf / Less than Bsf 10% decrease in recoveries: AA+sf / AA+sf / AAsf / Asf / BBBsf / BBsf / Bsf 25% decrease in recoveries: AA+sf / AA+sf / AAsf / A-sf / BBBsf / BBsf / Bsf 50% decrease in recoveries: AA+sf / AA+sf / AA-sf / A-sf / BBB-sf / BBsf / Less than Bsf 10% increase in defaults / 10% decrease in recoveries: AA+sf / AA+sf / AA-sf / A-sf / BBBsf / BBsf / Less than Bsf 25% increase in defaults / 25% decrease in recoveries: AA-sf / AA-sf / Asf / BBB+sf / BB+sf / B+sf / less than Bsf 50% increase in defaults / 50% decrease in recoveries: Asf / Asf / 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 A1-x / Class A1-a / Class B / Class C / Class D / Class E / Class F Rating: AA+sf / AA+sf / AAsf / Asf / BBBsf / BBsf / Bsf 10% decrease in defaults /10% increase in recoveries: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf / BB+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 41.0% 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. =================== B A N G L A D E S H =================== BANGLADESH: Fitch Affirms 'B+' Long-Term IDR, Alters Outlook to Neg ------------------------------------------------------------------- Fitch Ratings has revised the Outlook on Bangladesh's Long-Term Issuer Default Ratings (IDRs) to 'Negative' from 'Stable', and affirmed the IDRs at 'B+'. The Outlook revision reflects Bangladesh's increased external finances and macroeconomic vulnerabilities derived from significant exposure to the conflict in the Middle East. Moreover, Fitch considers that limited progress in reforms to address weaknesses in Bangladesh's policy framework, public finances and financial sector, as well as sustained weak institutional governance, is gradually eroding the sovereign's capacity to absorb shocks. The ratings reflect moderate government debt and access to concessional external financing, which is balanced against an external liquidity position which is still relatively weak; governance standards lower than peers; significant financial sector challenges; and lagging structural metrics compared with its peers. Key Rating Drivers High Vulnerability to Conflict: The Middle East conflict creates significant downside risks, particularly through the supply and cost of energy imports and remittances. Nearly half of remittances (3.5% of GDP in 2025) are from the Middle East, and crude oil and petroleum products together comprise nearly 15% (or USD10 billion in 2025) of total imports. Strong remittances so far in financial year 2026 (FY26,June/2026) provides near-term support to external finances, however uncertainty regarding the conflict's duration poses substantial downside risks. Relatively Low External Buffers: International reserves reached USD29.5 billion in March 2026, around four months of current external payments (CXP), below the 'B' median. A crawling peg and continued access to external financing from official partners, have helped ease pressures on reserves. Wider current account deficits, stronger domestic FX demand or reduced availability of external financing, for instance from uncertainty regarding continuation of the IMF programme, could lead to renewed pressures on the currency and reserves. Reform Outlook Uncertain: Fitch sees increased uncertainty regarding the new administration's willingness for reforms. Certain key fiscal reforms to strengthen the banking sector's governance and independence of key public institutions are being reconsidered. Constitutional reforms, supported by a referendum, are stalled, including term limits for the prime minister and strengthening the judiciary's independence. Ranking on the World Bank's composite governance score is in the 18th percentile, versus 33 for the 'B' median. Low Revenues: Low general government revenue-to-GDP remains a long-standing fiscal weakness, and fell further to 7.9% of GDP in FY25 from 8.3% in FY24. Revenue collections continue to be hampered by large tax exemptions, inefficient tax administration, and a weak tax compliance culture. Budget underperformance owing to a revenue shortfall is an underlying driver of wider fiscal deficits which Fitch forecasts to reach 3.6% of GDP by 2027. High Inflation Risks: Inflationary pressures are high, due partly to a shortage of essential commodities. Headline CPI for March 2026 fell to 8.71% from 9.13% in February, although this is well above the central bank's FY26 target of 6.5%-7%. The authorities have announced an increase in fuel prices, including kerosene, diesel, octane, petrol and liquefied petroleum gas (LPG) from 19 April 2026, which will add to price pressures. Fitch expects the FY27 CPI to be at the same level as FY26 of 9%, due to the possible build-up of inflationary pressures. Downward Pressure on Growth: Fitch expects the economy to expand by 3.7% in FY26 and 3.5% in FY27. A prolonged period of high energy prices and increased global uncertainty would have a negative impact on its growth forecasts. Ready-made garment exports have been falling, due to some redirection of orders after the reciprocal tariffs, weaker global demand and higher domestic costs. Weak Banking Sector: Banking sector credit metrics remain weak, especially those of public-sector banks. Banks' gross non-performing loan (NPL) ratio had reached 30.6% as of end-December 2025, with most NPLs at state-owned banks. NPLs could rise further once forbearance measures are withdrawn. This remains a source of contingent liability if credit stress intensifies. Domestic credit to the private sector had declined to 6% in January 2026, from nearly 10% two years ago, weighing down Investment activity. Moderate Government Debt: Fitch expects gross government debt to stabilise at about 38% of GDP over the medium term, well below the 'B' median. Potential contingent liabilities from the banking sector, debt of state-owned enterprises, and higher borrowing costs are risks to the debt trajectory. The interest-revenue ratio has been rising gradually, and had reached about 29% - more than double the 'B' median's 14% as of end-2025, adding to fiscal pressures. External debt is owed either to bilateral or multilateral partners, and Fitch expects financing from these sources to continue, supporting ongoing debt-service capacity. ESG - Governance: Bangladesh has an ESG Relevance Score of '5' for both Political Stability and Rights, as well as the Rule of Law, Institutional and Regulatory Quality and Control of Corruption. These scores reflect the high weight that the World Bank Governance Indicators (WBGIs) have in its proprietary Sovereign Rating Model. Bangladesh has a low WBGI ranking in the 18th percentile, reflecting weak rights for participation in the political process and institutional capacity, uneven application of the rule of law, and a high level of corruption. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - External Finances: A sustained decline in international reserves, derived for example from reduced access to external financing or a sustained widening of the current account deficit, could lead to a downgrade - Macro: Deterioration in the policy mix that results in erosion of external buffers, reduced access to external finances or heightened macroeconomic vulnerabilities. - Public Finances: Higher government debt-to-GDP or financing needs that are driven, for example, by a further sustained increase in the interest/revenue ratio or an inability to increase the government's revenue intake. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - External Finances: A reduction in external vulnerabilities due, for example, to increased credibility of the exchange-rate framework leading to a sustained build-up of FX reserves and improved resilience to external shocks, could lead to a revision of the Outlook to Stable. - Structural: Implementation of reforms that strengthen the sovereign's resilience to shocks, address macroeconomic vulnerabilities - including weaknesses in the banking sector - and improve medium-term growth prospects. - Public Finances: A structural increase in fiscal revenue collection that supports fiscal consolidation and improves the interest/revenue ratio. Sovereign Rating Model (SRM) and Qualitative Overlay (QO) Fitch's proprietary SRM assigns Bangladesh a score equivalent to a rating of 'B+' on the Long-Term Foreign-Currency (LT FC) IDR scale. Fitch has removed the -1 notch on structural features to reflect the committee's view that structural weaknesses in terms of institutional capacity - including those weaknesses related to the macroeconomic policy framework - are now reflected in the SRM score through weaker macroeconomic and public finances indicators. Fitch's SRM is the agency's proprietary multiple regression rating model that employs 18 variables based on three-year centred averages, including one year of forecasts, to produce a score equivalent to a LT FC IDR. Fitch's QO is a forward-looking qualitative framework designed to allow for adjustment to the SRM output to assign the final rating, reflecting factors within its criteria that are not fully quantifiable and/or not fully reflected in the SRM. Debt Instruments: Key Rating Drivers Fitch does not currently rate any debt instruments for this sovereign. Country Ceiling Bangladesh's Country Ceiling is line with its Long-Term Foreign-Currency IDR. This reflects no material constraints and incentives, relative to the IDR, against capital or exchange controls being imposed that would prevent or significantly impede the private sector from converting local currency into foreign currency and transferring the proceeds to non-resident creditors to service debt payments. Fitch's Country Ceiling Model produced a starting point uplift of '0' notches above the IDR. Fitch's rating committee did not apply a qualitative adjustment to the model result. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Bangladesh. ESG Considerations Bangladesh has an ESG Relevance Score of '5' for Political Stability and Rights as World Bank Governance Indicators have the highest weight in Fitch's SRM and are therefore highly relevant to the rating and a key rating driver with a high weight. As Bangladesh has a percentile rank below 50 for the respective Governance Indicator, this has a positive/negative impact on the credit profile. Bangladesh has an ESG Relevance Score of '5' for Rule of Law, Institutional & Regulatory Quality and Control of Corruption as World Bank Governance Indicators have the highest weight in Fitch's SRM and are therefore highly relevant to the rating and are a key rating driver with a high weight. As Bangladesh has a percentile rank below 50 for the respective Governance Indicators, this has a negative impact on the credit profile. Bangladesh has an ESG Relevance Score of '4' for Human Rights and Political Freedoms, as the Voice and Accountability pillar of the World Bank Governance Indicators is relevant to the rating and a rating driver. As Bangladesh has a percentile rank below 50 for the respective Governance Indicator, this has a negative impact on the credit profile. Bangladesh has an ESG Relevance Score of '4[+]' for Creditor Rights as willingness to service and repay debt is relevant to the rating and is a rating driver for Bangladesh, as for all sovereigns. As Bangladesh has a record of 20+ years without a restructuring of public debt as captured in its SRM variable, this has a positive impact on the credit profile. 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 ----------- ------ ----- Bangladesh LT IDR B+ Affirmed B+ ST IDR B Affirmed B LC LT IDR B+ Affirmed B+ LC ST IDR B Affirmed B Country Ceiling B+ Affirmed B+ =============== C A M B O D I A =============== NAGACORP LTD: S&P Upgrades ICR to 'B+' on Stronger Credit Profile ----------------------------------------------------------------- S&P Global Ratings raised the long-term issuer credit rating on NagaCorp Ltd. (Naga) to 'B+' from 'B'. The stable rating outlook reflects S&P's expectation that Naga's operations will remain steady over the next 12 months, given the company's entrenched position in the Cambodian gaming industry. Naga's net cash position and the absence of debt obligations upon repayment of its shareholder loan provide a financial cushion that underpins its credit profile. That said, the current rating level reflects the potential for aggressive shareholder returns and spending that could weaken the company's balance sheet cushion. Naga's stronger financial position provides a downside cushion. The company has built a healthy balance sheet anchored by low leverage and a sizable cash balance. Naga has managed its cash flow by limiting dividends and capital expenditures (capex) since 2022, while keeping its leverage low. A recovery in earnings in 2025 also bolstered Naga's financial cushion, with EBITDA growing to US$400 million in 2025, though this remains well below pre-pandemic levels. The company had a cash balance of about US$372 million as of end-2025 and only a US$70 million shareholder loan outstanding, due in May 2026. S&P forecasts Naga's ratio of debt to EBITDA at around 0.3x across 2026 and 2027. S&P said, "That being said, we cannot rule out the future resumption of investments on Naga3, a hotel and casino complex project in Cambodia. Under our stressed scenario, Naga's ratio of debt to EBITDA will near 3x in 2029 when dividend payouts reach 60%, and US$650 million is spent on capex annually." Despite a notable turnaround in 2025, operations still lag pre-pandemic levels, with a full recovery likely to be protracted. Naga reported revenue and EBITDA of US$713 million and US$404 million in 2025, equivalent to 40% and 60% of their levels in 2019, respectively. By comparison, Naga's reported revenue and EBITDA in 2019 was US$1.8 billion and US$667 million, supported by referral VIP segment (primarily junkets) contributing around 70% of gross gaming revenue. This segment is unlikely to return and will weigh on the company's business strength. S&P expects Naga's earnings to grow modestly over the next two years, at 5%-6% annually across 2026 and 2027. A return to the level of earnings in 2019 is unlikely for the time being. Despite Naga maintaining disciplined spending since the pandemic, future shareholder returns and Naga3 capital spending will remain key watchpoints for the rating. S&P estimates the company's capex at about US$170 million in 2026, before an increase to about US$380 million in 2027 for Naga3, and annual shareholder returns at US$100 million-US$120 million. Naga has resumed dividends in 2025 at a 30% payout ratio. The termination of a shareholder funding agreement for Naga3 in December 2025 also means that the company may rescale the US$3.5 billion project in the future. Depending on the revised investment amount, the project could be funded mainly by internal cash flows, or via external markets. If Naga accelerates Naga3 capex or pursues large-scale investments amid aggressive shareholder distributions that erode its cash balance, the company's credit quality could sharply deteriorate. S&P said, "The stable rating outlook reflects our expectation that Naga's operations will remain steady over the next 12 months, given the company's entrenched position in the Cambodian gaming industry. "We could lower the rating if Naga pursues aggressive capital spending or shareholder returns that erode its cash balance and increase debt levels, such that its ratio of debt to EBITDA trends to above 3x, or if liquidity deteriorates significantly. "Though rating upside is limited over the next 12 months, we could raise the rating if Naga materially increases earnings scale and diversified gaming assets, supported by greater clarity over its financial policies and Naga3 investments. An upgrade would also reflect our expectation for the company to withstand economic downturns in Cambodia." ================= H O N G K O N G ================= CCT FORTIS: Auditor Flags Going-Concern Risks Despite Clean Opinion ------------------------------------------------------------------- TipRanks reports that CCT Fortis Holdings has released a supplemental announcement to its 2025 annual results, disclosing that its independent auditor issued a true and fair opinion on the group's consolidated financial statements in compliance with Hong Kong financial reporting standards and company law. However, the auditor highlighted material uncertainties regarding the group's ability to continue as a going concern, citing a net loss of HK$327 million, net current liabilities of HK$191 million, and substantial short-term debt obligations. According to TipRanks, the group is relying on the disposal of assets, including held-for-sale businesses and investment collections, to fund daily operations and service term loans, but the auditor warned that market conditions may hinder timely disposals and cash generation. Additional pressure arises from past breaches of financial covenants on HK$1,045 million of loans, only temporarily waived to the end of 2026, and the risk that adverse developments could affect the renewal of HK$254 million in revolving loans, leaving stakeholders facing elevated refinancing, liquidity, and solvency risks despite an unmodified audit opinion. CCT Fortis Holdings Limited, an investment holding company, engages in the property, automotive, securities, cultural entertainment, and other businesses in Mainland China, Hong Kong, Macau, and internationally. ========= I N D I A ========= ADANI GREEN: US Set to Drop Criminal Fraud Case vs Gautam Adani --------------------------------------------------------------- Reuters reports that the U.S. Justice Department is close to dropping criminal fraud charges against Gautam Adani, an Indian billionaire who has promised to invest $10 billion in the U.S. economy. Reuters relates that Adani on May 14 also resolved a related civil fraud lawsuit brought by the Securities and Exchange Commission (SEC) over an alleged scheme to bribe Indian government officials, subject to court approval. Adani Group did not respond to a request for comment from Reuters on the report of the criminal charges being dropped. It has previously called the allegations "baseless." Reuters relates that the ⁠possible dismissal of the criminal charges comes after Adani's lawyer, Robert Giuffra, who is also a personal attorney of U.S. President Donald Trump, told Justice Department officials in a presentation last month that Adani could not make its investment while the case was proceeding, one of the sources said. According to Reuters, Adani had publicly promised to invest the $10 billion and create 15,000 jobs in the U.S. after Trump's victory in the 2024 election. Reuters relates that Mr. Giuffra spent the bulk of his 100-page presentation arguing the case was weak because it did not have proper jurisdiction and lacked evidence, said the source, who spoke on condition of anonymity. Mr. Giuffra made a similar argument in court filings in the parallel SEC case last month. Some prosecutors made clear that the $10 billion investment would not affect the case, one of the sources said. It's unclear if others saw it differently. It is the latest example of Trump's Justice Department seeking to abandon a high-profile criminal case brought by federal prosecutors during the tenure of his Democratic predecessor, Joe Biden. Federal prosecutors had charged Adani in November 2024 over an alleged scheme in ⁠which they said he agreed to pay about $265 million in bribes to Indian government officials so his company could win approval to develop India's largest solar power plant, Reuters recalls. Adani and his alleged co-conspirators raised more than $3 billion in loans and bonds by hiding their corruption from lenders and investors, prosecutors said. The Adani Group has consistently denied any wrongdoing. About Adani Green Adani Green Energy Limited operates as a renewable energy company. The Company develops, builds, owns, operates, and maintains solar, hybrid, and wind power farm projects for electricity generation through infrastructure solutions. Adani Green Energy serves customers in India. As reported in the Troubled Company Reporter-Asia Pacific in mid-December 2025, Moody's Ratings has affirmed the senior secured ratings on two US dollar bonds issued by two Adani Green Energy Limited (AGEL) restricted groups. At the same time, Moody's have changed the outlook on all ratings to stable from negative. The two affected ratings are: 1. Adani Green Energy Restricted Limited Group (AGEL RG-1), which comprises Adani Green Energy (UP) Limited; Parampujya Solar Energy Private Limited; Prayatna Developers Private Limited - Ba1 ratings affirmed; outlook stable 2. Adani Green Energy Limited Restricted Group (AGEL RG-2), which comprises Wardha Solar (Maharashtra) Private Limited, Kodangal Solar Parks Private Limited and Adani Renewable Energy (Rj) Limited - Ba1 ratings affirmed; outlook stable The outlook change to stable reflects Moody's expectations that the two AGEL restricted groups could maintain credit profiles supportive of their respective Ba1 ratings over the next 12-18 months. In August 2025, S&P Global Ratings revised its rating outlook on three Adani Group entities -- Adani Electricity Mumbai Ltd., Adani Ports and Special Economic Zone Ltd., and Adani Green Energy Ltd. Restricted Group 2. This follows S&P's review of the group's operations and the impact of an ongoing U.S. SEC investigation. AMRUT COTTON: ICRA Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term ratings of Amrut Cotton Industries in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 16.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Long Term- 1.70 [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 Amrut Cotton Industries'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 Amrut Cotton Industries, 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 1994, ACI was started as a cotton trading concern. In 2007, it had set-up its own manufacturing unit for cotton ginning with its plant located at Gondal, Gujarat. The plant is currently equipped with 30 ginning machines with an installed production capacity of 250 bales per day. In FY2017, the firm diversified into processing ground nuts. From FY2017 onwards, revenue from sale of cotton bales and peanuts will the major revenue sources. The firm was promoted and managed by Mr. Suresh V Senepara along with 8 family members, being partners, having a long exp. of more than a decade in cotton industry. ARENE LIFE: ICRA Keeps B+ Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ ICRA has kept the Long-Term and Short-term ratings of Arene Life Sciences Limited (ALSL) 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- 9.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term- 5.00 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term/ 3.00 [ICRA]B+(Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Non-Fund Based Rating Continues to remain Others under issuer not cooperating category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding ALSL'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 ALSL, 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 2004, Arene Life Sciences Limited (ALSL) is engaged in the manufacturing of Active Pharmaceutical Ingredients (API) and Drug Intermediates. The manufacturing unit is located near Patancheru, Hyderabad. The company is promoted by experienced management with more than 3 decades of experience in chemical engineering and organic chemistry. Antiretroviral segment is the major revenue contributor to the company over the years. S.R.Drugs & Intermediates Private Limited (SRD), engaged in the manufacturing of mono chloro acetic acid and intermediate chemicals is the major shareholder of ALSL. The other group companies are Srichaitanya Chlorides Private Limited, engaged in the manufacturing of intermediate chemicals and AVR OrganicsPrivate Limited, involved in manufacture of high grade chemic. ARUNACHAL TEA: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term ratings of Arunachal Tea & Industries Pvt. Ltd. (ATIPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 6.31 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term- 3.60 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding ATIPL'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 ATIPL, 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. Arunachal Tea & Industries Pvt. Ltd. (ATIPL), incorporated in 1943, owns a tea garden in Dibrugarh district of Assam, which is spread over a cultivable area of 221 HA. The company belongs to the Jalan Group, which is involved in the tea business under the leadership of Mr. Manoj Jalan. ATIPL mainly manufactures orthodox variety of black tea, which is sold in the domestic market through a mix of auction and private sales. AURO INDUSTRIES: ICRA Keeps B+ on INR8cr Debt in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term rating of Auro Industries Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 8.00 [ICRA]B+ (Stable); ISSUER NOT Fund based- COOPERATING; Rating continues Cash Credit to remain under the 'Issuer Not Cooperating' category Short Term- 3.00 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Auro Industries 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 Auro Industries 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. In 1990, Auro Enterprises was set up as a proprietorship firm by Mr. Madhusudhan Goenka for manufacturing foundry fluxes.In 1995, it was reconstituted as a corporate body and renamed as Auro Industries Limited (AIL). The company is now involved in dealership and distribution of various electrical equipment's/ accessories such as uninterrupted power systems (UPS) of Ador Powerton Limited, light fittings of Philips India Limited, and insulators of XHDC Special Ceramics Co. Ltd. (China) etc. AIL is also involved in trading of textiles, steel products and other products. Besides, the company is the sole C&F agent for automotive batteries of Tractors and Farm Equipment Limited in West Bengal. BHAVYA ENTERPRISES: ICRA Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term rating of Bhavya Enterprises in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 3.50 [ICRA]B (Stable); ISSUER NOT Fund based- COOPERATING; Rating continues Cash Credit to remain under the 'Issuer Not Cooperating' category Long Term/ 0.50 [ICRA]B (Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Fund Based- Rating Continues to remain Cash Credit under issuer not cooperating category Short Term- 3.00 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Bhavya Enterprises.'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 Bhavya 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. Bhavya Enterprises (BE) was formed in 1997 as a proprietorship firm. In the past, the firm has executed civil contracts for Municipal Corporation of Greater Mumbai (MCGM) and other private companies. Its areas of operation include construction of buildings, roads, pipeline laying, land development, sewerage repairs, storm water drainage repairs, widening of roads, etc. The firm operates in Mumbai and suburban areas of Mumbai. BUNDELA EXPORTS: ICRA Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term ratings of Bundela Exports in the 'Issuer Not Cooperating' category. The ratings are 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- 4.00 [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 Bundela Exports'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 Bundela Exports, 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. BE was set up in 2000 by Bundela family in Lalitpur, Uttarpradesh. Mr Sujan Singh Bundela, Chandra Bhushan Singh Bundela and Shri Shashi Bhushan Singh Bundela are the promoters of business having equal profit sharing. The firm engaged in processing of granite blocks into granite stones with an existing production capacity of 10000 CBM per annum. The firm's has its own quarry with license valid till 2027. Its manufacturing facility is located in Lalitpur, Uttar Pradesh. The management has been involved in this business for several years and has gained a thorough knowledge of the industry. The long-track record of partners in this industry has helped the firm in developing a strong network of customers. COUNTRY CLUB: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term rating of Country Club Hospitality and Holidays Limited (Formerly Country Club (India) Limited) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 281.45 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 18.55 [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 Country Club Hospitality and Holidays Limited (Formerly Country Club (India) 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 Country Club Hospitality and Holidays Limited (Formerly Country Club (India) 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 1989, CCHHL is in the holiday and leisure services business providing family clubbing facilities and timeshare vacations to its members spread across 51 properties (33 owned, 16 associated properties and 2 leased) reinforced by 220-plus India and global affiliations (via Country Vacations) and 3900 resorts (via RCI affiliation). It has 436,933 individual members and 600 corporate members comprising brands like Microsoft, Tech Mahindra, CMC Limited (now merged with TCS Limited) and Dr. Reddy's Labs, among others. CCHHL started its operations under the banner Amrutha Estates in 1981 as a real estate development company in South India. In 1989, the company entered the clubbing business with the objective to make clubbing accessible and affordable to the upwardly population in India. FUTURE CORPORATE: ICRA Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term and Short-term ratings of Future Corporate Resources Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING" and "PP-MLD[ICRA]D ISSUER NOT COOPERATING" for Market Linked Debenture Long Term. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 50.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 226.67 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Principal 437.11 PP-MLD [ICRA]D; ISSUER NOT Protected Market COOPERATING; Rating Continues Linked Debenture to remain under issuer not Programme (PP-MLD) cooperating category Short-term 130.00 [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 Future Corporate Resources Private 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 Future Corporate Resources 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. Future Corporate Resources Private Limited (erstwhile Suhani Trading & Investment Consultants Private Limited), a Future Group company, came into existence in its current form with effect from March 31, 2017, after its amalgamation with the six companies—Future Corporate Resources Limited (FCRL), PIL Industries Limited, Weavette Business Ventures Limited, Manz Retail Private Limited, ESES Commercials Private Limited, and Gargi Business Ventures Private Limited. The name of the company was changed to FCRPL with effect from December 11, 2018. FCRPL is primarily an investment company / holding company of the Future Group, facilitating the funding of Group companies through various investments and lending of loans and advances, and providing services to scale up / support the retail business of the Group. The company, moreover, acts as a media services and fabric trading arm of the Future Group. FCRPL is engaged in other allied businesses as well that were earlier under FCRL, including mobile connection services in a tieup with Tata DoCoMo under the brand, 'T24', the customer loyalty programme, 'Payback', the leasing of information technology assets (software as well as hardware) and management consultancy services. INDIAN RAILWAY: Voluntary Liquidation Process Case Summary ---------------------------------------------------------- Debtor: Indian Railway Stations Development Corporation Limited (A JV of Rail Land Development Authority, IRCON & RITES) 7th Floor, Tower 1, Konnectus Building Bhavbhuti Marg, Central Delhi, New Delhi - 110002 Liquidation Commencement Date: May 5, 2026 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Monika Agarwal 205, Chopra Complex, 8, Preet Vihar, Community Centre, New Delhi - 110092 Tel: +91-9873924087 Email: liquidator.irsdc@gmail.con cacsmonika.agarwal@gmail.com Last date for submission of claims: June 4, 2026 J THOMAS: Voluntary Liquidation Process Case Summary ---------------------------------------------------- Debtor: J Thomas Trading & Investments Pvt Ltd. 11, R.N. Mukherjee Road, Kolkata, West Bengal - 700001 Liquidation Commencement Date: May 11, 2026 Court: National Company Law Tribunal, Kolkata Bench Liquidator: Manoj Prasad Shaw 18 Rabindra Sarani, "Poddar Court", Gate No. 1, 3rd Floor, Room No. 331, Kolkata - 700001 Tel: 033-46031517 Email: shawmanoj2003@gmail.con Last date for submission of claims: June 10, 2026 K. MADANA: ICRA Keeps B+ Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term rating of K. Madana Mohana Rao And Company in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 12.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 1.50 [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 K. Madana Mohana Rao And Company'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 K. Madana Mohana Rao And Company, 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. K. Madana Mohana Rao and Company (KMMRC) was incorporated in 2007 as a proprietorship entity and started operations in February 2015. The entity's unit is located at Guntur, Andhra Pradesh and is engaged in cotton ginning, pressing and trading of cotton bales, seeds and cotton lint and is equipped with 36 ginning machines capable of producing 40,500 bales annually. The proprietor has more than four decades of experience in the cotton business. NOBILITY ESTATES: NCLT Allows Withdrawal of Insolvency Proceedings ------------------------------------------------------------------ The Economic Times reports that the National Company Law Tribunal (NCLT) has allowed the withdrawal of corporate insolvency resolution proceedings against ATS Group's Nobility Estates Private Limited, the developer of the premium residential project Le Grandiose in Sector 150, Noida, bringing relief to more than 600 homebuyers. According to ET, the withdrawal application was filed by resolution professional Hitesh Goel on behalf of ASK Trusteeship Services Private Limited under Section 12A of the Insolvency and Bankruptcy Code. The committee of creditors approved the settlement with a 92.52% vote, including support from 636 homebuyers. Under the settlement, the erstwhile management offered INR108 crore against liabilities of INR775 crore owed to ASK Property Investment Advisors Private Limited. Debt of INR220 crore owed to JM Financial is proposed to be settled through the allocation of 37 units spanning about 100,400 sq ft in Phase II of the project. Debt owed to Piramal Finance, amounting to INR26.6 crore plus interest, is also proposed to be settled through the allocation of units in Phase II, ET says. ET relates that the settlement agreement requires the erstwhile management to secure revalidation of the sanctioned map and renew the RERA licence within 120 days of the Section 12A approval. It has also undertaken to complete construction of Phase II within 48 months. The tribunal, noting that all procedural and statutory requirements under Regulation 30A of the CIRP Regulations had been met and that no stakeholder objections were pending, allowed the application and restored management control of NEPL to its board. Earlier, the NCLT had permitted the withdrawal of insolvency proceedings against another ATS Group residential project in Noida, ATS Knightsbridge, recalls ET. In November 2025, ATS HomeKraft, the group's mid-income housing arm, repaid Rs 1,250 crore to HDFC Capital Affordable Real Estate Fund-2 (HCARE-2) through project cash flows. The HCARE-2 portfolio with ATS HomeKraft comprised projects with more than 7,500 units and a total sales value of INR8,000 crore. ET adds that the group also prepaid Rs 190 crore borrowed from the government-backed SWAMIH Investment Fund I for its ATS Marigold project on the Dwarka Expressway. OM FOODS: ICRA Keeps B Debt Ratings in Not Cooperating Category --------------------------------------------------------------- ICRA has retained the Long-Term and Short-Term ratings of Om Foods Suppliers Pvt. Ltd.in the 'Issuer Not Cooperating' category. The ratings are denoted as [ICRA]B(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 5.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 0.20 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term/ 0.10 [ICRA]B(Stable)/[ICRA]A4; Short Term- 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 Om Foods Suppliers Pvt. Ltd.'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 Om Foods Suppliers Pvt. Ltd., 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. Om Foods Suppliers Pvt. Ltd. (OFSPL) trades and processes yellow peas (matar dal), red lentil (masoor dal), Bengal gram (chana dal), fava beans (bakhla) among others at its facility in Kolkata, West Bengal, with an installed capacity of 50 metric tonne per day (MTPD). ORANGE CERAMICS: ICRA Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Orange Ceramics in the 'Issuer Not Cooperating' category. The ratings are denoted as [ICRA]B+(Stable); ISSUER NOTCOOPERATING /[ICRA]A4; ISSUER NOTCOOPERATING". 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- 5.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 0.20 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Short Term- 0.80 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Orange Ceramics'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 Orange Ceramics, 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 November 2005, Orange Ceramics manufactures ceramic body clay and glazed porcelain floor tiles at its plant situated at Morbi (Gujarat). Till FY2017, the firm was engaged in the manufacturing of body clay only, however, from August 2017 onwards, it started manufacturing tiles through undertaking forward integration. It manufactures glazed porcelain floor tiles of 600 X 600 mm. The firm has an annual manufacturing capacity of 75,000 MT body clay and 41,250 MT porcelain tiles. The firm is currently managed by 11 partners, having experience in ceramic industry by virtue of their association with other entities engaged in similar business. PANDIT AUTOMOTIVE: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term rating of Pandit Automotive Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 75.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 22.60 [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 Pandit Automotive Private 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 Pandit Automotive 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. Pandit Automotive Private Limited (PAPL) was incorporated in 1980. The business was taken over in the year 1987 from Automotive Services, a proprietary firm established in 1956, then run by Mr. RH Pandit. PAPL was in the business of retailing cars / commercial vehicles for TATA Motors Limited (TML) and spare parts. The Company (including subsidiaries) retails the whole range of vehicles produced by TML in three districts in Maharashtra viz. Pune, Satara and Sangli. It also deals in other manufacturers' vehicles (Fiat Automobiles) which are marketed in India by TML. PM CARS: ICRA Keeps B+ Debt Ratings in Not Cooperating Category --------------------------------------------------------------- ICRA has kept the Long-Term and short-term ratings of P M Cars Private Limited (PMCPL) 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- 12.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 2.03 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Short Term- 0.20 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category Unallocated 1.27 [ICRA]B+(Stable)/[ICRA]A4; Limits 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 PMCPL'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 PMCPL, 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 October 2013, P M Cars Private Limited (PMCPL) is the sole authorized dealer for passenger vehicles of Honda Cars India Private Limited for the regions Anantapur, Kurnool and Kadapa. The company operates 4 showrooms including service centers across Anantapur, Kurnool and Kadapa. The company is planning to open a showroom in Hindupur which will be in a rented facility. PMR CONSTRUCTION: ICRA Keeps B+ Debt Rating in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of PMR Construction Company in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 5.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term- 15.00 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding PMR Construction Company'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 PMR Construction Company, 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. PMR Construction Company was incorporated as a partnership firm in 2002 by Mr. PM Alavi Haiji and his sons. Mr. Haji is a Class 'A' (PWD) civil contractor in Kerala and has more than four decades of experience in the contracting industry. The firm undertakes civil government contracts involving construction of roads, bridges and buildings. However, in the last few years the firm had been primarily involved with construction and repair of roads in Kerala. POOJA JEWELLERS: ICRA Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term rating of Pooja Jewellers in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 6.00 [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 Pooja Jewellers'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 Pooja Jewellers, 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 1993 as a sole proprietorship concern promoted by Mr. Shankar Maity, Pooja Jewellers is engaged in the trading and manufacturing of gold and diamond jewellery. The firm operates from Chandni Chowk, Delhi and largely supplies its products in the wholesale market. The product portfolio of the firm includes gold and diamond jewellery necklace sets, rings, earrings, chains etc. PRESTIGE BULK: ICRA Keeps B Issuer Rating in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term rating of Prestigebulk Handling Corporation Pvt.Ltd.in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B(Stable); ISSUER NOTCOOPERATING". 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 Prestigebulk Handling Corporation Pvt Ltd'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 Prestigebulk Handling Corporation Pvt.Ltd., 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 2015, Prestigebulk Handling Corporation Pvt Ltd provides post-harvest solutions to agriculture producers and buyers. The post-harvest services offered by the company includes warehousing, collateral management, collateral based financing, procurement, quality testing and other value-added services to enhance efficiency across the food supply chain. RADIANT SOLAR: ICRA Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-term and Short-term ratings of Radiant Solar Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING /[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 3.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 1.40 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term/ 2.35 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Unallocated remain under 'Issuer Not Cooperating' Category Short term- 2.25 [ICRA]D; ISSUER NOT COOPERATING; Non fund based 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 Radiant Solar Private 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 Radiant Solar 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 2007, Radiant Solar Private Limited (RSPL) is a system integrator and also a manufacturer of photovoltaic multi crystalline silicon modules (panels) for residential, commercial and utility scale power generation. The company was originally founded in 2007 in United States of America as a system integrator and subsequently shifted its operation to India in 2009. In FY2014, RSPL has completed the construction of manufacturing facility for SPV modules production unit at Fab city, Hyderabad with an installed annual capacity of 20 MW per annum. RASHMI HOUSING: ICRA Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term rating of Rashmi Housing Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 65.00 [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 Rashmi Housing Private 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 Rashmi Housing 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 2003, Rashmi Housing Pvt. Ltd. is the flagship company of the Rashmi Group—promoted and managed by the Bosmiya family—engaged in real estate development since 1999. The Group is mainly focused on the development of affordable residential projects under the brand name, 'Ghar Ho To Aisa', mainly along the western suburbs of Mumbai. RURAL FAIRPRICE: ICRA Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ ICRA has kept the NCD rating of Rural Fairprice Wholesale Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING." Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-convertible 670.00 [ICRA]D; ISSUER NOT COOPERATING; Debenture Rating continues to remain under Programme 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Rural Fairprice Wholesale 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 Rural Fairprice Wholesale 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 on September 01, 2009, Rural Fairprice Wholesale Limited was a wholly owned subsidiary of Future Corporate Resources Private Limited. With effect from April 01, 2019, Allfab Syntects and Commission Agency Private limits hold 100% stake in the company. Initially incorporated with an objective to supply Future group's products through Public Distribution System (PDS) in the rural parts of Rajasthan with Future group's another entity Future Consumer Limited (FCL). However, the same did not materialize and currently only FCL is supplying the products in Rajasthan through PDS and there were no operations in RFWL. However, the management decided to engage RFWL in the business of trading in all kinds of fashion, foods, FMCG and other related products. RFWL is engaged in bulk procurement of the products to get better discounts and the same is subsequently supplied to other Future group entities. The company started trading business in Q4 FY2018. SAANVI CLOTHING: ICRA Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term and short-term ratings of Saanvi Clothing Pvt Ltd 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- 8.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 1.88 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term/ 0.12 [ICRA]B (Stable)/[ICRA]A4; Short Term- 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 Saanvi Clothing Pvt Ltd'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 Saanvi Clothing Pvt Ltd, 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. Saanvi Industries was established as a proprietorship concern in 2016 with manufacturing plant in Bangalore and office in Mumbai. It was incorporated as a private limited company with effect from April 1, 2019. It is a family owned business with Mr. Dhiren Rathore and his wife Jinal Rathore as directors. The manufacturing unit is jointly owned by Jinal Dhiren Rathore and Khubilal Gulabchnad Rathore in their personal capacity. SI manufactures women's innerwear under own brand named ENVIE, which began commercial sales from October 2016 and has presence all over India. In FY2018, it launched another brand ENERVE in order to tap modern trade channels like D- Mart and Brand Factory. Misterio is launched as an initiative for B2B sales and registered with Reliance Jio in May 2019. SI has more than 80 distributors across India and has recently started contract manufacturing business for some of the domestic brands as well. SHYAM TEXTILES: ICRA Keeps B+ Debt Rating in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term and short-term ratings of Shyam Textiles Limited (STL) 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- 35.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term- 6.00 [ICRA]A4 ISSUER NOT Non Fund Based 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 STL'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 STL, 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 1984, Shyam Textiles Limited (STL) is primarily engaged in manufacturing of mosquito nets and monofilament yarn. The company also takes up trading of plastic granules as and when it finds opportunity in the market. In addition to this, the company acts as a Del-Credere Agent (DCA) and Consignment Agent (CS) for GAIL - Karnataka for trading in plastic granules. SS INDUS: ICRA Withdraws B+ Rating on INR6.50cr LT Loan ------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of SS Indus Solar Energy Private Limited in accordance with its ithdrawal policy and closure of the rated facilities, as evidenced by the No Due Certificate issued by the lender. Consequently, there are no dues pending from SS Indus Solar Energy Private Limited towards the rated bank facilities, and the withdrawal is based on the confirmation received from the lenders regarding the same. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 6.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Cash Credit SS Indus Solar Energy Pvt Ltd was originally incorporated as SS Indus Valley Private Limited on 18.07.2006, the name of the company was changed to SS Indus Solar Energy Private Limited on 14.08.14. The solar PV power plant consists of several solar PV arrays totalling to 2.40 MW. The plant generates DC power which is fed into the power conditioning units to convert DC power to AC power at 3 Ph, 320 V, 50 Hz. The output of the PCUs is stepped upto 33KV and then evacuated to Kattangur Substation at 33 KV. At the substation, the power is interconnected to the grid. Metering of the power shall take place at the substation. VARDHMAN ROLLER: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Vardhman Roller Flour Mills Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 28.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 0.15 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Short-term 0.40 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Long Term- 0.60 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating continues to remain under Limits 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Vardhman Roller Flour Mills Private 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 Vardhman Roller Flour Mills 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 the year 1997 by members of the Jain family, VRFMPL is engaged in the wheat milling business. VRFMPL has an established operational track record of more than 15 years. The company has an annual installed capacity to mill upto 72000 metric tonne per annum (MTPA) of wheat to produce wheat flour, refined flour, suji and bran The Company's milling facility is located in Meerut (Uttar Pradesh) and it sells its products under the 'Double Kalash' brand. VEDANTA RESOURCES: S&P Ups Long-Term ICR to 'BB', Outlook Stable ---------------------------------------------------------------- S&P Global Ratings raised its long-term issuer credit rating on Vedanta Resources Ltd. to 'BB' from 'B+'. At the same time, S&P raised its ratings on the company's senior unsecured notes to 'BB-' from 'B'. The stable rating outlook reflects S&P's expectation of improved cash flows, proactive refinancing, and continued deleveraging. Vedanta Resources' improving backward integration and favorable product prices support growth. The company's alumina refinery facility that was commissioned late last year at Lanjigarh (in eastern India) is ramping up in line with S&P's expectation. Higher alumina production will improve the cost structure of the aluminium division. S&P forecasts incremental alumina production of 1 million tons in fiscal 2027 (year ending March 31), increasing captive sourcing to more than 75% from about 60% in fiscal 2026. As a result, the cost of production will likely reduce by US$50 per ton of aluminium. Besides alumina, Vedanta Resources is also improving its backward integration into bauxite. A gradual ramp-up of mining operations over the next 12-18 months could further lower the cost of production. Vedanta Resources' rising share of value-added products in both aluminium and zinc divisions will increase the sales premium of these metals over the London Metal Exchange prices. This, along with lower cost of production and an increase in aluminium output, will strengthen the company's earnings. Vedanta Resources has more financial flexibility. S&P said, "We expect EBITDA of about US$7 billion in each of fiscal years 2027 and 2028. This, coupled with lower dividends, will increase the company's discretionary cash flow. As a result, we now estimate S&P Global Ratings' adjusted debt will decline by US$500 million in fiscal 2027 and US$1 billion in fiscal 2028." Higher earnings and debt reduction will keep the ratio of funds from operations (FFO) to debt well above 30% over the next 12-24 months. Historically, large swings in commodity prices have resulted in volatile credit metrics. In S&P's view, improving backward integration amid a strong pricing environment should shield the company's earnings from such volatility and result in a sustainable improvement in its credit profile. Vedanta Resources' liquidity is improving. The company has secured long-term banking lines of more than US$2 billion since the start of 2026, indicating improved access to traditional sources of funding. In addition to this, cash on hand of more than US$3 billion and robust operating cash flow will aid Vedanta Resources' liquidity. S&P now forecasts liquidity sources to comfortably exceed liquidity uses at a consolidated level over 12 months ending March 31, 2027. Vedanta Resources' elongated debt maturity profile and refinancing of high-cost debt have also improved liquidity at the holding company level. The company's ability to comfortably service interest and any capital commitments using brand fees and dividends, while continuing to deleverage will be crucial to maintain the liquidity improvement. Demerger risks are nuanced. S&P views the demerger of Vedanta Resources' 56% subsidiary Vedanta Ltd. into five listed entities earlier this month as neutral to the credit profile since it will not alter the holding company's access to cash flow from these subsidiaries. The demerger will create entities with different stand-alone credit profiles, and hence, different funding access. It also enhances the respective entities' ability to raise funding at an entity level. While cash was more fungible between the various businesses prior to the demerger, any cash flow mismatch will now have to be funded at the respective entity level. Any large investment in new businesses under a demerged entity could strain its balance sheet and weaken funding access. On the other hand, a sale of stake in any of the subsidiaries to pay down holding company debt could improve its leverage metrics. Deleveraging at the holding company would alleviate risks arising from a complex corporate structure. The holding company accounts for more than 30% of Vedanta Resources' consolidated debt but only about 5% of its earnings. However, entities such as Hindustan Zinc Ltd. and Bharat Aluminium Co. Ltd. together account for 6% of consolidated debt and more than 30% of earnings. The mismatch results in additional credit risk within the debt structure and Vedanta Resources' financial profile. (Hindustan Zinc is a 61% subsidiary of Vedanta Ltd. and Bharat Aluminium is a 51% subsidiary of the demerged aluminium entity.) S&P said, "We expect the divergence between the proportionate and full consolidated debt-to-EBITDA ratio to persist over the next three fiscal years despite more than a US$1 billion reduction in holding company debt under our base case. Deleveraging at a faster pace could bridge the gap and mitigate structural-related risks. "The stable rating outlook reflects our expectation that Vedanta Resources' strengthened earnings will aid deleveraging, such that the ratio of FFO to debt remains above 30% over the next 12-24 months. "We expect brand fee and dividends to more than adequately cover interest servicing and any capital commitments. Improved cash flows, proactive refinancing, and continued deleveraging at the holding and operating company levels, in line with management guidance, will ensure adequate liquidity, in our view. "We may lower our rating in case Vedanta Resources' liquidity at the holding and operating company levels weakens, resulting in a deviation from the stated intent to deleverage." Any deterioration in credit metrics due to unexpected large debt-funded acquisitions or weaker earnings could also result in a downgrade. An FFO-to-debt ratio of less than 30% would indicate such a scenario. An upgrade will require Vedanta Resources to demonstrate a track record of operating at lower leverage while maintaining business diversity and access to operating companies' cash flows. This will cushion the company from industry downcycles and increasing growth ambitions. A sustained FFO-to-debt ratio of more than 45% would indicate such a scenario. An upward rating momentum could also arise in the case of material deleveraging at the holding company, such that S&P believes inherent risks arising from a complex corporate structure have diminished materially. WANAPARTHY MUNICIPALITY: ICRA Keeps B+ Issuer Rating in Not Coop. ----------------------------------------------------------------- ICRA has kept the Long-Term rating of Wanaparthy Municipality 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 Wanaparthy 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 Wanaparthy 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. Wanaparthy district of Telangana and is located at a distance of around 150 km from the state capital, Hyderabad. The major economic activity in the region is agriculture, which primarily includes sugar, rice, fruits and vegetables. According to Census 2011, Wanaparthy covers an area of 27.34 sq km and has a population of 61,170, of which 48% are slum dwellers. The ULB is governed by the provisions of the Telangana State Municipalities Act, (TSM Act) 1965. The major functions of the WPM 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 WPM comprises 26 Ward Councillors 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. YES BANK: Moody's Upgrades Bank Deposit & Issuer Ratings to Ba1 --------------------------------------------------------------- Moody's Ratings has upgraded Yes Bank Limited's long-term (LT) foreign currency (FC) and local currency (LC) bank deposit ratings to Ba1 from Ba2 as well as its Baseline Credit Assessment (BCA) and adjusted BCA to ba2 from ba3. Moody's have also upgraded its LT FC issuer rating to Ba1 from Ba2, LT FC and LC Counterparty Risk Ratings (CRR) to Ba1 from Ba2, LT Counterparty Risk (CR) Assessment to Ba1(cr) from Ba2(cr), as well as the senior unsecured medium-term note program rating to (P)Ba1 from (P)Ba2. Moody's have affirmed the Not Prime (NP) short-term (ST) FC and LC bank deposit ratings as well as NP ST FC and LC CRR and NP(cr) ST CR Assessment. At the same time, Moody's have upgraded Yes Bank, IFSC Banking Unit Branch's LT FC and LC CRR to Ba1 from Ba2, its senior unsecured medium-term note program rating to (P)Ba1 from (P)Ba2, and LT CR Assessment to Ba1(cr) from Ba2(cr). Moody's have affirmed the NP ST FC and LC CRR and the branch's NP(cr) ST CR Assessment. The ratings outlook, where applicable, remains stable. RATINGS RATIONALE The upgrade of Yes Bank's ratings and BCA reflects an improvement in the bank's credit profile, supported by improving funding, asset quality, and adequate capital. The bank's profitability, though improving, remains weaker than rated Indian peers. These improvements provide resilience against risks arising from the bank's unseasoned loan book. Yes Bank's Ba1 deposit ratings are one notch above its ba2 BCA, reflecting Moody's expectations of a moderate likelihood of government support from the Government of India (Baa3 stable) in times of need. Yes Bank's funding profile has strengthened alongside a rising share of granular current account and savings account (CASA) and retail term deposits, which increased to 53% of total deposits and borrowings as of March 2026 from 41% as of March 2021, while the share of retail and low-cost CASA deposits increased to 35% of total deposits from 26% during the same period. Notwithstanding these improvements, the bank's funding profile remains weaker than that of rated Indian peers, reflecting a less established deposit franchise and consequently higher funding costs. The bank's asset quality has improved materially, with the gross non-performing loan ratio declining to 1.3% as of March 2026 from elevated levels during the reconstruction period, reflecting improved underwriting standards and recoveries from legacy stressed assets. Despite this improvement, asset quality remains subject to unseasoned risks stemming from rapid growth in the small and medium enterprise segment and increasing exposure to higher risk retail products, including those sourced through third-party channels. Common Equity Tier 1 (CET1) capital ratio also improved marginally to 13.8% as of the end of March 2026 from 13.6% a year earlier, due to internal capital generation. Yes Bank's net income to tangible assets improved marginally to 0.7% in the fiscal year ending March 2026 from 0.6% in the previous year, reflecting improvements to its funding access. However, Moody's expects further provisioning costs to normalize from the cyclically low level of 0.2% of tangible assets in fiscal 2026 as recoveries from legacy stressed assets decline and the bank potentially builds additional provisioning buffers ahead of the transition to expected credit loss norms in April 2027. In September 2025, Sumitomo Mitsui Banking Corporation (SMBC, A1 stable, a3) acquired a 20% stake in Yes Bank and subsequently increased the ownership to 24.9% by December 2025. The transaction introduces a long-term strategic investor with strong balance sheet strength and funding capacity to support growth and franchise rebuilding. However, given SMBC's minority stake, Moody's expects its influence to remain limited and therefore do not incorporate affiliate support into the bank's ratings. Governance improvements are an important contributor to the rating upgrade. Moody's have changed Yes Bank's governance issuer profile score to G-2 from G-3, reflecting management's track record of restoring financial discipline, strengthening risk management practices, and stabilizing the franchise following its exit from the central bank's reconstruction scheme, as well as Moody's expectations of further enhancements in risk management and governance following SMBC's representation on the board. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The bank's ratings could be upgraded if the BCA increases by more than one notch or if there is a change in Moody's assessments of affiliate or government support for the bank. The ratings could also be upgraded if Moody's were to revise Moody's assessments of affiliate support for Yes Bank from SMBC to a higher level from the current low level. This could be driven by Yes Bank assuming greater importance to SMBC including a sustained increase in its contribution to consolidated earnings or more explicit support mechanism such as committed funding lines, or increased operational and brand integration. Yes Bank's BCA could be upgraded if there is further sustained improvement in the quality of funding and profitability, while maintaining its capital and asset quality. A sustained improvement in net income to tangible assets above 1.0% could lead to a BCA upgrade. Moody's could downgrade Yes Bank's ratings if its funding or asset quality materially weakens, or if its tangible common equity to risk-weighted assets (TCE/RWA) declines below 11%, or if its return on tangible assets declines below 0.5% on a sustained basis. Moody's could also downgrade Yes Bank's ratings if India's sovereign rating is downgraded. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Banks published in November 2025. Yes Bank's 'Assigned BCA' of ba2 is set more than two notches below the 'Financial Profile' initial score of baa2 to reflect unseasoned asset risk and modest funding. Yes Bank Limited is headquartered in Mumbai with total assets of INR4.7 trillion (USD49.8 billion) as of March 31, 2026. [] Cerberus Appoints Rahul Sangwan as Head of India Operations -------------------------------------------------------------- Cerberus Capital Management, L.P. ("Cerberus"), a global alternative investment firm with $70 billion in assets, announced that firm veteran Rahul Sangwan has been appointed Head of India. A core member of Cerberus' International Credit business for 15 years, Mr. Sangwan has led transactions across multiple geographies, most recently with a focus on India. He has played a key role in building and overseeing Cerberus' India platform since the establishment of its Mumbai office in 2019. Working alongside the local leadership team, Mr. Sangwan has helped expand the firm's presence and establish Cerberus as a leading credit investor in the region. In his new role, Mr. Sangwan will be based in Mumbai and will lead the continued growth of the firm's Indian franchise, partnering with Cerberus' Head of International Credit and Distressed Debt, Allen Ukritnukun. With the firm's strong track record in the region, he will focus on pursuing compelling opportunities and expanding Cerberus' credit and broader multi-strategy capabilities. "India is an increasingly important market for us, where we have built a strong local team and platform," said Mr. Ukritnukun. "We continue to see robust demand in the region as companies look to alternative capital solutions to support their growth needs. Rahul will focus on further strengthening our platform, leveraging our local presence and broader global capabilities, to capitalize on this long-term opportunity set." Mr. Sangwan added, "We have an excellent team in Mumbai and have deployed significant capital over the past several years in a structurally growing credit market. I look forward to working even more closely with my colleagues to build on that momentum and continue expanding our presence across our credit and broader multi-strategy platforms." Mr. Sangwan will also assume executive responsibilities for Cerberus' operations in India. Alongside its investment platform, Cerberus maintains a large and growing operational footprint in Mumbai, with over 65 professionals supporting its global infrastructure and investment programs. About Cerberus Founded in 1992, Cerberus -- http://www.cerberus.com-- is a global alternative investment firm with approximately $70 billion in assets across complementary credit, real estate, and private equity strategies. The firm invests across the capital structure where it believes its integrated investment platforms and proprietary operating capabilities can help improve performance and drive long-term value. Cerberus' tenured teams have experience working collaboratively across asset classes, sectors, and geographies as they seek to achieve strong risk-adjusted returns for investors. =============== M A L A Y S I A =============== ZELAN BERHAD: Unit Enters Creditors' Voluntary Liquidation ---------------------------------------------------------- BusinessToday reports that Zelan Berhad announced that its wholly owned subsidiary, Zelan Holdings (M) Sdn Bhd, has commenced creditors' voluntary liquidation as part of the group's efforts to regularise its financial position and exit Practice Note 17 (PN17) status. In a filing with Bursa Malaysia on May 15, Zelan said the liquidation was initiated pursuant to Section 439(1) of the Companies Act 2016, BusinessToday relates. Zelan Holdings (M) Sdn Bhd, incorporated in 1991, was principally involved in investment holding, civil engineering and building turnkey contracting activities. The company has ceased operations during the financial year ended Dec. 31, 2025 and does not intend to continue business operations moving forward. The subsidiary has an issued share capital of MYR25 million comprising 25 million ordinary shares. However, the total cost of investment in the unit had already been fully impaired as at end-2025. The group also announced the appointment of Lim Sin Han and Leoh Hin Han of Sin Han & Co. PLT as interim liquidators effective May 15, 2026, BusinessToday discloses. According to BusinessToday, Zelan said the liquidation forms part of broader restructuring measures aimed at improving the financial and operational condition of the group, with the eventual objective of uplifting its PN17 classification under Bursa Malaysia's Main Market Listing Requirements. BusinessToday relates that the company said the exercise is not expected to have any material impact on the group's earnings, earnings per share, issued share capital or substantial shareholders' shareholdings. Upon completion of the liquidation process, Zelan Holdings (M) Sdn Bhd will cease to be consolidated within the Zelan Group. The company added that there are no enforceable guarantees or creditor claims against the wider group arising from the subsidiary. Zelan noted that the liquidation is expected to contribute positively to the group's consolidated net assets per share and gearing position. The board said it viewed the liquidation as being in the best interest of the group. About Zelan Zelan Berhad -- http://zelan.com/-- is an investment holding company. The Company's business focus is on engineering and construction projects, and public private partnership projects, mainly in Malaysia. Zelan was categorised as a PN17 company in May 2023 after its external auditor Nexia SSY PLT expressed a disclaimer of opinion on its audited financial statements for the financial year ended Dec. 31, 2022. ===================== N E W Z E A L A N D ===================== AROHA FACILITIES: Creditors' Proofs of Debt Due on June 9 --------------------------------------------------------- Creditors of Aroha Facilities Management Limited (trading as Capital Building Services) are required to file their proofs of debt by June 9, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 8, 2026. The company's liquidator is: Mohammed Tazleen Nasib Jan Liquidation Management Limited PO Box 50683 Porirua 5240 GAIA HOMES: Creditors' Proofs of Debt Due on June 8 --------------------------------------------------- Creditors of Gaia Homes Limited are required to file their proofs of debt by June 8, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 7, 2026. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 HASZARD PLUMBING: Court to Hear Wind-Up Petition on May 29 ---------------------------------------------------------- A petition to wind up the operations of Haszard Plumbing and Gasfitting Limited will be heard before the High Court at Auckland on May 29, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Feb. 11, 2026. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 HEAVY TRANSPORT: Creditors' Proofs of Debt Due on July 6 -------------------------------------------------------- Creditors of Heavy Transport Civil Limited and Eurosolar Limited are required to file their proofs of debt by July 6, 2026, to be included in the company's dividend distribution. The companies commenced wind-up proceedings on May 7, 2026. The company's liquidators are: Lynda Smart Derek Ah Sam Rodgers Reidy PO Box 39090 Harewood Christchurch 8545 MANHAAS MANUFACTURING: Court to Hear Wind-Up Petition on June 16 ---------------------------------------------------------------- A petition to wind up the operations of Manhaas Manufacturing 2019 Limited will be heard before the High Court at Rotorua on June 16, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on April 10, 2026. The Petitioner's solicitor is: Charles David Walmsley Inland Revenue, Legal Services 21 Home Straight (PO Box 432) Hamilton ================= S I N G A P O R E ================= CREDO TWO: Creditors' Proofs of Debt Due on June 15 --------------------------------------------------- Creditors of Credo Two Pte. Ltd. are required to file their proofs of debt by June 15, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 8, 2026. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani Seah Roh Lin c/o BDO Advisory Pte. Ltd. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 KINBO CONSTRUCTION: Creditors' Proofs of Debt Due on June 8 ----------------------------------------------------------- Creditors of Kinbo Construction Pte. Ltd. are required to file their proofs of debt by June 8, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 8, 2026. The company's liquidators are: Don M Ho David Ho c/o DHA+ pac 9 Raffles Place #08-04 Republic Plaza Singapore 048619 KLOUDWORK PRIVATE: Court Enters Wind-Up Order --------------------------------------------- The High Court of Singapore entered an order on May 8, 2026, to wind up the operations of Kloudwork Private Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Mr. Gary Loh Weng Fatt Mr. Dev Kumar Harish Nandwani c/o BDO Advisory Pte. Ltd. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 MARY CHIA: SGX Asks if Firm Can Continue Operating as Going Concern ------------------------------------------------------------------- The Straits Times reports that Singapore Exchange Regulation (SGX RegCo) has queried beauty and wellness firm Mary Chia Holdings on whether it can continue operating as a going concern after legal proceedings were launched against the company and its related parties by a creditor in April. The May 14 queries came after The Straits Times, citing disclosures filed with SGX, reported that Fullink Capital had initiated insolvency proceedings against Mary Chia Holdings, its subsidiary Organica International Holdings, founder and chief executive Ho Yow Ping and chief financial officer Su Jun Ming over money allegedly owed under financing agreements. Insolvency proceedings are legal actions taken by a creditor when it believes the company it has lent money to may be unable to pay its debt. The dispute is over a sum that Fullink Capital says Organica International owes under past loan and repayment arrangements. Mary Chia has disclosed in exchange filings in April and May that Fullink Capital had originally lent Organica International a sum of SGD350,000, but following disputes relating to the loan repayments, Fullink Capital claimed the full outstanding amount as immediately due, together with late payment interest and other fees under the loan and settlement agreements. This sum amounts to SGD902,640. However, Mary Chia said the dispute is not simply over unpaid loans, but also over additional charges imposed on the debt, including late payment fees, default interest and restructuring fees, which the company argues may be excessive and legally unenforceable. In earlier filings, Mary Chia had said that it proposed paying a revised sum of about SGD354,379, based on its own calculation of the applicable interest, but Fullink Capital had rejected the proposal. Consequently, Mary Chia and its related parties filed a separate court application in April asking the court to determine whether some of these charges are valid. This case is ongoing. According to ST, SGX RegCo asked the company and its sponsor to assess whether Mary Chia could still continue operating if the worst-case scenario occurred and Fullink's claims succeeded fully in court. In response, Mary Chia's board said on May 14 it had reviewed the group's legal strategy, cash flow, liquidity and potential financial exposure, and concluded that it can continue operating and meeting its financial obligations. ST relates that Mary Chia said its assessment took into account the fact that the legal dispute is still ongoing, so the amount ultimately owed has not yet been determined by the court, and the group continues to operate normally. The company has three outlets in Novena, Serangoon Central and Jurong, and one opening soon in Simei, according to its website. The company added that its controlling shareholders, Suki Sushi and Ms Ho, have indicated continued financial support for the business if needed, ST relays. It is also exploring potential fund-raising activities and other corporate action to strengthen its financial position and continue operations. Meanwhile, the Catalist-listed company sponsor, Evolve Capital Advisory, said it believes Mary Chia can continue meeting its obligations when they fall due, even if the amount claimed by Fullink is upheld in full, based on the availability of controlling shareholder support, among other things. Mary Chia was also asked to provide an update on the legal proceedings. According to ST, the firm said a case management conference was held on May 6, during which the Singapore courts directed that all cases relating to the dispute must be addressed together in future case conferences. Mary Chia said the court had directed Fullink to file its reply affidavit in relation to Mary Chia's court application challenging the validity of the fees and interest charges payable by May 13. Mary Chia and the other parties involved must also file applications seeking to stay the insolvency proceedings by the same date. The next court conference has been scheduled for May 21, ST notes. Mary Chia added that Fullink has since filed its reply affidavit, and separately also applied to pause Mary Chia's court application challenging the disputed fees and charges. The company said it is taking legal advice on the implications of the latest move, adds ST. Mary Chia Holdings Limited, an investment holding company, provides lifestyle and wellness products and services in Singapore, the Republic of China, and Malaysia. The company operates through Beauty, Slimming and Spa Treatment for Women; Beauty, Slimming and Spa Treatment for Men; Direct Selling; and Hairdressing segments. It also retails lifestyle and wellness products; sells skincare and health supplements; trades in cosmetics and toiletries; offers business management and consultancy, and clinic and other general medical services; and operates hairdressing salons and shops. In addition, the company engages in the general wholesale trading activities; sales and marketing of energy capsules and medical beauty products; and provision of management and office administration services. PRIMEFIELD COMPANY: Creditors' Proofs of Debt Due on June 16 ------------------------------------------------------------ Creditors of Primefield Company Pte. Ltd. are required to file their proofs of debt by June 16, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 8, 2026. The company's liquidators are: Quar Lian Huat Tay Tuan Leng c/o Tricor Singapore Pte. Ltd. 9 Raffles Place #26-01 Republic Plaza Singapore 048619 SYNERY MARINE: Indicted for Role in Key Bridge Crash ---------------------------------------------------- The U.S. Justice Department said that two corporate entities and a shoreside superintendent face criminal charges in connection with the crash of M/V Dali that knocked down the Francis Scott Key Bridge in Maryland. A federal court unsealed an indictment on May 12 charging three defendants with conspiracy to defraud the United States and with causing the death of six construction workers on the bridge, among other charges. On March 26, 2024, the Motor Vessel Dali, a 900-foot foreign flag container vessel, registered in Singapore, crashed into the bridge. The indictment alleges that the economic loss in this case is at least $5 billion. Synergy Marine Pte Ltd, based in Singapore, and Synergy Maritime Pte Ltd, based in Chennai, India, along with Radhakrishnan Karthik Nair, 47, an Indian national who worked for both companies as the Technical Superintendent for the Dali, are charged with conspiracy, willfully failing to immediately inform the U.S. Coast Guard of a known hazardous condition, obstruction of an agency proceeding, and false statements. The two Synergy corporations are also charged with misdemeanor violations of the Clean Water Act, Oil Pollution Act, and Refuse Act for the discharge of pollutants into the Patapsco River, including shipping containers and their contents, oil, and the bridge itself. "The collapse of the Francis Scott Key Bridge was a preventable tragedy of enormous consequence," said Acting Attorney General Todd Blanche. "This indictment is a critical step toward holding accountable those whose reckless disregard for maritime safety regulations caused this disaster. Six construction workers lost their lives, critical infrastructure was destroyed, pollutants were released into the Patapsco River and Chesapeake Bay, and the economic damage now exceeds five billion dollars. This Department is committed to securing justice for the victims and ensuring those responsible are held to account." "This indictment is the first step in our efforts to hold those accountable who caused the tragic deaths of six people and catastrophic damage to our region," said U.S. Attorney Kelly O. Hayes for the District of Maryland. "The safety of our residents, ports, and infrastructure is of utmost importance to the prosperity of the District of Maryland. The U.S. Attorney's Office for the District of Maryland will continue to pursue those who commit crimes that jeopardize those interests." "The indictment alleges criminal conduct that not only destroyed the Key Bridge but brought the regional economy to its knees and claimed the lives of six Maryland residents," said Principal Deputy Assistant Attorney General Adam Gustafson of the Justice Department's Environment and Natural Resources Division (ENRD). "Adherence to laws governing safe operation of commercial vessels is essential to doing business in our nation's ports. We enforce these laws to protect the public from future disasters like this fatal crash." "The indictment reveals a pattern of deception and egregious violations that led to the unsafe operation of the Dali which recklessly endangered the public and resulted in the ship striking the bridge," said Special Agent in Charge Jimmy Paul of the FBI Baltimore Field Office. "This indictment should send a message to all ship operators that circumventing safety requirements and breaking U.S. laws will not be tolerated. I am proud of FBI Baltimore's investigative teams who worked diligently over the last two years to find the truth and to hold those responsible accountable." "The United States will not be a safe harbor for violators who pollute our nation's waterways. Today's indictment alleges that reckless cost-cutting by dishonest foreign corporations on a foreign-flagged vessel with a foreign crew carrying hazardous cargo resulted in death, disruption of our economy, and the discharge of oil and other chemicals into the Patapsco River and the Chesapeake Bay," said Assistant Administrator Jeffrey A. Hall of EPA's Office for Enforcement and Compliance Assurance. "Such tragedy must not happen again. This EPA will ensure that foreign companies do not profit off of polluting American communities. The hard work of our criminal investigators, who were among the first aboard the wrecked ship, was critical for securing this indictment, and we look forward to working with the Department of Justice to prosecute this case." "At the core of the Coast Guard's mission is the protection of life and property and the facilitation of commerce," said Acting Director Zinnia James of the Coast Guard Investigative Service (CGIS). "The charges announced today reflect the Coast Guard Investigative Service's unwavering commitment to ensuring the safety and integrity of our nation's maritime transportation system. This indictment alleges a reckless disregard for U.S. maritime laws and safety regulations, which had devastating consequences, leading to the tragic loss of six lives and catastrophic environmental and economic damage. Let this be a clear message: CGIS, alongside our federal law enforcement partners, will vigorously investigate and hold accountable any individual or corporation that compromises the safety of our ports and waterways." According to the indictment, the Dali lost power twice in a four-minute span, as it navigated out to sea from the Port of Baltimore, causing it to crash into the Key Bridge. The indictment alleges that a loose wire in a high-voltage switchboard likely caused the first power loss. Critical systems on the Dali were originally designed with reliable redundancies and automatic restart capabilities, so the Dali could quickly regain power after a blackout. But shortly after the vessel regained power, it lost power again. According to the indictment, the defendants allegedly altered the ship and relied on a flushing pump to supply fuel to two of the Dali's four generators. However, the flushing pump was not designed to automatically restart following a blackout, and the Dali's generators could not operate without a fuel supply, so the ship ultimately experienced a second blackout. The indictment alleges that if the Dali used the proper fuel supply pumps, the vessel would have regained power in time to safely navigate under the Key Bridge. Synergy and Nair are also charged with obstruction of an agency proceeding and providing false statements and documents to the National Transportation Safety Board (NTSB) as it conducted a casualty investigation. The obstruction charges relate to, among other things, Nair's statements to the NTSB that he was unaware that that the Dali was using the flushing pump to provide fuel to the generators. The FBI, CGIS, and the EPA's Criminal Investigation Division are investigating the case. The Justice Department's Office of International Affairs provided substantial assistance. Assistant U.S. Attorneys Matthew Phelps, Bijon Mostoufi, and Kimberly Phillips for the District of Mayland and Trial Attorney Leigh Rendé with ENRD's Environmental Crimes Section are prosecuting the case. Richard Udell, formerly of the Environmental Crimes Section, also assisted in this matter. About Synergy Marine Based in Singapore, Synergy Marine Pte. Ltd. provides end-to-end maritime solutions. The Company specializes in handling a wide variety of vessels, including complex LNG vessels, LPG carriers, chemical tankers, car carriers, container ships, and handysize bulk carriers. Synergy Marine serves customers globally. WCT15 PTE: Placed in Liquidation -------------------------------- Mr. Lai Seng Kwoon of Reliance 3P Advisory on May 6, 2026, was appointed as liquidator of WCT15 Pte Ltd. The liquidator may be reached at: Mr. Lai Seng Kwoon Reliance 3P Advisory 7500A Beach Road #05-303/304, The Plaza Singapore 199591 ===================== S O U T H K O R E A ===================== ASIANA AIRLINES: To Finally Merge With Korea Air on Dec. 17 ----------------------------------------------------------- Korea JoongAng Daily reports that Korean Air and Asiana Airlines will finally emerge as an integrated flag carrier on Dec. 17, nearly six years after Korean Air first announced its acquisition of Asiana Airlines in 2020. Under the merger, Korean Air will take over all of Asiana Airlines' assets, liabilities, rights and obligations. The merger ratio will be 1 share of Korean Air to 0.2736432 shares of Asiana Airlines, The JoongAng relates. Korean Air's capital is expected to increase by about KRW101.7 billion ($68.2 million). According to The JoongAng, the two airlines plan to complete the integration process after obtaining government approval from the Ministry of Land, Infrastructure and Transport and revising their operational specifications. Korean Air appled to the ministry for merger approval on May 13 and plans to begin procedures next month to revise operational standards required to establish an integrated flight operations system. The JoongAng says Asiana Airlines plans to hold an extraordinary shareholder meeting in August to vote on the merger proposal. On the other hand, Korean Air plans to conduct the transaction as a small-scale merger under Korea's Commercial Act. Under these provisions, Korean Air will proceed through a board resolution without holding a general shareholder meeting. The JoongAng relates that the merger between Korean Air and Asiana Airlines was pushed forward as part of a government-led restructuring of the aviation industry following the Covid-19 pandemic. At the time, the government and creditor banks provided policy financing totaling KRW3.6 trillion to help stabilize the financially troubled Asiana Airlines. Korean Air said the launch of the integrated carrier will accelerate efforts to strengthen flight safety systems and customer services. The airline plans to enhance competitiveness in the global aviation market by reorganizing overlapping routes, expanding new routes, revamping airport lounges and improving in-flight meals. The two airlines are also continuing discussions with relevant authorities, including the Fair Trade Commission, on a plan to integrate their mileage programs. Korean Air is also increasing its investments to prepare for a larger fleet and route network following the merger. The airline has remodeled its operations control center and cabin crew training center at its headquarters in western Seoul's Gangseo District and is also expanding maintenance hangars and engine maintenance facilities near Incheon International Airport. "The integration will elevate Korean Air's global market presence and establish Incheon International Airport as a dominant global hub through optimized network connectivity and increased transit efficiency," Korean Air said in a press release. About Asiana Airlines Headquartered in Osoe-Dong Kangseo-Gu, South Korea, Asiana Airlines Incorporated is engaged in air transportation, engineering, construction, facilities, electricity, ground handling, catering, communication, logo products and e-business. Asiana Airlines is a unit of the Kumho Asiana Group, a South Korean conglomerate whose business portfolio includes tire manufacturing and chemical production. State lenders Korea Development Bank and the Export-Import Bank of Korea planned to inject a combined KRW1.7 trillion into Asiana to help the airline stay afloat. In self-help measures, Asiana has had all of its 10,500 employees take unpaid leave for 15 days a month since April 2020 until business circumstances normalize, Yonhap noted. Asiana's executives have also agreed to forgo 60% of their wages, though no specific time frame was given for how long the pay cuts will remain in effect. In November 2020, Korean Air said it will acquire Asiana Airlines in a deal valued at KRW1.8 trillion that could create the world's 10th-biggest airline by fleets, Yonhap said. ============= V I E T N A M ============= PETROVIETNAM POWER: Fitch Affirms BB+ Long-Term IDR, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has affirmed PetroVietnam Power Corporation - Joint Stock Company's (PV Power) Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB+' with a Stable Outlook. PV Power's ratings reflect its Standalone Credit Profile (SCP) of 'bb+', which is on par with the IDR of its 80% parent, Vietnam National Industry - Energy Group (PVN, BB+/Stable). The SCP is driven by PV Power's diversified fuel sources and long-term power-purchase agreements (PPAs) with Vietnam Electricity (EVN, BB+/Stable) for more than 80% of its electricity output. The ratings also reflect PV Power's strong market position in gas-based power generation, accounting for about half of Vietnam's installed gas-fired capacity. The SCP can be pressured by a weakening in EVN's IDR or if PV Power's EBITDA net leverage stays above 5.0x for a sustained period. Fitch would equalise PV Power's IDR with that of PVN, even if PV Power's SCP weakens by one notch to 'bb', to reflect its assessment of the parent's 'High' operational, 'Medium' strategic and 'Low' legal incentives to support its subsidiary under its Parent and Subsidiary Linkage (PSL) Rating Criteria. Fitch equalises the IDRs of PVN and EVN with the Vietnamese sovereign rating (BB+/Stable) under its Government-Related Entities (GRE) Rating Criteria. Key Rating Drivers PPAs Provide High Visibility: The long-term PPAs with EVN provide high revenue and cash flow visibility and account for 85%-90% of PV Power's revenue. The PPAs have 20-25 year tenors and a capacity-weighted average remaining tenor of around 12 years. The remaining power is sold in the wholesale electricity market. The PPA tariff capacity payments cover debt servicing, fixed operating costs and return on equity. Tariffs also cover variable payments and operation and maintenance charges for fuel, repair and maintenance. Leading Market Position: PV Power's credit profile is driven by its position as Vietnam's second-largest electricity producer. Three quarters of its installed capacity is in the southern region, which faces power supply shortages. The company expects to maintain its market position in the medium term through capacity additions, even as the country's installed capacity increases. Low Leverage, Capex Moderating: Fitch expects group EBITDA net leverage to decrease to 1.3x in 2026, from 1.6x in 2025, as the completed Nhon Trach 3 and 4 projects are now operational. Its rating case assumes no major capex in the near term, as PV Power is still in the early planning stage for any capacity additions. Limited Imported LNG Supply Risk: PV Power imports liquefied natural gas (LNG) for its Nhon Trach 3 and 4 power plants through a 25-year gas supply agreement with PetroVietnam Gas Joint Stock Corporation (PV Gas, BB+/Stable). It will procure 10-11 LNG cargoes on a spot basis for 2026, of which five cargoes have been delivered from Australia, Brunei and Qatar to cover demand through late June. Fitch expects any price increase to be passed through via its PPAs. PV Power has secured 20.7 trillion British thermal units a year on a long-term basis, for the 2027-2031 period, ensuring supply for its two new plants. Domestic Gas Supply Shortage: Fitch expects low utilisation rates at PV Power's gas plants to persist in 2026, due to a shortage of domestic gas supply. Plant load factors (PLFs) at its Nhon Trach 1 and 2 power plants improved to 26% and 47%, respectively, in 2025, from 7% and 42% in 2024. Fitch forecasts PLFs at the two plants to average around 20% and 44%, respectively, over the medium term. Diversified Fuel Sources: PV Power's plants drawn on diverse fuel sources, including gas and LNG (74%), coal (21%), hydropower (5%) and solar (less than 1%). The share of LNG in the fuel mix reached 28% after the commissioning of the 1,624 megawatt Nhon Trach 3 and 4 thermal power plants in 2025, broadening supply diversity. PV Gas supplies most of the required gas, both domestically sourced and imported. Peer Analysis Fitch assesses the business profile of Global Power Synergy Public Company Limited (GPSC, BBB-/Stable; SCP: bb), which accounts for 10% of Thailand's electricity generation, as stronger than that of PV Power. GPSC has greater revenue and cash flow predictability, as its PPAs are with stronger counterparties. However, its financial profile is weaker; Fitch expects EBITDA net leverage to hover at 5.5x-6.0x, leading to a lower SCP of 'bb' compared with PV Power's 'bb+'. NTPC Limited (BBB-/Stable; SCP: bbb), India's largest power-generation company, accounts for 17% of the country's installed power-generation capacity and 25% of its electricity generation. Fitch assesses NTPC's SCP at 'bbb', one notch above its IDR. The two-notch higher SCP assessment than that of PV Power reflects NTPC's stable operating profit due to a well-established regulatory return framework that allows for timely pass-through of cost changes, despite its higher leverage. Fitch’s Key Rating-Case Assumptions Fitch's Key Assumptions within its Rating Case for the Issuer: - Around 85% to 90% of the power generated to be sold through PPAs with EVN and the balance in the wholesale market. - Revenue from long-term PPAs includes capacity charges to recover initial costs and return on investment as well as variable charges to cover fuel, operating and maintenance costs. - No common dividend in 2026. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the SCP: Business and financial profile factors (assessment, relative importance): management ('bbb', Lower), sector characteristics ('bbb', Moderate), market and competitive positioning ('bb', Moderate), diversification and asset quality ('bbb', Lower), company operational characteristics ('bb+', Higher), profitability ('bb+', Moderate), financial structure ('bbb', Lower), 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. The governance assessment of 'good' has no impact. The operating environment assessment of 'bb' has no impact. The SCP is 'bb+'. To derive the Long-Term IDR: Application of Fitch's Parent 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 Negative Rating Action/Downgrade - A downgrade of PVN. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Positive rating action on PVN. For PVN's Rating, the following sensitivities were outlined by Fitch in a Rating Action Commentary on 14 October 2025: Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Negative rating action on the sovereign. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Positive action on the sovereign, provided the likelihood of sovereign support remains intact. For EVN's Rating, the following sensitivities were outlined by Fitch in a Rating Action Commentary on 27 August 2025: Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Negative rating action on the sovereign Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Positive rating action on the sovereign. Liquidity and Debt Structure PV Power had VND19.3 trillion in cash and cash equivalents at end-2025, against current debt maturities of VND11.2 trillion, including VND9.4 trillion in short-term loans. These loans are mainly for working capital and Fitch expects them to be refinanced on a yearly basis. Moreover, direct and indirect linkages to PVN and the state, respectively, and sound banking relationships with domestic and international banks should support financial flexibility. Issuer Profile PV Power, Vietnam's second-largest electricity producer, has total capacity that accounts for around 6.7% of national installed capacity. Energy output in 2025 was 18.6 billion kWh, equivalent to around 6% of the nation's commercial electricity output. 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 Climate.VS for 2035 for PV Power is 54. This reflects high exposure to climate transition risks in that year, driven by the company's coal-fired generation. However, PV Power's coal-fired generation benefits from stable demand and a long-term PPA through 2040. As a result, Fitch does not expect a major climate-related impact on the company over the next three years. PV Power added 1.6GW of LNG capacity in 2026, which reduced the share of coal-fired generation capacity to 21%, from 28%. 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 ----------- ------ ----- PetroVietnam Power Corporation - Joint Stock Company LT IDR BB+ Affirmed BB+ ********* 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. 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