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260526.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 Tuesday, May 26, 2026, Vol. 29, No. 104 Headlines A U S T R A L I A CHRIS EVANS: First Creditors' Meeting Set for June 2 DISASTER RELIEF: Second Creditors' Meeting Set for May 29 EDEN ASSET: ASIC Cancels AFS Licence Amid Liquidation NORTH SOUTH CARPENTRY: First Creditors' Meeting Set for June 1 PEPPER ASSET NO.1: Fitch Affirms 'BB-sf' Rating on Class F Notes REGIONAL EXPRESS: Debt Owed to Regional Councils Paid by Fed. Gov't STUDIOMINT WORKPLACE: First Creditors' Meeting Set for June 1 C H I N A CHINA GUANGFA: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable FINGERMOTION INC: Raises $5MM via Senior Secured Convertible Note HUA XIA BANK: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable PING AN BANK: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable RETO ECO-SOLUTIONS: Appoints Di Gan, Johnny Tiong Sie Wei to Board RETO ECO-SOLUTIONS: Board Approves 4-for-1 Share Combination YUEDA DIGITAL: Hon Siong Lin Named Director I N D I A AMARAVATHI TOURISM: CARE Keeps D Debt Rating in Not Cooperating ARDHENDU MONDAL: CRISIL Keeps D Debt Ratings in Not Cooperating ASTRA LIGHTING: CARE Keeps D Debt Ratings in Not Cooperating BALAJI ENAMEL: CARE Keeps D Debt Ratings in Not Cooperating BULANDSHAHR ROLLER: CARE Keeps B- Debt Rating in Not Cooperating CAPRI GLOBAL: Fitch Assigns 'BB-' Rating to USD1BB GMTN Programme GONDIA EDUCATION: CARE Keeps C Debt Rating in Not Cooperating HILLWOOD IMPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating HIMALAYA DEVELOPERS: CRISIL Keeps B Rating in Not Cooperating INA INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating JAG VIDHYA: CRISIL Keeps D Debt Ratings in Not Cooperating JAIKA AUTOMOBILES: CRISIL Keeps D Debt Ratings in Not Cooperating JCBL MARREL: CRISIL Keeps B Debt Ratings in Not Cooperating KALIKA ENTERPRISE: CRISIL Keeps D Debt Ratings in Not Cooperating KISAN UDYOG: CARE Keeps B- Debt Rating in Not Cooperating Category MANIYARPUR DAIRY: CARE Keeps D Debt Rating in Not Cooperating MARS THERAPEUTICS: CRISIL Keeps D Debt Ratings in Not Cooperating PIYUSH INFRATECH: CRISIL Keeps D Debt Ratings in Not Cooperating QUADROS AUTOMARK: CARE Keeps D Debt Rating in Not Cooperating RAM KRISHNA: CRISIL Keeps D Debt Ratings in Not Cooperating RENEW POWER 4: Fitch Affirms BB- Rating on USD585MM Sr. Sec. Notes SAKSHI AUTO: CRISIL Keeps B- Debt Ratings in Not Cooperating SELECT MOTORS: CRISIL Keeps B Debt Ratings in Not Cooperating SIRIUS INFRAPROJECTS: CARE Keeps D Debt Ratings in Not Cooperating SRIDARSHAN GOLD PR: CARE Keeps B- Debt Rating in Not Cooperating SS INNOVATIONS: Q1 Loss Narrows to $3.6MM; Going Concern Remains TREE HOUSE: CARE Keeps D Debt Rating in Not Cooperating Category VARUN LOGISTICS: CARE Keeps B- Debt Rating in Not Cooperating J A P A N NISSAN MOTOR: Unit Scraps Plan to Make EV Powertrains in UK N E W Z E A L A N D ALL IN: Creditors Lose More Than NZD1.1MM as Liquidation Concludes CANTERBURY ALUMINIUM: Creditors' Proofs of Debt Due on June 15 KIDS' COVE: Creditors' Proofs of Debt Due on June 19 MANA WITHIN: Court to Hear Wind-Up Petition on June 4 SPOONER CONCRETE: Court to Hear Wind-Up Petition on June 16 TOULON INVESTMENTS: Creditors' Proofs of Debt Due on June 19 S I N G A P O R E BURJ ASIA: Court Enters Wind-Up Order CLASSIC CONSUMER: Court Enters Wind-Up Order LAM SAN: Creditors' Proofs of Debt Due on June 20 LNG ALPHA: Commences Wind-Up Proceedings TRANSPARENTLY PTE: Creditors' Proofs of Debt Due on June 21 - - - - - ================= A U S T R A L I A ================= CHRIS EVANS: First Creditors' Meeting Set for June 2 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Chris Evans Transport Pty Ltd will be held on June 2, 2026, at 10:00 a.m. via Microsoft Teams. Thomas Stuart Otway and Matthew Ormsby of SV Partners were appointed as administrators of the company on May 21, 2026. DISASTER RELIEF: Second Creditors' Meeting Set for May 29 --------------------------------------------------------- A second meeting of creditors in the proceedings of Disaster Relief Australia has been set for May 29, 2026, at 2:00 p.m. via online video conferencing. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by May 28, 2026 at 3:00 p.m. Mark Robinson and Ken Whittingham of Fort Restructuring was appointed as administrator of the company on March 12, 2026. EDEN ASSET: ASIC Cancels AFS Licence Amid Liquidation ----------------------------------------------------- The Australian Securities & Investments Commission (ASIC) has cancelled the Australian financial services (AFS) licence of Eden Asset Management Pty Ltd (Eden). The AFS licence was cancelled on the basis that Eden is in liquidation. The cancellation was made with the consent of Eden's Liquidators following enquiries made by ASIC about non-compliance with statutory reporting, audit and financial requirements. The Liquidators advised ASIC that Eden was no longer trading therefore had no further need of its licence. Eden has held AFS licence number 296466 since Feb. 13, 2006. ASIC may cancel an AFS licence held by a body corporate without the requirement for a hearing if it is a Chapter 5 body corporate which relevantly includes a body corporate that is being wound up or is under administration. NORTH SOUTH CARPENTRY: First Creditors' Meeting Set for June 1 -------------------------------------------------------------- A first meeting of the creditors in the proceedings of North South Carpentry & Joinery Pty Ltd will be held on June 1, 2026, at 11:00 a.m. via Microsoft Teams. Sule Arnautovic of Salea Advisory was appointed as administrator of the company on May 21, 2026. PEPPER ASSET NO.1: Fitch Affirms 'BB-sf' Rating on Class F Notes ---------------------------------------------------------------- Fitch Ratings has affirmed Pepper Asset Finance Novated Lease Warehouse Trust No.1's ratings. The Outlook is Stable. The notes are backed by a pool of first-ranking Australian novated automotive loan receivables originated by Pepper Asset Finance Pty Limited (PAF), a subsidiary of Pepper Money Limited (Pepper). The notes were issued by Pepper Finance Corporation Limited as trustee for Pepper Asset Finance Novated Lease Warehouse Trust No.1. Entity/Debt Rating Prior ----------- ------ ----- Pepper Asset Finance Novated Lease Warehouse Trust No.1 A1-a LT AAAsf Affirmed AAAsf A1-x LT AAAsf Affirmed AAAsf B LT AAsf Affirmed AAsf C LT Asf Affirmed Asf D LT BBBsf Affirmed BBBsf E LT BBsf Affirmed BBsf F LT BB-sf Affirmed BB-sf Transaction Summary The transaction is a warehouse that purchases receivables on a revolving basis. The asset pool is subject to eligibility criteria and portfolio parameters. The transaction has performance triggers to protect debtholders from deterioration in portfolio credit quality, which require rectification or may otherwise trigger an amortisation event, during which all collections would be applied to pay down the debt according to the principal waterfall. KEY RATING DRIVERS Stable Performance, Collateral Characteristics: The underlying assets' performance has been in line with Fitch's base-case expectations. The 30+ and 60+ day arrears as of end-March 2026 were 0.6% and 0.2%, respectively, below Fitch's 4Q25 ABS Performance Monitor of 1.5% and 0.7%, respectively. Losses represented 0.1% of the combined balance of the collateral pool at closing and the balance of additional assets subsequently acquired by the trust. The eligibility criteria and portfolio parameters shape the proxy portfolio used to drive the asset analysis, as the transaction is still within its availability period. The proxy portfolio reflects the assumption that portfolio characteristics may migrate towards their limits during this period, including a composition of 100% novated leases. There is no portfolio parameter limiting electric vehicle (EV) exposure, so Fitch has assumed 100% EV composition in its stress analysis. Default expectations have been updated since the last surveillance review in July 2025 to reflect updated performance data for novated leases, consistent with the base cases set for the recent Pepper Asset Securities No.5 Trust. The base-case default expectation is 1.50% (up from 1.10%), with a 'AAAsf' default multiple of 7.75x (down from 8.0x). The recovery base case of 24.0%, with a 'AAAsf' recovery haircut of 60.0% for EVs, remains unchanged. Tight Labour Market Supports Outlook: Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 2.6% in 2025 and unemployment was 4.3% in March 2026. Fitch forecasts GDP growth of 2.4% in 2026 and 2.1% in 2027, with unemployment at 4.5% for 2026 and 2027. Structural Features Support Ratings: Structural features include a liquidity reserve sized at 1.5% of the invested amount of the notes (other than the class G notes), which is sufficient to mitigate Fitch's payment interruption risk. Updated cash flow analysis was not performed as none of the variables affecting transaction performance have changed materially, including the update to the novated lease base case and default multiples, after the last assessment conducted in December 2025, which coincided with the revolving period extension and restructure. The transaction's availability period ends in December 2026, with an option to extend. It is bound during this period by stop origination event triggers to mitigate risk from potential losses. Included, among other triggers, is a pool parameter trigger that ensures the availability of sufficient asset yield. During amortisation, principal is initially paid sequentially from class A to G notes. Class A to F notes will receive principal repayments pro rata upon satisfaction of the step-down criteria. The non-amortising G notes will ensure credit enhancement as a percentage rises over the pro rata period for rated notes. The step-up margin of the class A1-a and A1-x notes is subordinated below losses if a stop origination event is subsisting, and is excluded from the notes' rating assessment. Non-payment of the step-up margin will not constitute an event of default, as outlined in the transaction documents. Low Operational and Servicing Risk: All receivables were originated by PAF, which demonstrates adequate capability as originator and underwriter. Pepper exhibits appropriate competence as servicer. Pepper is not rated by Fitch. Servicer disruption risk is mitigated by back-up servicing arrangements. The nominated backup servicer is BNY Trust Company of Australia Limited. Fitch undertook an operational and file review and found that the operations of the originator and servicer were comparable with those of other auto and equipment lenders. The key rating drivers listed in the applicable sector criteria, but not mentioned above, are not material to this rating action. Energy Management: There is limited credit performance data for EVs and available market data show notable differences in recoveries between EVs and non-EVs. The transaction's portfolio parameters do not include a cap on the concentration in EVs. EVs form 43.8% of the collateral pool; however, Fitch has stressed the EV concentration to 100% due to the absence of a specific pool parameter and the transaction being a novated lease warehouse. The stressed concentration has a negative impact on the assessed credit profile of the transaction and results in a rating impact. This leads to Fitch's Energy Management ESG Relevance Score of '5' for this transaction. Fitch's analytical approach for this transaction was not adjusted purely due to the green nature of the underlying collateral, but Fitch references available market data for EVs to determine its recovery assumptions. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Transaction performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce the credit enhancement available to the notes. Unanticipated increases in the frequency of defaults and loss severity on defaulted receivables could produce loss levels higher than Fitch's base case, and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions; these include increasing WA defaults and decreasing the WA recovery rate. The rating sensitivities below refer to the cash flow modelling analysis conducted in response to the restructure of the trust in December 2025. Downgrade Sensitivities Notes: A1-x / A1-a / B / C / D / E / F Rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / BB-sf 10% WAFF increase: AA+sf / AA+sf / A+sf / BBB+sf / BB+sf / BB-sf / B+sf 25% WAFF increase: AAsf / AAsf / Asf / BBBsf / BBsf / BB-sf / Bsf 50% WAFF increase: AA-sf / A+sf / A-sf / BBB-sf / BB-sf / Bsf / less than Bsf 10% WARR decrease: AA+sf / AA+sf / AA-sf / A-sf / BBB-sf / BBsf / BB-sf 25% WARR decrease: AA+sf / AA+sf / AA-sf / A-sf / BBB-sf / BBsf / B+sf 50% WARR decrease: AAsf / AA+sf / A+sf / BBB+sf / BB+sf / BB-sf / B+sf 10% WAFF increase / 10% WARR decrease: AA+sf / AA+sf / A+sf / BBB+sf / BB+sf / BB-sf / B+sf 25% WAFF increase / 25% WARR decrease: AAsf / AA-sf / Asf / BBBsf / BBsf / B+sf / Bsf 50% WAFF increase / 50% WARR decrease: A+sf / Asf / BBB+sf / BB+sf / B+sf / Bsf / less than Bsf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Economic conditions, loan performance and credit losses that are better than its baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. Upgrade Sensitivities The A1-x and A1-a notes are at the highest level on Fitch's scale and cannot be upgraded. Notes: B / C / D / E / F Rating: AAsf / Asf / BBBsf / BBsf / BB-sf 10% WAFF decrease / 10% WARR increase: AAsf / Asf / BBBsf / BB+sf / BBsf USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third-party assessment of the asset portfolio information as part of its ongoing monitoring. Prior to the transaction closing, Fitch sought to receive a third-party assessment conducted on the asset portfolio information, but none was made available to Fitch for this transaction. As part of its ongoing monitoring, Fitch reviewed a small targeted sample of the originator's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations Pepper Asset Finance Novated Lease Warehouse Trust No.1 has an ESG Relevance Score of '5' for Energy Management, which has a negative impact on the credit profile, and is highly relevant to the rating, resulting in a rating impact. The score is higher than the baseline ESG Relevance Score of '2' (no impact) for this general issue in the Australian auto sector. There is limited credit performance data for EVs, and available market data show notable differences in recoveries between EVs and non-EVs. Fitch's analytical approach for the transaction, in which EVs form 43.8% of the pool but the EV concentration was stressed to 100% in Fitch's modelling in the absence of a specific pool parameter, was not adjusted purely due to the green nature of the underlying collateral, but Fitch references available market data for EVs to determine its recovery assumptions. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. REGIONAL EXPRESS: Debt Owed to Regional Councils Paid by Fed. Gov't ------------------------------------------------------------------- ABC News reports that the federal government has paid 100 per cent of the debts Regional Express Holdings (Rex) airlines owed to regional councils across Australia. The ABC relates that thirty-four councils have received part of the AUD4.8 million bailout, including Dubbo Regional Council, which was owed the largest sum of AUD598,672. New South Wales councils were owed the most by Rex at AUD1,940,200, followed by Western Australia's councils at AUD1,165,400. Queensland, South Australia, Victoria and Tasmania's councils were owed about AUD880,000, AUD580,000, AUD170,000 and AUD120,000, respectively. According to the ABC, the multi-million-dollar lifeline comes as US-based aviation group Air T finalised its acquisition and recapitalisation of Rex in December last year, 18 months after it went into voluntary administration. The Australian government endorsed Air T's takeover of Rex Airlines, backing the bid with a AUD60 million support package and an additional AUD108 million, which will go towards restructuring existing Australian government debt, the ABC notes. Dubbo Regional Council Mayor Josh Black said the bailout was a "good result for ratepayers". "Regional airports run by councils face a constant battle to continue to upgrade and maintain the existing infrastructure," the ABC quotes Mr. Black as saying. "It's really important the federal government has stepped up and kept Rex flying." About Rex Airlines Regional Express Pty. Ltd., trading as Rex Airlines (and as Regional Express Airlines on regional routes), is an Australian airline based in Mascot, New South Wales. It operates scheduled regional and domestic services. It is Australia's largest regional airline outside the Qantas group of companies and serves all 6 states across Australia. It is the primary subsidiary of Regional Express Holdings. On July 30, 2024, Samuel Freeman, Justin Walsh, and Adam Nikitins of Ernst & Young Australia (EY Australia) were appointed Joint and Several Voluntary Administrators by the Rex Group's respective Boards of Directors. The companies in administration are: * Regional Express Holdings Limited; * Regional Express Pty Limited; * Rex Airlines Pty Ltd; * Rex Investment Holdings Pty Limited; and * Air Partners Pty Ltd. In December 2025, Air T, an American aviation group, acquired 100% of the issued share capital in Rex via a deed of company arrangement, bringing to an end Rex's 16-month external administration and ensuring the continued operation of its regional business. STUDIOMINT WORKPLACE: First Creditors' Meeting Set for June 1 ------------------------------------------------------------- A first meeting of the creditors in the proceedings of Studiomint Workplace Pty Ltd will be held on June 1, 2026, at 12:00 p.m. via Teleconference. John Maxwell Morgan of BCR Advisory was appointed as administrator of the company on May 21, 2026. ========= C H I N A ========= CHINA GUANGFA: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable ---------------------------------------------------------------- Fitch Ratings has affirmed China Guangfa Bank Co., Ltd.'s (CGB) Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB+', Government Support Rating (GSR) at 'bb+' and Short-Term IDR at 'B'. The Outlook on the Long-Term IDR is Stable. Fitch has upgraded CGB's Viability Rating (VR) to 'bb-' from 'b+'. The bank's VR is in line with the implied VR. The VR upgrade is driven by a gradual improvement in the bank's intrinsic credit profile, reflected in a more moderate risk appetite and a reduction in its off-balance-sheet activities, which support its asset quality, capitalisation and funding and liquidity despite sector-wide profitability pressures. Key Rating Drivers Government Support Prospects Unchanged: CGB's Long-Term IDR reflects Fitch's assessment of a moderate likelihood of government support in the event of stress, as expressed by the GSR. Its view considers the bank's limited market share nationally and modest domestic significance. CGB's 'B' Short-Term IDR is mapped to its Long-Term IDR. CGB was designated a domestic systemically important bank (D-SIB) in 2021, which underpins its view on the government's propensity to support CGB. The Ministry of Finance directly owns 5.2% of CGB, making it the fifth-largest shareholder at end-2025. However, Fitch expects government propensity to support CGB to be lower than for peers with higher systemic importance. This is because the government's ability to support the large number of D-SIBs may be constrained by the size of China's banking system, and Fitch expects the government to prioritise support for larger D-SIBs should China's banking system experience systemic stress. Constraints on Shareholder Support: Fitch does not factor in shareholder support from China Life, even though it has a 44% stake in CGB and is its largest shareholder. The high risk of financial-system contagion may limit China Life's ability to provide extraordinary support in the event of stress, especially considering the bank's size relative to that of China Life. Manageable Operating Environment: Fitch forecasts China's GDP growth will slow to 4.3% in 2026 from 5.0% in 2024 and 2025, reflecting ongoing domestic challenges, especially in the property sector. Fitch expects near-term market volatility as China adjusts its economic policy to bolster growth, but GDP expansion should remain moderate and sustain stable system leverage over the medium term. Chinese banks have limited direct exposure to the Middle East, although second-order effects may become more apparent over time if the conflict persists. The 'bbb-' operating environment score is above the 'bb' category implied score, as Fitch believes China's solid external finances and large and diversified economy, incorporated in its sovereign rating (A/Stable), will provide greater financial and economic stability than the implied score indicates. Modest Retail Franchise: CGB's business profile score reflects its limited national market share and modest retail deposit franchise relative to state banks and large mid-tier banks. Its business profile score is below the 'bbb' implied category score, reflecting management and governance issues that are common in China due to pressure from the authorities to support certain borrower segments during challenging times. Reduced Risk Appetite: The revision of CGB's risk profile score to 'bb-'/stable from 'b+'/positive reflects continued deceleration in growth, especially in riskier loan types, and declining shadow-banking activities. Its loan balance grew by CAGR of only 2% during 2022-2025, compared with 16% in 2018-2021. Non-mortgage retail loans fell to 26% of total loans by end-2025, which is aligned with the mid-tier bank average. Its wealth management products also decreased to 5% of total assets and 9% of total deposits, well below the mid-tier bank average of 19% and 32%, respectively. Easing Risks in Underlying Asset Quality: Fitch revised CGB's asset quality score to 'bb-/stable' from 'b+/positive' due to reduced underlying asset quality risks, following a more moderate risk appetite, stricter non-performing loan (NPL) recognition and active NPL resolution in recent years. Its lower exposure to shadow-banking activities also reduces the risk of understatement in reported asset quality metrics than other mid-tier banks. That said, the score remains below the implied 'bbb' category score due to CGB's larger exposure to non-loan assets than higher rated peers. Stabilising Profitability: Fitch expects CGB's operating profit/risk-weighted assets (RWA) to stabilise at 0.6% in 2026 and 2027. Net interest margin compression should ease this year, supported by fewer loan prime rate cuts and continued deposit repricing. Fitch does not expect a material rise in impairment charges despite muted economic growth, mainly due to its reduced risk appetite and increasing loan-loss allowance ratio. Its earnings and profitability score of 'b' is below the 'bb' category implied score to reflect potential RWA understatement due to its non-loan exposure. Stable Capital Buffers: Fitch expects CGB's common equity Tier 1 (CET1) ratio to be stable at around 9.5% in 2026 and 2027, aided by its moderating growth appetite. The capitalisation and leverage score of 'b+' remains below the 'bb' category implied score to reflect its non-loan exposure, which is not adequately captured in the RWA calculations. Stable Funding Profile: Fitch expects CGB's loan/deposit ratio to remain stable at 98% in 2026 and 2027, thanks to a moderating growth appetite. Its funding and liquidity score of 'bb-' is below the 'bbb' category implied score due to its higher reliance on non-deposit funding, similar to most other mid-tier Chinese banks, and modest retail deposit franchise relative to higher-rated peers. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade IDRs and GSR The Long-Term IDR and GSR of CGB will come under pressure if Fitch perceives that the central government's propensity or ability to provide timely extraordinary support has diminished significantly. Lower propensity may be demonstrated by an effective resolution framework. The state's propensity to support the bank may also decline if there were a significant reduction in the bank's systemic importance, for example, if the bank is no longer designated as a D-SIB. The Short-Term IDR will not be downgraded unless the Long-Term IDR is downgraded to 'CCC+' or below, which Fitch views as highly unlikely in the short to medium term. VR The VR could be downgraded if the operating environment score is lowered, if Fitch assesses the bank to have increased its risk appetite significantly, especially in credit-card lending, or if it aggressively increases exposure to entrusted investments or wealth-management products, eroding its modest capital buffer. This would be particularly the case if risks around the transparency of its exposures, including off-balance sheet and non-loan exposures, were not addressed. A sustained deterioration in financial metrics could lead to a VR downgrade, including a combination of the following reported core metrics: - The four-year average of the impaired loan/gross loan ratio increasing to and remaining at around 6% (2022-2025: 1.8%), although Fitch's assessment of asset quality will also take into consideration other indicators, such as 'special-mention' loans, loan-loss provisioning, and whether (and to what extent) Fitch believes reported metrics understate any deterioration in asset quality; and - The CET1 ratio falling below 8.5% (2025: 9.3%) without a credible path to return to existing levels. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade IDRs and SSR An increased propensity for the central government to provide support, possibly reflected in a further increase of CGB's systemic importance and regional significance, more explicit statements of support, or the provision of aid through its largest shareholder, could be positive to its assessment of the bank's GSR and Long-Term IDR. The Short-Term IDR will be upgraded if CGB's Long-Term IDR is upgraded. VR An upgrade of the VR appears unlikely in the near term, as it would require an improvement in capitalisation such that CGB's CET1 ratio remains above 10%, in conjunction with a sustained reduction in risk appetite and greater transparency in financial statements -- particularly around shadow-banking risks. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS CGB's Long-Term IDR (xgs) is driven by its VR and has consequently been upgraded to 'BB-(xgs)' from 'B+(xgs)'. The Short-Term IDR (xgs) of 'B(xgs)' maps to the Long-Term IDR (xgs). OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: The bank's Long-Term IDR (xgs) could be downgraded if the VR is downgraded. The bank's Short-Term IDR (xgs) could be downgraded if the Long-Term IDR (xgs) is downgraded below 'B-(xgs)'. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: The bank's Long-Term IDR (xgs) could be upgraded if the VR is upgraded. The bank's Short-Term IDR (xgs) could be upgraded if the Long-Term IDR (xgs) is upgraded to above 'BB+(xgs)'. VR ADJUSTMENTS The operating environment score of 'bbb-' is above the 'bb' category implied score due to the following adjustment reason: sovereign rating (positive). The business profile score of 'bb' is below the 'bbb' category implied score due to the following adjustment reasons: management, governance and strategy (negative), and business model (negative). The asset quality score of 'bb-' is below the 'bbb' category implied score due to the following adjustment reasons: underwriting standards and growth (negative), and non-loan exposure (negative). The earnings & profitability score of 'b' is below the 'bb' category implied score due to the following adjustment reason: risk-weight calculation (negative). The capitalisation & leverage score of 'b+' is below the 'bb' category implied score due to the following adjustment reason: leverage and risk-weight calculation (negative). The funding & liquidity score of 'bb-' is below the 'bbb' category implied score due to the following adjustment reasons: deposit structure (negative), and non-deposit funding (negative). Public Ratings with Credit Linkage to other ratings CGB's IDRs are directly linked to China's sovereign ratings. ESG Considerations CGB has ESG Relevance Score of '4' for Financial Transparency. There are structural issues around financial transparency and disclosure that are not captured in headline performance metrics in China and affect its operating environment assessment. This negatively affects the bank's credit profile and is relevant to the rating in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- China Guangfa Bank Co., Ltd. LT IDR BB+ Affirmed BB+ ST IDR B Affirmed B Viability bb- Upgrade b+ Government Support bb+ Affirmed bb+ LT IDR (xgs) BB-(xgs) Upgrade B+(xgs) ST IDR (xgs) B(xgs) Affirmed B(xgs) FINGERMOTION INC: Raises $5MM via Senior Secured Convertible Note ----------------------------------------------------------------- FingerMotion, Inc. announced in a regulatory filing that it entered into a Securities Purchase Agreement with an institutional investor, pursuant to which the Company issued to the Investor a senior secured convertible note with an original principal amount of $5,000,000 and an original issue discount of $700,000. The Note bears no interest (except upon an event of default) and, unless earlier converted or redeemed, will mature on the first anniversary of the Closing Date. At closing, the Company received $3,300,000, with the remaining $1,000,000 of the $4,300,000 aggregate subscription amount to be released to the Company upon the SEC declaring effective a resale registration statement covering the resale of a number of shares of Common Stock equal to 200% of the maximum number of Conversion Shares issuable upon conversion of the Note (constituting the "Registrable Securities" as more fully defined in the Registration Rights Agreement). The Note is convertible, at any time at the Investor's option, into shares of the Company's common stock, par value $0.0001 per share, at an initial fixed conversion price of $0.94 per share, which is subject to adjustment for stock splits, stock dividends, stock combinations, recapitalizations, and other customary events. In addition, during each monthly period specified in the Note, the Investor may convert up to $1,000,000 in aggregate principal amount of the Note (plus all accrued and unpaid amounts thereon) at a "Redemption Conversion Price" equal to the lower of: (i) the Fixed Conversion Price then in effect and (ii) 90% of the lowest daily volume-weighted average price of the Common Stock during the seven consecutive trading days ending on and including the applicable date of conversion or the first trading day of the applicable Monthly Redemption Conversion Period, in each case subject to a floor price initially set at 20% of the Nasdaq Minimum Price (as defined in Nasdaq Listing Rule 5635) on the trading day prior to the date of the Purchase Agreement, which resets automatically every six months. If the Company is unable to issue Conversion Shares due to the exchange cap described below or if a Floor Price condition exists, the Investor may require the Company to satisfy the applicable monthly conversion amount in cash at a 7.5% premium. The Note includes customary events of default, including, without limitation (and, where applicable, subject to any cure periods set forth in the Note): * suspension of trading of the Company's Common Stock on Nasdaq; * the Company's failure to timely deliver freely tradable Conversion Shares; * the Company's failure to maintain the required share reserve for the Note; * any payment default under the Note or related transaction documents; * acceleration of $500,000 or more of the Company's (or any subsidiary's) other indebtedness; * the Company's bankruptcy, insolvency, or liquidation (whether voluntary or involuntary); * entry of a final judgment for the payment of money in excess of $500,000 against the Company or any subsidiary; * breaches of representations, warranties, or covenants in the Note or any other transaction documents; * any failure of the resale registration statement to be timely filed, declared effective, or maintained in accordance with the Registration Rights Agreement; * any security document failing or ceasing to create a valid and perfected first-priority lien on the collateral; and * failure by the Company to maintain minimum cash covenant. If an event of default occurs and is continuing, the Note shall become due and payable, at the Investor's election, in cash at an amount equal to 125% of all the outstanding principal amount of the Note, accrued and unpaid interest, and any other unpaid amounts. Upon the occurrence and continuation of an event of default, default interest shall accrue at an annual rate of 12%. The Note also contains additional conversion, redemption, and put mechanics, including: (i) an optional redemption right in favor of the Company, exercisable after 40 trading days following the effective date of the initial resale registration statement, at a price equal to 115% of the Outstanding Value of the Note (ii) a change of control put right entitling the Investor to require redemption of the Outstanding Value under the Note at a premium upon the occurrence of a change of control transaction, and (iii) a subsequent placement redemption right entitling the Investor to require the Company to apply up to 30% of the gross proceeds of such subsequent placement to redeem at a price equal to 115% of the Outstanding Value being redeemed, in each case subject to the terms and conditions set forth in the Note. The Purchase Agreement contains customary representations, warranties, and agreements of the Company and the Investor, and customary indemnification rights and obligations of the parties. The Company has agreed to seek stockholder approval for the issuance of Conversion Shares in excess of 19.99% of the outstanding shares of Common Stock as of the date of the Purchase Agreement. Absent such approval (or an opinion of outside counsel that stockholder approval is not required), the Company may not issue Conversion Shares in excess of 12,256,260 shares in the aggregate. Conversions are also subject to a 9.99% beneficial ownership limitation. In connection with the Purchase Agreement, the Company entered into a registration rights agreement with the Investor, pursuant to which the Company has agreed to file a resale registration statement to register for resale a number of shares of Common Stock equal to 200% of the maximum number of Conversion Shares issuable upon conversion of the Note (subject to adjustment under the Registration Rights Agreement) no later than the later of: (i) 30 calendar days after the date of the Registration Rights Agreement and (ii) ten calendar days after the Company files its Annual Report on Form 10-K for the fiscal year ended February 28, 2026, and to use best efforts to cause such registration statement to be declared effective within the effectiveness deadlines specified thereunder. The Company also entered into a security agreement with the Investor, pursuant to which the Company granted to the Investor, acting as collateral agent, a first-priority security interest in substantially all of the Company's personal property assets, subject to customary permitted liens and excluded assets, as set forth in the Security Agreement. Weild & Co. acted as the placement agent in connection with the offering and will receive a cash commission of $200,000 on the initial proceeds received by the Company. Full text copies of the Purchase Agreement, the Note, the Registration Rights Agreement and the Security Agreement, copies of which are available at https://tinyurl.com/ysp7suxj, https://tinyurl.com/4t5x2vpu, https://tinyurl.com/33xscusn and https://tinyurl.com/msspby5c, respectively. About FingerMotion Inc. FingerMotion Inc. provides mobile payment and recharge platform solutions in China. San Francisco, California-based CT International LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated May 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended February 28, 2025, citing that the Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. As of November 30, 2025, the Company had $60,055,042 in total assets, $43,713,994 in total liabilities, and $16,341,048 in total stockholders' equity. HUA XIA BANK: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has affirmed Hua Xia Bank Co., Limited's (HXB) Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB+', Short-Term IDR at 'B', Government Support Rating (GSR) at 'bb+', and Viability Rating (VR) at 'b+'. The Outlook on the Long-Term IDR is Stable. The assigned VR is in line with the implied VR. Key Rating Drivers Government Support-Driven IDR: HXB's Long-Term IDR is driven by Fitch's assessment of a 'Moderate' likelihood of government support in the event of stress. This takes into consideration limited market share and regional significance. HXB has a relatively small national market share, and its ownership structure and shareholder background are not closely tied to the central government compared with other higher-rated mid-tier banks, despite linkage with the Beijing municipal government. The Short-Term IDR is mapped to its Long-Term IDR. China's regulators designated HXB as a domestic systemically important bank (D-SIB) in October 2021, which underpins its view on government's propensity to support. However, Fitch views this propensity as lower than for peers with higher systemic importance. This is because government's ability to provide support to a large number of D-SIBs may be constrained by the size of China's banking system in the event of systemic stress, and Fitch expects government to prioritise support for larger D-SIBs should China's banking system experience systemic stress. Manageable Operating Environment: Fitch forecasts China's GDP growth will slow to 4.3% in 2026, from 5.0% in 2024 and 2025, reflecting ongoing domestic challenges, especially in the property sector. Fitch expects near-term market volatility as China adjusts its economic policy to bolster growth, but growth should remain moderate and sustain stable system leverage over the medium term. Chinese banks have limited direct exposure to the Middle East, although second-order effects may become more apparent over time if the Iran conflict persists. The 'bbb-' operating environment score is above the 'bb' category implied score, as Fitch believes China's solid external finances and large and diversified economy - incorporated in its sovereign rating - will provide greater financial and economic stability than the implied score indicates. Regional Focus: HXB has a geographical focus in northern and north-east China, which contributed 42% of HXB's revenue and 46% of its pre-tax profit in 2025. The business profile score is below the 'a' implied category score, reflecting management and governance issues that are common in China due to pressure from the authorities to support certain borrower segments in challenging times. The score also reflects larger exposure to shadow-banking activities relative to higher-rated banks. Resumed Growth: The revision of its risk profile outlook to 'stable' from 'positive' reflects its view that uncertainty surrounding growth appetite, plus rising shadow-banking exposure in 2025, may limit further improvement in the risk profile. Loan and risk-weighted asset growth recovered to 8% and 9%, respectively, up from low-single-digit levels during 2021-2024. Off-balance-sheet wealth-management products also grew to 26% of assets and 51% of deposits, versus 19% and 39% at end-2024, and above respective mid-tier average of 19% and 32%. Asset Quality Constrained by Risk Appetite: The revision of its asset quality outlook to 'stable' from 'positive' reflects its expectation that volatility in risk appetite may limit further improvement in the underlying asset quality. Fitch expects HXB's impaired-loan ratio to remain stable at 2.0% in 2026 and 2027. The asset quality score of 'b+' remains below the 'bbb' category implied score, to reflect HXB's large non-loan exposure and weaker underwriting standards relative to higher-rated banks. Modest Profitability: Fitch expects operating profit/risk-weighted assets (RWA) to remain stable at around 1.0% in 2026 and 2027. Impairment charges may remain high amid muted economic growth prospects and a modest loan-loss allowance ratio, though net interest margin compression should ease, supported by fewer loan prime rate cuts and continued deposit repricing. The earnings and profitability score of 'b' has been assigned below the 'bb' category implied score to reflect the potential understatement of RWAs due to high non-loan exposure. Capital Buffers: Fitch expects HXB's common equity Tier 1 (CET1) ratio to decline moderately to 9.2% and 9.1% in 2026 and 2027, respectively, as resumed growth appetite could constrain its capital position. The capitalisation and leverage score remains below the 'bb' category implied score to reflect its non-loan exposure, which is not captured adequately in the RWA calculations. Modest Funding Profile: Fitch expects HXB's loan/deposit ratio (LDR) to remain stable at around 108% in 2026 and 2027. Its funding profile will continue to be constrained by its higher LDR and modest retail deposit franchise relative to higher-rated peers. The funding and liquidity score of 'b+' has been assigned below the 'bbb' category implied score because of the bank's reliance on non-deposit funding and modest deposit franchise relative to higher-rated peers. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade IDRS and GSR The Long-Term IDR and GSR of HXB will come under pressure if Fitch perceives that the central government's propensity to provide timely extraordinary support has diminished significantly. A lower propensity to support may be demonstrated in the form of an effective resolution framework or significantly weaker government support ability. The state's propensity to support the bank may also decline if there were a significant decline in the bank's systemic importance, possibly reflected in it no longer being classified as a D-SIB. The Short-Term IDR on HXB will not be downgraded unless the Long-Term IDR is downgraded to or below 'CCC+', which Fitch views as highly unlikely in the short to medium term. VR The VR could be downgraded if the operating environment score is revised down or if Fitch assesses the bank to have increased its risk appetite significantly, especially in manufacturing, wholesale and retail trade loans, as well as rising exposure to shadow-banking activity, which would be a further drag on asset quality and capital buffers. Failure to address risks around the transparency of the off-balance sheet and non-loan exposures would add to this pressure. A sustained deterioration in the financial metrics could also lead to a VR downgrade, including a combination of the following reported core metrics: - The four-year average impaired-loan/gross loan ratio increasing to and remaining at around 8.0% (2022-2025 average: 1.9%). Its assessment of asset quality also takes into consideration other indicators, such as 'special-mention' loans, loan-loss provisioning, and whether and to what extent Fitch believes reported metrics understate any deterioration in asset quality; and - The CET1 ratio falling to below 8.0% (1Q26: 9.0%) without a credible path to return to existing levels. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade IDRS and GSR A greater propensity for the central government to provide support, possibly reflected in closer linkages with the government, or a further increase of HXB's systemic importance or regional significance, such as a meaningful expansion of its scale or significant increase of its retail deposit market share close to that of higher rated peers, could be positive for the GSR and Long-Term IDR. The Short-Term IDR on HXB would be upgraded if its Long-Term IDR is upgraded. VR A sustained reduction in risk appetite and greater transparency in its financial statements - particularly on risks from shadow-banking activity- would be positive for its VR assessment. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS HXB's Long-Term IDR (xgs) of 'B+(xgs)' is driven by its VR. The Short-Term IDR (xgs) maps to the Long-Term IDR (xgs), and has been affirmed at 'B(xgs)'. OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: The bank's Long-Term IDR (xgs) could be downgraded if the VR is downgraded. The Short-Term IDR (xgs) could be downgraded if the Long-Term IDR (xgs) is downgraded below 'B- (xgs)'. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: The bank's Long-Term IDR (xgs) could be upgraded if the VR is upgraded. The Short-Term IDR (xgs) could be upgraded if the Long-Term IDR (xgs) is upgraded above 'BB+ (xgs)'. VR ADJUSTMENTS The operating environment score of 'bbb-' is above the 'bb' category implied score due to the following adjustment reason(s): sovereign rating (positive). The business profile score of 'bb' is below the 'bbb' category implied score due to the following adjustment reason(s): business model (negative), and management, governance and strategy (negative). The asset quality score of 'b+' is below the 'bbb' category implied score due to the following adjustment reason(s): underwriting standards and growth (negative), and non-loan exposure (negative). The earnings & profitability score of 'b' is below the 'bb' category implied score due to the following adjustment reason(s): risk-weight calculation (negative). The capitalisation & leverage score of 'b+' is below the 'bb' category implied score due to the following adjustment reason(s): leverage and risk-weight calculation (negative). The funding & liquidity score of 'b+' is below the 'bbb' category implied score due to the following adjustment reason(s): deposit structure (negative), and non-deposit funding (negative). Public Ratings with Credit Linkage to other ratings HXB's IDRs are directly linked to China's sovereign ratings. ESG Considerations HXB has ESG Relevance Score of '4' for Financial Transparency risk. There are structural issues around financial transparency and disclosure that are not captured in headline performance metrics in China and affect its operating environment assessment. This negatively affects the banks' credit profiles and is relevant to the rating in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Hua Xia Bank Co., Limited LT IDR BB+ Affirmed BB+ ST IDR B Affirmed B Viability b+ Affirmed b+ Government Support bb+ Affirmed bb+ LT IDR (xgs) B+(xgs) Affirmed B+(xgs) ST IDR (xgs) B(xgs) Affirmed B(xgs) PING AN BANK: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has affirmed Ping An Bank Co., Ltd.'s (PAB) Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB+', Government Support Rating (GSR) at 'bb+', Short-Term IDR at 'B' and Viability Rating (VR) at 'b+'. The Outlook is Stable. The assigned VR is below the 'bb-' implied VR to reflect its view that PAB's risk profile continues to weigh on the bank's overall credit profile. Key Rating Drivers Government Support-Driven IDR: PAB's Long-Term IDR is driven by Fitch's assessment of a moderate probability of government support, as expressed by the GSR of 'bb+' that takes into consideration the bank's size and modest domestic systemic importance. PAB has no direct state ownership nor history of direct government support. The 'B' Short-Term IDR is mapped to its Long-Term IDR. Differentiation in D-SIB Status: China's regulators designated PAB a domestic systemically important bank (D-SIB) in October 2021, which underpins its view of the government's propensity to support PAB. However, Fitch views this propensity as lower than for peers with higher systemic importance or closer government linkages. This is because the government is likely to prioritise support for larger D-SIBs in the event China's banking system experiences systemic stress. Manageable Operating Environment: Fitch forecasts China's GDP growth will slow to 4.3% in 2026, from 5.0% in 2024 and 2025, reflecting ongoing domestic challenges, especially in the property sector. Fitch expects near-term market volatility as China adjusts its economic policy to bolster growth, but GDP expansion should remain moderate and sustain stable system leverage over the medium term. Chinese banks have limited direct exposure to the Middle East, although second-order effects may become more apparent over time if the conflict persists, The 'bbb-' operating environment score is above the 'bb' category implied score, as Fitch believes China's solid external finances and large and diversified economy, incorporated in its sovereign rating (A/Stable), will provide greater financial and economic stability than the implied score indicates. Exposure to Consumer Loans: PAB's business profile score of 'bb+' is lower than the 'a' implied category score, reflecting issues over management and governance. Such issues are not uncommon in China due to pressure from the authorities to support certain borrower segments during challenging times. It also reflects PAB's large exposure to unsecured consumer lending (mainly credit-card receivables, consumer loans and personal operating loans), which increases earnings volatility and may pressure its financial profile. Weakness in Risk Profile: Fitch revised the outlook on PAB's risk profile score to stable from positive because Fitch expects the sustained weakness in domestic retail lending to limit upside for PAB's performance, given the bank's materially higher exposure to unsecured retail lending than that of other mid-tier banks. Fitch expects this, together with the bank's still sizeable—albeit declining—exposure to shadow-banking activities and volatility in its investment portfolio, to constrain its overall performance. NPL Formation Above Peers: Fitch revised the outlook on PAB's asset quality score to stable from positive, reflecting its expectation that its large exposure to unsecured retail lending will limit upside for asset quality. This is indicated by NPL formation at 2.2% in 2025, which was above that of mid-tier peers. Fitch expects the bank's reported impaired loan ratio to rise to around 1.3% over the next two years, from 1.1% at end-2025, with some of the pressure likely to be mitigated by loan write-offs and disposals. PAB's 'b+' asset-quality score is below the 'bbb' category implied score due to its large non-loan exposure and above-peer unsecured consumer lending, which could leave its asset quality more susceptible to deterioration in an economic downturn. Weaker Revenue Generation: Fitch expects PAB's operating profits/risk-weighted assets (RWAs) to fall to 0.8%in next two years due to net interest margin (NIM) pressure and weaker investment income (decreased 33% in 2025). Pressure on NIM continues to be above that for mid-tier peers given the unsecured consumer lending focus. The bank's earnings and profitability score of 'b+' is below the 'bb' category implied score due to issues around high non-loan exposures that may cause its risk-weight calculations to be understated. Stable Capitalisation: Fitch expects PAB to report a largely stable common equity Tier 1 (CET1) ratio in the next two years given a slowdown in loan growth. It reported a CET1 ratio of 9.5% at end-1Q26, similar to end-2025. That said, PAB's capitalisation and leverage score of 'b+' remains below the 'bb' category implied score and reflects the potential understatement of its risk-weight calculations from non-loan exposures. Non-Deposit Funding: PAB's funding and liquidity score of 'bb-' is below the 'bbb' category implied score, due to PAB's reliance on non-deposit funding as well as its weaker retail deposit franchise compared with higher rated peers. Fitch expects its Fitch-calculated loan-to-deposit ratio (LDR) to be largely stable in the next few years (reported at 94% at end-2025). That said, Fitch believes its high off-balance-sheet exposure may understate its reported LDR and strain on-balance-sheet funding. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade IDRs and GSR The bank's Long-Term IDR and GSR will come under pressure if Fitch perceives that the central government's propensity to provide timely extraordinary support to the bank has diminished. A lower propensity to support may also be reflected through an enhanced resolution framework and strong intention by the authorities to permit losses on senior debt obligations as a means of resolving banks, although Fitch does not expect either scenario to occur in the near term. The state's propensity to support the bank may also decline if there were a significant decline in the bank's systemic importance, possibly reflected in the loss of its D-SIB classification. PAB's Short-Term IDR will be downgraded if its Long-Term IDR is downgraded to 'CCC+' or below, which Fitch thinks is highly unlikely in the short-to-medium term. VR PAB's VR could be downgraded if the operating environment score is downgraded or the bank resumes aggressive growth in its off-balance-sheet wealth-management products or entrusted investments, or if there is excessive growth in credit-card receivables. This would be especially the case if accompanied by weaker underwriting standards or a significant deterioration in household affordability, particularly if the bank does not address risks around transparency of exposures, including off-balance-sheet and non-loan transactions. This could, in turn, lead to a sustained deterioration in the bank's financial metrics, including a combination of the following reported core metrics: - The four-year average of the impaired loan/gross loan ratio increasing to and being sustained at around 8% (2022-2025 four-year average of 1.1% on a reported basis), although Fitch's assessment of asset quality will also take into consideration other indicators, such as 'special-mention' loans, loan-loss provisioning and whether (and to what extent) Fitch believes reported metrics understate any deterioration in asset quality; and - The CET1 ratio falling below 8% (1Q26: 9.5%) without a credible path to return to existing levels. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade IDRs and GSR An increased propensity for the central government to provide support, possibly reflected in more explicit statements of support or the provision of aid through its parent, could be positive to its assessment of PAB's GSR and Long-Term IDR. PAB's Short-Term IDR would be upgraded if its Long-Term IDR is upgraded. VR A sustained reduction in risk appetite and greater transparency in its financial statements - particularly on risks from shadow-banking activity - would be positive for its VR assessment. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS PAB's IDRs (xgs) are driven by its VR. The Long-Term IDR (xgs) and the Short-Term IDR (xgs) have been affirmed at 'B+(xgs)' and 'B(xgs)', respectively. OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: The bank's Long-Term IDR (xgs) could be downgraded if the VR is downgraded. The Short-Term IDR (xgs) could be downgraded if the Long-Term IDR (xgs) is downgraded below 'B-(xgs)'. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: The bank's Long-Term IDR (xgs) could be upgraded if the VR is upgraded. The Short-Term IDR (xgs) could be upgraded if the Long-Term IDR (xgs) is upgraded above 'BB+(xgs)'. VR ADJUSTMENTS The VR of 'b+' has been assigned below the 'bb-' implied rating due to the following adjustment reason: risk profile (negative). The OE score of 'bbb-' has been assigned above the 'bb' category implied score due to the following adjustment reason: sovereign rating (positive). The business profile score of 'bb+' has been assigned below the 'a' category implied score due to the following adjustment reasons: management, governance and strategy (negative) and business model (negative). The asset-quality score of 'b+' has been assigned below the 'bbb' category implied score due to the following adjustment reasons: non-loan exposure (negative) and underwriting standards and growth (negative). The earnings and profitability score of 'b+' has been assigned below the 'bb' category implied score due to the following adjustment reason: risk-weight calculation (negative). The capitalisation and leverage score of 'b+' has been assigned below the 'bb' category implied score due to the following adjustment reason: leverage and risk-weight calculation (negative). The funding and liquidity score of 'bb-' has been assigned below the 'bbb' category implied score due to the following adjustment reasons: non-deposit funding (negative) and deposit structure (negative). Public Ratings with Credit Linkage to other ratings PAB's IDRs are linked to China's sovereign rating. ESG Considerations PAB has ESG Relevance Score of '4' for Financial Transparency. There are structural issues around financial transparency and disclosure that are not captured in headline performance metrics in China and affect its operating environment assessment. This negatively affects the bank's credit profile and is relevant to the rating in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Ping An Bank Co., Ltd. LT IDR BB+ Affirmed BB+ ST IDR B Affirmed B Viability b+ Affirmed b+ Government Support bb+ Affirmed bb+ LT IDR (xgs) B+(xgs) Affirmed B+(xgs) ST IDR (xgs) B(xgs) Affirmed B(xgs) RETO ECO-SOLUTIONS: Appoints Di Gan, Johnny Tiong Sie Wei to Board ------------------------------------------------------------------ ReTo Eco-Solutions, Inc. announced in a regulatory filing that the Board of Directors accepted the resignations of Mr. Baoqing Sun as a Class B director and member of the audit committee, compensation committee and nominating committee, and Mr. Zhizhong Hu as a Class C director. Both resignations were for personal reasons and were not due to any disagreement with the Company. Mr. Hu will remain in his role as Chief Technology Officer of the Company. The Board appointed Mr. Di Gan to serve as the Company's Class B director and a member of each of the Committees, and Mr. Johnny Tiong Sie Wei to serve as the Company's Class C director, each effective immediately. Biographical Information Di Gan, age 35, has served as Chief Executive Officer of Nanjing Bochuang Zhonglian Network Technology Co., Ltd. since September 2020. In this role, he was responsible for overseeing brand positioning, product development, marketing, supply chain, franchise growth, and external partnerships to drive sustainable business growth and market competitiveness. From August 2012 to June 2020, Mr. Gan worked at Jiangsu Provincial Department of Education, contributed to policy research, project coordination, and cross-departmental collaboration while developing strong strategic planning, communication, and resource integration skills. Mr. Gan earned his Bachelor's degree in Business Administration at China University of Mining and Technology in 2012. Johnny Tiong Sie Wei, age 38, served as Operations Director at VIA Group, a Malaysian architectural and interior design and build consultancy firm, from April 2020 to April 2026. In this role, he was responsible for business development & strategy, operations management, and cost control. From March 2015 to March 2020, he worked as Senior Project Manager at Todo Design Sdn Bhd, a Kuala Lumpur-based interior design Company established. His responsibilities included project management & execution as well as market insight & development. Mr. Wei earned his Bachelor's degree in Construction Engineering at Unversiti Teknologi Malaysia in 2011. There are no family relationships between Mr. Gan, Mr. Wei and any other director and executive officer of the Company. There are no transactions between the Company and Mr. Gan or Mr. Wei that will be required to be reported pursuant to Item 404(a) of Regulation S-K. About Reto Eco-Solutions Reto Eco-Solutions, Inc., through its operating subsidiaries in China, is engaged in the manufacture and distribution of eco-friendly construction materials (aggregates, bricks, pavers and tiles), made from mining waste (iron tailings), as well as equipment used for the production of these eco-friendly construction materials. Headquartered in Beijing, Peoples Republic of China, the Company also provides consultation, design, project implementation and construction of urban ecological protection projects through its operating subsidiaries in China. It also provides parts, engineering support, consulting, technical advice and service, and other project-related solutions for its manufacturing equipment and environmental protection projects. Irvine, California-based YCM CPA INC., the Company's auditor since 2021, issued a going concern qualification in its report dated May 1, 2026, attached to the Company's Annual Report on Form 20-F for the year ended December 31, 2025, citing that the Company incurred recurring losses from operations and has an accumulated deficit, which raises substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $31.8 million in total assets, $7.1 million in total liabilities, and $24.7 million in total shareholders' equity. RETO ECO-SOLUTIONS: Board Approves 4-for-1 Share Combination ------------------------------------------------------------ ReTo Eco-Solutions, Inc. announced that its board of directors approved a combination of its Class A shares, no par value, on a four-to-one basis. The Class A Shares began trading on a post combination basis on May 18, 2026. As a result of the Share Combination, each four (4) pre-combination Class A Shares will be automatically combined into one (1) Class A Share without any action on the part of the holders, with the number of issued and outstanding Class A Shares reduced from 13,079,201 to approximately 3,269,801. There will be no change to the par value of the Class A Shares, which will remain no par value following the Share Combination. The Class A Shares will continue to trade on the Nasdaq Capital Market under the symbol "RETO" under a new CUSIP number – G75271406. The Share Combination is intended to increase the market price per share of the Class A Shares to allow the Company to maintain its Nasdaq listing. No fractional shares will be issued as a result of the Share Combination. Shareholders who otherwise would be entitled to a fractional share because they hold a number of Class A Shares not evenly divisible by four will automatically be entitled to receive an additional share of the Class A Shares. The Share Combination will not be submitted to a vote of the Company's shareholders as shareholder approval is not required under the laws of the British Virgin Islands. The Company's transfer agent, VStock Transfer, LLC, will act as the exchange agent. Adjustments made to Class A shares represented by physical stock certificates can be made upon surrender of the certificate to the transfer agent. Please contact VStock Transfer, LLC for further information at (212) 828-8436. About Reto Eco-Solutions Reto Eco-Solutions, Inc., through its operating subsidiaries in China, is engaged in the manufacture and distribution of eco-friendly construction materials (aggregates, bricks, pavers and tiles), made from mining waste (iron tailings), as well as equipment used for the production of these eco-friendly construction materials. Headquartered in Beijing, Peoples Republic of China, the Company also provides consultation, design, project implementation and construction of urban ecological protection projects through its operating subsidiaries in China. It also provides parts, engineering support, consulting, technical advice and service, and other project-related solutions for its manufacturing equipment and environmental protection projects. Irvine, California-based YCM CPA INC., the Company's auditor since 2021, issued a going concern qualification in its report dated May 1, 2026, attached to the Company's Annual Report on Form 20-F for the year ended December 31, 2025, citing that the Company incurred recurring losses from operations and has an accumulated deficit, which raises substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $31.8 million in total assets, $7.1 million in total liabilities, and $24.7 million in total shareholders' equity. YUEDA DIGITAL: Hon Siong Lin Named Director ------------------------------------------- Yueda Digital Holding has appointed Mr. Hon Siong Lin to serve as an independent director, and to serve on the Company's Audit Committee, the Compensation Committee, and as the chair of the Compliance Committee of the board of directors. The Board approved Mr. Lin's appointment on May 8, 2026. Additionally, the Company extended a director offer letter to Mr. Lin, who accepted the offer and signed a consent to act as a director of the Company. Mr. Lin has extensive experience in engineering, industrial automation, manufacturing operations, and business management. Since August 2022, Mr. Lin has served as the Operations Manager and Chief Executive Officer of Audio Handle Sdn Bhd, overseeing the Company's manufacturing operations, procurement, production management, quality assurance, operational strategy, and overall business performance. He has led cross-functional teams in driving operational efficiency, cost management, process optimization, and organizational growth. He served as a Project Engineer at Ener Tech Solution Sdn Bhd from February 2020 to August 2022, where he directed end-to-end execution of industrial automation and electrical system projects, including project planning, technical evaluation, implementation, testing, and commissioning. Mr. Lin obtained his Bachelor of Mechanical Engineering from INTI International University in December 2019. Mr. Lin does not have a family relationship with any director or executive officer of the Company and has not been involved in any transaction with the Company during the past two years that would require disclosure under Item 404(a) of Regulation S-K. About Yueda Digital Holding Yueda Digital Holding focuses on identifying and evaluating potential partnerships across financial technology and blockchain ecosystems and developing our bitcoin and ether treasury framework. The Company was formerly known as AirNet Technology Inc. and changed its name to Yueda Digital Holding in September 2025. Yueda Digital Holding was founded in 2005 and is based in Beijing, the People's Republic of China. Singapore-based Assentsure PAC, the Company's auditor since 2025, issued a "going concern" qualification in its report dated May 2, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has a history of operating losses and negative operating cash flows and has negative working capital of approximately US$52.6 million as of December 31, 2024. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Historically, the Company has relied principally on both operational sources of cash and non-operational sources of equity and debt financing to fund its operations and business development. The Company's ability to continue as a going concern depends on management's ability to successfully execute its business plan which includes increasing the utilization rate of existing staffs and potential financing from public market or private placement. However, there is no assurance that the measures can be achieved as planned. As of Dec. 31, 2024, the Company had $72.17 million in total assets, $93.26 million in total liabilities, and a total deficit of $21.09 million. ========= I N D I A ========= AMARAVATHI TOURISM: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Amaravathi Tourism Projects Limited (ATPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.90 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 30, 2025, placed the rating(s) of ATPL under the 'issuer non-cooperating' category as ATPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ATPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 16, 2026, March 26, 2026, April 5, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Amaravathi Tourism Projects Limited (ATPL) was incorporated as a public limited company on October 20, 2015. In 2017, ATPL registered with the Government of Andhra Pradesh, Department of Tourism. Mr. Akkineni Bhavani Prasad, Ms. Jammula Radhikamani and Ms. Sameera Banu are the directors of the company. The company proposes to establish a convention centre with a seating capacity of 2000 people and a restaurant to cater to 250 people in Vijayawada, Andhra Pradesh. The registered office and the proposed property is located in Nidamanuru, Vijayawada. ARDHENDU MONDAL: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ardhendu Mondal (AM) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2.42 CRISIL D (Issuer Not Cooperating) Proposed Bank 3.58 CRISIL D (Issuer Not Guarantee Cooperating) Secured Overdraft 6.00 CRISIL D (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with AM 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 AM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AM continues to be 'Crisil D/Crisil D Issuer not cooperating'. AM is a partnership firm, incorporated in 1992. The firm is promoted by Mr. Ardhendu Mondal and his family members. AM undertakes road construction, irrigation, canal protection and maintenance projects, in the state of west Bengal. ASTRA LIGHTING: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Astra Lighting Limited (ALL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.73 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.74 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 9, 2025, placed the rating(s) of ALL under the 'issuer non-cooperating' category as ALL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ALL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 23, 2026, March 5, 2026, March 15, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Astra Lighting Limited (ALL) was incorporated in 1997 with promoters and directors: Mr Paramjit Singh Chahal, Mr Parmeet Singh Chahal and Mrs Gurbir Kaur. The company is engaged in the manufacturing of High Intensity Discharge Lamps (HID) used in infrastructure projects, floodlighting of monuments, stadiums, lighting of streets, highways, and parking areas (outdoor) at its manufacturing unit located at Solan, Himachal Pradesh. BALAJI ENAMEL: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Balaji Enamel Industry (BEI) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term 2.00 CARE D; ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term 6.00 CARE D; ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 14, 2025, placed the rating(s) of BEI under the 'issuer non-cooperating' category as BEI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BEI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 28, 2026, March 10, 2026, March 20, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Balaji Enamel Industry (BEI) was established in the year 2010 by the proprietor Mrs.Yakkali Bala Sulochana. She has established the business as a family holding business with support of her husband Mr. Kashiwishwanath. BEI is into manufacturing and trading of writing slates. Its manufacturing facility is located at Markapur, in Andhra Pradesh. The BEI imports the raw material board from Malaysia, Indonesia, Thailand and Singapore and plastic parts from Reliance Industries Limited from Andhra Pradesh and Telangana. The BEI sells writing slates to local customers and traders in and around Prakasam Dist., and has installed capacity of 2,00,000 numbers per day. BULANDSHAHR ROLLER: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Bulandshahr Roller Flour Mill Private Limited (BRFM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated March 19, 2025, placed the rating(s) of BRFMPL under the 'issuer non-cooperating' category as BRFMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BRFMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 2, 2026, February 12, 2026, February 22, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Bulandshahr Roller Flour Mill Private Limited (BRFMPL) was incorporated on June 23, 1997 by Mr Dinesh Goel, Mr Mohit Goel and Ms Neha Goel. BRFMPL is engaged in processing and trading of wheat, maida, suji, wheat flour and cattle feed. The company commenced commercial operations in June 1999. BRFM has its manufacturing facility located at Bulandshahr. The main raw material is wheat. BRFMPL procures raw material from nearby grain markets, commission agents and also directly from farmers. CAPRI GLOBAL: Fitch Assigns 'BB-' Rating to USD1BB GMTN Programme ----------------------------------------------------------------- Fitch Ratings has assigned India-based Capri Global Capital Limited's (BB-/Stable) USD1 billion global medium-term note (GMTN) programme a 'BB-' rating. The issuer has applied for the programme to be listed on the India International Exchange. Notes issued under the programme will be secured by collateral that includes the issuer's specified assets and receivables. The notes will be subject to maintenance-based covenants that require the issuer to meet regulatory capital requirements, keep its net 90-day non-performing loan ratio at no more than 5% and maintain a security coverage ratio of at least 1.0x. The net proceeds of any notes issued under the programme will be used for on-lending and other activities in accordance with the Reserve Bank of India's external commercial borrowings framework. Key Rating Drivers Capri's GMTN programme is rated at the same level as the company's Long-Term Foreign-Currency Issuer Default Rating (IDR), in accordance with Fitch's rating criteria. Secured notes issued under the programme will rank pari passu with the issuer's other secured obligations. Fitch regards such debt as the issuer's primary debt class, such that non-payment would best reflect the issuer's uncured failure, as most of Capri's debt is secured. The company can issue unsecured debt, but Fitch does not expect such debt to form a meaningful portion of the company's total funding and thus cannot be viewed as its primary financial obligation. The rating relates only to the standard debt level under the programme and it should not be assumed that the programme rating will apply to every issue made under the programme. Capri's IDR is underpinned by its standalone credit profile. It is a mid-sized Indian non-bank finance company. Its assets primarily comprise gold and housing loans, property-backed SME loans and construction finance. For more information on Capri's key rating drivers and rating sensitivities, see Fitch Publishes India-Based Capri Global's 'BB-' Rating; Outlook Stable, published 17 March 2026. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Any negative action on Capri's Long-Term IDR would drive corresponding action on the GMTN programme rating. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade of Capri's Long-Term IDR would result in similar action on the GMTN programme rating. ESG Considerations Capri has an ESG Relevance Score of '4' for Governance Structure, as its founder-led shareholding and management structure raises its exposure to key person risk. The founder retains majority control of Capri and has significant influence on its strategy and operations as managing director, although an expanded institutional shareholder base and experienced professional management team partly offset the key person risk. This factor has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ Capri Global Capital Limited senior secured LT BB- New Rating GONDIA EDUCATION: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Gondia Education Society (GES) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 23, 2025, placed the rating(s) of GES under the 'issuer non-cooperating' category as GES had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GES continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 9, 2026, March 19, 2026, March 29, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Gondia Education Society (GES) was established on December 8, 1958. The society was formed by Late Shri Manoharbhai Patel in the region of Bhandara and Gondia district of Maharashtra. Currently, the society is managed by its president Mrs. Varsha Prafulbhai Patel who has around 20 years of experience in the field of education. HILLWOOD IMPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Hillwood Imports and Exports Private Limited (HIEPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1 CRISIL D (Issuer Not Cooperating) Letter of Credit 20 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with HIEPL 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 HIEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HIEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of HIEPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. HFPL based in Kerala, were incorporated in 2001-02 and process timber logs. HFPL also manufactures building materials such as window, door, and kitchen frames. HFPL primarily deals in teakwood, while HIEPL deals mostly in hardwood. HIMALAYA DEVELOPERS: CRISIL Keeps B Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Himalaya Developers (HD) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Rupee Term Loan 76 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with HD 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 HD, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HD is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of HD continues to be 'Crisil B/Stable Issuer not cooperating'. Established in 2016, HD is a partnership firm engaged in development of Residential cum Commercial project named 'Himalaya Falaknuma' at Juhapura, Ahmedabad, Gujarat. The firm is based out of Gujarat and is part of Himalaya Group promoted by Mr. Rohit and Mr. Kamlesh Modi. Modi brothers hold almost 80% of the project while rest is with Mr. Irshad Bengali, Mr. Mohmedraza Jafri and Mr. Jafri Alihasnain. INA INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of INA India Limited (INA) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 20 CRISIL D (Issuer Not Cooperating) Letter of Credit 10 CRISIL D (Issuer Not Cooperating) Proposed Fund- 12.5 CRISIL D (Issuer Not Based Bank Limits Cooperating) Term Loan 7.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with INA for obtaining information through letter and email dated April 16, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of INA, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on INA is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of INA continues to be 'Crisil D/Crisil D Issuer not cooperating'. INA was incorporated in 1997, by promoter, Mr Neeraj Chhabra and his family. The Bengaluru-based company manufactures methanol-based organic chemicals, and formaldehyde and its derivative, amino resin. JAG VIDHYA: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Jag Vidhya and Sons Resorts and Hotels Llp (JVS) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1.0 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 12.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with JVS 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 JVS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JVS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JVS continues to be 'Crisil D Issuer not cooperating'. JVS, established in January 2014, is promoted and managed by Mr Babjyot Singh Khanduja and his brother Mr Gurpreet Singh Khanduja. In February 2014, the firm acquired a hotel property in Nagpur, Maharashtra, rebranded it as Heritage Embassy, and commenced operations in August 14. A three-star property, the hotel provides boarding and lodging facilities, and has a restaurant-cum-bar, a banquet hall, and an open air lawn. JAIKA AUTOMOBILES: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Jaika Automobiles and Finance Private Limited (JAFPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 26 CRISIL D (Issuer Not Cooperating) Cash Credit 18 CRISIL D (Issuer Not Cooperating) Channel Financing 7.5 CRISIL D (Issuer Not Cooperating) Channel Financing 15 CRISIL D (Issuer Not Cooperating) Channel Financing 4 CRISIL D (Issuer Not Cooperating) Proposed Long Term 61.25 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 15 CRISIL D (Issuer Not Cooperating) Term Loan 6.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with JAFPL 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 JAFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JAFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JAFPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 1983, JAFPL is an authorised dealer for TML's entire range of commercial vehicles. Based in Raipur (Chhattisgarh), JAFPL has nine showrooms and six workshops across the state. JCBL MARREL: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Jcbl Marrel Tippers Private Limited (JMTPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Loan Against 2.65 Crisil B/Stable (Issuer Not Property Cooperating) Loan Against 4.40 Crisil B/Stable (Issuer Not Property Cooperating) Loan Against Property 0.53 Crisil B/Stable (Issuer Not Cooperating) Overdraft Facility 2.25 Crisil B/Stable (Issuer Not Cooperating) Proposed Long Term 20.17 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with JMTPL 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 JMTPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JMTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JMTPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2007, JMTPL is wholly owned subsidiary of JCBL Limited. It is engaged in manufacturing of variety of tippers and trailers (tip trailers, flat bed trailers, design trailers, heavy haulage, rock body work tipper and Petroleum, Oil, and Lubricants (POL) tankers) and catering to major original equipment manufacturer (OEMs). KALIKA ENTERPRISE: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kalika Enterprise (KE) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9.5 CRISIL D (Issuer Not Cooperating) Funded Interest 2.0 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with KE 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 KE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KE continues to be 'Crisil D Issuer not cooperating'. KE was set up as a partnership firm in 1997. The firm undertook trading of coal and coke in Durgapur. Currently, the business is currently not operational, due to unavailability of coal and coke at a viable price. KISAN UDYOG: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Kisan Udyog (KU) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 23, 2025, placed the rating(s) of KU under the 'issuer non-cooperating' category as KU had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KU continues to be non-cooperative despite repeated requests for submission of information through emails dated March 9, 2026, March 19, 2026, March 29, 2026, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Kisan Udyog (KU) based out of Nagpur, Maharashtra is a proprietorship concern promoted by Mr. Rameshkumar Sitaram Agarwal was established in the year 1996. The entity is engaged in the business of processing of pulses at its processing facility located at Nagpur, Maharashtra. MANIYARPUR DAIRY: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Maniyarpur Dairy Private Limited (MDPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 28.00 CARE D; ISSUER NOT COOPERATING; bank facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated March 19, 2025, placed the rating(s) of MDPL under the 'issuer non-cooperating' category as MDPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MDPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 2, 2026, February 12, 2026, February 22, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Maniyarpur Dairy Private Limited (MDPL) company is based out of Maniyarpur, Vaishali, Bihar. Established as a private limited company for setting up a liquid milk processing plant. The entity has entered into a tripartite agreement dated December 7, 2020, with Kaira District Milk Producers Co-operative Union Limited (KDMPCUL) and Gujarat Co-operative Milk Marketing Federation Limited (GCMMFL). Currently, MDPL has a milk processing capacity of 1 LLPD and the company is into expansion of the same to 2 LLPD. MARS THERAPEUTICS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Mars Therapeutics and Chemicals Limited (MTCL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.50 CRISIL D (Issuer Not Cooperating) Cash Credit 5.75 CRISIL D (Issuer Not Cooperating) Funded Interest 0.55 CRISIL D (Issuer Not Term Loan Cooperating) Proposed Long Term 0.20 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Working Capital 5.00 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with MTCL 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 MTCL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MTCL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MTCL continues to be 'Crisil D/Crisil D Issuer not cooperating'. MTCL was originally set up as a private limited company by Mr P Appa Rao and family in 1993; It manufactures pharmaceutical formulations for the domestic market at its facility in Secunderabad, Telangana. PIYUSH INFRATECH: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Piyush Infratech Private Limited (PIPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 20 CRISIL D (Issuer Not Cooperating) Bank Guarantee 10 CRISIL D (Issuer Not Cooperating) Cash Credit 13.45 CRISIL D (Issuer Not Cooperating) Cash Credit 6.55 CRISIL D (Issuer Not Cooperating) Proposed Bank 0.5 CRISIL D (Issuer Not Guarantee Cooperating) Proposed Short Term 9.5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with PIPL 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 PIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. PIPL was formed as a partnership between Mr Pralhad Panhale and Mr Piyush Panhale in 1998 and was reconstituted as a private limited company in June 2013. The Aurangabad (Maharashtra)-based company undertakes irrigation projects, comprising barrages, earthen concrete dams, and canals. It also undertakes civil construction work for the Indian Railways. Apart from this, PIPL has two windmills with a combined capacity of 1.25 megawatts QUADROS AUTOMARK: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Quadros Automark Private Limited (QAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.68 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 23, 2025, placed the rating(s) of QAPL under the 'issuer non-cooperating' category as QAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. QAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 9, 2026, March 19, 2026, March 29, 2026, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable QAPL incorporated in the year 2012 and is authorized dealer for Renault India Private Limited (Renault) and covers the south Goa region. QAPL is promoted by Mr Evencio Quadros and Mr Ramchandra Shirodlar and are first generation entrepreneurs. QAPL being an authorised dealer for Renault, also provides its spares and services by virtue of being a '3-S' dealer. However, QAPL has surrendered the dealership of Renault India Private Limited (Renault) and acquired the dealership of Hyundai Motors. RAM KRISHNA: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ram Krishna Tea Factory - Uttar Dinajpur (RKTF) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.18 CRISIL D (Issuer Not Cooperating) Cash Credit 2.30 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.32 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 2.25 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RKTF 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 RKTF, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RKTF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RKTF continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in September, 2014 in Sonarpur Hat, RKTF is engaged in manufacturing of CTC tea. The firm has its own processing unit with total manufacturing capacity of 8.5 lakh kg per annum. It is promoted by Srimati Krishna Bhagat, Mr. Sushil Bhagat, Mr. Babanlal Bhagat, Mr. Lalan Bhagat, Mr. Panchami Bhagat and Mr. Manoj Bhagat. RENEW POWER 4: Fitch Affirms BB- Rating on USD585MM Sr. Sec. Notes ------------------------------------------------------------------ Fitch Ratings has affirmed India-based ReNew Power Restricted Group 4's (ReNew RG4) USD585 million senior secured notes due 2028 at 'BB-'. The Outlook is Stable. RATING RATIONALE The note rating benefits from a full-tenor unconditional guarantee from its parent, ReNew Private Limited (ReNew, BB-/Stable). ReNew is one of India's largest independent renewable-energy producers, with a renewable asset base of over 19 gigawatts across operating, development-stage and pipeline projects. The restricted group comprises 10 projects under ReNew, with total capacity of 803.1 megawatts (MW) across seven states. This includes nine wind assets of 753.1MW and one 50MW solar project. All assets have been operating for more than eight years, except one 300MW wind project that started operations in early 2021 and is contracted with sovereign-owned Solar Energy Corporation of India (SECI). The remaining projects are contracted with weaker state-owned distribution companies. KEY RATING DRIVERS Proven Technology, Lack of Maintenance Reserve - Operation Risk: Midrange Fitch regards the technologies deployed in ReNew RG4's projects as proven. Most of the wind turbines are procured from the world's largest manufacturers and the solar modules are sourced from an internationally recognised supplier. Operation and maintenance (O&M) for five wind projects and the solar project is provided by affiliate, ReNew Services Private Limited, under fixed-price contracts with 4%-5% annual price escalation. The wind contracts have short but extendable tenors, while the solar contract is for five years. O&M for the other four wind projects is provided by the original equipment manufacturers under 10- to 12-year contracts. The operation risk assessment is constrained at 'Midrange' as operating cost forecasts are not validated by an independent technical advisor and the bond indenture lacks a maintenance reserve account. Wide Forecast Spread, Varying Operating Performance - Revenue Risk (Volume): Weaker Third-party energy yield forecasts indicate an overall P50/one-year P90 spread of 18%, resulting in a 'Weaker' volume risk assessment. The portfolio has a capacity-weighted average record of eight years, as all assets have been operating for over eight years, except the 300MW wind project. Actual load factors in recent years have been moderately volatile, leading Fitch to apply a haircut of 7% on the volume forecast in the rating case. Curtailment risk is limited, given the "must-run" status of renewable projects in India. Fixed Long-Term Prices, Minimal Renewal Risk - Revenue Risk (Price): Midrange ReNew RG4 contracts 59% of capacity with state-owned distribution companies and 37% with SECI under fixed-price power-purchase agreements (PPAs), limiting exposure to merchant-price volatility. A 28MW wind project PPA with Maharashtra's state-owned distribution company is nearing expiry, after which ReNew will extend the PPA or contract with commercial and industrial customers. These PPAs have a capacity-weighted residual life of about 15 years, while the restricted group's overall PPA residual life is 17 years. Fully Hedged Structure, Manageable Refinancing Risk - Debt Structure: Midrange Noteholders are protected by ReNew RG4's ringfenced structure and covenants. The structure has a standard cash distribution waterfall and lockup test at a backward-looking 1.3x interest-service coverage ratio for cash outflow. The notes are fixed-rate. The restricted group does not maintain debt-service or major maintenance reserves, but this is partly offset by the excess cash it must retain in the last year of the notes' tenor. Refinancing risk is mitigated by the parental guarantee and ReNew's access to banks and capital markets, supported by the PPAs, which extend beyond the notes' maturity. ReNew RG4 has fully hedged the notes through cross-currency swaps till January 2028. Peer Analysis ReNew RG4 can be compared with India Green Power Holdings (IGPH, US-dollar notes: BB-/Stable). Wind assets dominate the portfolios of both issuers, with IGPH at 78% and ReNew RG4 at 94%. IGPH has a much stronger financial profile, with a rating-case debt-service coverage ratio (DSCR) of 1.46x that results in a 'bb' credit assessment, but its rating is notched down once owing to its orphan issuance structure. IGPH draws interest income on inter-company loans to the parent, ReNew, which accounts for a significant portion of cash flow available for debt servicing during the refinancing period. ReNew RG4's rating-case DSCR is below 1.00x during the refinancing period. However, the note rating is driven by the parent's full-tenor unconditional guarantee. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A downgrade of the parent guarantor Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An upgrade of the parent guarantor Financial Profile Fitch's forecast assumes that the outstanding US-dollar note will be refinanced at maturity with new debt that will amortise across the remaining PPA terms or the projects' useful lives, whichever is longer. Fitch does not rate the state-owned distribution companies that purchase power from some of the restricted group's projects. These counterparties have weak credit profiles and histories of payment delays, but exposure to multiple counterparties mitigates risk. Still, Fitch believes such projects should meet a higher threshold to achieve the same rating as projects with strong counterparties, all else being equal. Hence, Fitch bases the credit assessment of the notes on the indicative DSCR thresholds applicable to merchant projects for the share of exposure to state-owned distribution companies, rather than those for fully contracted projects, while cash flow is evaluated at contracted prices. SECI's credit quality does not constrain the rating, as Fitch views revenue exposure to SECI as a systemic sector risk. Fitch's base case reflects the average performance data of assets under the restricted group and incorporates 0.6% degradation for the solar asset and a higher refinancing interest rate,. This results in an average annual DSCR of 2.16x and 1.10x over the remaining note life and portfolio life, respectively. The average annual DSCR is below 1.00x during the refinancing period under the base case. Fitch's rating case assumes one-year P90 generation, a 7% production haircut, 15% stress on management's operating expense forecast and a higher refinancing interest rate. This results in an average annual DSCR of 2.01x over the remaining note life. The average annual DSCR is below 1.00x during the portfolio life and refinancing period under the rating case. ReNew RG4 benefits from the full-tenor unconditional guarantee from ReNew as well as interest income from inter-company loans extended to affiliates. PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS The note ratings are directly linked to ReNew's Long-Term Issuer Default Ratings (IDR), as ReNew provides a full-tenor unconditional guarantee. A change in Fitch's assessment of ReNew's IDR would automatically result in a change in the rating on the notes. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- ReNew Power Restricted Group 4 ReNew Power Restricted Group 4/Project Revenues - First Lien/1 LT LT BB- Affirmed BB- SAKSHI AUTO: CRISIL Keeps B- Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Sakshi Auto Parts Private Limited (SAPL) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 CRISIL B-/Stable (ISSUER NOT COOPERATING) Proposed Long Term 8 CRISIL B-/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Crisil Ratings has been consistently following up with SAPL 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 SAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SAPL continues to be 'Crisil B-/Stable Issuer not cooperating'. SAPL, incorporated in October 2011, was promoted by Mr Jitendra Gupta and Ms Premsheela Gupta. The company executes smelting and refining of battery scrap to recover lead. Its manufacturing facility is in Shikrapur (Maharashtra). SELECT MOTORS: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Select Motors (Select) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8.25 Crisil B/Stable (Issuer Not Cooperating) Channel Financing 2 Crisil B/Stable (Issuer Not Cooperating) Inventory Funding 2 Crisil B/Stable (Issuer Not Facility Cooperating) Loan Against 1.75 Crisil B/Stable (Issuer Not Property Cooperating) Crisil Ratings has been consistently following up with Select 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 Select, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Select is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Select continues to be 'Crisil B/Stable Issuer not cooperating'. Set up in 2005, Select is a dealer for Tata Motors Ltd's (TML's) passenger cars with nine showrooms and workshops in Warangal and Karimnagar. Mr J M Reddy, Mr M Vijay Kumar Reddy, Mr N Vishnu Vardhan Rao and Mr A Rama Mohana Rao are the promoters. SIRIUS INFRAPROJECTS: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Sirius Infraprojects Private Limited (SIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 5.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 24, 2025, placed the rating(s) of SIPL under the 'issuer non-cooperating' category as SIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 10, 2026, March 20, 2026, March 30, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in 2008, Hyderabad-based, SIPL was promoted by Mr. B. Narsimha Reddy and Mr. Rajeev Mayor. The company is engaged in civil construction works such as laying of roads and irrigation works for government organizations covering the states of Madhya Pradesh and Odisha. Till March 2011, the company used to work as subcontractor for Patel Engineering Limited and KNR Constructions Limited whereas from April 2012 onwards the company started participating in tenders and executing the projects directly for the government. The company has executed around Rs.12.98crore for MPRDCL (Road Work) during FY13. SRIDARSHAN GOLD PR: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sridarshan Gold Private Limited (SGPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.45 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 22, 2025, placed the rating(s) of SGPL under the 'issuer non-cooperating' category as SGPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SGPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 8, 2026, March 18, 2026, March 28, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable SGPL was incorporated in January-2017 and is engaged in designing and retailing of gold, platinum, gems, jewellery, and precious stones. The company procures gold, silver, platinum (powder form) in bulk, based on daily prices from bullion traders in Hyderabad and Maharashtra. Further, the company is also into designing jewellery for reputed jewellers. SS INNOVATIONS: Q1 Loss Narrows to $3.6MM; Going Concern Remains ---------------------------------------------------------------- Ss Innovations International, Inc. has filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting a net loss of $3,582,571 for the three months ended March 31, 2026, compared to a net loss of $5,681,353 for the same period in the prior year. The losses primarily resulted from non-cash items such as stock compensation expense of $3,144,315 for the three months ended March 31, 2026, respectively, and depreciation of $323,747 for the three months ended March 31, 2026, respectively. Revenues for the three months ended March 31, 2026 were $11,101,366, compared to $5,120,610 in the prior-year period. The Company had a working capital surplus of $40,216,514 and an accumulated deficit of $59,372,505 as of March 31, 2026. In addition, the Company has been dependent on related parties to fund operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern within the next 12 months. On March 6, 2026, the Company completed a private placement of its common stock which generated net proceeds of $18,446,498, after deducting offering expenses. In the offering,the Company offered and sold a total of 5,774,839 shares of common stock consisting of: * an aggregate of 1,300,006 shares of common stock at an average price of $4.00 per share for a total of $5,197,000 to directors, details of the same are: -- 498,753 shares to Dr. Sudhir Srivastava, Chairman and Chief Executive Officer at $4.01 per share amounting to $2,000,000; -- 501,253 shares to Dr. Frederic Moll, Vice Chairman at $3.99 per share amounting to $2,000,000; -- 300,000 shares to Tim Adams, a director at $3.99 per share amounting to $1,197,000; and * an aggregate of 4,474,833 shares of common stock at $3.00 per share and total consideration of $13,424,498, to existing and new investors, led by Manipal Global Health Services, an existing shareholder. SSi intends to use the net proceeds from this private placement for working capital and other general corporate purposes, which include, but are not limited to advancing the Company's our growth initiatives in India and other existing global markets and supporting preparation for entry into the United States and European Union markets. However, the Company's existing cash resources and income from operations are not expected to provide sufficient funds to carry out the Company's operations and business development through the next 12 months. The management of the Company is making efforts to raise further funding to scale up operations and meet its longer-term capital needs. While management of the Company believes that it will be successful in its capital formation and planned expansion of its operating activities, there can be no assurance that the Company will be able to raise additional equity capital or be successful in generating additional revenues and ultimately achieving profitability. CEO Commentary Dr. Sudhir Srivastava, Chairman of the Board and Chief Executive Officer of SS Innovations, commented, "In the first quarter of 2026 we reported record quarterly revenue of $11.1 million, up 117% year over year, driven by robust growth in SSi Mantra installations and procedures. Strong adoption by hospitals and physicians reflects the SSi Mantra's cutting-edge surgical robotic technology, differentiated features, user friendliness, training capabilities, and cost efficiency. Among other developments in the quarter, we received regulatory approval for the SSi Mantra for multiple indications in Sri Lanka and Kenya and for telesurgery in Indonesia and the Philippines. We also successfully completed a private placement in March 2026 that provided SS Innovations with approximately $18.6 million in gross proceeds to fuel growth initiatives." Dr. Srivastava continued, "Looking ahead, we aim to fortify our position as a leader in the substantial Indian market, expand our global footprint in underserved countries, and secure entry into the United States and European Union markets. We expect the U.S. Food and Drug Administration to complete its review of our 510(k) premarket notification for the SSi Mantra this year. Separately, we continue along the pathway towards a European Union CE marking certification for the SSi Mantra, which we believe we can also obtain in 2026. We are very excited about the growth runway ahead and remain steadfast in our commitment to democratizing access to advanced surgical robotic care." A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/mrymxx99 About SS Innovations International SS Innovations International, Inc. (OTC: SSII) is a developer of innovative surgical robotic technologies headquartered in Gurugram, Haryana, India. The company's vision is to make robotic surgery benefits more affordable and accessible globally. SSII's product range includes its proprietary "SSi Mantra" surgical robotic system and "SSi Mudra," a broad array of surgical instruments for various procedures, including robotic cardiac surgery. The company plans to expand its presence with technologically advanced, user friendly, and cost-effective surgical robotic solutions. BDO India Services Private Limited (predecessor Firm BDO India LLP), the Company's independent registered public accounting firm since 2024, included an explanatory paragraph in its audit report dated March 10, 2026, expressing substantial doubt about the Company's ability to continue as a going concern. The auditor cited that the Company has suffered recurring losses from operations and has negative cash flows from operating activities during the year ended December 31, 2025. The Company is dependent on further funding to meet its obligations to sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of March 31, 2026, the Company had $90,546,889 in total assets, $36,023,476 in total liabilities, and $54,523,413 in total stockholders' equity. TREE HOUSE: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Tree House Education & Accessories Limited (THEAL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 102.80 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated March 24, 2025, placed the rating(s) of THEAL under the 'issuer non-cooperating' category as THEAL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. THEAL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 7, 2026, February 17, 2026, February 27, 2026, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Tree House Education & Accessories Ltd incorporated on July 10, 2006, as a private limited company by Mr. Rajesh Bhatia and his wife Ms. Geeta Bhatia, is primarily engaged in pre-school education across various locations in India. As on date there are 524 pre-school centers across the country. THEAL also operates in K12 segment with 24 schools under its management. VARUN LOGISTICS: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sri Varun Logistics Park Private Limited (SVLPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 31.34 CARE B-; Stable; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated March 21, 2025, placed the rating(s) of SVLPPL under the 'issuer non-cooperating' category as SVLPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SVLPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 4, 2026, February 14, 2026, February 24, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Sri Varun Logistics Park Private Limited (SVLPPL), promoted by Mr. G. Sambasiva Rao, was incorporated in July 2011 in Visakhapatnam, Andhra Pradesh (A.P.). The company has undertaken establishment of Logistics Park at Ravada Village, Visakhapatnam, and Andhra Pradesh that would provide end to end shipping services such as cargo handling, stevedoring, transportation warehousing, Container Freight Station (CFS) and other shipping services. The logistics park is proposed to be located at Ravada Village, Parawada Mandal, Visakhapatnam District, Andhra Pradesh which is easily accessible to both Visakhapatnam Port Trust (33 Km) and Gangavaram Port (22 Km) through national highway. ========= J A P A N ========= NISSAN MOTOR: Unit Scraps Plan to Make EV Powertrains in UK ----------------------------------------------------------- Reuters, citing the Nikkei business daily, reports that Nissan Motor subsidiary JATCO has scrapped its plan to make electric vehicle (EV) powertrains in Sunderland, Britain, in light of sluggish demand for Nissan's EVs in Europe. In January 2025, JATCO announced ⁠a plan to invest GBP48.7 million ($65.39 million) to make up to 340,000 units a year of EV powertrains that integrate the motor, inverter and reducer at a Sunderland plant for Nissan, Reuters recals. Later that year, however, Nissan, badly damaged by ⁠weakening sales in the U.S. and China, said it will cut the number of its auto production plants to 10 ⁠from 17 and conduct a review of its powertrain factories, Reuters relates. Reuters says no one was immediately available ⁠for comment at Nissan outside regular business hours, and a query submitted ⁠via JATCO's website has yet to receive a response. About Nissan Motor Japan-based Nissan Motor Co., Ltd. manufactures and distributes automobiles and related parts. The Company produces luxury cars, sports cars, commercial vehicles, and more. Nissan Motor markets its products worldwide. Fitch Ratings, on April 15, 2026, affirmed Nissan Motor Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BB'. The Outlook remains Negative. Fitch has also affirmed Nissan's senior unsecured rating at 'BB' and its Short-Term Foreign- and Local-Currency IDRs at 'B'. S&P Global Ratings, in November 2025, lowered its long-term ratings on Nissan Motor and its overseas subsidiaries to 'BB-' from 'BB' and affirmed its short-term ratings at 'B'. The negative outlook reflects S&P's view that prolonged weak profitability and negative FOCF may further deteriorate the company's creditworthiness. Moody's Ratings, in February 2025, also downgraded to Ba1 from Baa3 the senior unsecured rating for Nissan Motor Co., Ltd. At the same time, Moody's have assigned a Ba1 corporate family rating and withdrawn the company's Baa3 issuer rating. Moody's have also maintained the negative rating outlook. ===================== N E W Z E A L A N D ===================== ALL IN: Creditors Lose More Than NZD1.1MM as Liquidation Concludes ------------------------------------------------------------------ Stuff.co.nz reports that creditors of Ponsonby fine dining restaurant Sidart have been left more than NZD1.1 million out of pocket following the completion of the company's liquidation. A final report by liquidators Tony Leonard Maginness and Jared Waiata Booth, of Baker Tilly Staples Rodway Auckland, confirmed the company behind the restaurant, All In Cuisine Limited, had no surplus assets to distribute, according to Stuff. Total claims received from creditors amounted to NZD1,156,574. Unsecured creditors, who claimed NZD1,009,250, received nothing from the wind-up, Stuff relates. Preferential creditors claiming NZD145,315 and secured creditors claiming NZD2,009 also received no distribution during the liquidation process. According to Stuff, the liquidation has now concluded, with the company ready to be removed from the Register of Companies. Liquidators stated that all known realisable assets had been dealt with. Stuff says total realisations during the entire liquidation period came to NZD3,660, which included NZD2,671 from bank account closures, NZD572 from secured creditor funding, and NZD417 from prepayments. All available funds were used to cover the costs of administration. Liquidators' fees accounted for NZD2,926, while disbursements cost NZD688 and GST absorbed NZD45. Stuff relates that investigations into the company's books, records, and affairs were completed, but the liquidators reported that no matters came to light that would result in a net financial benefit to creditors. There were no known legal proceedings to which the company was a party. The Ponsonby restaurant was placed into liquidation on October 13, 2025 by a special resolution of its shareholders. The liquidators have given public notice of their intention to remove the company from the register, Stuff adds. CANTERBURY ALUMINIUM: Creditors' Proofs of Debt Due on June 15 -------------------------------------------------------------- Creditors of Canterbury Aluminium Limited are required to file their proofs of debt by June 15, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 15, 2026. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 KIDS' COVE: Creditors' Proofs of Debt Due on June 19 ---------------------------------------------------- Creditors of Kids' Cove Limited (trading as Kids Cove ELC Newmarket, Kids Cove ELC Albany and Kids Cove Infants and Toddlers) are required to file their proofs of debt by June 19, 2026, to be included in the company's dividend distribution. The companies commenced wind-up proceedings on May 15, 2026. The company's liquidators are: Leon Francis Bowker Kristal Pihama c/o KPMG 18 Viaduct Harbour Avenue PO Box 1584 Shortland Street Auckland 1140 MANA WITHIN: Court to Hear Wind-Up Petition on June 4 ----------------------------------------------------- A petition to wind up the operations of Mana Within Limited will be heard before the High Court at Auckland on June 4, 2026, at 10:45 a.m. Douglas Thomas Leef filed the petition against the company on April 13, 2026. The Petitioner's solicitor is: Emma Moran DLA Piper New Zealand Level 4, 20 Customhouse Quay Wellington 6011 SPOONER CONCRETE: Court to Hear Wind-Up Petition on June 16 ----------------------------------------------------------- A petition to wind up the operations of Spooner Concrete Limited will be heard before the High Court at Hamilton on June 16, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on April 23, 2026. The Petitioner's solicitor is: Christina Anne Hunt Inland Revenue, Legal Services 21 Home Straight PO Box 432 Hamilton TOULON INVESTMENTS: Creditors' Proofs of Debt Due on June 19 ------------------------------------------------------------ Creditors of Toulon Investments Limited are required to file their proofs of debt by June 19, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 14, 2026. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 ================= S I N G A P O R E ================= BURJ ASIA: Court Enters Wind-Up Order ------------------------------------- The High Court of Singapore entered an order on May 8, 2026, to wind up the operations of Burj Asia Capital Group Pte. Ltd. Longitude 101 Pte. Ltd filed the petition against the company. The company's liquidator is: Mr. Tan Eng Soon c/o Reliance 3p Advisory 7500A Beach Road #05-303/304 The Plaza Singapore 199591 CLASSIC CONSUMER: Court Enters Wind-Up Order -------------------------------------------- The High Court of Singapore entered an order on May 15, 2026, to wind up the operations of Classic Consumer Products Pte. Ltd. RHB Bank Berhad filed the petition against the company. The company's liquidators are: Mr. Gary Loh Weng Fatt Mr. Dev Kumar Harish Nandwani c/o BDO Advisory Pte. Ltd. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 LAM SAN: Creditors' Proofs of Debt Due on June 20 ------------------------------------------------- Creditors of Lam San Company (Private) Limited are required to file their proofs of debt by June 20, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 13, 2026. The company's liquidators are: Chan Tuck Chee Luo Zhizhong c/o Lo Hock Ling & Co 101A Upper Cross Street #11-22 People’s Park Centre Singapore 058358 LNG ALPHA: Commences Wind-Up Proceedings ---------------------------------------- Members of LNG Alpha Shipping Pte. Ltd., LNG Beta Shipping Pte. Ltd., and LNG Gamma Shipping Pte. Ltd. on May 20, 2026, passed a resolution to voluntarily wind up the companies' operations. The companies' liquidator is: Mr. Lum Chi Lup Benny 190 Middle Road #17-05 Fortune Centre Singapore 188979 TRANSPARENTLY PTE: Creditors' Proofs of Debt Due on June 21 ----------------------------------------------------------- Creditors of Transparently Pte. Ltd. are required to file their proofs of debt by June 21, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 13, 2026. The company's liquidators are: Cameron Lindsay Duncan Joshua Joseph Jeyaraj c/o KordaMentha Pte Ltd 50 Raffles Place #25-01 Singapore Land Tower Singapore 048623 ********* 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. 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