260525.mbx

260525.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Monday, May 25, 2026, Vol. 29, No. 103 Headlines A U S T R A L I A ALLAVON PTY: First Creditors' Meeting Set for June 1 ALO HOLDINGS: First Creditors' Meeting Set for June 2 DUSTY FOX: First Creditors' Meeting Set for June 2 IMP BUILDING: Loses Licences; Two Companies Faces Liquidation IVORYPINE PTY: First Creditors' Meeting Set for May 29 KOOSHY KIDS: Kids Travel Brand Pushed Into Liquidation ONESTEEL MFG: Billionaire Matt Latimore Bids for Whyalla Steelworks SHIFT OVERDRAFT 2025-1: Moody's Ups Rating on Class E Notes to Ba1 WHITE ROCK: First Creditors' Meeting Set for May 28 B A N G L A D E S H BANGLADESH: Central Bank Unveils BDT600BB Stimulus as Growth Slows C H I N A SEAZEN GROUP: S&P Alters Outlook to Stable, Affirms 'B' ICR H O N G K O N G FUTU HOLDINGS: Gets CSRC Probe and Penalty Notice Over Operations LIFESTYLE INT'L: Sogo Department Store Races to Refinance Loan I N D I A FLOATELS INDIA: CRISIL Keeps B- Debt Ratings in Not Cooperating GAJANAND GINNING: CRISIL Lowers Rating on INR7cr Cash Loan to D GAYATRI INFRA: CRISIL Withdraws B+ Rating on INR2.51cr Loan HS AKASH: CRISIL Lowers Rating on INR70cr Cash Loan to D INDRAYANI SALES: CRISIL Keeps B Debt Ratings in Not Cooperating INFOCITY PROJECTS: CRISIL Keeps B Debt Rating in Not Cooperating J.P. SINGHAL: CRISIL Keeps D Debt Rating in Not Cooperating JAI MATA: CRISIL Keeps B Debt Ratings in Not Cooperating Category JIVANDHARA COTTON: CRISIL Keeps B Debt Rating in Not Cooperating JR FOODS: CRISIL Lowers Rating on INR15cr Cash Loan to D M. M. INTERNATIONAL: CRISIL Withdraws D Rating on INR2.5cr Loan MAKSI AGRO: CRISIL Lowers Rating on INR11.5cr Term Loan to D MUBARAK OVERSEAS: CRISIL Lowers Rating on INR16.5cr Loan to D NIWAS COLD: CRISIL Keeps B Debt Ratings in Not Cooperating PRC YARN: CRISIL Lowers Rating on INR5cr Cash Loan to D R.K. SCAN: CRISIL Keeps B- Debt Rating in Not Cooperating Category RADHA KRISHNA: CRISIL Lowers Rating on INR2.5cr Cash Loan to D RAM AUTOTECH: CRISIL Keeps D Debt Ratings in Not Cooperating S HOMES: CRISIL Keeps D Debt Ratings in Not Cooperating Category S.M. RAM: CRISIL Keeps D Debt Ratings in Not Cooperating Category SARAYU CLEANGEN: CRISIL Keeps B Debt Ratings in Not Cooperating SARDAR JEWELLERS: CRISIL Keeps B- Debt Rating in Not Cooperating SHAHI FOOD: CRISIL Keeps B Debt Rating in Not Cooperating SHAKTI BASMATI: CRISIL Keeps D Debt Ratings in Not Cooperating J A P A N TEPCO HOLDINGS: S&P Alters Outlook to Stable, Affirms 'BB+' ICR N E W Z E A L A N D A G BUILDERS: Court to Hear Wind-Up Petition on June 11 CONCEPT BUILDERS: Creditors' Proofs of Debt Due on July 14 REUNION FOOD: First Creditors' Meeting Set for June 2 RIDREY PRODUCE: Court to Hear Wind-Up Petition on June 3 TERRACE BAR: Creditors' Proofs of Debt Due on June 12 P H I L I P P I N E S DITO CME: Net Loss Widens to PHP6.76 Billion in Q1 Ended March 31 S I N G A P O R E ENTER ENGINEERING: Court to Hear Wind-Up Petition on May 29 KINBO CONSTRUCTION: Court Enters Wind-Up Order MOMOLATO PTE: Court Enters Wind-Up Order QI TECK: Court to Hear Wind-Up Petition on June 5 WAVEMAKER LABS: Creditors' Proofs of Debt Due on June 22 - - - - - ================= A U S T R A L I A ================= ALLAVON PTY: First Creditors' Meeting Set for June 1 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Allavon Pty Ltd, trading as Aquashop, will be held on June 1, 2026, at 10:30 a.m. via teleconference facilities. Jason Walter Bettles of Worrells was appointed as administrator of the company on May 20, 2026. ALO HOLDINGS: First Creditors' Meeting Set for June 2 ----------------------------------------------------- A first meeting of the creditors in the proceedings of ALO Holdings Pty Ltd, A.C.N. 620 506 210 Pty Ltd (Formerly known as Broadkast Pty Ltd), and DRM Holdings Investment Pty Ltd will be held on June 2, 2026, at 10:00 a.m. at the offices of SV Partners, 22 Market Street, in Brisbane, QLD and virtually. Terrence John Rose and David Michael Stimpson of SV Partners were appointed as administrators of the company on May 21, 2026. DUSTY FOX: First Creditors' Meeting Set for June 2 -------------------------------------------------- A first meeting of the creditors in the proceedings of Dusty Fox Cafe Pty Ltd will be held on June 2, 2026, at 11:00 a.m. at the offices of Kennedy Ryan Advisory, at Level 4, 15 Queen Street, in Melbourne, VIC. Richard Rohrt and Karen Kelson of Kennedy Ryan Advisory were appointed as administrators of the company on May 21, 2026. IMP BUILDING: Loses Licences; Two Companies Faces Liquidation ------------------------------------------------------------- Ian Horswill at The Weekly Source reports that a Queensland building company has had its builder licences cancelled while creditors look to place two of their companies into liquidation over unpaid debts. The Weekly Source relates that Logan-based IMP Building Group, whose website is "temporarily unavailable", is facing a liquidation bid by construction supplier Flexihire in the Supreme Court of Victoria, while a second IMP company is in receivership and facing wind-up in the Brisbane Supreme Court. IMP Building Group had been working on the Riverbend land lease residential parks at Burpengary, Agnes Water, Yandina and Hervey Bay in QLD. Riverbend has sought to extend further into NSW and South Australia. Both IMP companies are solely directed by Gold Coast-born Ivan Perkovic, 44, who was listed on their website as construction manager and "seasoned master builder". According to The Weekly Source, lender Bizcap appointed receivers to IMP QLD's assets on January 13 over a loan agreement signed in May last year. The receivership ended on May 7, about a week after the wind-up action was launched. Queensland Building and Construction Commission (QBCC) records indicate IMP QLD's category 2 licence was cancelled in March for failure to pay debts or comply with an audit. The Weekly Source relates that the licence said it was considered an excluded company because of Ivan Perkovic's directorship of the other IMP company, which was formerly named IMP Building Group, and had receivers appointed last month. According to The Weekly Source, credit agency CreditorWatch rated both companies as having the highest possible default risk, with IMP Building Group alone receiving 464 credit inquiries in the past year. That company has registered payment defaults worth more than AUD200,000 – not including the debt from Flexi Commercial which is the subject of its wind-up action. "Entity has very high repayment risk and is among the worst 10% of payers nationally," according to CreditorWatch, which said it had an average payment time of 124 days, compared to the industry average of eight days. IMP QLD also has multiple payment defaults registered. The company's independent online reviews paint an unflattering picture, with subcontractors complaining of not being paid as far back as last October. No regulatory action has been taken against any individual involved with either company, and there is no suggestion of any criminal wrongdoing. The Weekly Source adds that the Victorian wind-up action of IMP Building Group QLD is scheduled for a hearing on May 27, while the Queensland wind-up action for the company formerly named IMP Building Group is set for a directions hearing on June 11. IVORYPINE PTY: First Creditors' Meeting Set for May 29 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Ivorypine Pty Ltd will be held on May 29, 2026, at 11:00 a.m. via Microsoft Teams and held notionally at Grant Thornton, Grosvenor Place, Level 26, 225 George Street, in Sydney, NSW. John McInerney and Jialan Xu of Grant Thornton Australia Limited were appointed as administrators of the company on May 19, 2026. KOOSHY KIDS: Kids Travel Brand Pushed Into Liquidation ------------------------------------------------------ News.com.au reports that an Aussie mum has redirected customers to a "dupe" of her own failed travel business while owing thousands to creditors and facing liquidation. According to news.com.au, Australian travel accessories business Kooshy Kids was ordered into liquidation in the Supreme Court last week after FlexCollect, on behalf of Wayflyer Finance, successfully applied to wind up the company. The Gold Coast-based company gained a loyal following for its inflatable in-flight sleep devices and travel activity sets marketed for children and families. Gold Coast mother and founder Louisa "Lou" Lee Williams was the sole director and shareholder of Kooshy Kids, which began trading in 2017, news.com.au discloses. A statement on the Kooshy Kids website claims the business was "taking a break" and "paused . . . indefinitely"; however, it directed potential customers to Travel X Store. News.com.au says ASIC records show a business of the same name was registered in February 2026 under a Jyeden Williams, although the ABN was cancelled on May 6 this year. The Travel X Store website appears to sell similar inflatable in-flight travel accessories. On its website, Ms Williams credits herself as the Travel X Store founder, claiming she created the business in 2024 as a "dupe" alternative to Kooshy Kids, news.com.au relays. "I kept seeing and hearing about cheap knock-offs everywhere and what a disaster they have been for families that have attempted to use them," the website about page reads. "Instead of hearing about families feel like they had no choice but to gamble on random alternatives . . . I built the safe alternative myself. "I basically duped my own brand (Kooshy Kids)." The Courier Mail reported, based off statistics from credit reporting agency CreditorWatch, Kooshy Kids defaulted on two payments of about AUD4,500 to DHL Express courier service and about AUD15,000 to Slumbertrek Australia – a manufacturer specialising in outdoor lifestyle products, according to news.com.au. Court records show Slumbertrek Australia appeared at the Supreme Court matter on May 14 but played no role in the proceedings, news.com.au adds. News.com.au relates that Ms. Williams shared a joint video post to her personal Instagram page and Kooshy Kids page on May 6, telling followers she would be closing down the business. "After nine years I have decided to take a step back from Kooshy Kids," she said in an emotional statement. "Whether this is permanent I don't know." Ms. Williams took ultimate ownership over the business's downfall. "Lots of things contributed to it, I could go on . . . but I am going to take accountability," the report quotes Ms. Williams as saying. "I am the one who made the choice to invest in stock, and hire extra staff, and the wages and make the biggest financial commitment of my life in the airport store." ONESTEEL MFG: Billionaire Matt Latimore Bids for Whyalla Steelworks ------------------------------------------------------------------- The Australian Financial Review reports that billionaire businessman Matt Latimore, who built M Resources into a powerhouse with annual revenues of more than AUD1.5 billion by selling coal to steel makers, said the Whyalla steelworks and associated iron ore deposits should be Australian-owned, as he makes his pitch to acquire the operation. The Financial Review relates that Mr. Latimore took M Resources' private jet to Whyalla in South Australia early last week for meetings with the administrators KordaMentha and other local stakeholders as the sale process heads towards its final stages. "We are putting our best foot forward to secure these assets in Australian hands," the Financial Review quotes Mr. Latimore as saying. He faces competition from a consortium headed by BlueScope Steel, which also includes Japan's Nippon Steel, South Korea's POSCO and India's JSW Steel. M Resources is working with ASX-listed Hazer Group, which is developing technology to produce low-emissions hydrogen and graphite from natural gas. According to the Financial Review, Hazer's chief executive, Glenn Corrie, said it was seven times cheaper than rival technology and could be deployed to power a potential new steel plant at Whyalla to reduce its carbon footprint. Whyalla's current ageing blast furnace has been offline for more than six weeks and is nearing the end of its life, having been built by BHP in the early 1960s. Mr. Latimore has built his fortune by selling metallurgical coal to steel makers around the world. M Resources made a net profit of AUD111 million in the year to June 30, 2025, according to accounts lodged with the Australian Securities and Investment Commission. That was 17 per cent higher than the previous year. A shortlist of potential buyers is expected to be whittled down to two by early next month, the Financial Review notes. The BlueScope consortium is widely seen as the front-runner, and was granted the right to match any final bid at the outset of the process last year. KordaMentha declined to comment on the sale process. The Whyalla steelworks and magnetite ore mines in the nearby Middleback Ranges were forced into administration by the South Australian government in February last year after it lost patience following months of unpaid bills and poor maintenance under eight years of ownership by British businessman Sanjeev Gupta. The plant has received a AUD2.6 billion taxpayer bailout from both the federal government and the state government, according to the Financial Review. Most industry players agree that a new steel plant will need to be built on the Whyalla site. Hazer, which is backed by $1 billion venture capital fund AP Ventures, outlined in a letter to shareholders on May 5 that the Whyalla cleaner steel opportunity was a potential game changer. "The steelworks are a very strategic asset for Australia. We're bringing a solution at an industrial scale," the report quotes Mr. Corrie as saying. The plant is vital to the Whyalla economy, employing more than 1,000 people directly and 2,000 indirectly out of a town population of just over 20,000. KordaMentha and the SA government have also been talking up the value of millions of tonnes of magnetite ore in deposits in the Middleback Ranges, about 60 kilometres from the steelworks. The Financial Review adds that State Treasurer Tom Koutsantonis said on May 13, "We've got a very robust sale process and the lucky thing for South Australia and the country is what's underpinning the sale process is an unbelievable iron ore resource that is very, very profitable." M Resources' financial accounts show the company's bankers for its coal trading include BIC-Bred Suisse from Switzerland and Nexent Bank from the Netherlands, and that it has an overdraft limit of US$85 million (AUD119 million) with ING Bank. Along with coal assets in Australia, M Resources also owns a 50 per cent stake and management rights to freight group OneRail, which it bought for AUD888 million in 2023. About OneSteel Manufacturing OneSteel Manufacturing Pty Limited manufactures steel products. The Company offers a variety of products including steel pipes, valves, and sheets. OneSteel is part of the GFG corporate group and is the legal entity that owns and operates the Whyalla steelworks and the iron ore mining operations in the Middlebank Range in South Australia. On Feb. 19, 2025, KordaMentha partners Mark Mentha, Sebastian Hams, Michael Korda and Lara Wiggins were appointed voluntary administrators of OneSteel Manufacturing. The appointment was made by the South Australian Government. The state government took the decision to place OneSteel in administration, after losing confidence in the financial capability of GFG Alliance to pay its bills as and when they fall due, and in GFG's ability to secure funding needed for the ongoing operation of the steelworks, according to Department for Energy and Mining. SHIFT OVERDRAFT 2025-1: Moody's Ups Rating on Class E Notes to Ba1 ------------------------------------------------------------------ Moody's Ratings has upgraded ratings on four classes of notes issued by Shift Overdraft 2025-1 Trust. The affected ratings are as follows: Issuer: Shift Overdraft 2025-1 Trust Class B Notes, Upgraded to Aa2 (sf); previously on Jun 24, 2025 Upgraded to Aa3 (sf) Class C Notes, Upgraded to A1 (sf); previously on Jun 24, 2025 Upgraded to A3 (sf) Class D Notes, Upgraded to Baa2 (sf); previously on Jun 24, 2025 Upgraded to Ba1 (sf) Class E Notes, Upgraded to Ba1 (sf); previously on Jun 24, 2025 Upgraded to Ba3 (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, a shortening of the overdraft facilities drawdown period and the performance of the collateral pool to date. No action was taken on the remaining rated Class A Notes, as their current rating is already at the highest achievable rating in Moody's rating scale, after taking into consideration the portfolio credit risks, including the limited historical data of Shift's unsecured business overdraft facilities. Principal available for note redemption has been distributed sequentially since closing. Following the April 2026 payment date, notes subordination (excluding Class S Notes) available for the Class B, Class C, Class D, and Class E Notes has increased to 28.1%, 18.6%, 6.6%, and 3.7% respectively, from 24.4%, 16.2%, 5.7%, and 3.2% at closing. Notes subordination percentage can decrease following drawings on the Further Advance Facility or Seller Advances, subject to subordination remaining above closing. In each period, any drawdowns of overdraft receivables in excess of available principal collections are funded by either, or both, Seller Advances and the Further Advance Facility in conjunction with Class S Notes. Seller Advances and the Further Advance Facility are repayable via the principal waterfall senior to the Class A Notes. The Class S Notes are repayable via the principal waterfall and rank junior to the Class F Notes. Current closing balance of Further Advance Facility is at AUD3.89m (or equivalent to 2.2% of outstanding pool balance). The transaction will not fund any further draws on the portfolio after the April 2027 payment date. As of end-March 2026, 2.5% of the outstanding pool was 30-plus days delinquent and 0.7% of the outstanding pool was 90-plus days delinquent. The deal has incurred 1.6% of gross losses (as a percentage of the original pool balance) to date, all of which have been covered by excess spread. Current total outstanding pool balance as a percentage of the total closing balance is 88.1%. Based on the observed performance to date and loan attributes, Moody's have updated Moody's expected default assumption to 13.1% of the modelled pool balance (which remains equivalent to a B1 proxy rating) from 12.8% of the modelled pool balance at the time of the last rating action in June 2025. Moody's have maintained the SME stressed loss for the collateral pool at 43.8%. Moody's analysis has also considered various scenarios involving higher mean default rate and additional drawdown amounts to evaluate the resiliency of the note ratings. The transaction is a securitisation of a closed pool of unsecured business overdraft receivables to Australian small- and medium-sized businesses. 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. WHITE ROCK: First Creditors' Meeting Set for May 28 --------------------------------------------------- A first meeting of the creditors in the proceedings of White Rock Minerals Ltd will be held on May 28, 2026, at 11:00 a.m. via virtual meeting. Nathan Deppeler and Matthew Jess of Worrells were appointed as administrators of the company on May 18, 2026. =================== B A N G L A D E S H =================== BANGLADESH: Central Bank Unveils BDT600BB Stimulus as Growth Slows ------------------------------------------------------------------ Reuters reports that Bangladesh's central bank on May 23 announced a BDT600 billion (US$5 billion) stimulus package to revive shuttered factories and support businesses as economic growth slows. Reuters relates that the package aims to restart production, create jobs and restore business confidence, as export-oriented industries, especially the ready-made garment sector, struggle with weaker global demand, higher input costs and supply chain disruptions, while rising import bills add to pressure on the economy amid geopolitical tensions in the Middle East. According to Reuters, Bangladesh Bank Governor Mostaqur Rahman said ⁠the stimulus includes a BDT410 billion refinancing fund raised from banks with excess liquidity through long-term deposits of at least three years at a 10% interest rate, alongside a BDT190 billion fund drawn from the central bank's own resources and backed by a government guarantee. Reuters says the largest allocation, amounting to BDT200 billion, will be used to reopen closed and distressed factories and support service-sector businesses. The central bank estimates the programme could help create ⁠around 250,000 jobs. Another BDT100 billion has been earmarked for agriculture and the rural economy, to support food production and rural employment, officials said. The refinancing scheme is intended to prioritise export‑oriented industries, particularly garments, which account for more than 80% ⁠of Bangladesh's export earnings. Bangladesh's economic growth eased to 3% in the second quarter of the 2025–26 fiscal year, which ends in June, compared to 3.5% a year earlier, Reuters discloses citing provisional data from the Bangladesh Bureau of Statistics. Businesses have been calling for stronger policy support as high borrowing costs, persistent inflation and tight ⁠financing conditions weigh on investment and industrial activity. Economists said reopening idle factories and improving access to credit could help stabilise production, protect jobs and support exports, adds Reuters. About Bangladesh Bangladesh is a country in South Asia. It is the eighth-most populous country in the world and is among the most densely populated countries with a population of 170 million in an area of 148,460 square kilometres (57,320 sq mi). Dhaka, the capital and largest city, is the nation's political, financial, and cultural centre. Chittagong is the second-largest city and is the busiest port on the Bay of Bengal. As reported in the Troubled Company Reporter-Asia Pacific on May 18, 2026, Fitch Ratings has revised the Outlook on Bangladesh's Long-Term Issuer Default Ratings (IDRs) to 'Negative' from 'Stable', and affirmed the IDRs at 'B+'. In early December 2024, Moody's Ratings downgraded the Government of Bangladesh's long-term issuer and senior unsecured ratings to B2 from B1 and affirmed short-term issuer ratings at Not Prime. The outlook has been changed to negative from stable. ========= C H I N A ========= SEAZEN GROUP: S&P Alters Outlook to Stable, Affirms 'B' ICR ----------------------------------------------------------- S&P Global Ratings revised the rating outlook on Seazen Group Ltd. (Seazen) and its subsidiary Seazen Holdings Co. Ltd. to stable from negative. S&P also affirmed its 'B' long-term issuer credit ratings on the two companies and the 'B-' issue rating on Seazen's guaranteed U.S. dollar senior unsecured notes. The stable rating outlook for the next 12 months reflects S&P's view that Seazen can generate stable rental income that will offset deteriorating property sales, and maintain access to various funding channels. Seazen has broader access to multiple refinancing channels, which will help address upcoming maturities in the next one to two years. The company's property development business in China remains weak amid a protracted industry downturn. But stable rental income will support slightly positive operating cash flow. Seazen should be able to refinance its debts for the next one to two years. S&P said, "Our view reflects its track record of broadening access to funding channels. We expect the company to manage upcoming maturities through a combination of new bond issuances, bank loans pledged by its shopping malls, and REIT issuances." Seazen successfully refinanced its U.S. dollar bond due in 2025 and 2026. Amid China's property market downturn, Seazen has been able to raise funds from offshore bond issuances since June 2025. It has completed three batches of U.S. dollar denominated senior unsecured note issuances in this period, raising a total of US$865 million. This included US$355 million in U.S. dollar notes Seazen issued in March 2026. It used the proceeds to settle the repayment of US$404 million in offshore unsecured notes due May 2026 and to tender US$66 million for notes due September 2027. The company's maturity profile will be less concentrated in 2026-2027. Subsequent major unsecured maturities in 2026-2027 include a US$350 million note puttable in June 2027 (due June 2028) and the remainder of US$94 million due September 2027. S&P expects Seazen to be able to refinance its onshore secured debt. In 2025, the company issued Chinese renminbi (RMB) 3.65 billion in domestic medium-term notes to refinance maturing onshore bonds of a similar amount. These issuances were collateralized by shopping malls and guaranteed by state-owned China Bond Insurance Co. Ltd. (CBICL). Remaining onshore maturities in 2026 include RMB4 billion in domestic bonds, of which RMB3.6 billion is secured by mall assets. S&P expects Seazen to issue new bonds backed by its shopping malls to refinance these maturing debt obligations, given its refinancing track record over the past three years. Seazen's unencumbered shopping mall assets should provide incremental bank loans. This represents longer-term borrowings of 10-15 years and with a loan-to-value (LTV) ratio of typically 40%-60%. As of end-2025, Seazen reported RMB11.6 billion in unencumbered investment properties. In S&P's view, the investment properties not yet pledged should be able to support RMB2 billion-RMB3 billion in additional borrowings over the next 12-24 months. The pledged loans are backed by shopping malls that are of good quality and have stable performances. S&P expects Seazen's shopping malls to maintain a solid brand reputation in their operating cities, particularly in lower-tier markets. Occupancy rates will remain stable at approximately 97% in 2026-2027. REIT issuance will provide a new financing channel. In November 2025, Seazen established a private REIT (an asset-backed security traded in Shanghai stock exchange) by packaging a shopping mall in Shanghai. The company raised RMB306 million from the transaction, and it retains significant ownership of the mall by subscribing to the units of the private REIT. S&P said, "While this private REIT issuance supports near-term liquidity, we believe it contains debt-like features. Indeed, Seazen recorded the proceeds from the issuance as debt on its balance sheet. "We believe the REIT channels allow for effective partial disposals while maintaining stakes in the properties. Furthermore, Seazen could use the funds raised to repay holding company level debt as well as for general corporate purposes, alleviating liquidity pressure. "While we do not factor future REIT issuances in our base case, the company may raise additional funds through private or public REIT channels over the next 12 months. In March 2026, Seazen applied for a public commercial-property REIT, backed by its malls in Changzhou and Nantong. It is undergoing regulatory approval. "The property development segment will continue to weigh on Seazen's operating cash flow. The industry is enduring a protracted downturn, which has led to sluggish sales and a tight liquidity buffer for Seazen. We continue to assess its liquidity as less than adequate." Seazen's contracted sales could decline to RMB12 billion-RMB13 billion in 2026, from RMB19.3 billion in 2025. Contracted sales were RMB4.0 billion in the first four months of 2026, down 41.6% year on year. This was below the average industry decline. Due to a lack of land acquisitions, the company's land bank further shrank to 28.2 million square meters (sqm) at end-2025, from 31.4 million sqm at end-2024. Rental income should remain stable, however, tempering the cash flow pressure. S&P projects that Seazen's shopping malls will see annual income growth of 2%–3% during 2026–2027, reaching rental income of RMB13.3 billion-RMB13.8 billion annually (including related management fees, net of tax). While new openings will slow over the next two years, the increase in rental income will be mainly driven by organic growth through continuous optimization of the tenant mix and a focus on experiential retail to drive foot traffic. We forecast Seazen's construction expenditure for the property development segment will be RMB11 billion-RMB13 billion in 2026. The majority of this will settle the construction payables already incurred. In addition, the company will not spend on land acquisitions during the year, relying on the sale of old inventories. On balance, Seazen will generate slight positive cash flow from operations in 2026, by our assessment. S&P said, "Our rating on Seazen Holdings will move in tandem with that on its parent. This is because we see Seazen Holdings as a core subsidiary of Seazen. Seazen Holdings is listed in mainland China. The company holds all the property development and commercial property operations of the group. "The stable rating outlook on Seazen reflects our expectation that the company will have access to various financing channels to support its debt refinancing and liquidity for the next 12 months. The company will generate stable rental income from its shopping mall operations, offsetting deteriorating contracted sales from property development. "We view Seazen and its subsidiary, Seazen Holdings, as a group in our analysis. The ratings and outlook on Seazen Holdings will move in tandem with those on Seazen. "We may lower the rating if Seazen's liquidity weakens. This could happen if the company's property sales or growth in rental income is materially below our expectation, leading to net operating cash outflow for a prolonged period or significant cash depletion. "We may also downgrade Seazen if it fails to address debt maturities over the next 12 months through bond issuance and new loan drawdowns by pledging its shopping malls. This could result from a material deterioration in mall operations, which would negatively affect the quality of the malls as collaterals. "We may raise the rating if Seazen improves its liquidity profile and sustainably maintains liquidity sources that are 1.2x or more than the liquidity uses. This could happen if the company maintains access to multiple funding channels, and generates higher operating cash flow from its rental and property development businesses than our expectations." ================= H O N G K O N G ================= FUTU HOLDINGS: Gets CSRC Probe and Penalty Notice Over Operations ----------------------------------------------------------------- Dimsum Daily reports that Futu Holdings has disclosed that it has received a notice of investigation and an administrative penalty pre-notification from the China Securities Regulatory Commission (CSRC) and its Shenzhen bureau, relating to aspects of its mainland China operations. In a statement issued on May 22, 2026, the Nasdaq-listed financial technology firm said the regulator alleges that certain affiliated entities in mainland China and Hong Kong carried out securities trading, public fund distribution and futures business activities within the Mainland without securing the necessary licences or approvals, Dimsum Daily relays. The CSRC said the conduct is suspected to have breached the Securities Law, the Securities Investment Fund Law and the Futures and Derivatives Law of the People’s Republic of China. According to Dimsum Daily, the regulator has proposed ordering the relevant entities to rectify or cease the activities in question, confiscate any unlawful gains and pay a total fine of approximately CNY1.85 billion (around US$271 million). In addition, the CSRC has indicated it intends to impose a personal penalty of CNY1.25 million on Futu’s founder, chairman and chief executive, Li Hua. Dimsum Daily says Futu stressed that the proposed sanctions are subject to further legal procedures and a final decision by the regulator. The company said it is entitled to submit representations, present a defence and request a hearing. It added that it would co-operate fully with the authorities while safeguarding the legitimate interests of the business and its shareholders. Dimsum Daily adds that the group noted it has been in ongoing communication with the CSRC and has implemented rectification measures concerning its mainland operations. As at the end of the first quarter of 2026, funded accounts from mainland China accounted for roughly 13 per cent of its total funded client base. The company said overseas funded accounts have continued to expand steadily as it scales up internationally, and that operations outside mainland China remain unaffected. Headquartered in Hong Kong, Futu Holdings Limited, which operates digital investment platforms including Futubull and Moomoo, provides brokerage, margin financing, securities lending and wealth management services, alongside corporate advisory offerings such as IPO distribution and investor relations support. LIFESTYLE INT'L: Sogo Department Store Races to Refinance Loan -------------------------------------------------------------- Bloomberg News reports that the operator of the Sogo department stores in Hong Kong has less than a month to refinance a loan coming due, people familiar with the matter said, adding to a growing list of firms in the city pushed into last-minute negotiations in the aftermath of a property downturn. According to Bloomberg, Lifestyle International Holdings still needs to nail down about HK$2 billion in commitments to meet its target of refinancing HK$6.75 billion outstanding on the deal, according to people, who asked not to be identified discussing private matters. Negotiations with banks have already stretched over four months. Bloomberg says the shortfall represents about a third of the refinancing for the loan, which is secured against the iconic Sogo department store in Hong Kong's shopping district Causeway Bay. Bloomberg relates that the case highlights crosscurrents in Hong Kong's economy, which expanded at its fastest pace in almost five years in the first quarter. The residential housing market has been rebounding, tourism is strengthing and share listings are surging. But lingering strains in commercial property have continued to sting borrowers. In another recent case, Hong Kong hotel operator Asia Standard Hotel Holdings has been struggling to secure sufficient backing from lenders to refinance a HK$1.36 billion loan due in days. There have been, however, some more encouraging signs for Lifestyle International recently. To reduce its near-term bond repayment risk and boost lender confidence, the company's chairman, Hong Kong tycoon Thomas Lau Luen-hung, said last month that he intends to purchase the full outstanding principal of a US$350 million bond before it matures on June 18, Bloomberg recalls. The move has prompted some banks that were previously hesitant to rethink their participation in the loan refinancing, the people said. The company is also tapping new lenders to join the facility, they added. According to Bloomberg, the shifting dynamics of the loan talks reflect how crucial personal support from local tycoons has become when navigating challenges in the strained commercial real estate sector. Following the announcement, banks had even sought the possibility of liquidity support from the company chairman on the loan, but there has been no indication so far from the company, the people shared. Proceeds from the new financing for Future Develop, a subsidiary of Lifestyle International, will be used to refinance the five-year loan maturing on June 18. Lifestyle International was taken private in 2022 by its chairman Lau in a HK$1.9 billion deal. ========= I N D I A ========= FLOATELS INDIA: CRISIL Keeps B- Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Floatels India Private Limited (FIPL) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 Crisil B-/Stable (Issuer Not Cooperating) Foreign Currency 14 Crisil B-/Stable (Issuer Not Term Loan Cooperating) Term Loan 3 Crisil B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with FIPL 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 FIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on FIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of FIPL continues to be 'Crisil B-/Stable Issuer not cooperating'. Incorporated in 1996 as a private limited company, FIPL owns and operates a 4 star resort in Trivandrum. The resort is named as 'Poovar Island Resort'. GAJANAND GINNING: CRISIL Lowers Rating on INR7cr Cash Loan to D --------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Gajanand Ginning and Pressing Private Limited (GGPPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with GGPPL, through letter and email dated January 23, 2026, among others, apart from telephonic communication, for obtaining information. 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 company's management, Crisil Ratings did not receive any information on the financial performance or strategic intent of GGPPL, which restricts the ability of Crisil Ratings to take a forward-looking view on the entity's credit quality. The rating action on GGPPL is consistent with Assessing Information Adequacy Risk. Based on last-available information, Crisil Ratings has downgraded the rating on the long-term bank facility of GGPPL to 'Crisil D Issuer not cooperating' from 'Crisil B/Stable Issuer not cooperating'. The downgrade reflects overdrawing of bank facility for more than 30 days owing to stretched liquidity position. Incorporated in 2006, GGPPL is promoted by Kishore Dhameliya, Premji Kukadiya, Tulsi Kukadiya, Naresh Kukadiya, Laxman Kukadiya and Nagji Kheni. The company gins and presses raw cotton and sells cotton seeds. It also has an in-house oil mill for extracting oil from cotton seeds. GAYATRI INFRA: CRISIL Withdraws B+ Rating on INR2.51cr Loan ----------------------------------------------------------- CRISIL Ratings has withdrawn the ratings on certain bank facilities of Gayatri Infrastructure Limited (GIL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.51 Crisil B+/Stable/Issuer Not Cooperating (Withdrawn) Overdraft Facility 2.38 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING'; Rating Withdrawn) Proposed Long Term 10.00 Crisil B+/Stable/Issuer Not Bank Loan Facility Cooperating (Withdrawn) Proposed Long Term 10.11 Crisil B+/Stable/Issuer Not Bank Loan Facility Cooperating (Withdrawn) Term Loan 5 Crisil B+/Stable/Issuer Not Cooperating (Withdrawn) Crisil Ratings has been consistently following up GIL for obtaining information through letter and email dated November 10, 2025 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 GIL. 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 GIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GIL revised to 'Crisil B/Stable Issuer Not Cooperating' from 'Crisil B+/Stable Issuer Not Cooperating' Crisil Ratings has withdrawn its rating on the bank loan facilities of INR27.62 crores of GIL on the request of the company and after receiving no dues certificate from the bank and also withdrawn facilities on the basis of no-objection certificate of INR2.38 crore. The rating action is in line with Crisil Rating's policy on withdrawal of its rating on bank loan facilities. Incorporated in 1999, GIL is promoted by the Ahmedabad (Gujarat)-based Ambawani family. The company develops real estate project in Ahmedabad and Ambaji (Gujarat). The company has completed more than 10 real estate projects since inception, mostly under the brand 'Maitri'. HS AKASH: CRISIL Lowers Rating on INR70cr Cash Loan to D -------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of HS Akash Agro India Private Limited (HSAAIPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 70 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Cash Credit 20 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with HSAAIPL for obtaining information through letter and email dated November 10, 2025, 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 of HSAAIPL, Crisil Ratings did not receive any information on the financial performance or strategic intent of the entity. This restricts the ability of Crisil Ratings to take a forward-looking view on the credit quality of the company. The rating action on HSAAIPL is consistent with the criteria detailed in 'Assessing information adequacy risk'. Crisil Ratings has downgraded its rating on the long-term bank facilities of HSAAIPL to 'Crisil D Issuer not cooperating' from 'Crisil B/Stable Issuer not cooperating' as the entity has delayed servicing its debt obligations, as per publicly available information. HSAAIPL was formed in 2013, at Mansa, Punjab, following the merger of two partnership firms, Akash Oil & Cotton Factory and Hem Raj Sohan Lal. The company started commercial operations from April 2014. The company is promoted by Mrs. Pushpa Devi and Mr. Sahil Singla. The company processes raw cotton into produce bales, cotton seed oil and oiled de cake. It also manufactures mustard oil and de-oiled cake, and trades in cotton seed and mustard seed, based on the opportunity. INDRAYANI SALES: CRISIL Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Indrayani Sales Private Limited (ISPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12.5 CRISIL B/Stable (Issuer Not Cooperating) Proposed Long Term 6.3 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 1.2 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ISPL 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 ISPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ISPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ISPL continues to be 'Crisil B/Stable Issuer not cooperating'. Set up in 2005 as a private limited company by Mr. Rahul Zine Patil, ISPL manufactures printer cartridges, and supplies printer spares. The company sells its products under the Print it brand. Its manufacturing facility is in Patalganga (Maharashtra) and its registered office is in Mumbai. INFOCITY PROJECTS: CRISIL Keeps B Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Infocity Projects & Services (IPS) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 10 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with IPS 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 IPS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on IPS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of IPS continues to be 'Crisil B/Stable Issuer not cooperating'. IPS is a partnership firm established in 2015, by Mr. Gopu Joseph Praveen Reddy & 5 partners who family members & relatives. It is engaged in residential and commercial real estate development in Hyderabad. J.P. SINGHAL: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of J.P. Singhal and Company (JPSC) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with JPSC 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 JPSC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JPSC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JPSC continues to be 'Crisil D Issuer not cooperating'. Set up in 1987 as a proprietorship firm and reconstituted as a partnership in 2013, JPSC is owned by Mr Jai Prakash Singhal, Mr Dinesh Singhal, Mr Narendra Kumar Singhal and Mr Madan Lal Singhal. The firm provides services such as conducting seismic surveys, providing bunk accommodation, catering, equipment and manpower supply, and housekeeping. It also wholesales and retails stationery, hardware, electronic products, gaming equipment, and sports and gym items from its retail store in Barmer, Rajasthan. JAI MATA: CRISIL Keeps B Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Jai Mata Di Entertainment Private Limited (JMD) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 10 CRISIL B/Stable (Issuer Not Cooperating) Proposed Fund- 3 CRISIL B/Stable (Issuer Not Based Bank Limits Cooperating) Crisil Ratings has been consistently following up with JMD 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 JMD, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JMD is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JMD continues to be 'Crisil B/Stable Issuer not cooperating'. JMD was incorporated in 2007, promoted by Mr Deep Chandra Dixit, Mr Sanjay Dixit, and Mr Amit Dixit. The company is a sub-distributor of cable TV network for Den Ambey Cable Network Pvt Ltd in Uttar Pradesh. It also runs a recently acquired hotel in Kanpur, Uttar Pradesh. JIVANDHARA COTTON: CRISIL Keeps B Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Jivandhara Cotton Industries (JCI) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 14 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with JCI 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 JCI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JCI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JCI continues to be 'Crisil B/Stable Issuer not cooperating'. JCI was established as partnership firm in 2006. It is engaged in cotton ginning and pressing. Its products includes cotton bales and cotton seed. It has manufacturing unit located in Rajkot- Gujarat and owned by Mr.Kadivar family. JR FOODS: CRISIL Lowers Rating on INR15cr Cash Loan to D -------------------------------------------------------- CRISIL Ratings has revised the rating on certain bank facilities of JR Foods (JRF), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with JR Foods (JRF) for obtaining information through letter and email dated January 23, 2026, apart from telephonic communication. However, the issuer has remained non-cooperative. Investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'issuer not cooperating' as the rating has been arrived at without any interaction with the management and is based on best-available, limited or dated information regarding the firm. Such non-cooperation by a rated entity may be a result of weakening of its credit risk profile. Rating with the 'issuer not cooperating' suffix lacks a forward-looking component. Detailed Rationale Despite repeated attempts to engage with the management of JRF, Crisil Ratings did not receive any information on the financial performance or strategic intent of the entity. This restricts the ability of Crisil Ratings to take a forward-looking view on the credit quality of the firm. The rating action on JI is consistent with the criteria detailed in 'Assessing information adequacy risk'. Based on the publicly-available information, Crisil Ratings has downgraded its rating on the long-term bank facilities of JRF to 'Crisil D Issuer not cooperating' from 'Crisil B/Stable Issuer not cooperating'. As per information available in the public domain, there remains delinquency in the entity's accounts and clarity about the same from the management and bankers is awaited. Set-up in 2016 by Mr Nikhil Gaur, Delhi-based JRF trades basmati and non-basmati rice. The commercial operations of the firm started in November, 2016. M. M. INTERNATIONAL: CRISIL Withdraws D Rating on INR2.5cr Loan --------------------------------------------------------------- CRISIL Ratings has withdrawn the ratings on certain bank facilities of M. M. International (MMINTL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.04 Crisil D/Issuer Not Cooperating (Withdrawn) Foreign Currency 1.69 Crisil D/Issuer Not Term Loan Cooperating (Withdrawn) Foreign Currency 2.5 Crisil D/Issuer Not Term Loan Cooperating (Withdrawn) Packing Credit in 15.5 Crisil D/Issuer Not Foreign Currency Cooperating (Withdrawn) Proposed Long Term 2.5 Crisil D/Issuer Not Bank Loan Facility Cooperating (Withdrawn) Proposed Short Term 11.65 Crisil D/Issuer Not Bank Loan Facility Cooperating (Withdrawn) Working Capital Term 4.12 Crisil D/Issuer Not Loan Cooperating (Withdrawn) Crisil Ratings has been consistently following up with MMINTL for obtaining information through letter and email dated July 24, 2025, 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 MMINTL, which restricts Crisil Ratings' ability to take a forward-looking view on the entity's credit quality. Crisil Ratings believes that rating action on MMINTL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MMINTL continues to be 'Crisil D/Crisil D Issuer Not Cooperating'. Crisil Ratings has withdrawn its ratings on the bank facilities of MMINTL at the request of the company 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. Incorporated in November 1996, MMINTL is a partnership firm into processing and exporting spices (such as turmeric, coriander, cumin, mustard and ginger) and food products (such as poha and jaggery). The firm is based in Mumbai and is promoted by the Vora family. Manufacturing unit of the firm is in Navi Mumbai. MAKSI AGRO: CRISIL Lowers Rating on INR11.5cr Term Loan to D ------------------------------------------------------------ CRISIL Ratings has revised the ratings on certain bank facilities of Maksi Agro Cool Chains Private Limited (MACCPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 11.5 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with MACCPL for obtaining information through letters and emails dated June 5, 2025 and May 14, 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 MACCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MACCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, Crisil Ratings has revised its rating on the long term bank facilities of MACCPL to 'Crisil D Issuer Not Cooperating' from 'Crisil B+/Stable Issuer not cooperating' as the company has been identified as willful defaulter as per information on public domain. MACCPL has set up a unit at Ara, Bihar, for extracting edible oil. The unit began commercial operations in the first week of December 2016. The company is promoted by Mr Ajeet Kumar Sinha, Ms Sonika Sinha, and Mr Manoj Kumar Sinha and their families. MUBARAK OVERSEAS: CRISIL Lowers Rating on INR16.5cr Loan to D ------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Mubarak Overseas Private Limited (Mubarak; part of the Gupta group), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8.5 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Cash Credit 16.5 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with Mubarak for obtaining information through letter and email dated February 11, 2026, among others, apart from telephonic communication. However, the issuer has remained non-cooperative. 'Investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating has been arrived at without any interaction with the management and is based on best available, limited or dated information regarding the company. Such non-cooperation by a rated entity may be a result of weakening of its credit risk profile. Ratings with the 'ISSUER NOT COOPERATING' suffix lack a forward-looking component'. Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings did not receive any information on the financial performance or strategic intent of the entity. This restricts the ability of Crisil Ratings to take a forward-looking view on the credit quality of the company. The rating action is consistent with the criteria detailed in 'Assessing information adequacy risk'. Crisil Ratings has downgraded its rating on the long-term bank facilities of Mubarak to 'Crisil D Issuer Not Cooperating' from 'Crisil B/Stable Issuer Not Cooperating' as the entity has delayed servicing its debt obligations, as per publicly available information. Ram Ji Lal and Sons and Mubarak, both the entities belong to the Gupta group situated in Delhi. The group is promoted by Mr. Hari Kishan Das Gupta and Mr. Babu Lal Gupta, who have been engaged in the rice trading business for over four decades. The group has large and diversified business interests across rice milling, ingot manufacturing, and cast iron dyes manufacturing. NIWAS COLD: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shree Niwas Cold Storage - Hojai (SNCS) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.15 Crisil B/Stable (Issuer Not Cooperating) Long Term Loan 6 Crisil B/Stable (Issuer Not Cooperating) Proposed Long Term 2.85 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SNCS 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 SNCS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SNCS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SNCS continues to be 'Crisil B/Stable Issuer not cooperating'. SNCS was formed as a partnership between Mr Shyam Kumar Shah, Mr Niranjan Kumar Shah, and Mr Srikanth in 2014. The Assam-based firm provides cold storage facilities, and also trades in agro commodities such as potatoes, fruits and vegetables. PRC YARN: CRISIL Lowers Rating on INR5cr Cash Loan to D ------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of PRC Yarn (PRCY), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Cash 5 Crisil D (ISSUER NOT Credit Limit COOPERATING; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with PRCY for obtaining information through letters and emails dated November 10, 2025 and May 13, 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 PRCY, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PRCY is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, Crisil Ratings has downgraded its rating on the long term bank facilities of SRKVPL to 'Crisil D Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating' as the firm has been identified as willful defaulter as per information on public domain. PRCY was established in 2021, it is engaged in trading of yarn and other textile products. PRCY is owned & managed by Harsh Nathany and Madhu Agarwal. R.K. SCAN: CRISIL Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of R.K. Scan Centre continues to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 9 CRISIL B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with R.K. Scan 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 R.K. Scan, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on R.K. Scan is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of R.K. Scan continues to be 'Crisil B-/Stable Issuer not cooperating'. Incorporated in the year 1995 R.K. Scan is propertiorship firm run by Mr. Kovi Ramana Kumar which provides various scan services like MRI Scan, Ultrasound Scan and other Laboratory Services. The Entity has 2 scan centers in Guntur. RADHA KRISHNA: CRISIL Lowers Rating on INR2.5cr Cash Loan to D -------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Shree Radha Krishna Vinimay Private Limited (SRKVPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.5 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with SRKVPL for obtaining information through letters and emails dated December 5, 2025 and May 13, 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 SRKVPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SRKVPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, Crisil Ratings has downgraded its rating on the long term bank facilities of SRKVPL to 'Crisil D Issuer not cooperating' from 'Crisil B/Stable Issuer Not Cooperating' as the company has been identified as willful defaulter as per information on public domain. SRKVPL, incorporated in 2012 in Ranchi (Jharkhand), trades in steel, cement and high sea sales. The company is promoted by Mr. Amit Sarawgi and Ms. Swati Sarawgi who has 15 years' experience in trading of steel and cement products. RAM AUTOTECH: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Shri Ram Autotech Private Limited (SRAPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 1.0 CRISIL D (Issuer Not Cooperating) Overdraft Facility 6.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SRAPL 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 SRAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SRAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SRAPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. SRAPL was formed as a proprietorship firm in 1992 and was reconstituted as a private limited company in 2010. The company manufactures auto components such as sheet metals, plastic moulded components, flanges, jigs, and fixtures. Its manufacturing units are in Gurugram and Faridabad in Haryana. The company is promoted by Ramesh Sharma and family. S HOMES: CRISIL Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of S Homes (S Homes) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 0.2 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 9.8 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with S Homes 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 S Homes, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on S Homes is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of S Homes continues to be 'Crisil D Issuer not cooperating'. S Homes is into residential real estate development in and around Nellore, Andhra Pradesh. The partners of the firm are Mr. S V Ramanaiah and family, Mr. Srinivasulu. S.M. RAM: CRISIL Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of S.M. Ram Coal Importers Private Limited (SMR) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Negotiation 2 CRISIL D (Issuer Not Cooperating) Cash Credit 4 CRISIL D (Issuer Not Cooperating) Letter of Credit 12 CRISIL D (Issuer Not Cooperating) Proposed Long Term 2.5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SMR 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 SMR, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SMR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SMR continues to be 'Crisil D/Crisil D Issuer not cooperating'. SMR was established in 2009 as a proprietorship concern by Mr SM Ramar and was reconstituted as a private limited company in fiscal 2016. The company trades in steam coal and is based in Thoothukudi, Tamil Nadu. SARAYU CLEANGEN: CRISIL Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Sarayu Cleangen Private Limited (SCPL) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Rupee Term Loan 12.5 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SCPL 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 SCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SCPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2012 and based in Hyderabad, SCPL is engaged in windmill power generation. SCPL is promoted by Mr. V.B. Krishnam Raju Gokaraju and associates. SARDAR JEWELLERS: CRISIL Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Sardar Jewellers (SJ) continues to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9 Crisil B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SJ 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 SJ, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SJ is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SJ continues to be 'Crisil B-/Stable Issuer not cooperating'. SJ was set up in fiscal 2011, as a partnership firm, by Mr Surinder Singh and his family. The firm sells gold and diamond-studded jewellery at its showroom in Ludhiana (Punjab). SHAHI FOOD: CRISIL Keeps B Debt Rating in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Shahi Food Industries (SFI) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 6 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Crisil Ratings has been consistently following up with SFI 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 SFI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SFI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SFI continues to be 'Crisil B/Stable Issuer not cooperating'. SFI is setting up a plant to manufacture wheat flour in Deoria with installed capacity of 225 TPD. The plant is expected to be commissioned in January 2021. Mr Punit Kumar Shahi and Mr Amit Kumar Shahi are partners in the firm. SHAKTI BASMATI: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shakti Basmati Rice Private Limited (SBRPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 67 CRISIL D (Issuer Not Cooperating) Foreign Exchange 0.52 CRISIL D (Issuer Not Forward Cooperating) Term Loan 0.48 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SBRPL 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 SBRPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SBRPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SBRPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2011, SBRPL is promoted by Mr. Shyam Lal Gupta and family. It mills, processes, and sells basmati rice in the domestic and export markets. ========= J A P A N ========= TEPCO HOLDINGS: S&P Alters Outlook to Stable, Affirms 'BB+' ICR --------------------------------------------------------------- S&P Global Ratings affirmed its 'BB+' long-term issuer credit rating on Tepco Holdings. The restart of the No. 6 reactor at the Kashiwazaki-Kariwa nuclear power plant is expected to improve Tepco Holdings' stability of electricity supply and profitability. Based on the Japanese government's approval of the Fifth Comprehensive Special Business Plan, S&P believes that government support for Tepco is likely to continue, and from its creditor financial institutions. S&P has revised up to stable from negative the outlook on the long-term issuer credit rating on Tokyo Electric Power Co. Holdings Inc. Cuts to electricity procurement costs could boost Tepco Holdings' profit by about JPY100 billion a year. S&P bases this estimate on the restarted No. 6 reactor at the Kashiwazaki-Kariwa nuclear power plant operating throughout the year. The Kashiwazaki-Kariwa nuclear power plant had been shut down since 2012 in the wake of the Great East Japan Earthquake and subsequent nuclear meltdowns in Fukushima Prefecture. It restarted commercial operations on April 16, 2026. S&P believes Tepco Holdings is more likely to generate a stable annual ordinary profit of about JPY300 billion yen for the next one to two years. Ordinary profit for fiscal 2025 (ended March 31, 2026), announced on April 30, 2026, was JPY417.3 billion. This was up JPY162.8 billion from the previous year. Electricity sales decreased as a result of intensified competition in the retail market. However, the company benefitted from factors such as continued cost reductions and the effect of a shift in the timing of accounting for changes in fuel costs, which boosted profits. It is highly likely that the group will continue to run a free cash flow deficit for the next two to three years. S&P expects Tepco Holdings to continue to make major investments in decarbonization. The group will, for example, upgrade the transmission and distribution network and invest in safety measures at Kashiwazaki-Kariwa. The group continues to receive strong support from the government and its creditor financial institutions, in S&P's opinion. The Japanese government, which supports the company's operations through the Nuclear Damage Compensation and Decommissioning Facilitation Corporation (NDF), approved the Fifth Comprehensive Special Business Plan formulated by the group and the organization in January 2026. S&P believes that creditor financial institutions will continue to support Tepco Holdings' funding environment, including in the corporate bond market, and to underpin its creditworthiness. The plan also includes a strategic policy for partnering with third parties to secure investment funds that will be needed over the long term. Details, however, are unclear now. Therefore, if this policy becomes more likely to be implemented in the future, S&P will closely examine the impact on the business and financial sides, and reflect it in our rating on Tepco Holdings. S&P said, "The high likelihood of the extraordinary support from the Japanese government continues to underpin creditworthiness, in "our view. Our long-term issuer credit rating on Tepco Holdings incorporates three notches of uplift from our stand-alone credit profile on the company, reflecting strong prospects of extraordinary support from the government. "We assume that Tepco Holdings will be able to some extent to deal with the impact on earnings of soaring fuel prices caused by the war with Iran. The group procures electricity from power generators such as Jera Co. Inc., an equity-method affiliate, and wholesale electricity markets. Rising fuel prices will increase procurement costs. However, through mechanisms such as the fuel cost adjustment program, we believe that the company will be able to reflect changes in procurement costs in sales prices, although there will be a time lag of several months. "The severe competitive environment in the retail market will ease to some extent, in our view. This is because, with fuel prices continuing to soar, competitors in the retail business that do not have their own power plants and are highly dependent on the wholesale electricity market for procurement are losing price competitiveness. "The stable outlook reflects our view that Tepco Holdings will maintain profitability broadly in line with the revenue and expenditure forecasts presented in the Fifth Comprehensive Special Business Plan, as the forecasts see Tepco Holdings generating an ordinary annual profit of about JPY300 billion for the next one to two years. "It also reflects our view that Tepco Holdings will continue to benefit from a favorable regulatory environment. In addition, we believe there is a very high likelihood that the Japanese government will provide extraordinary support if the company's finances become tight." S&P may consider a downgrade if it sees a heightened likelihood of either of the following scenarios: -- Ordinary profit falling well below JPY300 billion due to pressure on earnings in its retail electricity business, and profitability looking likely to fall far below the revenue and expenditure forecasts outlined in its Fifth Comprehensive Special Business Plan; -- While free cash flow remains negative, funding becoming unstable due to an inability to issue public bonds as planned, or if we see a heightened likelihood of it being unable to borrow additional bank loans; or -- The prospect of Japanese government support weakening from the current level. Conversely, S&P would consider an upgrade if it determines that the stability of profits and cash flows has increased due to the strengthening of both of the following factors: -- As the Kashiwazaki-Kariwa nuclear power plant continues to operate stably and the profitability of the electricity retail business stabilizes, ordinary profit of more than JPY400 billion will be generated and free cash flow will remain in the black, and the balance will improve beyond the projections presented in the Fifth Comprehensive Special Business Plan; and -- Continued support from the government and creditor financial institutions based on its Comprehensive Special Business Plan, which has been regularly revised since the Fukushima plant accident in 2011. Therefore, liquidity will become more stable. S&P will also consider an upgrade if the likelihood of government extraordinary support grows further. This time, S&P raised the level of ordinary profit that it uses as a benchmark for downgrading or upgrading our credit rating on Tepco Holdings. This reflected the following points: -- The profit and loss forecast in the Fifth Comprehensive Special Business Plan, which is the basis for government and creditor financial institutions to support the company, was revised up from the previous plan because of factors such as the restart of the Kashiwazaki-Kariwa nuclear power plant. -- The company's debt has increased significantly due to continued free cash flow losses for many years, and it is required to generate a higher level of profit than ever to balance the implementation of Fukushima responsibility and the stable supply of electricity. ===================== N E W Z E A L A N D ===================== A G BUILDERS: Court to Hear Wind-Up Petition on June 11 ------------------------------------------------------- A petition to wind up the operations of A G Builders Limited will be heard before the High Court at Auckland on June 11, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on April 23, 2026. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 CONCEPT BUILDERS: Creditors' Proofs of Debt Due on July 14 ---------------------------------------------------------- Creditors of Concept Builders Queenstown Limited are required to file their proofs of debt by July 14, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 14, 2026. The company's liquidators are: Wendy Somerville Malcolm Hollis c/o Teneo NZ Suite 6.4, Level 61 Albert Street, Auckland Central Auckland 1010 REUNION FOOD: First Creditors' Meeting Set for June 2 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Reunion Food Service (NZ) Limited will be held on June 2, 2026, at 3:00 p.m. at Waterstone Insolvency Limited, 16 Piermark Drive, in Rosedale, Auckland. Damien Grant and Adam Botterill of Waterstone Insolvency were appointed as administrators of the company on May 20, 2026. RIDREY PRODUCE: Court to Hear Wind-Up Petition on June 3 -------------------------------------------------------- A petition to wind up the operations of Ridrey Produce Limited will be heard before the High Court at Auckland on June 3, 2026, at 10:00 a.m. American Express International (NZ), INC filed the petition against the company on April 13, 2026. The Petitioner's solicitor is: Thomas Refoy-Butler Holland Beckett, Level 2 45 The Strand Tauranga Central, Tauranga 3110 TERRACE BAR: Creditors' Proofs of Debt Due on June 12 ----------------------------------------------------- Creditors of The Terrace Bar Limited (traded as CBK Dunedin) are required to file their proofs of debt by June 12, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 12, 2026. The company's liquidator is: Emma Margaret Laing Laing Insolvency Specialists Limited PO Box 2468 Dunedin 9044 ===================== P H I L I P P I N E S ===================== DITO CME: Net Loss Widens to PHP6.76 Billion in Q1 Ended March 31 ----------------------------------------------------------------- Elijah Felice Rosales at The Philippine Star reports that Davao-based businessman Dennis Uy's telco venture remains in the red as its capital deficiency hit a new record of nearly PHP118 billion in the first quarter and its net loss widened more than fourfold to PHP6.76 billion, from PHP1.66 billion a year ago. Based on its financial report, Dito CME Holdings Corp. said its capital deficiency went up to a record PHP117.73 billion, showing no signs of recovery with 12 quarters left to its promised profit, The Philippine Star relays. According to The Philippine Star, Dito blamed its worsening finances on increasing operating expenses and payment of maturing loans, underscoring how dire the capital requirements are to compete in the telco industry. Although Dito booked a 24-percent increase in revenue to PHP5.81 billion, this was offset by a seven-percent rise in expenses to PHP8.67 billion. To date, Dito is still spending more than what it is earning to keep up with the network coverage of industry veterans Smart Communications Inc. and Globe Telecom Inc, The Philippine Star says. The telco is also dragged by higher debt financing and foreign exchange losses. Dito's interest expense spiked by 37 percent to PHP5.01 billion in the first quarter, as the telco paid off expiring loans and lease liabilities. Aside from this, Dito took a blow from the peso's decline in the currency market, as it posted a forex loss of PHP9.74 billion because its loans are mostly in foreign currencies, The Philippine Star relates. In spite of the red flags, Dito is keeping an optimistic outlook that it would recover soon, saying it is capable of generating enough cash to meet maturing obligations. The Philippine Star says Dito takes the bulk of its revenues at PHP4.63 billion from the data services of Dito Telecommunity Corp. It also finds a growing inflow from its fixed wireless access (FWA) segment, amounting to PHP567 million, serving broadband subscribers who prefer to use plug-and-play internet. As of March, Dito's subscriber count has reached more than 16.63 million in the mobile segment and about 470,000 on the FWA side. The telco is leaning on a network backbone of 7,347 towers for a population coverage of 86.4 percent. Dito is relying on these positives in reaching its target of becoming profitable by 2028, adds The Philippine Star. About DITO CME Headquartered in Taguig, Philippines, DITO CME Holdings Corp. (PSE:DITO) -- https://ditocmeholdings.ph/ -- engages in the provision of telecommunications, multimedia, and information technology services. DITO CME Holdings, which owns 44% of DITO Telecommunity, reported losses of PHP19.6 billion in 2023, which bring its total red ink to PHP68 billion since 2020. DITO CME Holdings reported net loss of PHP13.75 billion in 2024. ================= S I N G A P O R E ================= ENTER ENGINEERING: Court to Hear Wind-Up Petition on May 29 ----------------------------------------------------------- A petition to wind up the operations of Enter Engineering Pte. Ltd. will be heard before the High Court of Singapore on May 29, 2026, at 10:00 a.m. Xuzhou Construction Machinery Group Imp. & Exp. Co. Ltd. filed the petition against the company on May 8, 2026. The Petitioner's solicitors are: Meritus Law LLC 20 Collyer Quay, #21-02 Singapore 049319 KINBO CONSTRUCTION: Court Enters Wind-Up Order ---------------------------------------------- The High Court of Singapore entered an order on May 8, 2026, to wind up the operations of Kinbo Construction Pte. Ltd. Loke Yuen Kin, Ruby filed the petition against the company. The company's liquidators are: Ho Chjuen Meng David Donald Don Ho Mun-Tuke c/o DHA+ PAC 9 Raffles Place #08-04 Republic Plaza Singapore 048619 MOMOLATO PTE: Court Enters Wind-Up Order ---------------------------------------- The High Court of Singapore entered an order on May 8, 2026, to wind up the operations of Momolato Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Mr. Gary Loh Weng Fatt Mr. Dev Kumar Harish Nandwani c/o BDO Advisory 600 North Bridge Road #23-01 Parkview Square Singapore 188778 QI TECK: Court to Hear Wind-Up Petition on June 5 ------------------------------------------------- A petition to wind up the operations of Qi Teck Electrical Engineering Pte. Ltd. will be heard before the High Court of Singapore on June 5, 2026, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on May 11, 2026. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 WAVEMAKER LABS: Creditors' Proofs of Debt Due on June 22 -------------------------------------------------------- Creditors of Wavemaker Labs Pte. Ltd. are required to file their proofs of debt by June 22, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 12, 2026. The company's liquidator is: Robert Yam Mow Lam Messrs. Robert Yam & Co PAC 190 Middle Road #16-01 Fortune Centre Singapore 188979 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***