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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Tuesday, May 19, 2026, Vol. 29, No. 99

                           Headlines



A U S T R A L I A

6100 PTY: First Creditors' Meeting Set for May 22
ABADELL PTY: Four Boost Juice Stores Shut Doors
CREDABL ABS 2025-1: Moody's Raises Rating on Class E Notes to Ba1
ELITE FIBREOPTICS: First Creditors' Meeting Set for May 26
FLIPPERS PLACE: First Creditors' Meeting Set for May 25

GAMA JEWELLERY: Second Creditors' Meeting Set for May 25
JUDO CAPITAL 2026-1: Moody's Assigns (P)B2 Rating to Class F Notes
KINGFISHER TRUST 2026-1: Moody's Assigns (P)Ba2 Rating to E Notes
PEPPER RESIDENTIAL 39: Moody's Ups Rating on Class F Notes to Ba2
PVT LAB: First Creditors' Meeting Set for May 25

VITRINITE GROUP: Workers Owed AUD16MM as Vulcan Mine Bids Come Due
WALKER STORES: Fined AUD33.5MM for Overcharging Consumers


C H I N A

CHINA EVERGRANDE: Liquidators Seek US$8.4BB in Damages From PwC
GREENTOWN CHINA: Moody's Rates New Senior Unsecured Notes 'B1'
KANGDA INTERNATIONAL: S&P Assigns 'BB-' ICR, Outlook Stable


H O N G   K O N G

NEW WORLD: Shares Drop as 11 Skies Sale, New Investor Plans Stall


I N D I A

AARNA FOUNDATION: CRISIL Moves B- Debt Rating to Not Cooperating
AHINSA FLOUR: CRISIL Keeps B Debt Ratings in Not Cooperating
AKR CONSTRUCTION: CRISIL Keeps C Debt Ratings in Not Cooperating
ALLURE TEX: CRISIL Keeps D Debt Ratings in Not Cooperating
AMMA WOODS: CRISIL Keeps D Debt Ratings in Not Cooperating Category

ASHTANGA EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating
AVIAN TECHNOLOGIES: CRISIL Keeps D Ratings in Not Cooperating
BEFFY CASHEW: CRISIL Keeps D Debt Ratings in Not Cooperating
BILASA MEDICALS: CRISIL Keeps B Debt Ratings in Not Cooperating
BIRD MACHINES: CRISIL Keeps D Debt Ratings in Not Cooperating

BLISS IMPEX: CRISIL Keeps B Debt Ratings in Not Cooperating
BLUE DUCK: CRISIL Keeps D Debt Ratings in Not Cooperating
BRAHMAPUTRA TELE: CRISIL Keeps D Debt Ratings in Not Cooperating
ESSENCE BUILDWARE: CRISIL Assigns B Rating to INR10cr Cash Loan
EVER HEALTH: CRISIL Keeps B- Debt Ratings in Not Cooperating

MES INTERNATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating
METCUT TOOLINGS: CRISIL Keeps D Debt Ratings in Not Cooperating
MODERN OVERSEAS: CRISIL Keeps D Debt Rating in Not Cooperating
MOHIB SHOES: CRISIL Lowers Rating on LT/ST Loans to D
NEESARG MOTORS: CRISIL Keeps D Debt Rating in Not Cooperating

NISHANTH POULTRY: CRISIL Keeps D Debt Ratings in Not Cooperating
OVERSEAS CARPETS: CRISIL Keeps B- Debt Ratings in Not Cooperating
PKP PROCESSORS: CRISIL Keeps D Debt Ratings in Not Cooperating
RAJHANS INFRATECH: CRISIL Keeps D Debt Rating in Not Cooperating
RAMADAS MINERALS: CRISIL Withdrawn B Rating on INR7.0cr LT Loan

THAMES STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating


M A C A U

SJM HOLDINGS: Moody's Lowers CFR to B1, Alters Outlook to Stable


N E W   Z E A L A N D

BUILDCO NZ: Creditors' Proofs of Debt Due on July 26
CHANCE VOIGHT: Court to Hear Wind-Up Petition on May 21
CPS BUILDING: Creditors' Proofs of Debt Due on June 4
GOOD GROUP: Waterfront Eatery Harbourside to Close After 38 Years
IL FALCONE: Commences Wind-Up Proceedings

SERT HOLDINGS: Court to Hear Wind-Up Petition on May 28


S I N G A P O R E

CREDO TWO: Creditors' Proofs of Debt Due on June 15
KINETIQUETTES PTE: Commences Wind-Up Proceedings
OSISOFT ASIA: Creditors' Proofs of Debt Due on June 16
PRIMEFIELD COMPANY: Creditors' Proofs of Debt Due on June 16
WATER + PLANTS: Creditors' Meeting Set for June 5



S O U T H   K O R E A

HOMEPLUS CO: Tussles With Meritz Over US$67 Million Loan Terms


V I E T N A M

VINFAST AUTO: Seeks to Shed Most Debt With Vietnam Factory Spinoffs

                           - - - - -


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A U S T R A L I A
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6100 PTY: First Creditors' Meeting Set for May 22
-------------------------------------------------
A first meeting of the creditors in the proceedings of 6100 Pty Ltd
will be held on May 22, 2026, at 10:30 a.m. via electronic means
only.

Mathew Gollant and Andrew William Beck of CJG Advisory were
appointed as administrators of the company on May 13, 2026.


ABADELL PTY: Four Boost Juice Stores Shut Doors
-----------------------------------------------
Yahoo Finance reports that four popular Boost Juice stores have
shut their doors after the company behind them was plunged into
liquidation. The iconic juice and smoothie brand has labelled it a
"difficult time" for all involved, but reassured customers the
stores will reopen.

Abadell Pty Ltd, the company operating the four Boost Juice stores
at Robina, Australia Fair, Paradise Centre and Surfers Paradise on
the Gold Coast, was put into liquidation by the Federal Court on
May 1, according to Yahoo Finance.

Since the court's ruling, all four of the Gold Coast stores have
been labelled as "temporarily closed" on Google. Helen Newman of
BDO Advisory has been appointed as liquidator, Yahoo Finance
discloses.

According to Yahoo Finance, a Boost Juice spokesperson confirmed
that one of its franchise partners operating four stores had
recently entered liquidation, but said it was working to reopen the
four stores.

"We recognise this is a difficult time for all involved. We are
committed to supporting our Franchise Partner throughout this
process," the spokesperson told QRS Media Australia. "We are
pleased to advise that, after working with the liquidator and with
our Franchise Partner, the four stores will begin reopening under
an interim arrangement as early as this weekend, with all of the
locations expected to be fully operational before the end of next
week."

The stores had served customers across the busy retail precincts
for years.

ASIC records show Abadell Pty Ltd, owned by Karen and Steven
Ackland, opened the Paradise Centre store in 2003, followed by
Surfers Paradise in 2004, Australia Fair in 2006, and Robina in
2009.

The company's liquidation followed a winding up application lodged
by the Deputy Commission of Taxation in December last year, Yahoo
Finance notes.

Yahoo Finance says the impacted Gold Coast stores operated as
franchises under Abadell Pty Ltd, rather than directly by Boost
Juice parent company Retail Zoo.

Boost Juice was founded in 2000 by Australian entrepreneur Janine
Allis in Adelaide, with the first store in Adelaide. It has now
grown into a global franchise with more than 580 stores across 13
different countries.

Ms. Allis is also the founder of Retail Zoo, which is behind
popular brands Salsa's Fresh Mex and Betty's Burgers.


CREDABL ABS 2025-1: Moody's Raises Rating on Class E Notes to Ba1
-----------------------------------------------------------------
Moody's Ratings has upgraded ratings on ten classes of notes from
two Credabl ABS.

The affected ratings are as follows:

Issuer: Credabl ABS 2024-1 Trust

Class B Notes, Upgraded to Aaa (sf); previously on Jul 11, 2025
Upgraded to Aa1 (sf)

Class C Notes, Upgraded to Aa1 (sf); previously on Jul 11, 2025
Upgraded to Aa2 (sf)

Class D Notes, Upgraded to Aa3 (sf); previously on Jul 11, 2025
Upgraded to A1 (sf)

Class E Notes, Upgraded to A3 (sf); previously on Jul 11, 2025
Upgraded to Baa2 (sf)

Class F Notes, Upgraded to Baa3 (sf); previously on Jul 11, 2025
Upgraded to Ba2 (sf)

Issuer: Credabl ABS 2025-1 Trust

Class B Notes, Upgraded to Aa1 (sf); previously on Jun 24, 2025
Definitive Rating Assigned Aa2 (sf)

Class C Notes, Upgraded to A1 (sf); previously on Jun 24, 2025
Definitive Rating Assigned A2 (sf)

Class D Notes, Upgraded to A3 (sf); previously on Jun 24, 2025
Definitive Rating Assigned Baa2 (sf)

Class E Notes, Upgraded to Ba1 (sf); previously on Jun 24, 2025
Definitive Rating Assigned Ba2 (sf)

Class F Notes, Upgraded to B1 (sf); previously on Jun 24, 2025
Definitive Rating Assigned 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 prompted by an increase in credit enhancement
available to the affected notes and the good performance of the
collateral pool to date.

No action was taken on the remaining rated classes in the
transactions as credit enhancement remains commensurate with the
current rating for the respective notes.

Credabl ABS 2024-1 Trust

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 22.4%, 16%, 12.8%, 6.7%, and 5% respectively, from
19.3%, 13.3%, 10.4%, 4.7%, and 3.1% at the time of the last rating
action in July 2025.

Principal collections have been distributed on a pro-rata basis
among the rated notes since the September 2025 payment date.
Current total outstanding notes as a percentage of the total
closing balance is 42.2%.

As of end-March 2026, 1.8% of the outstanding pool was 30-plus days
delinquent and no loans were 90-plus days delinquent. The deal has
incurred 0.08% of gross losses (as a percentage of the original
pool balance) to date, all of which have been covered by excess
spread.

Practice premise loans represent 32.9% of the portfolio and benefit
from security over commercial real estate. Balloon loans constitute
a significant 70.7% of the outstanding pool.

Based on the observed performance to date and loan attributes
(including a shorter weighted average life), Moody's have updated
Moody's expected default assumption to 2% (which remains equivalent
to a Ba1 proxy rating) from 2.1% at the last rating action. Moody's
also updated the SME stressed loss for the collateral pool to 17.7%
from 20%.

Credabl ABS 2025-1 Trust

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 13.2%, 9.8%, 7%, 3.1%, and 2.5% respectively, from
10.6%, 7.9%, 5.6%, 2.5% and 2% at closing.

Principal collections have been distributed on a sequential basis
starting from the Class A Notes. Current total outstanding notes as
a percentage of the total closing balance is 80.2%.

As of end-March 2026, 1.6% of the outstanding pool was 30-plus days
delinquent and 0.2% was 90-plus days delinquent. The deal has
incurred 0.01% of gross losses (as a percentage of the original
pool balance) to date, all of which have been covered by excess
spread.

Practice premise loans represent 36% of the portfolio and benefit
from security over commercial real estate. Balloon loans constitute
a significant 61% of the outstanding pool.

Based on the observed performance to date and loan attributes
(including a shorter weighted average life), Moody's maintained
Moody's expected default assumption at 2.5% (which remains
equivalent to a Baa3 proxy rating). Moody's updated the SME
stressed loss for the collateral pool to 17.6% from 19.9%.

Moody's analysis has also considered various scenarios involving
higher mean default rate and SME stressed loss to evaluate the
resiliency of the note ratings.

The transactions are securitisations of a portfolio of practice
premise (commercial real estate), equipment, goodwill, fixture and
fitting, and auto loans to Australian medical and healthcare
professionals.

The principal methodology used in these ratings was "SME
Asset-backed 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.

ELITE FIBREOPTICS: First Creditors' Meeting Set for May 26
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Elite
Fibreoptics Pty Ltd, trading as "Elite Fibreoptics" and "Right Way
Traffic Management", will be held on May 26, 2026, at 11:00 a.m.
virtually.

Anne Meagher and David Michael Stimpson of SV Partners were
appointed as administrators of the company on May 14, 2026.


FLIPPERS PLACE: First Creditors' Meeting Set for May 25
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Flippers
Place Pty Ltd, trading as The Fishbar Benowa, will be held on May
25, 2026, at 9:30 a.m. at the offices of B&T Advisory, at Level 12,
200 Mary Street, in Brisbane, QLD.

Travis Pullen of B&T Advisory was appointed as administrator of the
company on April 16, 2026.


GAMA JEWELLERY: Second Creditors' Meeting Set for May 25
--------------------------------------------------------
A second meeting of creditors in the proceedings of Gama Jewellery
Pty Limited, trading as Evans Jewellers, Evans Manufacturing
Jewellers, has been set for May 25, 2026, at 11:00 a.m. via virtual
meeting.

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 22, 2026 at 4:00 p.m.

Daniel Robert Soire of Jones Partners was appointed as
administrator of the company on April 17, 2026.


JUDO CAPITAL 2026-1: Moody's Assigns (P)B2 Rating to Class F Notes
------------------------------------------------------------------
Moody's Ratings has assigned provisional ratings to the notes to be
issued by AMAL Trustees Limited, as trustee of Judo Capital Market
Trust 2026-1.

Issuer: Judo Capital Market Trust 2026-1

AUD400.0 million Class A Notes, Assigned (P)Aaa (sf)

AUD27.5 million Class B Notes, Assigned (P)Aa2 (sf)

AUD18.5 million Class C Notes, Assigned (P)A2 (sf)

AUD10.0 million Class D Notes, Assigned (P)Baa2 (sf)

AUD14.0 million Class E Notes, Assigned (P)Ba1 (sf)

AUD18.5 million Class F Notes, Assigned (P)B2 (sf)

The AUD11.5 million Class G Notes are not rated by Moody's.

The transaction is a securitisation of a portfolio of term loans,
line of credit facilities, and equipment leases to Australian
small- and medium-sized enterprises ("SME"). Of the portfolio
balance, 62.2% benefits from security over real estate. All
portfolio receivables were originated by Judo Bank Pty Ltd ("Judo
Bank"). This is Judo Bank's second public asset- backed securities
(ABS) transaction.

Judo Bank is an Australian bank providing loans to Australian
businesses since late 2018. The bank competes directly with other
major Australian banking groups with a comparable SME product
offering. The bank pursues a multichannel distribution model using
commercial brokers and direct channels. Judo Bank has a loan book
of AUD13.8 billion as at March 31, 2026.

RATINGS RATIONALE

The ratings take into account, among other factors, (1) Moody's
evaluations of the underlying receivables and their expected
performance; (2) evaluation of the capital structure and credit
enhancement provided to the rated notes; (3) availability of excess
spread over the transaction's life; (4) the liquidity reserve in
the amount of 1.25% of all rated notes; (5) the legal structure;
(6) experience of Judo Bank as servicer; and (7) presence of AMAL
Asset Management Limited as the back-up servicer.

In Moody's views, the credit strengths of this transaction include,
among others:

-- Prime obligors: Judo Bank competes in the Australian business
banking market for prime SME obligors. The portfolio's strong
credit quality is demonstrated by the very low levels of historical
portfolio losses and arrears. As at February 28, 2026 Judo Bank has
written off loans totaling AUD101.5 million and has additional
specific loan provisions of AUD75.0 million which in total
represents less than 0.7% of AUD26.0 billion of origination.

-- Secured lending: All loans are secured by one or more of the
following forms of collateral: general security agreements (GSAs),
and real estate, equipment or standard guarantees from individuals
or legal entities. Of the portfolio balance, 62.2% benefits from
security over real estate.

-- Loss reserve: A loss reserve equal to 0.35% of the invested
amount of the notes will be funded at settlement. The reserve is
available to cover losses not covered by excess spread or the
retention amount ledger.

However, the transaction has several challenging features, such
as:

-- Limited track record: Judo Bank has a relatively limited
origination and servicing track record with loan originations
starting in late 2018. This risk is partly mitigated by the fact
that Judo Bank has an experienced management and operational team
with a substantial track record in Australian business banking.
Judo Bank received its full Australian banking licence from the
Australian Prudential Regulation Authority (APRA) in April 2019,
which helps embed strong standards of governance over its
operational and credit risk functions. Moody's have also been able
to assess the likely losses stemming from Judo Bank's portfolio
against local bank and global benchmark SME portfolios.

-- Portfolio granularity: The number of obligors, 361 individual
borrower groups, is relatively low compared to other SME
securitisations. The lack of granularity is however partly
mitigated by no significant over exposure to individual obligors
and diversity at geographical and industry levels. The largest
obligor exposure is about 0.9% of the portfolio and the top 10
obligors account for less than 8.5%. The largest industry exposure
is 8.5% and the top 5 industry exposures account for less than
23%.

-- Bullet loans: Bullet loans (excluding line-of-credit
receivables) constitute a relatively high proportion (30.0%) of the
portfolio. Moody's stressed the default probability of these loans
to account for the refinancing risk related to bullet maturities.

-- Pro-rata amortisation/performance triggers: The pro-rata
amortisation of the subordinate classes of notes (including Class
G) will lead to reduced credit enhancement of the senior notes in
absolute terms. This exposes the senior notes to the risk of loss
in the tail end of the transaction, particularly should the timing
of defaults prove to be backloaded.

MAIN MODEL ASSUMPTIONS

-- Mean default rate: Moody's assumed a mean default rate of 6.45%
over a weighted average life of 3.1 years (equivalent to a Ba2
proxy rating). The default rate assumption was based on (1) the
historical performance data of Judo Bank's portfolios; (2)
benchmarking to comparable portfolios, including other Australian
bank SME portfolio performance data; (3) the high proportion of
bullet loans and the corresponding impact on the assumed default
rate and (4) the characteristics of the loan-by-loan portfolio
information.

-- Recovery rate: Moody's assumed a 55.1% stochastic recovery rate
with a standard deviation of 20.0%. The recovery rate assumption is
primarily based on the characteristics of the collateral-specific
loan-by-loan portfolio information. In particular, approximately
62.2% of the portfolio is secured by real estate collateral on
which third-party valuation has been obtained.

-- Portfolio stressed loss of 18.6%

PORTFOLIO CHARACTERISTICS

The initial portfolio balance was AUD493,809,323 composed of 771
contracts to 361 borrower groups. The average outstanding loan
balance was AUD604,479 and the average borrower group exposure was
AUD1,367,893. The portfolio consists of business loan (89.7%),
lines of credit (3.9%) and equipment loans (6.4%). The top obligor
exposure is 0.9% and the top ten obligors constitute 8.4% of the
portfolio. The top three industry exposures are accommodation
(8.5%) and non-residential property operators (4.0%) and real
estate services (3.9%).

The weighted average portfolio yield was 8.69%.

KEY TRANSACTION STRUCTURAL FEATURES

-- The notes will be repaid on a sequential basis initially. On
and after the payment date occurring twelve months after the deal
closing date, all notes will receive their pro-rata share of
principal, provided step-down conditions are satisfied. These
include, among others, no unreimbursed charge-offs and payment date
occurring prior to the call option date. If step-down conditions
are no longer met, the repayment of principal will revert to
sequential. The call option date will occur on or after the date on
which the aggregate outstanding amount of the trust receivables is
less than or equal to 10% of the aggregate outstanding amount of
the trust receivables as at settlement date.

The transaction benefits from a funded liquidity reserve that is
sized at 1.25% of the aggregate invested amount of rated notes,
subject to a floor of AUD625,000, and is sufficient to cover
approximately 2.5 months of required payments.

A loss reserve sized at 0.35% of the invested notes will be
available to cover losses remaining after application of excess
spread.

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "SME
Asset-Backed 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 notes include
better-than-expected collateral performance. The Australian economy
is a primary driver of performance.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Additionally, Moody's
could downgrade the ratings in case of poor servicing, error on the
part of transaction parties, a deterioration in the credit quality
of transaction counterparties, or lack of transactional governance
and fraud.

KINGFISHER TRUST 2026-1: Moody's Assigns (P)Ba2 Rating to E Notes
-----------------------------------------------------------------
Moody's Ratings has assigned the following provisional ratings to
six classes of notes to be issued by Perpetual Corporate Trust
Limited as trustee of the Kingfisher Trust 2026-1.

Issuer: Perpetual Corporate Trust Limited as trustee of Kingfisher
Trust 2026-1

AUD690.00 million Class A1 Notes, Assigned (P)Aaa (sf)

AUD18.75 million Class A2 Notes, Assigned (P)Aaa (sf)

AUD24.00 million Class B Notes, Assigned (P)Aa2 (sf)

AUD6.00 million Class C Notes, Assigned (P)A2 (sf)

AUD5.25 million Class D Notes, Assigned (P)Baa2 (sf)

AUD4.50 million Class E Notes, Assigned (P)Ba2 (sf)

The AUD1.50 million Class F Notes are not rated by Moody's.

The transaction is a securitisation of prime Australian residential
mortgages. All mortgages were originated and are serviced by
Australia and New Zealand Banking Group Limited (ANZ,
Aa2/P-1/Aa1(cr)/P-1(cr)). As of September 30, 2025, ANZ's
Australian mortgage assets totalled AUD341 billion, with net loans
and advances amounting to AUD829 billion.

RATINGS RATIONALE

The provisional ratings take into account, among other factors,
evaluation of the underlying receivables and their expected
performance; evaluation of the capital structure and credit
enhancement provided to the notes; the availability of excess
spread over the life of the transaction; the liquidity facility in
the amount of 1.00% of the notes' balance; the legal structure; and
the credit strength and experience of ANZ as servicer.

According to Moody's analysis, the transaction benefits from credit
strengths such as the relatively high subordination to the Class A1
Notes, a low weighted-average scheduled loan-to-value (LTV) ratio,
and a well-seasoned portfolio. However, the transaction features
some credit weaknesses such as further advances, the pro rata
amortisation of Class A1 to Class F Notes, and a relatively high
proportion of non-purchase loans (56.4%).

Moody's MILAN Stressed Loss for the collateral pool –
representing the loss that Moody's expects the portfolio to suffer
in the event of a severe recession scenario – is 3.5%. Moody's
expected loss for this transaction is 0.30%, which represents a
stressed, through-the-cycle loss relative to Australian historical
data.

The key transactional features are as follows:

-- The Class A1 Notes benefit from 8.0% initial note
subordination. The subordination compared with the 3.5% MILAN
Stressed Loss provides additional credit support in the event that
portfolio performance is worse than expected.

-- The notes will initially be repaid on a sequential basis. On or
after the second anniversary from the closing date, all notes may
participate in proportional principal collections distribution
subject to the pro rata criteria being satisfied. The pro rata
criteria include, among others, the subordination to the Class A1
Notes at least doubling since the closing date and no unreimbursed
charge-offs.

-- A liquidity facility, provided by ANZ in the amount of 1.0% of
the aggregate invested amount of all notes at that time, with a
floor of AUD750,000. The liquidity facility will be available where
trust income and principal collections are insufficient to meet the
required payments.

-- There is a basis swap in place to hedge any potential mismatch
between the movements of the variable rates charged on the
receivables and the one month bank bill swap rate (BBSW) paid on
the notes. The swap supplements the threshold rate mechanism – a
standard feature of Australian RMBS – and provides ANZ with
greater flexibility not to adjust the variable interest rate of the
mortgage loans in the portfolio should this be detrimental for
business or performance reasons.

The key portfolio features are as follows:

-- The portfolio has a low weighted-average scheduled LTV ratio of
64.7% and 7.2% of the loans have a scheduled LTV ratio above 80%.

-- The portfolio is well seasoned, with a weighted-average
seasoning of 45.9 months.

-- The portfolio has a relatively high proportion of loans that
are secured by investment properties (43.4%).

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations" published in October 2024.

Factors that would lead to an upgrade or downgrade of the ratings:

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's expectations of loss could
improve from its original expectations because of fewer defaults by
underlying obligors or higher recoveries on defaulted loans. The
Australian jobs market and housing market are major drivers of
performance.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons that
could lead to a downgrade include poor servicing, error on the part
of transaction parties, deterioration in credit quality of
transaction counterparties, fraud and lack of transactional
governance.

PEPPER RESIDENTIAL 39: Moody's Ups Rating on Class F Notes to Ba2
-----------------------------------------------------------------
Moody's Ratings has upgraded ratings on four classes of notes from
two Pepper Residential Securities Trust RMBS.

The affected ratings are as follows:

Issuer: Pepper Residential Securities Trust No. 38

Class F Notes, Upgraded to Baa3 (sf); previously on Oct 29, 2025
Upgraded to Ba1 (sf)

Issuer: Pepper Residential Securities Trust No. 39

Class B Notes, Upgraded to Aaa (sf); previously on Nov 29, 2024
Upgraded to Aa1 (sf)

Class D Notes, Upgraded to A2 (sf); previously on Jul 25, 2025
Upgraded to A3 (sf)

Class F Notes, Upgraded to Ba2 (sf); previously on Jul 25, 2025
Upgraded to B1 (sf)

A comprehensive review of all credit ratings for the respective
transaction(s) has been conducted during a rating committee.

RATINGS RATIONALE

The upgrades were prompted by (1) an increase in credit enhancement
(via notes subordination and Retention Amount Ledger) available for
the affected notes, and (2) the collateral performance to date.

No action was taken on the remaining rated classes in the deals as
credit enhancements remain commensurate with the current ratings
for the respective notes.

Pepper Residential Securities Trust No. 38

Following the April 2026 payment date, credit enhancement available
for Class F Notes has increased to 3.5% from 2.8% at the last
rating action for these notes in October 2025. Principal
collections have been applied on a pro-rata basis to all notes,
with the Class G Notes share allocated in reverse sequential order
to the rated notes, starting with the Class F Notes, since the
September 2025 payment date.

As of end-March 2026, 7.0% of the outstanding pool was 30-plus days
delinquent and 3.8% was 90-plus days delinquent. The deal has not
incurred any losses to date. Current outstanding pool balance as a
percentage of the closing balance is 30.8%.

Based on the observed performance to date and loan attributes,
Moody's have updated Moody's expected loss assumption to 2.3% of
the outstanding pool balance (equivalent to 0.7% of the original
pool balance) from 2.1% of the outstanding pool balance (equivalent
to 0.8% of the original pool balance) at the time of the last
rating action in October 2025. Moody's have maintained Moody's
MILAN CE assumption at 7.5%.

Pepper Residential Securities Trust No. 39

Following the April 2026 payment date, credit enhancement available
for Class B Notes has increased to 13.0% from 7.4% at the time of
the last rating action for these notes in November 2024. Credit
enhancement available for Class D and Class F Notes has increased
to 7.2% and 2.5% respectively, from 5.4% and 1.7% at the time of
the last rating action for these notes in July 2025. Principal
collections have been applied on a pro-rata basis to all notes,
with Class G Notes share allocated in reverse sequential order to
the rated notes, starting with the Class F Notes, since the March
2026 payment date.

As of end-March 2026, 5.1% of the outstanding pool was 30-plus days
delinquent and 2.9% was 90-plus days delinquent. The deal has
incurred de minimis gross losses to date, which have been covered
by excess spreads. Current outstanding pool balance as a percentage
of the closing balance is 38.8%.

Based on the observed performance to date and loan attributes,
Moody's have maintained Moody's expected loss assumption at 2.1% of
the outstanding pool balance (equivalent to 0.8% of the original
pool balance) from the last rating action in July 2025. Moody's
have also maintained Moody's MILAN CE assumption at 7.4%.

These transactions are Australian RMBS secured by portfolios of
residential mortgage loans, originated by Pepper Homeloans Pty
Limited and serviced by Pepper Money Limited. A portion of the
portfolio consists of loans extended to borrowers with prior credit
impairment or made on an alternative documentation basis.

The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations" published in October 2024.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in credit enhancement
available for the notes.

Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the notes' available credit
enhancement, and (3) a deterioration in the credit quality of the
transaction counterparties.

PVT LAB: First Creditors' Meeting Set for May 25
------------------------------------------------
A first meeting of the creditors in the proceedings of PVT Lab Pty
Ltd, trading as Hoole Consulting; PVT Energy; PVT Lab, will be held
on May 25, 2026, at 2:30 p.m. via virtual meeting only.

Joanne Keating of Worrells was appointed as administrator of the
company on May 13, 2026.


VITRINITE GROUP: Workers Owed AUD16MM as Vulcan Mine Bids Come Due
------------------------------------------------------------------
ABC News reports that workers at the troubled Vulcan coal mine in
Central Queensland are owed more than AUD16 million in
entitlements, according to a winding up application in the Federal
Court.

The mine's owner, the Brisbane-based Vitrinite group of companies,
went into voluntary administration on February 22 this year with
debts of more than AUD400 million.

The mine, about 200 km south-west of Mackay, employed 348 people
when it ceased operation, according to the report by administrator
Cor Cordis.

A "circular to creditors" released in March said the "majority" of
employees were stood down from January when the mine came to an
"effective standstill," the ABC relays.

Receivership was initiated by Singaporean commodities trader
Trafigura, which Federal Court documents dated March 17 show is
owed AUD177.3 million.

There are AUD265.9 million in unsecured claims, the ABC discloses.

According to the ABC, the creditors' report focuses on Vulcan Mine
Management and Holston, two Vitrinite-associated, which
collectively managed the mine and ran coal haulage operations.

The report estimated the two companies were "likely insolvent" from
September 30, 2025, but entered "safe harbour" provisions under the
Corporations Act five days later, the ABC relates.

The ABC says administrator Cor Cordis described a mismatch between
the company's reliance on "volatile coal prices" and high operating
costs as the "fundamental cause" of financial difficulties.

It found the mine was also too reliant on "uninterrupted production
volumes", which were compromised by the later-than-expected
introduction of highwall mining at the site.

The mine was originally expected to operate for 20 years, but the
creditor's report found cashflow issues began during a
slower-than-expected approval of a mine extension known as 'Vulcan
South' in late 2024.

However, it said the pivotal point came when the mine transitioned
to an owner-operator model in June 2024, after which metallurgical
coal prices dropped significantly.

The ABC says the Vulcan Mine Management directors also highlighted
to the administrators a failure to buy a nearby coal project, which
could have created "meaningful economies of scale".

However, the administrators concluded "underlying financial
pressures" preceded the group being put into administration.

Receiver KordaMentha was yet to confirm the number of shortlisted
companies to purchase the group of companies, but said final bids
were expected by May 26, according to the ABC.

The administrator said selling the companies could produce a
"potential upside" for creditors.

A winding-up application from mining services company Minespec will
be heard again in the Federal Court on July 1, the ABC notes.

                          About Vitrinite

Vitrinite operates a coal mine known as the Vulcan Coal Mine
located approximately 35 kilometres south of Moranbah in the Bowen
Basin in Queensland.

The Vitrinite group of companies entered voluntary administration
on Feb. 22, 2026. Thomas Birch and Jeremy Nipps of Cor Cordis have
been appointed as administrators of Vitrinite Pty Ltd, Queensland
Coking Coal Pty Ltd, Callan Coking Coal Pty Ltd, Togara South Pty
Ltd and Qld Coal Aust No. 1 Pty Ltd.

KordaMentha's Richard Tucker and David Johnstone were appointed as
Receivers and Managers of Vitrinite and related entities on March
4, 2026.


WALKER STORES: Fined AUD33.5MM for Overcharging Consumers
---------------------------------------------------------
The Federal Court has ordered a AUD33.5 million penalty against
online retailer Walker Stores Pty Ltd (in liquidation), which
traded as Snaffle, for unlawfully overcharging tens of thousands of
consumers under credit contracts.

The Court found Walker Stores broke the law by miscalculating
interest on more than 38,000 contracts, causing customers to be
charged almost AUD20 million more interest - or nearly double the
lawful amount - than they should have been.

The Court also found Snaffle's pricing structure for three sample
credit contracts breached the 48% annual cost rate cap on the costs
that could be charged under a credit contract, resulting in credit
charges of between 88% and 103%.

ASIC Deputy Chair Sarah Court said the case highlighted the
significant harm caused when vulnerable consumers are overcharged
on everyday purchases.

'This is a substantial penalty for egregious misconduct that
impacted tens of thousands of Australians.

'Consumers who enter these types of credit arrangements are often
financially vulnerable. Charging unlawful interest can
significantly exacerbate the customer's difficult financial
position.

'This outcome sends a clear message: businesses must comply with
the law when offering credit, and not structure their business to
avoid consumer protections. ASIC will take strong action against
credit providers who breach these important requirements.'

Justice Beach found that, between September 2021 and February 2025,
Walker Stores entered into more than 38,000 credit contracts where
interest was calculated incorrectly, by applying interest to the
total contract amount rather than the unpaid balance.

In making orders against Walker Stores, his Honour said, 'The
interest calculation contraventions are particularly serious in my
view. Many consumers have been identified as people for whom
Centrelink was their primary source of income'.

'The conduct is of repetition and scale which undermine the
statutory regime and, in my view, substantial penalties are called
for,' his Honour said.

Walker Stores has also been ordered to take reasonable steps to
publish an adverse publicity notice informing consumers of its
misconduct, and to pay ASIC's legal costs.

Justice Beach will publish his reasons for decision in due course.

Action against misconduct exploiting consumers facing financial
difficulty, including predatory credit practices, is one of ASIC's
2026 enforcement priorities.

ASIC commenced proceedings against Walker Stores in May 2025,
alleging it inflated prices and overcharged consumers under credit
contracts offered through its "Snaffle" website.

The contracts allowed consumers to purchase household goods such as
appliances and electronics through instalment payments.

Walker Stores is in liquidation.

Consumers who entered into contracts with Walker Stores between
September 2021 and February 2025 can seek further information about
their accounts, including whether they were affected, by contacting
the current loan administrator, Identifier Analytics Pty Ltd by
email customerexperience@walletpay.au or telephone 1800 577 484.




=========
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CHINA EVERGRANDE: Liquidators Seek US$8.4BB in Damages From PwC
---------------------------------------------------------------
Reuters reports that liquidators for China Evergrande Group are
seeking CNY57 billion (US$8.4 billion) in damages from PwC,
accusing it of being negligent in its auditing work, a Hong Kong
court was told on May 18.

According to Reuters, potential damages would come on top of hefty
fines imposed on the global auditing group by mainland Chinese and
Hong Kong authorities after Evergrande collapsed with more than
$300 billion of liabilities, becoming one of the biggest casualties
of China's property sector crisis.

Of the CNY57 billion, CNY38 billion is being ⁠sought from PwC
International, PwC Hong Kong and PwC's China arm, Reuters relates.
The rest is being sought from just PwC Hong Kong and PwC's China
arm.

May 18's hearing was focused on how much responsibility PwC
International should bear, Reuters says.

Richard Handyside, a lawyer representing PwC International, argued
that the firm should not be a party to the case as the Big Four
company consists of several firms and the Hong Kong and China
entities were not its subsidiaries, Reuters relays.

There were no communications between PwC International and
Evergrande, and it did not have a "duty of care" with respect to
the developer's financial audits, he argued.

But a lawyer for the liquidators, Adrian Beltrami, argued that PwC
International sits at ⁠the top of the group and is responsible
for maintaining the standards of member firms, Reuters says.

Evergrande defaulted on its offshore debt in late 2021 and was
ordered by the Hong Kong High Court to liquidate in 2024.

In 2024, PwC's Chinese arm was penalised by Chinese regulators with
a six-month suspension and a record fine of CNY441 million ($65
million) over ⁠the firm's audit of Evergrande, Reuters recalls.

An investigation by the China Securities Regulatory Commission
found that PwC Zhong Tian LLP "turned a blind eye" to and "even
condoned" Evergrande's inflation of revenues and issuance of bonds
based on those falsified statements.

Reuters says the Hong Kong authorities have also ⁠found that PwC
Hong Kong seriously breached its professional duties in its
auditing of Evergrande.

It was hit with a HK$300 million fine and a six-month suspension
and it also reached an agreement with the city's securities
watchdog ⁠to set aside HK$1 billion ($128 million) to compensate
Evergrande's independent minority shareholders, according to
Reuters.

Creditors' claims against Evergrande total some $45 billion, but
only about $255 million worth of assets have been sold as of last
August, according to the firm's liquidators.

                       About China Evergrande

China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.

China Evergrande Group, the second largest real estate developer in
China, and certain of its affiliates sought creditor protection in
the United States under Chapter 15 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023.

Evergrande, widely known as the most leveraged company in the
world, and its affiliates are asking the U.S. Bankruptcy Court for
the Southern District of New York for recognition of foreign
proceedings as "foreign main" proceeding under Chapter 15.

Evergrande is in the midst of a highly complex restructuring of
around $20 billion in offshore debt.  In total, the Company has
more than $300 billion in liabilities.

Evergrande is incorporated in the Cayman Islands as an exempted
company with limited liability, with its principal place of
business located at 15th Floor, YF Life Centre, 38 Gloucester Road,
Wanchai, Hong Kong.  It is subject to a restructuring proceeding
entitled In the Matter of China Evergrande Group, concerning a
scheme of arrangement between Evergrande and certain Scheme
Creditors pursuant to the relevant provisions of the Hong Kong
Companies Ordinance (Chapter 622 of the Laws of Hong Kong),
currently pending before the High Court of Hong Kong (Case Number
HCMP 1091/2023.

Affiliate Tianji Holding Limited is incorporated in Hong Kong as a
limited liability company, with its principal place of business
located at 17th Floor, One Island East, Taikoo Place, 18 Westlands
Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring
proceeding entitled In the Matter of Tianji Holding Limited,
concerning a scheme of arrangement between Tianji and certain
Scheme Creditors, pursuant to the relevant provisions of the Hong
Kong Companies Ordinance and currently pending before the Hong Kong
Court (Case Number HCMP 1090/2023).

Affiliate Scenery Journey Limited is incorporated in the British
Virgin Islands as a limited liability company, with its principal
place of business located at 2nd Floor Water's Edge Building,
Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is
subject to a restructuring proceeding entitled In the Matter of
Scenery Journey Limited, concerning a scheme of arrangement between
Scenery Journey and certain Scheme Creditors, pursuant to section
179A of the BVI Business Companies Act, 2004, and currently

Pending before the High Court of the Eastern Caribbean Supreme
Court (Case sNumber BVIHCOM 2023/0076).

U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15
proceedings.

Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji.
Maples BVI is the British Virgin Island Counsel to Scenery
Journey.

On Jan. 29, 2024, a Hong Kong court ordered the liquidation of
China Evergrande Group.

GREENTOWN CHINA: Moody's Rates New Senior Unsecured Notes 'B1'
--------------------------------------------------------------
Moody's Ratings has assigned a B1 senior unsecured rating to the
proposed senior notes to be issued by Greentown China Holdings
Limited (Greentown, B1 stable).

Greentown will use the net proceeds from the proposed issuance to
refinance existing indebtedness.

"The proposed issuance will strengthen Greentown's good liquidity
profile with minimal impact on its leverage, because the proceeds
are primarily used for debt refinancing," says Daniel Zhou, a
Moody's Ratings Assistant Vice President and Analyst.

RATINGS RATIONALE

Greentown's B1 corporate family rating (CFR) reflects its strong
brand name and established market position that support
stronger-than-market sales, linkage with a state-owned enterprise
(SOE) shareholder, as well as good liquidity.

These strengths are counterbalanced by Greentown's exposure to
cyclicality in the Chinese property sector, moderate debt leverage,
and exposure to joint ventures, although such exposure is
declining.

Moody's expects Greentown's property sales to continue
outperforming the broader market. In particular, Moody's projects
the company's gross contracted sales to decline by around 10%
annually over the next 12-18 months. Greentown's established brand
name, strong market position and significant presence in
higher-tier cities can mitigate continued sector challenges.
Moody's also forecasts the company's gross margin to improve
gradually over the next 12-18 months.

Greentown will continue to reduce debt with surplus cash flow,
following its consistent adoption of disciplined financial
management. In addition, Greentown's diversified funding access
with a focus on domestic channels helps lower funding costs. These
factors will offset its earnings pressure due to declining revenue
from property sales.

Accordingly, Moody's projects Greentown's adjusted debt/EBITDA to
gradually trend towards 7.5x-8.0x over the next 12-18 months from
8.2x in 2025. In the same projection period the company will also
maintain adjusted EBIT/interest coverage of around 3.0x, which is
strong for its B1 CFR.

Greentown maintains close association with China Communications
Construction Group Limited (CCCG) as the latter's major property
development platform. CCCG also exercises strong influence over
Greentown and consolidates its financials. This linkage will
continue to benefit Greentown's funding access given the SOE
background, which supports its ability to sustain land
replenishment for property development.

Greentown's liquidity is good. The company's cash holdings,
together with its operating cash flow, can sufficiently cover its
maturing debt, committed land premiums and dividends over the next
12-18 months.

Greentown's senior unsecured bond rating is not affected by
subordination to claims at the operating company level. Despite
Greentown's status as a holding company with most of the claims at
the operating subsidiaries, Moody's expects the company to benefit
from its close linkage with CCCG. Accordingly, the recovery for
creditors at the holding company is unlikely to be significantly
weaker than that for project company creditors in a distress
situation.

A comprehensive review of all credit ratings for the respective
issuer(s) has been conducted during a rating committee.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING

The stable outlook reflects Moody's expectations that the company
will maintain stable financial metrics and good liquidity over the
next 12-18 months.

Moody's could upgrade Greentown's ratings if the company
strengthens its sales and financial position. Specifically, Moody's
could upgrade the ratings if the company's debt/EBITDA falls below
7.5x and EBIT interest coverage rises above 3.0x for a sustained
period.

Moody's could downgrade Greentown's rating if its sales decline or
it aggressively grows its business such that its credit metrics and
liquidity weakens.

Credit metrics indicative of downgrade rating pressure include
adjusted debt/EBITDA above 9.0x, or EBIT interest coverage below
1.75x, for a prolonged period.

The principal methodology used in this rating was Homebuilding and
Property Development published in September 2025.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.

Greentown is one of China's main property developers, focused on
Hangzhou city and Zhejiang province. As of December 31, 2025, the
company had 146 projects with a total gross floor area of 23.7
million square meters (sqm), with 15.1 million sqm attributable to
the company.

Greentown listed on the Hong Kong Stock Exchange in July 2006. CCCG
is the company's largest shareholder, with a 28.88% equity stake as
of December 31, 2025, followed by Wharf (Holdings) Limited with a
22.90% stake. Song Weiping, Greentown's founder, owned 7.20% of the
company as of December 31, 2025.

KANGDA INTERNATIONAL: S&P Assigns 'BB-' ICR, Outlook Stable
-----------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term issuer credit
rating to Kangda International Environmental Co. Ltd.

The stable outlook on Kangda reflects S&P views the firm will
execute its disposals and cost-cutting initiatives as planned over
the coming two to three years.

Kangda will take several years to reduce its currently high
leverage. The Chinese wastewater company's proposed sale of
underperforming assets could improve its balance sheet. However,
the gains won't likely be realized within the next 12-18 months, or
within its rating horizon. Local government buyers will carefully
review and negotiate during the process, adding uncertainty to this
timeline.

Proceeds from asset sales could be significant. Kangda will likely
receive about Chinese renminbi (RMB) 1 billion of proceeds from the
disposals. Debt connected with these assets will be deconsolidated
from Kangda's balance sheet. The effect from the debt cut should
outweigh the loss of wastewater treatment capacity and associated
revenue (about 19% of Kangda's current revenues).

Kangda is negotiating with local governments regarding their
repurchase of projects that Kangda views as inefficient, and which
carry significant accounts receivable. While the exact timing of
these transactions could have some moving parts, S&P expects the
governments will buy back the plants. The governments will have
more control over sewage treatment projects they directly own. They
can also use these projects as collateral to obtain loans from
banks or apply for dedicated funds.

The company is also selling its non-controlling equity investments
to a local government. S&P expects the transaction to be finalized
within or before 2027, with the company essentially getting back
its original investment of about RMB450 million.

Following Mr. Duan Chuanliang's purchase of a controlling stake in
Kangda in mid-2025, the Chinese wastewater treatment firm has
increased its focus on deleveraging. S&P expects Kangda to execute
its plan to sell underperforming sewage treatment plants to local
governments.

Disciplined capital expenditure (capex) and cost-cutting should
also help. The company targets to maintain about RMB300 million of
capex over the next few years, as it will only prioritize
maintenance capex and essential upgrades. It will likely hold off
on any expansionary projects. S&P expects the company to start
generating RMB200 million-RMB300 million in discretionary cash flow
over 2026-2028.

Meanwhile, Kangda is using AI to optimize staffing and the
consumption of power and raw materials, helping to cut costs. S&P
expects the company's adjusted EBITDA margin to improve to 51%-52%
in 2026-2028 from 50% in 2025.

These factors should help Kangda deleverage over the next two to
three years. S&P expects Kangda's ratio of funds from operations
(FFO) to debt to improve to 9%-13% over 2026-2028, from 8% in
2025.

Inconsistent policy execution by local governments weakens cash
flow visibility. . .  Delays by some local governments in tariff
adjustment and wastewater treatment fee payments have pressured
working capital turnover across the sector. S&P expects the
company's accounts receivable turnover days to remain high, barring
any impact from project disposals. Kangda's accounts receivable
turnover was about 400 days in 2025, from about 200 days in 2021,
as local governments' fiscal positions tightened following the
pandemic and the property downturn.

. . . but tariff gains may provide a partial offset. S&P said, "We
expect the company will continue to seek implementation of water
tariff adjustments that have been delayed since 2020. Around half
of its completed investments for effluent standard upgrades await
local approval. As approvals are granted, we expect average tariffs
to rise 1%-2% per year over 2026-2028."

S&P said, "We view sewage treatment in China as a regulated
utility; it is an essential service with heavy regulatory
oversight. Kangda operates about 100 sewage treatment projects in
China. The projects are often contracted under build-own-transfer
framework agreements with local governments, with clearly
stipulated minimum volume offtake and cost pass-through mechanisms,
among other terms and conditions.

"We assume China's regulatory framework will remain supportive of
the sewage treatment industry. We also assume governments will
accelerate previously delayed tariff hikes and payments, keeping
with the country's increasing focus on sustainability and improved
environmental standards.

"We assess Kangda's liquidity as less than adequate. The company's
short-term debt maturities amounted to about RMB3 billion by the
end of March 2026. This far exceeds its cash position of only
RMB300 million-RMB400 million, and operating cash flow of about
RMB600 million-RMB700 million generated over the next 12 months.

Kangda has measures in place to support its liquidity. The firm has
reasonably established banking relationships. Its onshore bank
refinancing has remained smooth, and average funding costs from
bank loans are 4.0%-4.5%. It also holds unutilized committed
banking facilities of over RMB1 billion. We also expect Kangda's
liquidity position to improve over the coming two years as it
optimizes its debt structure and deleverages.

"We also expect increasing financing and operational synergies with
China Water Affairs Group Ltd. (CWA; BB+/Stable/--) after Duan
became Kangda's controlling shareholder in mid-2025. Duan is the
chairman of CWA.

"Kangda and CWA are both listed on the Hong Kong stock exchange. We
expect Kangda to be managed as it were part of a wider group. We
assume there will be more strategic alignment for both companies,
with cooperation in AI and technological upgrading, bulk purchases
of raw materials, etc. We also expect Kangda will pursue business
opportunities within CWA's concession areas.

"The stable outlook reflects our expectation that Kangda will sell
assets and improve operations as planned over the next 12-18
months. This also reflects the company's prudent capex and
management of its accounts receivable, such that it can generate
sustainable discretionary cash flow for debt reduction. Our outlook
also assumes the operational and financing synergies between the
company and CWA will continue.

"We could lower the rating if Kangda's ratio of FFO to debt falls
significantly below 9% on a sustained basis." This could happen
if:

-- The company is unable to sell its underperforming sewage
treatment projects as planned, or if the proceeds from these
disposals are well below expectation;

-- Its operating margin deteriorates due to further delays in
tariff adjustments; or

-- Its free cash flow weakens due to further weakening of its
collection of accounts receivable, or the company pursues a more
aggressive expansionary investment strategy.

S&P said, "We could also lower the rating on Kangda if we see a
further weakening of its liquidity position, which could be
reflected by a weakening of banking relationships or contracting
finance facilities, decreasing funding channels, or a substantially
rising average funding cost.

"We could upgrade the company if it maintains a ratio of FFO to
debt at above 15% on a sustainable basis and its liquidity position
improves such that its ratio of liquidity sources to uses exceeds
1.2x." This could happen if:

-- The company executes its deleveraging as planned, involving
disciplined capex and strategic disposals at reasonable
valuations;

-- Its operating performance continues to recover, supported by
sustained volume growth and tariff hikes; and

-- It sees further improvement in financial management, banking
relationships or capital market access, reflected in a lower share
of short-term debt to total debt.




=================
H O N G   K O N G
=================

NEW WORLD: Shares Drop as 11 Skies Sale, New Investor Plans Stall
-----------------------------------------------------------------
South China Morning Post reports that shares of New World
Development (NWD) - the beleaguered property developer owned by one
of Hong Kong's richest families – fell on May 14, after the firm
acknowledged it had made no progress on plans to dispose of a mega
shopping centre project and introduce new investors.

The stock tumbled by as much as 4.7 per cent in Hong Kong, before
paring some of the losses to close 4.3 per cent lower at HK$8.95.
The Hang Seng Index remained largely unchanged for the day.

The SCMP relates that NWD was still in talks with Hong Kong Airport
Authority to seek contractual changes related to 11 Skies – a
HK$20 billion (US$2.6 billion) shopping centre within Hong Kong
International Airport – but the negotiations had yet to produce
results, the developer said in an exchange statement on May 14.

The firm has also not yet sealed any potential investments in the
company, according to the statement.

"The group will manage its financing arrangement with lenders as
part of the group's ordinary course of business, and is not aware
of any deadline for resetting the group's financing terms," NWD
said in the statement.

According to the SCMP, NWD's shares have swung wildly this year
amid recurring speculation and media reports that the company would
introduce new investors to alleviate its financial stress and
improve its balance sheet.

Until May 13, the stock was up 29 per cent so far this year, as
media reported that US asset manager Blackstone was eyeing a US$2.5
billion investment in NWD. But Bloomberg News reported on May 13,
citing unidentified sources, that Blackstone had pulled out of the
deal after a year-long negotiation, because the developer refused
to give up control, the SCMP relays.

The family of billionaire Henry Cheng holds about 45 per cent of
the interest in NWD.

Meanwhile, the South China Morning Post reported on May 13 that
Hong Kong Airport Authority had taken over the retail space in 11
Skies from NWD, citing people familiar with the matter. The project
was supposed to fully open for business last year.

The SCMP reported last year that the airport operator was in talks
with NWD to take back the project. The key sticking point in the
negotiations was over potential compensation, according to the
report, with NWD having agreed to pay the authority HK$1.8 billion
in guaranteed rent annually under its original 40-year contract.

The SCMP says the clarification by NWD poured cold water on
investors who had hoped for a quick turnaround of the indebted
property developer, which has been actively reducing leverage
through debt restructurings and asset disposals in recent years. It
has raised about HK$35 billion through property disposals and sales
over the past year.

The company's total debt had declined by HK$1.7 billion to HK$144.3
billion by the end of December, the SCMP discloses citing the
company's earnings report. Net losses for the six-month period
ending in December narrowed by 44 per cent to HK$3.73 billion, with
impairments on investment properties easing and financing and tax
expenses related to mainland projects falling, it said.

                          About New World

New World Development Company Limited -- https://www.nwd.com.hk/ --
an investment holding company, operates in the property development
and investment business in Hong Kong and Mainland China. Its
property portfolio includes residential, retail, office, and
industrial properties. The company is also involved in the loyalty
program, fashion retailing and trading, and land development
businesses; and development and operation of sports park. In
addition, it operates club houses, golf and tennis academies, and
shopping malls; constructs and operates Skycity complex; and
operates department stores.

New World is still facing challenges even after it pulled off one
of Hong Kong's biggest refinancing deals worth US$11 billion
earlier last year. NWD secured a HKD5.9 billion term loan facility
led by Deutsche Bank AG, announced on Sept. 25, 2025. The facility
is secured by a first-ranking mortgage on the Victoria Dockside
property. This loan, part of a larger refinancing effort, was
smaller than the initially targeted HKD15.6 billion, highlighting
continued lender caution, Bloomberg News said.

Controlled by Hong Kong's Cheng family, New World carries the
heaviest debt burden among major developers in the city, amid a
prolonged real estate downturn in the financial hub and mainland
China. Its net debt reached 95.5 per cent of shareholders' equity
as at December, according to Bloomberg Intelligence.



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AARNA FOUNDATION: CRISIL Moves B- Debt Rating to Not Cooperating
----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Aarna
Foundation (AF) to 'Crisil B-/Stable Issuer not cooperating'.  

                        Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Proposed Long Term       1       Crisil B-/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

Crisil Ratings has been consistently following up with AF for
obtaining information through letter and email dated April 28, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.      

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of AF, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on AF is
consistent with 'Assessing Information Adequacy Risk'. Therefore,
on account of inadequate information and lack of management
cooperation, Crisil Ratings has migrated the rating on bank
facilities of AF to 'Crisil B-/Stable Issuer not cooperating'.  

Set in 2001, AF operates schools in Lucknow (UP). AF also runs
various schemes operated by state and central government in the
surrounding areas. Operations are currently managed by Mr Rahul
Singh.


AHINSA FLOUR: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ahinsa Flour
Mill Private Limited (AFMPL) continue to be 'CRISIL B/Stable Issuer
not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            0.5       CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Cash Credit            0.5       CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Cash Credit            3.5       CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Cash Credit            1         CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Proposed Cash          7.5       CRISIL B/Stable (Issuer Not
   Credit Limit                     Cooperating)

   Term Loan              0.4       CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Term Loan              3         CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Term Loan              1         CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Term Loan              0.2       CRISIL B/Stable (Issuer Not
                                    Cooperating)

Crisil Ratings has been consistently following up with AFMPL for
obtaining information through letter and email dated April 15, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.      

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of AFMPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on AFMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
AFMPL continues to be 'Crisil B/Stable Issuer not cooperating'.  

Incorporated in 2012 and promoted by Mr. Pradeep Bhadora and his
family members, AFMPL processes wheat products such as atta, maida,
suji, rava, and bran under its brands, MP Gold and Swarn Bhog. The
facility in Tikamgarh, Madhya Pradesh, has an installed capacity of
120 tonne per day and is utilised at around 80%.


AKR CONSTRUCTION: CRISIL Keeps C Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of AKR
Construction Limited (AKR) continue to be 'CRISIL C/CRISIL A4
Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        29.12      CRISIL A4 (Issuer Not
                                    Cooperating)

   Bank Guarantee        48         CRISIL A4 (Issuer Not
                                    Cooperating)

   Bank Guarantee        13.13      CRISIL A4 (Issuer Not
                                    Cooperating)

   Letter of Credit        3        CRISIL A4 (Issuer Not
                                    Cooperating)

   Overdraft Facility     15        CRISIL C (Issuer Not
                                    Cooperating)

   Overdraft Facility      5        CRISIL C (Issuer Not
                                    Cooperating)

   Overdraft Facility      7.75     CRISIL C (Issuer Not
                                    Cooperating)

Crisil Ratings has been consistently following up with AKR for
obtaining information through letter and email dated April 15, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.      

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of AKR, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on AKR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AKR continues to be 'Crisil C/Crisil A4 Issuer not cooperating'.  

Established in the early 1990s as a proprietary concern AKR
Construction and later converted into a closely held public company
in 2004, AKR undertakes civil construction works, primarily
irrigation projects in Andhra Pradesh, Telangana, Karnataka, and
Madhya Pradesh.


ALLURE TEX: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Allure Tex
Trend Private Limited (ATTPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Foreign Bill          11          CRISIL D (Issuer Not
   Purchase                          Cooperating)

   Foreign Exchange       0.25       CRISIL D (Issuer Not
   Forward                           Cooperating)

Crisil Ratings has been consistently following up with ATTPL for
obtaining information through letter and email dated April 15, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.      

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of ATTPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on ATTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ATTPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.


ATTPL, incorporated in 2011 in Mumbai, is promoted by Mr. Nirmal
Desai and Mr. Anil Gupta who have been in this industry for a
decade through associate companies. The company started operations
in 2012-13 (refers to financial year, April 1 to March 31). It
manufactures fabrics and ready-made garments.


AMMA WOODS: CRISIL Keeps D Debt Ratings in Not Cooperating Category
-------------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Amma Woods
Private Limited (AWPL) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            1.6       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            5.5       CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      12.5       CRISIL D (Issuer Not
                                    Cooperating)

Crisil Ratings has been consistently following up with AWPL for
obtaining information through letter and email dated April 15, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.      

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of AWPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on AWPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AWPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.  

Incorporated in 2012, AWPL is a Kerala-based company that trades in
timber. The company is managed by the Kerala-based Keyes group
which has over 25 years of experience in the wood trading business.
The day-to-day operations are managed by Ms. K V Sulekha.


ASHTANGA EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ashtanga
Educational Trust (AET) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         2.5        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     0.03       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Rupee Term Loan        7.5        CRISIL D (Issuer Not
                                     Cooperating)

   Rupee Term Loan        5.22       CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with AET for
obtaining information through letter and email dated April 15, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.      

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of AET, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on AET
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AET continues to be 'Crisil D/Crisil D Issuer not cooperating'.  

Set up in 2012, AET operates an Ayurveda hospital and a residential
Ayurveda college in Kottanad, Kerala. Operations are managed by Mr
Narayana Namboodiri.


AVIAN TECHNOLOGIES: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Avian
Technologies (AT) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            2          CRISIL D (Issuer Not
                                     Cooperating)

   Foreign Letter         1.95       CRISIL D (Issuer Not
   of Credit                         Cooperating)

   Long Term Loan         3.26       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     0.39       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

Crisil Ratings has been consistently following up with AT for
obtaining information through letter and email dated April 15, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.      

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of AT, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on AT is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of AT
continues to be 'Crisil D Issuer not cooperating'.  

AT, established in 2013-14 (refers to financial year, April 1 to
March 31), is a partnership firm of Mr. Anupkumar D and Ms. Lakshmi
Venkatsubramanian. It is engaged in sheet metal fabrication and
caters to industries such as capital goods, automotive, and
construction equipment. The firm's plant is in Chennai and has
installed capacity of 150 tonne per month.


BEFFY CASHEW: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Beffy Cashew
Company (BCC) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bill Discounting        7         CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility      3         CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit          8         CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit         27         CRISIL D (Issuer Not
                                     Cooperating)

   Working Capital         4         CRISIL D (Issuer Not
   Facility                          Cooperating)

Crisil Ratings has been consistently following up with BCC for
obtaining information through letter and email dated April 15, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.      

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of BCC, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on BCC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
BCC continues to be 'Crisil D Issuer not cooperating'.  

BCC, set up in 2003, is based in Kollam. The firm processes raw
cashew nuts. Mr. Benny George manages operations.


BILASA MEDICALS: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bilasa
Medicals Private Limited (BMPL) continue to be 'Crisil B/Stable
Issuer not cooperating'.  

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             1         Crisil B/Stable (Issuer Not
                                     Cooperating)

   Term Loan              15         Crisil B/Stable (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with BMPL for
obtaining information through letter and email dated April 15, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.      

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of BMPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on BMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
BMPL continues to be 'Crisil B/Stable Issuer not cooperating'.  

Incorporated in 2009, BMPL runs a multi-specialty hospital, aaRBee
Institute of Medical Sciences, in Bilaspur, Chhattisgarh, with
total capacity of 450 beds. The hospital started operations from
December 2016. The company also runs a nursing college on the same
premises with total intake of 50 students. Fiscal 2018 was the
college's first year.


BIRD MACHINES: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings the ratings on bank facilities of Bird Machines
Limited (BMPL) continue to be 'Crisil D Issuer not cooperating'.  

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             9         CRISIL D (ISSUER NOT
                                     COOPERATING)

   Proposed Fund-          2         CRISIL D (ISSUER NOT
   Based Bank Limits                 COOPERATING)

   Term Loan               1         CRISIL D (ISSUER NOT
                                     COOPERATING)

   Term Loan               2         CRISIL D (ISSUER NOT
                                     COOPERATING)

Crisil Ratings has been consistently following up with BMPL for
obtaining information through letter and email dated April 15, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.      

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of BMPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on BMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
BMPL continues to be 'Crisil D Issuer not cooperating'.  

The company is engaged in the manufacturing of fabricated items
primarily finding application in construction equipments such as
excavators and loaders.


BLISS IMPEX: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bliss Impex
(BI) continue to be 'Crisil B/Stable Issuer not cooperating'.  

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            10         Crisil B/Stable (Issuer Not
                                     Cooperating)

   Term Loan               6.5       Crisil B/Stable (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with BI for
obtaining information through letter and email dated April 15, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.      

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of BI, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on BI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of BI
continues to be 'Crisil B/Stable Issuer not cooperating'.  

Set up in 2005 in Gurugram as a partnership firm by Mr Ravinder
Jain, Mr Ekansh Jain, and Ms Kavita Khanna, BI dyes, prints, and
embroiders fabrics.


BLUE DUCK: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Blue Duck
Textiles Private Limited (BDTPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            5          CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              3          CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with BDTPL for
obtaining information through letter and email dated April 15, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.      

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of BDTPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on BDTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
BDTPL continues to be 'Crisil D Issuer not cooperating'.  

BDTPL was incorporated in 2013 and is owned and managed by Shantanu
Kaul and Gitanjali Kaul. The company prints fabrics and other
related cloth material. Its manufacturing facility is located in
Uttar Pradesh.


BRAHMAPUTRA TELE: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Brahmaputra
Tele Productions Private Limited (BTPPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             3         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     10.23      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan               6.77      CRISIL D (Issuer Not
                                     Cooperating)


Crisil Ratings has been consistently following up with BTPPL for
obtaining information through letter and email dated April 15, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.      

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of BTPPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on BTPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
BTPPL continues to be 'Crisil D Issuer not cooperating'.  

BTPPL was incorporated in 2001 by Mr Jaiswal and family as Jaintia
Ispat Pvt Ltd in Assam. It was renamed as Tsang-Po Smelter Pvt Ltd
in 2003 and got its present name in 2006. BTPPL operates a 24-hour
free-to-air (FTA) satellite news channel, DY365, in Assamese. The
company launched an FTA general entertainment channel, Jonak, in
October 2014.


ESSENCE BUILDWARE: CRISIL Assigns B Rating to INR10cr Cash Loan
---------------------------------------------------------------
CRISIL Ratings has assigned its 'Crisil B/Stable' rating to the
long-term bank facilities of Essence Buildware Private Limited
(EBPL).

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           10          Crisil B/Stable (Assigned)

   Term Loan              5.33       Crisil B/Stable (Assigned)

   Term Loan              4.65       Crisil B/Stable (Assigned)

   Term Loan              1          Crisil B/Stable (Assigned)

   Term Loan              0.02      Crisil B/Stable (Assigned)

The rating reflects the modest financial risk profile and large
working capital requirement of the company. These weaknesses are
partially offset by the extensive experience of the promoters in
the building products industry.

Analytical Approach

Crisil Ratings has considered the standalone business and financial
risk profiles of EBPL. Of the unsecured loan of INR18.74 crore as
on March 31, 2025, from the promoters, INR8 crore has been treated
as neither debt nor equity and the balance has been treated as
debt.

Key Rating Drivers - Weaknesses

* Modest financial risk profile: The financial risk profile is
constrained by moderate estimated networth of INR18.5 crore as on
March 31, 2026, and estimated adjusted gearing and total outside
liabilities to adjusted networth ratio of 1.46 times and 4.7 times,
respectively, as on that date. Debt protection metrics are modest,
as indicated by estimated net cash accrual to adjusted debt ratio
of 0.17 time in fiscal 2026.

* Large working capital requirement: The working capital cycle is
likely to remain stretched and will be a monitorable. Gross current
assets are estimated at 195–200 days as on March 31, 2026, driven
by receivables of 175 days. The firm has been extending credit of
180–200 days to customers for the past two fiscals amid high
dependence on export. Moreover, given the ongoing conflict in West
Asia, liquified natural gas (LNG) and propane supplies have been
impacted, affecting the ceramic industry. EBPL is likely to be
impacted as players have been forced to shut down operations due to
limited availability of natural gas.

Key Rating Drivers - Strengths

* Extensive experience of the promoters: The promoters have
experience of over a decade in the building products industry. This
has given them an understanding of the market dynamics and enabled
them to establish relationships with suppliers and customers. The
scale of operations is moderate, as reflected in operating income
of INR200–210 crore over the two fiscals through 2026.

Liquidity Poor

Bank limit utilisation was moderate at 57% on average for the 12
months through February 2026. Cash accrual, expected above INR4.7
crore per fiscal, will be insufficient to cover term debt
obligation of INR5.2 crore over the medium term. The promoters had
extended unsecured loan of INR18.74 crore as on March 31, 2025, to
meet the working capital requirement and debt obligation. Current
ratio is estimated at a moderate 1.63 times as on March 31, 2026.

Outlook Stable

Crisil Ratings believes EBPL will continue to benefit from the
extensive experience of the promoters and their established
relationships with clients.

Rating sensitivity factors

Upward factors

* Revenue growth and sustenance of profitability leading to net
cash accrual more than INR7 crore
* Improvement in the financial risk profile and liquidity

Downward factors

* Decline in revenue or profitability leading to cash accrual of
less than INR3.5 crore
* Further stretch in the working capital cycle or weakening of the
financial risk profile

Incorporated in 2014, EBPL trades and exports vitrified tiles. It
is based in Morbi, Gujarat.

The company is owned and managed by Janakkumar Jagdishbhai Bhut and
Dilip Pranjivnbhai Saradva.


EVER HEALTH: CRISIL Keeps B- Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ever Health
Life Sciences Private Limited (EHLSPL) continue to be 'Crisil
B-/Stable Issuer not cooperating'.  

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3.5         Crisil B-/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan        4.63        Crisil B-/Stable (Issuer Not
                                     Cooperating)

   Proposed Cash         1.87        Crisil B-/Stable (Issuer Not
   Credit Limit                      Cooperating)

Crisil Ratings has been consistently following up with EHLSPL for
obtaining information through letter and email dated April 15, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.      

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of EHLSPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
EHLSPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of EHLSPL continues to be 'Crisil B-/Stable Issuer not
cooperating'.  

EHLSPL was incorporated in 2008, promoted by Mr K V S Subba Raju
and Mr. Vinod Verma. Based in Vijayawada, Andhra Pradesh, it
manufactures bulk drugs.


MES INTERNATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of MES
International School - Pattambi (MES) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           1.4         CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan       10.0         CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with MES for
obtaining information through letter and email dated April 15, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.      

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of MES, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on MES
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
MES continues to be 'Crisil D Issuer not cooperating'.  

Established in 1978, MES runs a CBSE affiliated school from Jr.
Montessori to 12th standard in Pattambi, Kerala. It is run under
Muslim Education Society Calicut and Dr. Abboobacker is the
chairman of the school.


METCUT TOOLINGS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Metcut
Toolings Private Limited (MTPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            3          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       0.6        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     9.45       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Working Capital        2.9        CRISIL D (Issuer Not
   Term Loan                         Cooperating)

Crisil Ratings has been consistently following up with MTPL for
obtaining information through letter and email dated April 15, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.      

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of MTPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on MTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MTPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.  

Incorporated in 1989, MTPL manufactures carbide cutting tools that
are primarily used in the automotive industry. The company is
promoted by Mr. Kushal J Shetty.


MODERN OVERSEAS: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Modern
Overseas Private Limited (MOPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            12.5       CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with MOPL for
obtaining information through letter and email dated April 15, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.      

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of MOPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on MOPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
MOPL continues to be 'Crisil D Issuer not cooperating'.  

MOPL trades in buffaloes, and is promoted by the Qureshi family,
which has over three decades' experience in the industry.
Operations are managed by Mr Naeem Qureshi and Mr Saleem Qureshi.


MOHIB SHOES: CRISIL Lowers Rating on LT/ST Loans to D
-----------------------------------------------------
CRISIL Ratings has downgraded the ratings to 'Crisil D/Crisil D
Issuer Not Cooperating' from 'Crisil B/Stable/Crisil A4 Issuer Not
Cooperating':

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating        -         Crisil D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'Crisil B/Stable ISSUER NOT
                                     COOPERATING')

   Short Term Rating       -         Crisil D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'Crisil A4 ISSUER NOT
                                     COOPERATING')

Crisil Ratings has been consistently following up with MSPL for
obtaining information through emails dated June 5, 2025 and May 08,
2026 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such
non-cooperation by a rated entity may be a result of deterioration
in its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of MSPL, which restricts Crisil
Ratings' ability to take a forward-looking view on the entity's
credit quality. Crisil Ratings believes that rating action on MSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, Crisil Ratings has downgraded the
ratings to 'Crisil D/Crisil D Issuer Not Cooperating' from 'Crisil
B/Stable/Crisil A4 Issuer Not Cooperating'. As per information
available in the public domain, there remains delinquency in
company accounts and clarity about the same from the management and
bankers is continuing to remain awaited.

MSPL, established in 2006 at Ambur (Tamil Nadu), manufactures and
exports leather shoes. Mr Mohammed Mohibullah and Mr Akheel Ahmed
are the promoters.


NEESARG MOTORS: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Neesarg Motors
(NM) continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit/           6.25       CRISIL D (Issuer Not
   Overdraft facility                Cooperating)

Crisil Ratings has been consistently following up with NM for
obtaining information through letter and email dated April 15, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.      

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of NM, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on NM is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of NM
continues to be 'Crisil D Issuer not cooperating'.  

Established in 2008, NM is a Honda Motorcycle & Scooter India Pvt
Ltd Company Limited. (Honda) dealer of two wheeler and a service
provider of Tata Motors in Palanpur, Gujarat. NM has 3 Honda
authorized showrooms and provides 3S (Sales, Service and Spares)
facilities and 1 Tata service centre in Palanpur. The company is
promoted by Mr Yasin Banglawala.


NISHANTH POULTRY: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nishanth
Poultry Breeding Farm (NPBF) continue to be 'CRISIL D Issuer Not
Cooperating'.

                           Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Proposed Long Term      2.35        CRISIL D (Issuer Not
   Bank Loan Facility                  Cooperating)

   Term Loan               6.2         CRISIL D (Issuer Not
                                       Cooperating)

Crisil Ratings has been consistently following up with NPBF for
obtaining information through letter and email dated April 16, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.      

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of NPBF, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on NPBF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
NPBF continues to be 'Crisil D Issuer not cooperating'.  

NPBF was established in 2016 in Secunderabad and is promoted by Mr
Busani Srinivas and Ms Busani Nandini. It is engaged in the poultry
farming and hatchery business. The firm plans to set up a breeding
farm in Hyderabad.


OVERSEAS CARPETS: CRISIL Keeps B- Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings for the bank facilities of Overseas
Carpets Limited. (OCL) continue to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Discounting       18        CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

   Cash Credit             7        CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

   Export Packing         10        CRISIL B-/Stable (ISSUER NOT
   Credit                           COOPERATING)

Crisil Ratings has been consistently following up with OCL for
obtaining information through letter and email dated April 15, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.      

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of OCL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on OCL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
OCL continues to be 'Crisil B-/Stable Issuer not cooperating'.  

Incorporated in 1981, OCL exports carpets. It is promoted by Mr. O
P Garg. OCL is the flagship company of the Garg group, which has
interest in carpets and handicrafts exports, travel services, and
manufacturing of compact discs.


PKP PROCESSORS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of PKP
Processors (PKP) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3.35        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           5.75        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    2.90        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan             6           CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with PKP for
obtaining information through letter and email dated April 16, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.      

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of PKP, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on PKP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
PKP continues to be 'Crisil D Issuer not cooperating'.  

PKP is engaged in dyeing of fabric and yarn on job work basis. The
firm is managed by four partners Mr P. Subramanian, Mr. Sathish
Kumar, Mr.Vinod Kumar and Mr. Prem Kumar.


RAJHANS INFRATECH: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Rajhans
Infratech Private Limited (RIPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan              16         CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with RIPL for
obtaining information through letter and email dated April 16, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.      

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of RIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
RIPL continues to be 'Crisil D Issuer not cooperating'.  

Incorporated in 1982, RIPL develops real estate in Noida, Uttar
Pradesh. Mr Ramesh Goel and Mrs Neelam Goel are the promoters.


RAMADAS MINERALS: CRISIL Withdrawn B Rating on INR7.0cr LT Loan
---------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
RMPL on the request of Ramadas Minerals Private Limited (RMPL) and
after receiving no objection certificate from the bank. The rating
action is in-line with Crisil Rating's policy on withdrawal of its
rating on bank loan facilities.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            2.5        Crisil B/Stable/Issuer Not
                                     Cooperating (Withdrawn)

   Cash Credit            0.5        Crisil B/Stable/Issuer Not
                                     Cooperating (Withdrawn)

   Long Term Loan         7.0        Crisil B/Stable/Issuer Not
                                     Cooperating (Withdrawn)

Crisil Ratings has been consistently following up with RMPL for
obtaining information through letter and email dated January 23,
2026 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component'.

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of RMPL. This restricts Crisil
Ratings' ability to take a forward looking view on the credit
quality of the entity. Crisil Ratings believes that rating action
on RMPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of RMPL continues to be 'Crisil B/Stable Issuer Not
Cooperating'.

Established in 2012 as a private limited company, RMPL is engaged
in processing of barytes. Based in Chennai, Tamil Nadu, the company
is promoted by Mr.S Ramadas and Ms.K Lalitha.


THAMES STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Thames Steels
Private Limited (TSPL) continue to be 'Crisil D/Crisil D Issuer not
cooperating'.  

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         2          Crisil D (Issuer Not
                                     Cooperating)

   Cash Credit            2.25       Crisil D (Issuer Not
                                     Cooperating)

   Cash Credit            0.95       Crisil D (Issuer Not
                                     Cooperating)

   Cash Credit            2.7        Crisil D (Issuer Not
                                     Cooperating)

   Long Term Loan        13.4        Crisil D (Issuer Not
                                     Cooperating)

   Long Term Loan        10.17       Crisil D (Issuer Not
                                     Cooperating)

   Proposed Term Loan     1.7        Crisil D (Issuer Not
                                     Cooperating)

   Term Loan              5.83       Crisil D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with TSPL for
obtaining information through letter and email dated April 15, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.      

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of TSPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on TSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TSPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.  

TSPL, incorporated in 2004, started commercial operations in 2017.
The company is based in Noida, Uttar Pradesh, and manufactures
aluminum aerosol cans. Mr Rakesh Agarwal, Mr Vijay Gupta, and Mr
Pradeep Agarwal are the promoters.




=========
M A C A U
=========

SJM HOLDINGS: Moody's Lowers CFR to B1, Alters Outlook to Stable
----------------------------------------------------------------
Moody's Ratings has downgraded SJM Holdings Limited's corporate
family rating to B1 from Ba3. Moody's have also downgraded to B2
from B1 the backed senior unsecured rating on the bonds issued by
Champion Path Holdings Limited and SJM International Limited, both
guaranteed by SJM.

At the same time, Moody's have changed the outlook to stable from
negative.

"The downgrade reflects Moody's anticipations that SJM's earnings
growth will only be gradual over the next 12-18 months.
Consequently, while Moody's expects its financial leverage to
improve from a very high level in 2025, it will likely remain
elevated," said Stephanie Lau, a Moody's Ratings Vice President and
Senior Credit Officer.

RATINGS RATIONALE

Moody's expects SJM's adjusted debt/EBITDA to improve to around
7.3x in 2026 from 9.0x in 2025, and to further improve to
approximately 6.3x in 2027. This improvement is primarily driven by
earnings growth, as well as a moderate debt reduction. These
projected leverage levels no longer support the Ba3 CFR and are
more consistent with a B1 level.

Moody's adjusted EBITDA forecasts of HKD4.1 billion in 2026 and
HKD4.5 billion in 2027, up from HKD3.4 billion in 2025, primarily
reflect earnings contribution from Casino L'Arc following its
acquisition in December 2025 and gradual earnings accretion from
tables reallocated from former satellite casinos. These forecasts
also account for continued subdued earnings performance at GLP and
Grand Lisboa, which is generally in line with its Q1 2026
performance.

Moody's forecasts adjusted debt will stay largely stable in 2026
and will decline moderately in 2027.

SJM's B1 CFR reflects its long-standing presence in Macao's gaming
market and the city's favorable long-term growth outlook. At the
same time, the rating captures its geographic concentration in
Macao and intense competition, as well as its high financial
leverage.

SJM's liquidity is good. Its cash holdings (excluding restricted
cash) of HKD2.0 billion and available revolving credit facility
will be more than sufficient to cover its committed capital
spending and maturing debt over the next 12-18 months.

The B2 rating on Champion Path Holdings Limited's and SJM
International Limited's senior unsecured notes is one notch lower
than SJM's CFR because bank loans and subsidiary-level liabilities
are a significant portion of SJM's liability structure and have
priority over the senior unsecured claims at the holding company in
a default scenario.

In terms of environmental, social and governance (ESG) factors, SJM
is exposed to the social risks inherent in the gaming industry. The
company is also exposed to governance risks driven by its
concentrated ownership and control by its parent, SJM by Sociedade
de Turismo e Diversoes de Macau, and its high leverage.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The stable outlook reflects the anticipated gradual improvement of
SJM's financial leverage over the next 12-18 months. Moody's also
expects the company to maintain good liquidity.

Moody's could upgrade SJM's ratings if SJM improves its earnings,
reduces debt, and maintains adequate liquidity. Credit metrics
indicative of this scenario includes SJM's adjusted debt/EBITDA
trending toward 5.5x or lower on a sustained basis.

Conversely, Moody's could downgrade SJM's ratings if Moody's
expects that the company's adjusted debt/EBITDA will stay above
7.0x, due to a slower-than-expected earnings increase or a failure
to reduce debt. Any weakening of its liquidity will also result in
downgrade pressure.

The principal methodology used in these ratings was Gaming
published in September 2025.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.

SJM Holdings Limited (SJM) develops and operates casinos and
integrated resort facilities in Macao. The company is 63% owned by
Sociedade de Turismo e Diversoes de Macau (STDM). Listed on the
Hong Kong Stock Exchange, the company had a market capitalization
of HKD14 billion ($1.8 billion) as of May 14, 2026.



=====================
N E W   Z E A L A N D
=====================

BUILDCO NZ: Creditors' Proofs of Debt Due on July 26
----------------------------------------------------
Creditors of Buildco NZ Limited are required to file their proofs
of debt by July 26, 2026, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 4, 2026.

The company's liquidators are:

          Paul Thomas Manning
          Jessica Jane Kellow
          BDO Tauranga Limited
          Level 1, The Hub
          525 Cameron Road (PO Box 15660)
          Tauranga 3144


CHANCE VOIGHT: Court to Hear Wind-Up Petition on May 21
-------------------------------------------------------
A petition to wind up the operations of:

          - Chance Voight Aviation Limited;
          - Barlow Properties Limited;
          - Butler Properties Limited;
          - Callery Properties Limited;
          - Camden Equities Limited;
          - Copeland Properties Limited;
          - Cropp Properties Limited;
          - CVI Accounting Group Limited;
          - CVI Corporation Limited;
          - CVI Finance Limited;
          - CVI Legal Services Limited;
          - CVI Residential Limited;
          - Gawler Equities Limited;
          - Grafton Equities Limited;
          - Hanmer Equities Limited;
          - Hawdon Equities Limited;
          - Penrith Downs Limited;
          - Perth Properties Limited;
          - Ryton Resources Limited;
          - CVI Financial Group Limited;
          - CVI Funds Management Limited
          - CVI Partners Deep Value Limited;
          - CVI Partners Master Fund Limited;
          - CVI Accountants LP; and
          - CVI Management Services LP

will be heard before the High Court at Christchurch on May 21,
2026, at 10:00 a.m.

Financial Markets Authority filed the petition against the company
on March 30, 2026.

The Petitioner's solicitor is:

          Richard Stephen May
          c/o Luke Cunningham Clere
          Level 18, 125 The Terrace
          (PO Box 10357)
          Wellington 6143


CPS BUILDING: Creditors' Proofs of Debt Due on June 4
-----------------------------------------------------
Creditors of CPS Building Services Limited are required to file
their proofs of debt by June 4, 2026, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 6, 2026.

The company's liquidator is:

          John Scutter
          Fervor Limited
          Level 1, 17–19 Seaview Road
          Paraparaumu Beach


GOOD GROUP: Waterfront Eatery Harbourside to Close After 38 Years
-----------------------------------------------------------------
Stuff.co.nz reports that a popular Auckland waterfront eatery that
has been open for nearly 40 years has announced it will close
"permanently" in June.

After 38 years, Harbourside Ocean Bar Grill will close on June 13,
an announcement on its website said.

Stuff relates that the restaurant, which opened in 1988, said
closure had been a very "difficult decision", adding that the
eatery had been "part of Auckland's dining landscape" for four
decades.

Based in the old Auckland Ferry Building, the restaurant overlooked
the harbour, with diners having a clear view of ferries as they
came and went by the hour.

According to Stuff, the restaurant said the decision to close was
due to ongoing cost pressures and "challenging" trading conditions
in recent years.

"It is no longer viable to continue operating beyond this point"
the restaurant said in its statement.

The eatery is owned by Good Group Hospitality, which also owns
other eateries in Auckland and Queenstown. The decision to close
Harbourside Ocean Bar Grill does not affect the group's other
businesses.

The eatery thanked its customers for their support over the years
and said they "look forward to welcoming" them in their final
weeks.

All existing bookings through to the closure remain confirmed, and
new reservations are still available.

The Auckland hospitality scene has faced several closures in recent
years, including several big-name institutions.

Notable Auckland spots that have closed in the last two years
include SPQR, Homeland, Pilkington's, and Madame George.

Last month, it was also revealed that iconic Karangahape Road cafe
and bar Verona had gone into liquidation.


IL FALCONE: Commences Wind-Up Proceedings
-----------------------------------------
Members of Il Falcone Investments Limited and The Olive Press
Limited on May 4, 2026, passed a resolution to voluntarily wind up
the company's operations.

The company's liquidators are:

          Iain Bruce Shephard
          Jessica Jane Kellow
          BDO Wellington
          Level 1
          50 Customhouse Quay
          Wellington 6011


SERT HOLDINGS: Court to Hear Wind-Up Petition on May 28
-------------------------------------------------------
A petition to wind up the operations of Sert Holdings Limited will
be heard before the High Court at Auckland on May 28, 2026, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on April 13, 2026.

The Petitioner's solicitor is:

          Cloete Van Der Merwe
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104




=================
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:

          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


KINETIQUETTES PTE: Commences Wind-Up Proceedings
------------------------------------------------
Members of Kinetiquettes Pte. Ltd. on May 11, 2026, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

          Ong Shyue Wen
          Saw Meng Tee
          c/o EA Consulting Pte Ltd
          1 North Bridge Road
          #23-05 High Street Centre
          Singapore 179094


OSISOFT ASIA: Creditors' Proofs of Debt Due on June 16
------------------------------------------------------
Creditors of Osisoft Asia 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 5, 2026.

The company's liquidators are:

          Lim Loo Khoon
          Tan Wei Cheong
          Deloitte Singapore SR&T Restructuring Services
          6 Shenton Way
          OUE Downtown 2, #33-00
          Singapore 068809


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 liquidator is:

          Quar Lian Huat
          c/o Tricor Singapore  
          9 Raffles Place
          #26-01 Republic Plaza
          Singapore 048619


WATER + PLANTS: Creditors' Meeting Set for June 5
-------------------------------------------------
Water + Plants Lab Pte. Ltd. will hold a meeting for its creditors
on June 5, 2026, at 4:00 p.m., via electronic means.

Agenda of the meeting includes:

   a. to lay before the creditors a full statement of the company's
affairs, showing the
      assets and liabilities of the Company;

   b. to appoint liquidators;

   c. to form a Committee of Inspection if deemed necessary; and

   d. any other business.

Ong Shyue Wen and Saw Meng Tee of EA Consulting Pte Ltd were
appointed as provisional liquidators of the Company on May 8,
2026.




=====================
S O U T H   K O R E A
=====================

HOMEPLUS CO: Tussles With Meritz Over US$67 Million Loan Terms
--------------------------------------------------------------
Bloomberg News reports that Homeplus Co. is objecting to a
condition tied to a roughly KRW100 billion (US$67 million) bridge
loan from its largest creditor Meritz Financial Group, placing the
emergency funding at risk.

Executives from the retailer and its owner MBK Partners can't
provide personal guarantees because they have already provided
joint assurances to other funding support, Homeplus said in a
statement on May 18, Bloomberg relays. Instead, the company said it
can offer a pledge of subordinated rights related to its real
estate holdings.

According to Yonhap News, Homeplus Co. on May 17 again requested
emergency operating loans from Meritz Securities Co.

"Meritz controls most of the retailer's key assets through
collateral trusts, leaving the company with few options to secure
operating funds independently," Homeplus said. "At this point,
Meritz is the only entity capable of providing emergency operating
loans."

Meritz, however, said it is reviewing a bridge loan request but
requires firm repayment guarantees because of concerns over
potential breach-of-trust liabilities, Yonhap relates.

Yonhap notes that Homeplus recently sold its supermarket business,
Homeplus Express, and temporarily suspended operations at 37 of its
104 hypermarkets as part of efforts to normalize operations and
improve liquidity. Only 67 stores remain in operation.

Private equity firm MBK Partners acquired a 100 percent stake in
Homeplus in 2015 from British retailer Tesco Plc for KRW7.2
trillion (US$4.9 billion). The retailer, however, became
financially strapped due to a slump in the discount store industry
and eventually entered court-led rehabilitation proceedings in
March last year.

Yonhap adds that industry sources said a joint guarantee from MBK
Partners is necessary to avoid potential breach-of-trust
allegations and persuade shareholders to support additional
financing amid uncertainty over the retailer's rehabilitation
prospects.

                          About Homeplus Co

Homeplus Co. operates discount store chain in South Korea. It
currently operates 126 stores nationwide.

Homeplus entered court-led rehabilitation process on March 4, 2025,
after a Seoul court approved the request by MBK Partners, the
private equity fund that owns the discount store chain.

The decision came after Korea Investors Service and Korea Ratings
Inc. downgraded the company's rating, citing the company's lack of
efforts to improve its financial health.




=============
V I E T N A M
=============

VINFAST AUTO: Seeks to Shed Most Debt With Vietnam Factory Spinoffs
-------------------------------------------------------------------
Bloomberg News reports that VinFast Auto Ltd. said its planned sale
of two Vietnamese factories will enable the electric vehicle maker
to shed about VND182 trillion (US$6.9 billion) in debt and
obligations while potentially speed its path toward profitability.

"After restructuring, VinFast will essentially be debt-free, with
only a small amount remaining," the company said in an emailed
statement responding to Bloomberg’s questions.

Founder Pham Nhat Vuong, who is also Vietnam's richest man, said
last month that he expected VinFast to hit the earnings before
interest, taxes, depreciation and amortisation breakeven point in
2027, Bloomberg recalls. The company declined to provide a timeline
for reaching profitability after the spinoff, but said it expects
to generate a profit in its domestic market in 2027, according to
the statement.

"This is a strategic pilot model for VinFast," the struggling EV
maker said in the statement. "If the model proves effective, we
will continue to scale and expand it. If challenges arise, we
remain prepared to make the necessary adjustments."

Under the restructuring announced May 12, VinFast will separate its
manufacturing operations into a standalone company, effectively
outsourcing production at its plants in the northern port city of
Haiphong and the north-central province of Ha Tinh, Bloomberg
says.

Bloomberg relates that the move would also allow the facilities to
manufacture vehicles for other automakers, though VinFast said that
its own orders will be prioritised. It will retain its overseas
production operations at factories in India and Indonesia.

The manufacturing operations are housed under VinFast Trading and
Production, or VFTP, and VinFast plans to transfer its entire stake
in the unit - valued at about VND13.3 trillion - to a buyer group
led by Future Investment Research and Development, with Vuong also
participating as a minority investor, according to a filing.

Following the transfer, Future Investment will hold 95.5 per cent
of VFTP, while Vuong will own less than 5 per cent. The buyer group
will also assume borrowings, bonds, finance leases, payables and
other obligations tied to VinFast's manufacturing operations,
relays Bloomberg.

Future Investment, formerly known as Novatech R&D, was spun out of
VFTP last year to hold intellectual property assets before being
sold to Vuong for about US$1.5 billion. Vuong later divested his
stake in the firm. The filing lists Nguyen Hoai Nam as its majority
voting shareholder.

Meanwhile, the restructuring could also ease the debt burden of
parent Vingroup, which has total debt of about VND358 trillion,
according to data compiled by Bloomberg. The transaction would
allow the EV maker to generate "significant value for Vingroup",
instead of continuing to draw resources from the conglomerate,
VinFast said in the statement.

VinFast reported a net loss of VND97.25 trillion in 2025, widening
25.7 per cent from a year earlier, Bloomberg discloses.

"Upon completion, the transaction could support VinFast's
transition towards a less asset- and debt-intensive operating
structure," Vietcap Securities wrote in a note. "The transaction
may also help improve Vingroup's balance-sheet risk perception."

To be sure, the restructuring may not fully insulate the broader
Vingroup ecosystem from manufacturing-related risks, given
VinFast's operational links to the spun-off entity and the
involvement of Vuong, also founder and chairman of Vingroup, in the
buyer consortium.

According to Bloomberg, VinFast still faces challenges expanding
overseas as well in an increasingly crowded EV market dominated by
Chinese rivals, while scaling back plans for a North Carolina
factory that is now expected to be smaller than originally
envisioned.

The deal is expected to close by the third quarter, subject to
shareholder and creditor approvals, Bloomberg adds.

                         About VinFast Auto

VinFast Auto Ltd. (NASDAQ: VFS) -- https://vinfastauto.us/ -- is an
automotive manufacturer, engages in Automobiles and E-scooter
related business in Vietnam and the United States. The company
operates through Automobiles, E-scooter, Spare Parts, and
Aftermarket Services segments. The Automobiles segment offers
design, development, manufacturing, and sale of cars and electric
buses. The E-scooter segment provides design, development,
manufacturing, and sales of e-scooters. The Spare Parts, and
Aftermarket Services segment engages in sale of spare parts and
aftermarket services for automobiles and e-scooters. VinFast Auto
Ltd. is based in Hai Phong City, Vietnam. The company operates as a
subsidiary of Vingroup Joint Stock Company.

VinFast Auto's working capital deficit was VND106.7 million at
December 31, 2024.  The deficit was VND101.4 million at December
31, 2023.

At December 31, 2024, the Company had total current assets of
VND64.8 million and total current liabilities of VND171.5 million.
At December 31, 2023, the Company had total current assets of
VND50.6 million and total current liabilities of VND152.0 million.



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

Copyright 2026.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
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