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260527.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 Wednesday, May 27, 2026, Vol. 29, No. 105 Headlines A U S T R A L I A ACCESS MERCANTILE: First Creditors' Meeting Set for June 2 APOG BIDCO: Moody's Withdraws 'B2' Corporate Family Rating AVG TRAVELS: Enters Liquidation Leaving Holidaymakers Stranded BODY IN MOTION: First Creditors' Meeting Set for June 2 OSUM ONE: First Creditors' Meeting Set for June 2 SETTLE EASY: Enters Voluntary Administration SETTLE EASY: First Creditors' Meeting Set for June 2 VACS NT: First Creditors' Meeting Set for June 2 I N D I A AL-FALAH FROZEN: CARE Keeps D Debt Rating in Not Cooperating ANNAI CONSTRUCTIONS: CARE Keeps C Debt Rating in Not Cooperating CAPRI GLOBAL: Moody's Rates USD1BB GMTN Program '(P)Ba3' GYANESHWAR SARAN: CARE Keeps B- Debt Rating in Not Cooperating HANWANT FASTNERS: CARE Keeps B- Debt Rating in Not Cooperating HIND UNITRADE: CARE Lowers Rating on INR42cr LT Loan to B+ INDO NABIN: CARE Keeps C/A4 Debt Rating in Not Cooperating INDUSIND BANK: Moody's Affirms 'Ba1' Deposit & Issuer Ratings INTEX TECHNOLOGIES: CARE Keeps C Debt Rating in Not Cooperating IPSAA HOLDINGS: CARE Keeps B- Debt Rating in Not Cooperating JAGANNATH POLYPACKS: CARE Cuts Rating on INR7.50cr LT Loan to D JAIPRAKASH ASSOC: NARCL Retains Guarantees of Jaypee Ex-Promoters JINDAL GREEN: CARE Keeps D Debt Ratings in Not Cooperating MEENAKSHI COTGIN: CARE Keeps B- Debt Rating in Not Cooperating MEMBRANE FILTERS: CARE Keeps D Debt Ratings in Not Cooperating METRO AGRI-INDUSTRIES: CARE Keeps D Ratings in Not Cooperating MUBARAK OVERSEAS: CARE Lowers Rating on INR65.33cr LT Loan to D NAVA PADMINI: CARE Lowers Rating on INR20cr LT Loan to B+ NEW MODERN: CARE Lowers Rating on INR50.37cr LT Loan to D ORIENT SPUN: CARE Keeps C Debt Rating in Not Cooperating Category PUSHPAVATHI AGRO-TECH: CARE Keeps B- Rating in Not Cooperating RUDRA CONCEPT: CARE Keeps C Debt Ratings in Not Cooperating S. S. NATH: CARE Keeps B- Debt Rating in Not Cooperating Category SARASWATI TIMBER: CARE Keeps C Debt Ratings in Not Cooperating SHREENIDHI METALS: CARE Keeps D Debt Rating in Not Cooperating SIESTA LAMINATES: CARE Lowers Rating on INR25cr LT Loan to D SIX SIGMA: CARE Keeps D Debt Rating in Not Cooperating Category ULTRA HOME: CARE Keeps D Debt Rating in Not Cooperating Category VIJAYA MARUTHI: CARE Keeps B- Debt Rating in Not Cooperating I N D O N E S I A JAPFA COMFEED: Fitch Hikes Long-Term IDR to 'BB-', Outlook Stable N E W Z E A L A N D CONNECTIONZ LIMITED: Creditors' Proofs of Debt Due on June 18 EB GAMES: Closes NZ Stores, Reveals NZD11.4 Million Loss in 2025 GUDSELL HOLDINGS: Court to Hear Wind-Up Petition on June 4 MOANA PASIFIKA: 'Good News' Coming for Future, Winston Peters Says POOLE RECRUITMENT: Creditors' Proofs of Debt Due on July 16 RYMAN HEALTHCARE: Posts Net Loss of NZD171M for Year Ended March 31 STEEL PRO: Creditors' Proofs of Debt Due on June 17 WANA-DIG LIMITED: Court to Hear Wind-Up Petition on June 4 S I N G A P O R E FLINT GROUP: Creditors' Proofs of Debt Due on June 22 JAPFA PTE: Fitch Assigns 'B+' Final Long-Term IDR, Outlook Stable JJR MARKETING: Court Enters Wind-Up Order LADY M: Court Enters Wind-Up Order SHENG HENG: Court Enters Wind-Up Order THOMSON CAPITAL: Court Enters Wind-Up Order S O U T H K O R E A [] S. KOREA: FSS Names 42 Highly Indebted Business Groups for 2026 V I E T N A M EVF GENERAL: Moody's Affirms 'B2' CFR, Outlook Remains Stable - - - - - ================= A U S T R A L I A ================= ACCESS MERCANTILE: First Creditors' Meeting Set for June 2 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Access Mercantile Services Contingency Debt Collections Pty Ltd and Access Capital Finance Pty Ltd will be held on June 2, 2026, at 10:30 a.m. and 11:30 a.m., respectively, via video conference. Rachel Burdett and Barry Wight of Cor Cordis were appointed as administrators of the company on May 21, 2026. APOG BIDCO: Moody's Withdraws 'B2' Corporate Family Rating ---------------------------------------------------------- Moody's Ratings has withdrawn all ratings of APOG Bidco Pty Ltd (APOG), including the B2 corporate family rating and senior secured bank credit facility ratings. Prior to the withdrawal, the outlook was stable. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) because Moody's believes Moody's have insufficient or otherwise inadequate information to support the maintenance of the rating(s). COMPANY PROFILE APOG is the ultimate owner of Icon Group, one of Australia's largest dedicated cancer care providers. Icon performs integrated cancer care services, including medical oncology, radiation oncology, hematology, pharmacy services and chemotherapy compounding for cancer patients in Australia and New Zealand with a growing presence in Singapore, Malaysia, Indonesia and China. APOG also operates in the UK through its ownership of Cancer Centre London, its chemotherapy compounding business (Bath ASU) and Pharmaxo Healthcare, its clinical homecare and specialist provider of nurse-led treatments in patients' homes. Revenue for the fiscal year ended June 30, 2025 was AUD3 billion. AVG TRAVELS: Enters Liquidation Leaving Holidaymakers Stranded -------------------------------------------------------------- ABC News reports that an Australian travel company selling heavily discounted international holidays has collapsed, leaving customers scrambling and their plans in disarray. On May 21, liquidators were appointed to Melbourne-based agency AVG Travels, which promoted cut-price flight and tour packages to destinations across the world, the ABC discloses. It followed days of growing concern for customers who had reported their tours being cancelled or placed "under review" just days before departure, first reported by the ABC last week. According to the ABC, insolvency firm McGrathNicol has been appointed liquidator, taking control of the company's operations as it assesses what can be recovered for customers and creditors. In a statement, McGrathNicol said it had "assumed control of AVG Travels' affairs" and was "undertaking an urgent review of AVG's financial position and business operations to determine the best course of action to preserve value for stakeholders". Ongoing operations have been suspended and customers will be contacted about their bookings, it added. In an email to customers, McGrathNicol warned future AVG Travels bookings may not have been paid for, with customers who prepaid for trips now considered unsecured creditors, the ABC relays. The ABC relates that the liquidators said unless airline tickets had already been issued, flights, hotels and other travel arrangements may not have been secured because AVG Travels had not paid suppliers. Customers currently travelling have been told their trips should continue as planned unless they were contacted directly about changes. According to the ABC, McGrathNicol said AVG Travels was unable to process refunds because it did not have the funds on hand, with customers advised to contact their credit card provider to discuss recovery options. It is not yet known how many travellers have been affected across the company's tours, which include destinations across Asia, Europe, Africa, the Middle East and the Americas. Frustrated travellers demanding answers and refunds turned up at the company's St Kilda office in Melbourne on May 26, only to be met with closed doors and a note advising of the company's liquidation. The ABC has been contacted by more than 100 customers since last week, with some saying their itineraries were changed or cancelled at the last minute. A Facebook support group for AVG customers now has more than 860 members, with many today venting their frustration about the company's collapse. AVG Travels Pty Ltd is owned by Duc Tiem Dao, a Vietnamese national living in Melbourne, according to records from ASIC, the financial services regulator. BODY IN MOTION: First Creditors' Meeting Set for June 2 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Body In Motion Health And Fitness Pty Ltd will be held on June 2, 2026, at 11:00 a.m. via telephone conference. Jason Tang and Ozem Kassem of KPT Restructuring were appointed as administrators of the company on May 21, 2026. OSUM ONE: First Creditors' Meeting Set for June 2 ------------------------------------------------- A first meeting of the creditors in the proceedings of Osum One Pty Ltd (trading as The Yook) will be held on June 2, 2026, at 10:00 a.m. and 10:30 a.m., respectively, via Teams videoconferencing. Bradd William Morelli and Stewart William Free of Jirsch Sutherland were appointed as administrators of the company on May 21, 2026. SETTLE EASY: Enters Voluntary Administration -------------------------------------------- William Farrington at Mortgage Professional Australia, citing AFR, reports that Settle Easy, one of Australia's largest conveyancing operators by settlements on the Property Exchange Australia (PEXA) platform, entered voluntary administration on May 22 after anticipated financing reportedly failed to materialise. According to MPA, boutique restructuring firm SALEA was appointed as administrator on May 21, with partner Sule Arnautovic, of SALEA in Australia, now working to stabilise the business and maintain settlement services across the firm's approximately 86 staff. Settle Easy co-founder Sam Almaliki, the largest shareholder in parent company Convex Holdings with a 33% stake, confirmed the appointment in a statement. "Voluntary administration is not the outcome we wanted for shareholders or staff, but it is what it is," MPA quotes Mr. Almaliki as saying. "We're working to support our people and customers." Aussie Home Loans, which had been one of the firm's key distribution partners, has reportedly suspended all new conveyancing referrals to Settle Easy and has moved to Bond Property Lawyers as its replacement conveyancing partner, advising its broker network on May 21, MPA relays. A spokesperson for Aussie parent company Lendi told MPA: "We have been in contact with the administrators, and based on information currently available to us, existing in-flight settlement matters are expected to continue progressing. Our priority is to ensure that any Aussie customer with a settlement in progress is supported, with minimal disruption, during this critical part of their purchase journey. We will keep our brokers up to date as we learn more." Aussie is just one of many partners of Settle Easy, MPA notes. Lendi launched a branded service called 'Aussie Conveyancing' powered by Settle Easy in November 2024. The partnership integrated Settle Easy's conveyancing platform directly into the Aussie broker workflow, so that Aussie customers could access conveyancing services through their Aussie broker. "The conveyancing process has been needlessly complex for buyers for too long," Lendi Group chief executive David Hyman said at the time. "The launch of Aussie Conveyancing delivers on our promise to transform the way Australians buy homes and further diversifies our offering. MPA adds that Mr. Arnautovic is engaging with Settle Easy's critical suppliers – including title search operators, government agencies and IT providers – to keep settlement pipelines moving during the administration period. SETTLE EASY: First Creditors' Meeting Set for June 2 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Settle Easy - QLD Pty Ltd, On The Glass Pty Ltd and Convx Holdings Pty Ltd will be held on June 2, 2026, at 11:00 a.m. via Microsoft Teams. Sule Arnautovic of Salea Advisory was appointed as administrator of the companies on May 21, 2026. VACS NT: First Creditors' Meeting Set for June 2 ------------------------------------------------ A first meeting of the creditors in the proceedings of Vacs NT Pty Ltd (previously known as Provac Excavations Pty Ltd) will be held on June 2, 2026, at 11:00 a.m. via Zoom. Michael Hird and Brian Silvia of CasCap Advisory Pty Ltd were appointed as administrators of the company on May 21, 2026. ========= I N D I A ========= AL-FALAH FROZEN: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of AL-Falah Frozen Foods (AFF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 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 3, 2025, placed the rating(s) of AFF under the 'issuer non-cooperating' category as AFF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AFF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 17, 2026, February 27, 2026, March 9, 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 Uttar Pradesh based AL-Falah Frozen Foods (AL-Falah) was established in the year 2005 as a partnership firm. The firm is currently being managed by Mr. Shakeel Ahmad, Mohammad Sameer and Mr. Tashkil Ahmed. The firm operates as an integrated cold chain and preservation facility and is engaged in the processing and supplying of frozen buffalo meat. The processing facility of the firm is located at Moradabad, Uttar Pradesh and has its own slaughterhouse with a capacity to process 500 buffalo per day. However, they have permission to process 150 buffalo per day as on March 31, 2022. The firm is having three associate concerns namely; "AL-Falah Cold Storage" (established in 2016) operates as cold storage; "AL-Falah Food Exports" (established in 2015) engaged in the trading of processed meat and "AL-Falah Foods Private Limited" (incorporated in 2019) engaged in the export of processed meat. ANNAI CONSTRUCTIONS: CARE Keeps C Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Annai Constructions (AC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE C; 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 21, 2025, placed the rating(s) of AC under the 'issuer non-cooperating' category as AC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 7, 2026, March 17, 2026, March 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: Stable Annai Constructions (AC) is a Partnership firm established in 2001 by Mr. Gnana Thiriviam and his two friends Mr. Xavier Selvaraj and Mr. Thinakaran in Tiruneveli District of Tamil Nadu. The firm is into the business of construction of civil foundation works for wind mill power generators. Some of its major customers are Suzlon Gujarath Wind Park Limited, Mytrah Energy Limited, kshema Power Infrastructure and Gamesa Renewables etc. Besides engaged in civil foundation works, AC has also a Wind mill with an installed capacity of around 750 KWP in Tirunelveli. The power generated from this wind mill is sold to Tamil Nadu Government. CAPRI GLOBAL: Moody's Rates USD1BB GMTN Program '(P)Ba3' -------------------------------------------------------- Moody's Ratings has assigned (P)Ba3 long-term foreign- and local-currency senior secured ratings to Capri Global Capital Limited's (Capri, Ba3 stable) USD1 billion Global Medium Term Note (GMTN) program. RATINGS RATIONALE Capri's (P)Ba3 senior secured GMTN program ratings are in line with the company's Ba3 corporate family rating (CFR) given that secured debt forms the predominant portion of the company's borrowings. The notes issued under the program constitute the issuer's direct, general and unconditional obligations and will be secured by, among other things, a first-ranking pari-passu charge over all standard receivables, book debts, principal amounts and interest, costs, charges, etc. owing to or receivable by the issuer, both present and future, excluding receivables that are charged exclusively to National Bank for Agriculture and Rural Development (NABARD), in relation to the facilities extended by NABARD. Capri's Ba3 CFR reflects the company's diversified business operations and strong capital and profitability, balanced against asset quality risks associated with loan concentration and unseasoned risks driven by rapid growth, as well as modest funding and liquidity relative to peers. The rating also takes into account the company's improved capitalization due to the funds raised last year, although Moody's expects it to moderate over the next 12 to 18 months due to strong loan growth. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade Capri's ratings if the company (1) strengths its franchise through a larger and more stable loan portfolio, including reduced concentration risk; (2) improves its funding profile, evidenced by lower borrowing cost and material diversification of funding sources; and (3) maintains its Tangible Common Equity / Tangible Managed Assets (TCE/TMA) above 25% on a sustained basis. Moody's could downgrade Capri's ratings if (1) TCE/TMA falls below 18% without clear visibility on a capital raising plan, or (2) nonperforming loan ratio rises above 4%, resulting to higher credit costs and a decline in return on average managed assets to below 1.5%. A downgrade could also result from a weakening of the company's franchise due to intensified competition or adverse regulatory changes, leading to sustained below-peer-average loan growth or lower profitability. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Finance Companies published in July 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Capri Global Capital Limited is headquartered in Mumbai and reported total assets of INR326.8 billion as of March 31, 2026. GYANESHWAR SARAN: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Gyaneshwar Saran Sudeshwar Saran and Co. (GSSSC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 12.50 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 April 4, 2025, placed the rating(s) of GSSSC under the 'issuer non-cooperating' category as GSSSC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GSSSC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 18, 2026, February 28, 2026, March 10, 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 Moradabad, Uttar Pradesh based, Gyaneshwar Saran Sudeshwar Saran and Co. (GSSSC) is a proprietorship firm established in April, 1985. The firm is being managed by Mr. Sudeshwar Saran and his son, Mr. Suchit Saran. GSSS is an export unit. It is engaged in manufacturing of antique handicraft items, interior furnishings and decorative items such as showpieces, lantern, candle stand, lighting stands, tabletops, almirahs, outdoor furniture, decorative & jewellery boxes, candle lamps etc. It also manufactures decorative items & gift accessories, and customizes its products for size and colour, as per the needs of the clients. HANWANT FASTNERS: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Hanwant Fastners Private Limited (HFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.41 CARE B-; 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 18, 2025, placed the rating(s) of HFPL under the 'issuer non-cooperating' category as HFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 2, 2026, February 11, 2026, February 21, 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 Hanwant Fastners Private Limited (HFPL) was incorporated in September, 1994 and started its commercial operations in March, 1995. The company is currently being managed by Mr. Mahavir Singh and Mr. Hari Singh. The company is engaged in manufacturing of fasteners mainly bolts. The product of the company finds its application mainly in automobile industry. The company has its manufacturing facility located at Rohtak, Haryana. HIND UNITRADE: CARE Lowers Rating on INR42cr LT Loan to B+ ---------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Hind Unitrade Private Limited (HUPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 42.00 CARE B+; Stable; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE BB-; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated March 17, 2025, placed the rating(s) of HUPL under the 'issuer non-cooperating' category as HUPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HUPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 31, 2026, February 10, 2026, February 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). The ratings assigned to the bank facilities of HUPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable HUPL was incorporated in March 2010 by Mr Vinod Kumar Agarwal and Mr Sanjay Mittal of Raipur, Chhattisgarh. Since its inception the company is engaged in trading of non-coking coal. However, the company has started coal processing business which includes activities like procurement of coal by participating in e-auction, lifting of coal from mines and crushing it as per client's requirements from FY16 along with its existing trading business. The company also provides transportation services to its customers. HUPL's coal crusher facility is located at Ambikapur, Chhattisgarh with a crushing capacity of 1 lakh metric ton per annum. Both the promoters look after the day to day operations of the company. INDO NABIN: CARE Keeps C/A4 Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Indo Nabin Projects Limited (INPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 1.11 CARE C; Stable/CARE A4; Short Term 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 12, 2025, placed the rating(s) of INPL under the 'issuer non-cooperating' category as INPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. INPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 26, 2026, February 5, 2026, February 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: Stable Indo Nabin Projects Ltd. (INPL), which was originally promoted by Mr. Amalendu Sen & Mr. R. Chandramouli, is a construction company engaged in providing engineering & construction services (which includes design & engineering, supply of materials, erection & maintenance, and commissioning of sub-stations (33/11KV)) for electrification projects primarily under Deen Dayal Upadhyaya Gram Jyoti Yojana (DDUGJY) scheme of the Government of India. The company specializes in execution of electrical construction contracts on turnkey basis and has executed several contracts involving ETC (Erection, Testing and Commissioning) of sub-stations and operation & maintenance projects. INDUSIND BANK: Moody's Affirms 'Ba1' Deposit & Issuer Ratings ------------------------------------------------------------- Moody's Ratings has affirmed IndusInd Bank Limited's Ba1 long-term (LT) foreign currency (FC) and local currency (LC) bank deposits and issuer ratings and Not Prime (NP) short-term (ST) FC and LC bank deposits and issuer ratings. Moody's have also affirmed IndusInd's (P)Ba1 senior unsecured medium term note program rating, Ba1 LT and NP ST FC and LC counterparty risk ratings, Ba1(cr) and NP(cr) LT and ST counterparty risk assessments respectively. Additionally, Moody's have affirmed IndusInd's ba2 Baseline Credit Assessment (BCA) and adjusted BCA. Moody's have revised the ratings outlook, where applicable, to stable from negative. RATINGS RATIONALE The affirmation of IndusInd's Ba1 ratings reflects the bank's strong capital, solid pre-provisioning profitability and adequate liquidity, which will help mitigate some stress in its asset quality and relatively weaker funding. The Ba1 ratings are one notch above the bank's ba2 BCA to reflect Moody's assumptions of moderate level of government support for the bank, in times of need. The change in outlook to stable from negative, considers the stabilization of the bank's senior leadership team and an easing of funding and liquidity pressures. Following the accounting discrepancy reported for the quarter ended March 2025, IndusInd has completed an internal review of its financials and no additional material adverse findings emerged post that. Subsequently, the bank's board overhauled its leadership team by appointing a new CEO, CFO and several management team members. Governance improvements are a key driver of this rating action, therefore an important contributor to the outlook change. Moody's have revised IndusInd's governance issuer profile score to G-3 from G-4, reflecting the stabilization of the bank's senior leadership team. IndusInd's capital will remain strong, supported by gradual improvement in profitability and moderate balance sheet growth over the next 12-18 months. Common Equity Tier 1 (CET1) ratio improved to 16.2% as of March 2026 from 15.1% a year earlier, primarily driven by a decline in risk-weighted assets amid loan book contraction and a shift in portfolio mix. However, the adoption of the expected credit loss (ECL) framework under IFRS 9, scheduled to commence in April 2027, is likely to have a higher impact on IndusInd than on its peers, reflecting its higher than peer average long-run loan loss performance. Funding risks that emerged following the identification of the accounting lapses in March 2025 have since abated. The share of retail and current account and savings account deposits increased to around 41% of total deposits as of March 2026 from 31% as of March 2021 supporting funding stability. Despite these improvements, the bank's funding profile is weaker than that of the large Indian private sector peers, reflecting a comparatively lower share of retail deposits and higher funding costs. Moody's expects IndusInd's asset quality to remain stable over the next 12-18 months, following the additional provisions and charge-offs in its microfinance portfolio in fiscal 2026. Gross problem loan ratio increased to 3.4% as of March 2026 from 3.1% a year earlier primarily because of a contraction in the loan book. The bank has reduced its microfinance exposure to around 5% of total loans from 9% during fiscal 2026, and asset quality trends in the segment are stabilizing. Moody's expects IndusInd's profitability, measured by net income to tangible assets, to remain below 0.5% in fiscal 2027, although earnings should improve gradually as provisioning costs moderate with changes in portfolio mix. The bank's profitability weakened during fiscal 2026, mainly driven by additional provisioning on the microfinance portfolio following the adoption of a more stringent write-off policy. Moody's expects provisioning costs to decline materially over the next 12–18 months as asset quality stabilizes. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The bank's ratings could be upgraded if the BCA is upgraded by more than one notch or if there is a change in Moody's assessments of government support for the bank. The bank's BCA could be upgraded if the bank's new management team successfully executes its turnaround strategy and establishes a track record of performance over the next 2 years without taking excessive risks. Specifically, a sustained improvement in net income to tangible assets above 1.2% and problem loans to gross loans declining below 2.5% while maintaining stable capital could lead to a BCA upgrade. Moody's would downgrade IndusInd's ratings if (1) the bank's capital ratios decline because of lower profitability and inability to raise external capital; (2) its funding or liquidity weakens substantially; or (3) there is a sustained deterioration in asset quality. Specifically, a decline in tangible common equity (TCE) to risk weighted assets (RWA) ratio below 11% or decline in net income to tangible assets below 0.5% on a sustained basis will result in a rating and BCA downgrade. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Banks published in November 2025. IndusInd Bank's 'Assigned BCA' of ba2 is two notches below the 'Financial Profile' initial score of baa3 to reflect its strategy, risk appetite and governance. IndusInd Bank Limited is headquartered in Mumbai with total assets of INR5.4 trillion (USD57.3 billion) as of March 31, 2026. INTEX TECHNOLOGIES: CARE Keeps C Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Intex Technologies (India) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 138.28 CARE C; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 274.00 CARE A4; 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 12, 2025, placed the rating(s) of ITL under the 'issuer non-cooperating' category as ITL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ITL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 26, 2026, February 5, 2026, February 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 Incorporated in the year 1996, Intex Technologies (India) Limited was managed by Mr. Narendra Bansal, Managing Director. The company is engaged in the assembling, manufacturing, and trading of mobile handsets, computer peripherals, multimedia speakers, personal computers, and consumer electronics under the brand name of 'INTEX'. The company primarily operates in three business segments namely mobile handset, Consumer Electronics (DVD player, TV, LCD etc.) and IT Hardware (UPS, Monitor, Keyboard, Mouse, and other computer peripherals). IPSAA HOLDINGS: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of IPSAA Holdings private Limited (IHPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.64 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 May 12, 2025, placed the rating(s) of IHPL under the 'issuer non-cooperating' category as IHPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. IHPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 28, 2026, April 7, 2026, April 17, 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 IPSAA Holdings Private Limited (IHPL) was incorporated in 2013 by Mr. Shiv Kumar Mittal and Ms. Kanchan Mittal. IHPL is running pre-school and daycare centres in Ahmedabad, Bangalore, Chennai, Gurgaon, Hyderabad, Kolkata, Mumbai, New Delhi, Noida, Neemrana and Pune. IHPL operates under two business models; Company Owned Company Operated (COCO) and Captive (Corporate)-acting as day-care service provider to corporates clients. The company has tie ups with corporates like Snap deal, MMT, Maruti Udyog Limited, Standard Chartered Bank, Birla Estates, Hero moto Corp etc. to operate day care centres in their offices. The centres also have arrangement for recreation and extracurricular activities for the children like pottery, sports, art, music etc. JAGANNATH POLYPACKS: CARE Cuts Rating on INR7.50cr LT Loan to D --------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Jagannath Polypacks Limited (JPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.50 CARE D; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE C; Stable Long Term Bank 1.50 CARE D; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE A4; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated March 18, 2025, placed the rating(s) of JPL under the 'issuer non-cooperating' category as JPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 2, 2026, February 11, 2026, February 21, 2026, May 18, 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). The ratings assigned to the bank facilities of JPL have been revised on account of non-availability of requisite information. The revision further considers the ongoing delays in debt servicing as recognized from publicly available information i.e., CIBIL filings. Analytical approach: Standalone Outlook: Not applicable Incorporated in 1984, Jagannath Polypacks Limited (JPL) was promoted by Subudhi family managed by Mr. Manoj Kumar Subudhi, Mr. Saroj Kumar Subudhi and Mr. Kshirod Kumar Subudhi for almost two decades. JPL is involved in the business of manufacturing of polypropylene and HDPE woven sacks and bags with installed capacity of 45 Lakh pcs per month with the manufacturing unit located at IDCO New Industrial Estate, Jagatpur, Cuttack. The promoter also owns an associate company in the mane of Jagannath Polymers Limited which is involved in manufacturing of PP/HDPE woven sacks and bags from its manufacturing unit located at Cuttack, Odisha which has a capacity to manufacture 50 lakhs pieces every month. And another associate company in the name of Jagannath Polypacks Limited which is involved in manufacturing of PP/HDPE woven sacks and bags from its manufacturing unit located at Cuttack, Odisha which has a capacity to manufacture 50 lakhs pieces every month. Mr. Manoj Kumar Subudhi (Director) and Mr. Saroj Kumar Subudhi (Director) having around three decades of experience in plastic industry, looks after the day to day operations of the company. He is supported by other promoter Mr. Kshirod Kumar Subudhi along with a team of experienced professional. JAIPRAKASH ASSOC: NARCL Retains Guarantees of Jaypee Ex-Promoters ----------------------------------------------------------------- The Economic Times reports that National Asset Reconstruction Company (NARCL) has retained guarantees issued by former promoters of Jaiprakash Associates after its debt resolution, potentially offering lenders an additional avenue to recover dues beyond the insolvency payout, people aware of the matter said. According to ET, NARCL has already filed applications linked to both the corporate guarantee of Jaiprakash Power Ventures and personal guarantees of chairman Manoj Gaur and vice-chairman Sunil Kumar Sharma, and is exploring legal remedies to maximise recoveries from residual assets and obligations tied to Jaypee Group entities, they said. ET relates that the move could improve lender recoveries from 26.2% under the approved resolution plan, based on Adani Enterprises' payout of INR14,535 crore against total admitted claims and financial indebtedness of INR55,357.39 crore. Guarantees provided by Gaur and Sharma are around INR300-400 crore, people cited above said. About JAL Jaiprakash Associates Ltd (JAL) is the flagship company of the Jaypee group and is engaged in engineering and construction, cement, real estate and hospitality businesses. JAL was one of the leading cement manufacturers with an installed capacity of ~28 million tonnes per annum (mtpa) and under implementation capacity of ~5 mtpa on a consolidated basis as on March 31, 2018. JAL is also engaged in the construction business in the field of civil engineering, design and construction of hydro-power, river valley projects. JAL is also undertaking power generation, power transmission, real estate, road BOT, healthcare and fertilizer businesses through its various subsidiaries/SPVs. JAL featured in Reserve Bank of India's second list of at least 26 defaulters with which it wants creditors to start the process of debt resolution before initiating bankruptcy proceedings. In September 2018, ICICI Bank had filed an insolvency petition against JAL under Section 7 of IBC, claiming a default of more than INR16,000 crore. On June 3, 2024, the Allahabad bench of National Company Law Tribunal (NCLT) admitted the insolvency plea filed by ICICI Bank. The tribunal also appointed Bhuvan Madan as Interim Resolution Professional of JAL after suspending the board of the company. Bhuvan Madan is the resolution professional (RP) for the JAL. SBI has also moved NCLT against JAL, claiming a total default of INR6,893.15 crore as of Sept. 15, 2022. JINDAL GREEN: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Jindal Green Crop International Private Limited (JGCIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 40.00 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 15, 2025, placed the rating(s) of JGCIPL under the 'issuer non-cooperating' category as JGCIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JGCIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 1, 2026, March 11, 2026, March 21, 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 July 2013, Jindal Green Crop International Private Limited (JGCIPL) was promoted by Mr. Dalip Jindal and Mrs. Shaloo Jindal. JGCIPL imports pulses (Red Lentils, Chickpeas, Green Peas, Yellow Peas, Pigeon Peas, Black Matpe, Green Moong, Lentils). MEENAKSHI COTGIN: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Meenakshi Cotgin (MC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 10.76 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 April 25, 2025, placed the rating(s) of MC under the 'issuer non-cooperating' category as MC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 11, 2026, March 21, 2026, May 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: Stable MC was established as a partnership firm in 2016. The firm is engaged in the business of cotton ginning and pressing and oil extraction at its manufacturing facility located at Vaijpur, Aurangabad. MEMBRANE FILTERS: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Membrane Filters (India) Private Limited (MFPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 19.79 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 10.00 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 May 13, 2025, placed the rating(s) of MFIPL under the 'issuer non-cooperating' category as MFIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MFIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 29, 2026, April 8, 2026, April 18, 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 MFIPL promoted by Mr Subhash Devi, started commercial production in 2003. MFIPL is engaged in the manufacturing of Water Filtration Systems by employing the Ultra Filtration (UF) Membrane technology developed by Pune-based Council of Scientific and Industrial Research, National Chemical Laboratory (CSIR-NCL). This UF membrane technology was acquired by MFIPL in 2005. The company's majority of the shareholding, ie, 48.93% is held by a venture capital company, viz, Innovative Ventures Limited (IVL). The manufacturing facility of the company is located at Bhor, Maharashtra. METRO AGRI-INDUSTRIES: CARE Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Metro AgrI-Industries Limited (MAL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.84 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 2.66 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 15, 2025, placed the rating(s) of MAL under the 'issuer non-cooperating' category as MAL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MAIL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 1, 2026, March 11, 2026, March 21, 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 Metro Agri-Industries Limited (MAL) was incorporated in 2011 by Mr. Vijay Garg, Mr. Himank Garg and Mrs. Ankita Garg as a limited company. The company started its production in November 2013 and is engaged in the business of basmati rice milling and processing of rice which is sold in the export and domestic markets. The processing facility is at Tehsil Israna Karnal district in Panipat (Haryana). MUBARAK OVERSEAS: CARE Lowers Rating on INR65.33cr LT Loan to D --------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Mubarak Overseas Private Limited (MOPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 65.33 CARE D; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B+; Stable Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated November 5, 2025, placed the rating(s) of MOPL under the 'issuer non-cooperating' category as MOPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MOPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 18, 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). The ratings for MOPL have been revised on account of non-availability of requisite information. The ratings have been revised on account of delays in debt servicing as recognized from publicly available information i.e. CIBIL check. Analytical approach: Standalone revised from Combined Mubarak Overseas Pvt Ltd (MOPL), Ramji Lal & Sons (RLS) (closed on March 31, 2023) and Ramji Lal and Behari Lal (RLBL) are into similar line of business with common promoter family and management together referred as Gupta group. The credit risk assessment has been conducted based on a group approach by combining the financials of all the entities. However, updated information is not available to ascertain financial linkages that warrant a continuation of combined approach. Thus, analytical approach is revised to standalone. Outlook: Not Applicable Mubarak Overseas Pvt Ltd is a part of Ramji Lal group which has been in the business of processing and trading of rice for the past 20 years. In year 2009, the group installed a rice processing and packing plant with three sorting units and two packing units in Alipur. Later in year 2014, another plant in Gannaur was installed which had milling, processing and packing facility with two parallel lines. The group manufactures various kinds of basmati Rice which include Brown basmati, parboiled basmati, 1121 basmati and traditional basmati and sells it under their brand name Mubarak Rozana,Pride, Delight and Azooba. NAVA PADMINI: CARE Lowers Rating on INR20cr LT Loan to B+ --------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Nava Padmini Spices (NPS), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 20.00 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B+; Stable Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated March 28, 2025, placed the rating(s) of NPS under the 'issuer non-cooperating' category as NPS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NPS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 11, 2026, February 21, 2026, March 3, 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). The ratings assigned to bank facilities of NPS have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Telangana-based Nava Padmini Spices was established in the year 2019 and promoted by Mr. Nagaraju Dongari. The firm is engaged in the processing (stem cut) and trading of chillies. The procurement of chillies is from the local farmers. NEW MODERN: CARE Lowers Rating on INR50.37cr LT Loan to D --------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of New Modern Technomech Private Limited (NMTPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 50.37 CARE D; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE C; Stable Short Term Bank 16.30 CARE D; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE A4; Stable Long Term/ 45.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category and Downgraded from CARE C; Stable/ CARE A4 Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 21, 2026, placed the rating(s) of NMTPL under the 'issuer non-cooperating' category as NMTPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NMTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 18, 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). The ratings for NMTPL have been revised on account of non-availability of requisite information. The ratings have been revised on account of delays in debt servicing as recognized from publicly available information. i.e. CIBIL filings. Analytical approach: Standalone Outlook: Not applicable NMTPL was incorporated in December 1998, promoted by the Sarangi family of Odisha. The company had taken over the business of New Modern Furniture, a partnership firm, formed in 1988 and owned by the family. NMTPL has licensed manufacturing capacity of 48,000 MTPA of Galvanised Steel structures in Baripada, Odisha. The structural products are primarily used in electrical transmission line towers, sub-station structures and telecom towers. NMTPL is also engaged in execution of EPC contracts for Railways and T&D players. ORIENT SPUN: CARE Keeps C Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Orient Spun Silk and Processing Mills LLP (OSSPML) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.50 CARE C; Stable; ISSUER NOT Facilities COOPERATING; 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 17, 2025, placed the rating(s) of OSSPML under the 'issuer non-cooperating' category as OSSPML had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. OSSPML continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 31, 2026, February 10, 2026, February 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: Stable Orient Spun Silk and Processing Mills LLP was established in June 2017 with an objective of manufacturing and processing of Mulberry silk, Muga silk, Eri silk, Art silk and other Cellulosic yarn. The Mulberry, Muga, Eri, Art yarn will be used in making of Saree, Mekhala Chaddar, Punjabi Kurta. The major raw materials are Mulberry silk, Eri spun silk, Muga silk, Art silk and Cellulosic silk which are available from adjacent states. Mr. Pabitra Buragohain (Partner) and Mr. Lakhi Kanta Gohain (Partner), both of whom has 20 years of experience in similar line of business. The firm is further be supported by a team of experienced professionals. PUSHPAVATHI AGRO-TECH: CARE Keeps B- Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sri Pushpavathi Agro-Tech Private Limited (SPAPL) 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 9, 2025, placed the rating(s) of SPAPL under the 'issuer non-cooperating' category as SPAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SPAPL 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: Stable Andhra Pradesh based, Sri Pushpavathi Agro-Tech Private Limited (SPAPL) was incorporated in 2014 and promoted by Mr. N. Venkateswarlu and his family member. The company is planning to provide cold storage facilities i.e., for preserving agricultural products like pulses, chillies, turmeric etc. at Narsaraopet, Guntur Dist. Andhra Pradesh. The proposed customers of the company include farmers and local traders. The company is planning to set up the cold storage capacity of 10,000 metric tonnes. Apart from providing cold storage facility the company is also planning to engage in processing and packaging of Chilli powder. Current installed capacity for the processing and packaging of chilli powder is 4 tons per day. RUDRA CONCEPT: CARE Keeps C Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Rudra Concept Speciality Constructions LLP (RCSCL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.80 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Long Term/Short 0.20 CARE C; Stable/CARE A4; Term Bank 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 21, 2025, placed the rating(s) of RCSCL under the 'issuer non-cooperating' category as RCSCL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RCSCL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 7, 2026, March 17, 2026, March 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: Stable Uttar Pradesh Based Rudra Concept Speciality Constructions LLP was established in October 20, 2016 as a partnership firm and will commence its operations from August- September, 2019. It is currently promoted and managed by 8 partners. The firm plans to start operations in construction of warehouses for storage of a variety of products ranging from food and agriculture products to apparels and other FMCG products and has currently entered into a lease agreement with Future Supply Chain Limited for constructing a built-to-suit warehouse structure to the Future Retail outlets located in Varanasi, U.P. S. S. NATH: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of S. S. Nath & Company (SSNC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B-; 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 SSNC under the 'issuer non-cooperating' category as SSNC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSNC 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 SSNC, constituted as a partnership firm in 1974 is currently being managed by Mr Rajnish Jain, Mr Manish Jain, Ms Aarti Jain, Ms Pooja Jain and Mr Satpal Jain (sharing profit and loss equally). The firm is engaged in operating multi-brand readymade garments showrooms in Chandigarh, Mohali and Panchkula under the brand name of 'Meena Bazaar' and 'Aliyana'. All the showrooms are currently engaged in the retail trade of readymade garments and houses renowned brands of men's, kids and women's wear like Tommy Hilfiger, Reebok, Van Heusen, Adidas, Levis, Gini & Jony, Pepe, Zardozi, Sanskriti, etc. Besides this, the firm is also engaged in the trading of bridal wear and ethnic clothing which are sourced from local manufacturers. SARASWATI TIMBER: CARE Keeps C Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Saraswati Timber Private Limited (STPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.99 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 1.63 CARE C/CARE A4; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 7, 2025, placed the rating(s) of STPL under the 'issuer non-cooperating' category as STPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. STPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 21, 2026, March 3, 2026, March 13, 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 Saraswati Timber Private Limited (STPL) was incorporated in 1998 and started its commercial operations in July 2011. The company is engaged in manufacturing of footwear products like slippers, sandal and flip flop etc. The manufacturing facility of the company is located at Bahadurgarh in Haryana with the installed capacity of 36 lakh pairs per annum. The company has integrated manufacturing process. The company has its own in-house ethylene vinyl acetate (EVA) compounding unit which produces EVA sheets from EVA granules. The main raw material for the company is rubber, plastic foam and vinyl and other different raw material depending upon the type of products. SHREENIDHI METALS: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shreenidhi Metals Private Limited (SMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.22 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated March 21, 2025, placed the rating(s) of SMPL under the 'issuer non-cooperating' category as SMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SMPL 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: Not Applicable Vadodara (Gujarat) based Shreenidhi Metals Private Limited (SMPL) was incorporated in 2013 as a private limited company and is run by Ms. Sadhna Maloo and Ms. Nikita Jain. The company is engaged into manufacturing of aluminum circles and sheets, which find its application in utensils industry and power sector with installed capacity of 1800 MT per annum as on March 31, 2018. Plant of the company is located at Waghodia, Gujarat. SIESTA LAMINATES: CARE Lowers Rating on INR25cr LT Loan to D ------------------------------------------------------------ CARE Ratings revised the ratings on certain bank facilities of Siesta Laminates Private Limited (SLPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 25.00 CARE D; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated March 19, 2025, placed the rating(s) of SLPL under the 'issuer non-cooperating' category as SLPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SLPL 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, May 19, 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). The ratings assigned to the bank facilities of SLPL have been revised on account of non-availability of requisite information. The revision further considers the ongoing delays in debt servicing as recognized from publicly available information i.e., CIBIL filings. Analytical approach: Standalone Outlook: Not applicable Mehsana (Gujarat)-based, SLPL was incorporated by three directors, Mr. Ambalal Patel, Mr. Sunil Patel and Mr. Jayant Patel in 2011. The company is engaged in manufacturing decorative laminates sheets having 8 x 4 size and 0.7 mm to 1.0 mm thickness, which find their application mainly in furniture and real estate industry. The unit is located at Mehsana District in Gujarat and has a production capacity of 30 lakh HP (High Pressure) decorative sheets per annum as on March 31, 2021. The company offers numerous types of HP decorative sheets in form of country wood, rose valley, color core, metal series, diamond leather, etc. The company sales its products with brand names of 'XVENZA' or 'SIESTA' in the market. Major required raw materials for decorative sheets are craft papers, base papers and various chemicals like melamine, etc. which the company avails from Gujarat and Maharashtra. The company generates its major revenue from the states of Gujarat, Maharashtra, Karnataka and Rajasthan through its dealers. SIX SIGMA: CARE Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Six Sigma Readymix Concrete Private Limited (SSRC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.21 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 7, 2025, placed the rating(s) of SSRCPL under the 'issuer non-cooperating' category as SSRCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSRCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 21, 2026, March 3, 2026, March 13, 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 Six Sigma Readymix Concrete Private Limited (SSRCPL) was incorporated on March 14, 2016 as a Private Limited company and promoted by Mr.C. Sekhara Srinivasan, Mr. P. Nagendran Rajkumar along with other promoters. The Company is engaged into manufacturing of Ready-Mix Concrete (RMC) and trading of cement. The company has five plants located in Coimbatore, Chennai, Trichy, Kaaramadai and Gobichettipalayam. ULTRA HOME: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ultra Home Construction Private Limited (UHCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 204.56 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 18, 2025, placed the rating(s) of UHCPL under the 'issuer non-cooperating' category as UHCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. UHCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 2, 2026, February 11, 2026, February 21, 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 M/s Ultra Home Construction Private Limited (UHCPL) was incorporated in April 2004 as a private limited company to carry out real estate development in both residential and commercial segment. UHCPL founded by Mr. Anil Kumar Sharma is the flagship company of Amrapali group; the group has more than 16 years of experience with completed projects (both residential and commercial) spread over 100 acres in Delhi-NCR and Greater Noida market. UHCPL had undertaken a commercial project Amrapali Tech-Park in April 2010. UHCPL had completed the said project in FY14. In 2019, the Promoters of the company were sent behind the bars in an alleged case of defrauding homebuyers. VIJAYA MARUTHI: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Vijaya Maruthi TMC (VMT) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 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 21, 2025, placed the rating(s) of VMT under the 'issuer non-cooperating' category as VMT had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VMT continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 7, 2026, March 17, 2026, March 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: Stable Andhra Pradesh based, Vijaya Maruthi TMC (VMT) was established as a Partnership Firm in 2012. VMT was promoted by Mr. G.M. Srinivas Rao and his family members. The firm is engaged in the cotton ginning and pressing. The registered office of the firm is located at Guntur District, Andhra Pradesh. The firm purchases raw cotton from local farmers located in and around Andhra Pradesh and from dealers in and around from state of Tamil Nadu and Odhissa. The firm sells the final product to the spinning units located in Andhra Pradesh and Tamil Nadu. The firm has an installed capacity of processing 200 bales per day as on November 18, 2019. ================= I N D O N E S I A ================= JAPFA COMFEED: Fitch Hikes Long-Term IDR to 'BB-', Outlook Stable ----------------------------------------------------------------- Fitch Ratings has upgraded Indonesia-based PT Japfa Comfeed Indonesia Tbk's Long-Term Issuer Default Rating (IDR) to 'BB-' from 'B+'. Fitch Ratings Indonesia has upgraded Japfa's National Rating to 'A+(idn)' from 'A(idn)'. The Outlook is Stable. The rating action follows the completion of the US dollar note issuance by Japfa's 55.4% stakeholder, Japfa Pte. Ltd. (JL, B+/Stable). Fitch believes the bond will improve JL's financial transparency, which weakened following its privatisation in 2025. Fitch expects Japfa's financial performance to moderate from the record highs in 2025, but its EBITDA net leverage, after proportionate consolidation of some subsidiaries, should remain low at around 2x in the medium term (2025: 1.1x). 'A' National Ratings denote expectations of a low level of default risk relative to other issuers or obligations in the same country or monetary union. Key Rating Drivers Parent's Issuance Improves Governance: Fitch views JL's bond covenants as likely to improve its financial transparency and govern its financial policies. Fitch has raised Japfa's governance assessment to 'good' from 'some deficiencies', removing the one-notch downward adjustment on Japfa's standalone credit profile (SCP). The 'some deficiencies' assessment previously arose from JL's privatisation in June 2025, which Fitch believed reduced its financial transparency and limited its ability to assess the requirements for Japfa to support JL, given JL's exposure to more volatile businesses. Improved Parent Profile: JL's Vietnam operations have strengthened over the past two years, reducing the pressure on Japfa to upstream cash. The improvement has also mitigated the risk of weaker restrictions on Japfa's cash outflows, resulting from the refinancing of its March 2026 US dollar note with local bank loans that have looser covenants. Japfa paid dividends even in weaker years such as 2022, which could be used to support JL's loss-making Vietnam operations and other smaller businesses. The Vietnam operation, which accounted for about 20% of JL's EBITDA in 2024-2025, recovered quickly after losses in 2022-2023 due to improved operational integration and biosecurity as well as lower raw material prices, despite recurrent African swine fever outbreaks in the sector. Fitch believes the improvements in JL's Vietnam operation will reduce earnings volatility from further swine flu outbreaks. JL's EBITDA net leverage is likely to remain at around 3x (2025: 1.5x), well below the 4x-6x in 2022-2023. Margins to Moderate from Rising Costs: Fitch forecasts Japfa's EBITDA margin to stabilise at around 8.5% from 2026 (2025: 12%) as raw material costs rise, while demand may weaken amid inflationary pressure from the Middle East conflict. Japfa has said that imports of soybean meal, a key raw material for the feed segment, have not been affected, and the other key raw material, corn, is mostly sourced locally. Fitch expects Japfa's net leverage, after proportionate consolidation of some subsidiaries, to rise due to margin moderation and rising capex but stay comfortable for its rating at around 2.0x. Some Cost Flexibility: Fitch expects key raw material prices to rise but remain below the 2022-2023 peaks over the medium term, underpinning margins. Fitch believes Japfa can partly offset cost pressure, as it has some flexibility in the feed mix and can pass through some of the higher costs in its feed segment. Profitability remains sensitive to volatility in live-bird prices, driven by local supply and demand. Japfa's performance reached a record high in 2025 on higher poultry prices due to stronger demand and a balanced supply. Rising but Flexible Capex: Japfa plans around IDR10 trillion of capex in 2026-2029 (2025: IDR2.7 trillion), including annual maintenance capex of IDR500 billion-IDR700 billion and expansion capex to modernise farms and facilities and build silos. It can defer some expansion capex if market conditions weaken. It also has some capacity to increase production without significant additional capex. Fitch expects the company to fund its capex mainly through internal cash flow, with limited reliance on external borrowing. Linkages with Parent: Japfa can be rated up to one notch above the consolidated profile of its weaker parent, JL, due to 'open' ring-fencing and 'porous' access and control, in line with Fitch's Parent and Subsidiary Linkage (PSL) Rating Criteria. Japfa's debt currently comprises only bank loans, which Fitch views as having loose restrictions on dividend payments and affiliate transactions. This drives the 'open' legal ring-fencing assessment. Japfa raises non-equity funding independently of JL and maintains some separation at the board level, resulting in a 'porous' assessment for access and control. Vertically Integrated Operation: Japfa's upstream operation provides stable profitability due to its ability to pass on some cost increases in animal feed. The company's poultry feed reported operating profit margin was 8.7% in 2025 (2024: 7.1%). Margins for the commercial farm segment also rose due to high demand. Downstream margins are likely to be more stable than midstream but contribute less to Japfa's profitability than its upstream operation. Peer Analysis Japfa's IDR is comparable with that of Brazil's Minerva S.A. (BB/Stable). Minerva is one of South America's largest beef exporters, with export sales accounting for about 55% of revenue. Its profitability has been resilient despite high input costs, helped by its export orientation. Japfa's operation, in comparison, is concentrated in Indonesia, which makes it vulnerable to policy changes and the supply-demand balance in the domestic poultry industry. Minerva's scale is also larger, and Fitch expects its EBITDA to reach USD1 billion in 2026, supporting Minerva's higher rating. Japfa's National Long-Term Rating is comparable with that of PT Golden Energy Mines Tbk (GEMS, A+(idn)/Stable) and PT Bali Towerindo Sentra Tbk (Bali Tower, A-(idn)/Positive). GEMS is one of Indonesia's top three thermal coal producers, with annual production of around 55 million tonnes. Its EBITDA scale is broadly comparable with Japfa's at around USD300 million. However, GEMS has higher asset concentration risk, with more than 90% of production coming from a single mine. Fitch expects GEMS to maintain a net cash position, supported by low capex needs, whereas Japfa is expected to maintain low leverage despite rising, but flexible, capex. Japfa is rated higher than Bali Tower, reflecting its stronger market position and larger business scale. Bali Tower is a small tower company relative to local telecommunication tower peers, with EBITDA of less than USD50 million. Fitch forecasts Japfa to remain Indonesia's second-largest poultry company with EBITDA of around USD300 million in the near term. Fitch also expects Bali Tower to have higher leverage with EBITDA net leverage of around 3.7x in 2026-2027. Fitch’s Key Rating-Case Assumptions - Low-single-digit average annual sales volume growth for key segments in 2026-2027 - EBITDA margin to stay around 8.5% - Average annual capex of around IDR2.6 trillion in 2026-2027 - Dividend payout ratio of 50%-55% of the previous year's net income Corporate Rating Tool Inputs and Scores Fitch scored Japfa as follows, using its Corporate Rating Tool (CRT) to produce the SCP: business and financial profile factors (assessment, relative importance): management (bb, moderate), sector characteristics (bbb-, moderate), market and competitive positioning (bb-, higher), diversification and asset quality (b+, higher), company operational characteristics (bb, moderate), profitability (bb-, moderate), financial structure (bbb-, lower), and financial flexibility (bb, moderate). Assessments of the quantitative financial subfactors include bespoke calculations. The governance assessment of 'good' has no impact. The operating environment assessment of 'bbb-' has no impact. The SCP is 'bb-'. To derive the Long-Term IDR: Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in a consolidated profile+1 approach. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Sustained deterioration in market position - EBITDA net leverage, after proportionately consolidating its minority stake in a number of subsidiaries, of above 2.5x on a sustained basis. - Weakening of JL's consolidated credit profile - Strengthening of the linkage between JL and Japfa, such as less separation in funding and cash flow management between the two entities, under Fitch's Parent and Subsidiary Linkage Rating Criteria Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - An upgrade is unlikely in the medium term. Liquidity and Debt Structure Japfa had a cash balance of around IDR3.6 trillion at end-2025, against a short-term outstanding loan balance of IDR2.9 trillion, which Fitch expects will be rolled over, and IDR954 billion of long-term debt due within 12 months. Japfa refinanced its USD348 million US dollar note due in March 2026 with local bank loans. Liquidity is supported by Japfa's large undrawn committed revolving facility of IDR2 trillion with maturity beyond 12 months at end-2025. Fitch does not expect any significant hindrance in rolling over the short-term loans, due to the company's strong financial profile and longstanding relationships with many major local banks. Issuer Profile Japfa is the second-largest poultry company in Indonesia, by the company's estimate. It is vertically integrated and has market shares of around 21% in the poultry-feed business and around 25% in day-old chicks in 2025. Its operations also include aquaculture. Public Ratings with Credit Linkage to other ratings Japfa's IDR is linked to the credit strength of its parent, JL. Any change to JL's consolidated credit profile may affect Japfa's rating, provided their linkages are intact. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Japfa. ESG Considerations Japfa has an ESG Relevance Score of '4' for Governance Structure as the company is majority owned and controlled by the Santosa and Kolonas families, through JL, with the families having representation on Japfa's board and management. This has a negative impact on the credit profile, and is relevant to the rating in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- PT Japfa Comfeed Indonesia Tbk LT IDR BB- Upgrade B+ Natl LT A+(idn) Upgrade A(idn) ===================== N E W Z E A L A N D ===================== CONNECTIONZ LIMITED: Creditors' Proofs of Debt Due on June 18 ------------------------------------------------------------- Creditors of Connectionz Limited and DVR Dosanjh Limited are required to file their proofs of debt by June 18, 2026, to be included in the company's dividend distribution. Connectionz Limited commenced wind-up proceedings on May 2, 2026. DVR Dosanjh commenced wind-up proceedings on May 3, 2026. The company's liquidators are: Daran Nair Heiko Draht Nair Draht Limited 97 Great South Road Epsom, Auckland 1051 EB GAMES: Closes NZ Stores, Reveals NZD11.4 Million Loss in 2025 ---------------------------------------------------------------- Stuff.co.nz reports that closed gaming retailer EB Games suffered an NZD11.4 million loss in its last financial year, it can now be revealed. The business announced the closure of all 38 of its New Zealand stores in January, disestablishing all roles in the process. According to Stuff, the decision followed the outcome of a consultation process with staff and a prolonged period of financial difficulty. An internal email cited by Stuff at the time informed employees that the company had suffered years of profit decline amid ongoing pressure in the retail sector. Stuff relates that the email added that the New Zealand business recorded a multimillion-dollar loss in the 2024 financial year, with no significant improvement anticipated in the current year. That prediction proved to be correct, with the company's financial statements for the year ending January 31, 2026, revealing a NZD11.4 million loss for its New Zealand arm, Stuff discloses. Revenue from customer contracts was around NZD60 million, up 15.1% from 2025; however, business expenses also rose 29.2% to NZD71.8 million. The business also incurred impairment expenses due to the wind-down of its New Zealand operations. These came in at NZD7.2 million. It also has to pay NZD801,000 in employee severance costs and NZD609,000 in accrued leave benefits. EB Games is owned by Electronics Boutique Australia Pty, which still operates stores in Australia, Stuff notes. The company had been a fixture of New Zealand's gaming retail scene for decades, operating stores in major shopping centres and city centres nationwide. At the time of the closure, managing director Shane Stockwell acknowledged feedback received during the consultation process that it would leave a "significant hole" in the pop culture and gaming community, recalls Stuff. This was seen in the long queues that formed at stores around the country as closing-down sales took place in January. One gamer Stuff spoke to at the time said EB Games was not just a retail store, but a "cultural space for gamers". Stuff relates that Rodrigo Mattos said he remembered the days when buying physical copies of video games at EB Games wasn't just a transaction, it was an experience. "You'd walk into the store, look at the covers, read the back of the box, imagine the gameplay, the story, and the hours you were about to spend playing. There was anticipation - it wasn't instant," Stuff quotes Mr. Mattos as saying. "For many of us who grew up before everything became digital, it represents memories, rituals, and shared experiences." Stuff adds that Mr. Mattos said the closure felt like "losing a small but meaningful part of gaming history in New Zealand." The last day of trade for all New Zealand stores was January 31. EB Games was a video game and entertainment software retailer that mainly sells video games, consoles, and accessories. GUDSELL HOLDINGS: Court to Hear Wind-Up Petition on June 4 ---------------------------------------------------------- A petition to wind up the operations of Gudsell Holdings Limited will be heard before the High Court at Napier on June 4, 2026, at 2:15 p.m. Anna Sheree Wellwood and Colleen Marie Gudsell, Anna Sheree Wellwood and Anita Grace Agnew, in their capacities as trustees of the Barry Robertson Trust, filed the petition against the company on April 1, 2026. The Petitioner's solicitor is: Oliver Colin Gascoigne Mallett Partners Limited Level 12, City Chambers 142 Featherston Street Wellington MOANA PASIFIKA: 'Good News' Coming for Future, Winston Peters Says ------------------------------------------------------------------ Radio New Zealand reports that Winston Peters said there's "good news" to come in regards to Moana Pasifika's future, but wouldn't provide any further detail saying "you have to wait". Shareholders of Moana Pasifika have voted to appoint liquidators to the holding company of the Super Rugby team. However, New Zealand Rugby said there continues to be parties interested in Moana Pasifika's future, RNZ relates. Asked by RNZ at Parliament on May 26 if the New Zealand First leader wanted to comment on the team, Mr. Peters said he did, "but you have to wait". "It's good news later on." Asked if the government was intervening, Mr. Peters said no. He referred to his deputy, Shane Jones, who added "there's an appointed time when all will be revealed". According to RNZ, Mr. Peters repeated he didn't have an answer about the team "at the present time". But he said he would of course "love to see them carry on, because the reality is they've got a great future". He said they'd gone through difficult times, and just needed better management. He added the rugby union also needed better management, RNZ relays. Asked if Peters had had any conversations with Moana Pasifika's management, he said "not their management, no". Asked who he had had conversations with, "I happen to know a lot of rugby players from way back when". RNZ understands there's no immediate announcement expected from the government, but the minister is in conversations with people connected to the team about its future. POOLE RECRUITMENT: Creditors' Proofs of Debt Due on July 16 ----------------------------------------------------------- Creditors of Poole Recruitment Limited are required to file their proofs of debt by July 16, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 16, 2026. The company's liquidator is: David Edward Thomas Don't Be Limited c/o 13C/65 Chapel Street Tauranga Central Shopping Centre RYMAN HEALTHCARE: Posts Net Loss of NZD171M for Year Ended March 31 ------------------------------------------------------------------- Radio New Zealand reports that Ryman Healthcare has posted a net loss of NZD171 million in the year to March, a significant improvement on the previous year's loss of NZD513 million. Revenue was up around 10 percent to NZD855 million, with underlying earnings up 94 percent to NZD88 million. RNZ relates that the company, which has been undertaking a major financial reset, said it had a substantial uplift in free cash flow with the first positive result in a decade at NZD188 million. In 2025, the company raised NZD1 billion of equity, which saw its debt-financing costs drop. According to RNZ, the company said it has now completed its balance sheet reset with a full refinance of its bank facilities, improved pricing and no bank maturities until full year 2031. It said it now had the lowest-in-sector gearing of 27.8 percent. The company also reported that it had its first positive free cash flow result in a decade of NZD188 million, RNZ relays. The company also offered guidance for the 2027 full year, saying priorities would be on growing aged care earnings and releasing cash in retirement living through reduced stock levels and lower capital expenditure. According to RNZ, the company said it is also now on track to for its full year 2029 target of a NZD150 million improvement in sustainable cash flow from existing operations, with NZD47 million being delivered in the year to March. The chief executive Naomi James said "the reset of our operating model is delivering materially improved financial performance despite mixed market conditions and creating a more sustainable business". Based in Christchurch, New Zealand, Ryman Healthcare Limited (NZX:RYM) --https://www.rymanhealthcare.co.nz/ -- develops, owns, and operates integrated retirement villages, rest homes, and hospitals for the older people in New Zealand and Australia. The company's villages provide apartments and townhouses, and assisted-living in serviced apartments, as well as a care center, which offers rest homes, hospitals, specialist dementia care, and respite care services. STEEL PRO: Creditors' Proofs of Debt Due on June 17 --------------------------------------------------- Creditors of Steel Pro Industries Limited, Hospo Britomart Limited (formerly Andsushi Britomart Limited), Hospo SF Limited (formerly Andsushi SF Limited), Simple & Co Limited and Sushi & Co Limited are required to file their proofs of debt by June 17, 2026, to be included in the company's dividend distribution. Steel Pro Industries commenced wind-up proceedings on May 18, 2026. Hospo Britomart Limited (formerly Andsushi Britomart Limited), Hospo SF Limited (formerly Andsushi SF Limited), Simple & Co Limited, and Sushi & Co Limited commenced wind-up proceedings on May 19, 2026. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 WANA-DIG LIMITED: Court to Hear Wind-Up Petition on June 4 ---------------------------------------------------------- A petition to wind up the operations of Wana-Dig Limited will be heard before the High Court at Christchurch on June 4, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on April 10, 2026. The Petitioner's solicitor is: Laura Hamilton Inland Revenue, Legal Services 663 Colombo Street Christchurch Central, Christchurch ================= S I N G A P O R E ================= FLINT GROUP: Creditors' Proofs of Debt Due on June 22 ----------------------------------------------------- Creditors of Flint Group (Asia) Pte. Ltd. are required to file their proofs of debt by June 22, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 14, 2026. The company's liquidators are: Quar Lian Huat Tay Tuan Leng c/o Tricor Singapore 9 Raffles Place #26-01 Republic Plaza Singapore 048619 JAPFA PTE: Fitch Assigns 'B+' Final Long-Term IDR, Outlook Stable ----------------------------------------------------------------- Fitch Ratings has assigned Japfa Pte. Ltd. (JL) a final Long-Term Issuer Default Rating (IDR) of 'B+', with a Stable Outlook. The final rating reflects the successful issuance of US dollar notes with documentation that is materially in line with previously received information that drove the 'B+(EXP)' expected rating on 24 April 2026. Fitch has also assigned a final rating of 'B+'/'RR4' to JL's USD300 million notes. JL's rating reflects its volatile but improving earnings, modest leverage and strong market position in the poultry industries in Indonesia and Vietnam. Fitch expects improved integration and enhanced biosecurity in JL's Vietnam operations to reduce earnings volatility from potential African swine fever (ASF) outbreaks, while the Indonesian business - JL's key earnings contributor - should remain stable over the medium term. Fitch also expects JL's net leverage to remain at around 3.0x (2025: 1.5x) in the medium term, providing a buffer to the rating against external shocks. Key Rating Drivers Earnings Volatility in Operations Outside Indonesia: Operations in Vietnam contributed about 20% of JL's EBITDA in 2024-2025 after losses in 2022-2023 due to ASF outbreaks, lingering pandemic effects and higher raw material costs. Fitch expects increasing stability in earnings from Vietnam on greater vertical integration and enhanced biosecurity. However, the swine industry in Vietnam remains exposed to ASF risk without an approved vaccine. The enhancements have mitigated ASF-related losses in JL's swine inventory in the past three years. Selling prices are also higher when ASF outbreaks tighten swine supply. JL's operations in Myanmar and Bangladesh are exposed to political and social uncertainty. However, together with India, these markets make up less than 4% of group revenue and assets. JL says these operations are around break-even with minimal debt, and it may provide up to USD30 million of support in the medium term, mainly for discretionary capex. Margins to Moderate from Rising Costs: Fitch expects JL's EBITDA margin to normalise to around 8.5% from 2026, after staying above 10% in 2024-2025 and in the mid-single digits in 2022-2023. The 2026 margin could face pressure from rising raw material costs and a potential weakening in demand amid inflationary pressure from the Middle East conflict. JL says imports of soybean meal, a key raw material for the feed segment, have not been affected, while, corn, the other key raw material, is mostly sourced locally in Indonesia. Fitch expects key raw material prices to rise but remain below the 2022-2023 peak in the medium term, underpinning margins. Fitch believes JL can mitigate cost pressure through some flexibility in feed mix and partial cost pass-through in its feed segment. Profitability remains sensitive to volatility in live-bird and swine-fattening prices, driven by local supply-demand dynamics. Strong Market Position: JL's 55.4%-owned subsidiary, PT Japfa Comfeed Indonesia Tbk (Japfa, B+/Rating Watch Positive), is Indonesia's second-largest integrated poultry producer by market share and one of the leaders in Vietnam's poultry industry. Japfa is JL's key earnings contributor, accounting for 80% of consolidated EBITDA in the past two years, and Fitch expects this to continue. Fitch forecasts Japfa's EBITDA net leverage, after proportionate consolidation of some subsidiaries, to remain around 2x in the medium term (2025: 1.1x). Modest Leverage: Fitch expects JL's net leverage to rise, but remain commensurate with its rating, as average annual capex remains at above USD180 million (2025: USD199 million) and margins normalise. Most of the capex is for Japfa for replacement spending and efficiency improvements, providing flexibility to reduce capex if needed without affecting production. Fitch thinks Japfa can cover most of its capex with operating cash flow. Fitch expects JL's working capital to remain stable, despite intra-year seasonality. Holdco Bond: JL plans to use the proceeds from the USD300 million notes mainly to refinance a USD170 million bank loan raised to fund its privatisation in 2025. The bond covenants enhance JL's financial transparency, and limit related-party transactions and cash upstreaming. Fitch expects the holding company's (holdco) dividend income from Indonesia and Vietnam to increase from the operations' improved financial profiles. Fitch believes the holdco has access to subsidiaries' cash flow, as their debt does not contain explicit dividend upstreaming restrictions, although distribution could be constrained if financial covenants are breached. Rated on Standalone Basis: JL is owned and controlled by the Santosa and Kolonas families through investment holding vehicles. Fitch has limited information on these intermediate entities, which also hold the families' investment in AustAsia Group Ltd (AAG). Fitch rates JL on a standalone basis. Fitch expects any cash upstreaming to be governed by the proposed US dollar note's covenants and assume a dividend payout of 35% of prior-year net income, although historical payouts have varied, including payout during weaker periods. Related-Party Exposure: JL increased its stake in AAG to 11.3% in January 2026 (2.5%: 2025) after previously relinquishing its ownership in 2022. JL said the relationship is limited to fee-based professional services although the renewed link raises the risk of future support for AAG's funding needs. AAG remains loss-making amid China's dairy sector weakness and it has elevated near-term refinancing needs with CNY1.8 billion in debt due within one year at end-2025. Event Risk from Related Party: JL invested USD29 million in AAG to acquire shares from the two families, which together hold around 50% of AAG. Fitch assumes no further investment in AAG, in line with JL's guidance. Fitch would treat any additional cash outlays as an event risk that could weaken JL's liquidity or credit metrics and signal greater-than-expected related-party linkage. Peer Analysis JL's credit profile is broadly comparable with that of Brazil's Minerva S.A. (BB/Stable) and the UK's Boparan Holdings Limited (B+/Stable). Minerva is one of South America's largest beef exporters, with exports accounting for around 55% of revenue. Fitch believes its export orientation has supported resilient profitability despite high input costs. JL's operations are more concentrated in Indonesia and Vietnam, which increases exposure to domestic policy changes and supply-demand conditions in the poultry and swine markets. Minerva's scale is also larger, at around twice that of JL, and Fitch expects its EBITDA to reach USD1 billion in 2026, supporting Minerva's higher rating. Boparan is less vertically integrated than JL and depends more on third-party cattle and feed supply. Fitch sees both issuers as having geographic concentration but strong market positions in their respective markets. Boparan's EBITDA scale is smaller, but Fitch expects it to have stronger net leverage and interest cover than JL. Fitch’s Key Rating-Case Assumptions - EBITDA margin to stabilise at around 8.5% from 2026 - Annual capex of around USD180 million in 2026-2027 - Dividend payout ratio of 35% of the previous year's net income - No investment other than USD28 million share purchase of AAG completed in January 2026 Corporate Rating Tool Inputs and Scores Fitch scored JL as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management (bb, moderate), sector characteristics (bb, moderate), market and competitive positioning (bb-, moderate), diversification and asset quality (b+, moderate), company operational characteristics (bb, lower), profitability (b+, higher), financial structure (b+, moderate), and financial flexibility (bb, moderate). The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. 'B+' to 'CC' considerations apply in its analysis and has no impact. The governance assessment of 'Some Deficiencies' has no impact. The operating environment assessment of 'bbb-' has no impact. The SCP is 'b+'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'B+'. Recovery Analysis Fitch assessed the recovery prospects for the proposed US dollar notes at the JL holdco using an enterprise value (EV) for Japfa, based on JL's 55.4% stake in Japfa's EV, net of Japfa's outstanding debt at end-2025. Fitch assumes a 10% administrative claim. Fitch estimates Japfa's post-restructuring EV using a 5.0x EV multiple applied to going-concern EBITDA of IDR4.35 trillion, which is around 15% below its average expected EBITDA over the next three years. For the distribution waterfall, Fitch assumes the undrawn USD75 million committed revolving facility at JL is fully drawn and ranks the same as the US dollar notes. These assumptions imply a recovery rate consistent with a Recovery Rating of 'RR3'. Nevertheless, Fitch rates the notes 'B+' and 'RR4', as the servicing of JL's US dollar notes is dependent on assets and cash flow generated in Indonesia. Under its Country Specific Treatment of Recovery Ratings Criteria, Indonesia is classified under the Group D of countries in terms of creditor friendliness, and Recovery Ratings are subject to a cap at 'RR4'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA net leverage of above 3.5x on a sustained basis Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An upgrade is unlikely in the near term. However, Fitch may takes positive rating action if its assessment of governance improves to 'Good' and the company demonstrates a longer record of better and stable performance outside Indonesia, in addition to EBITDA net leverage that is below 2.5x. Liquidity and Debt Structure The company's USD801 million in near-term maturities at end-2025 included Japfa's USD350 million note due in March 2026, which the company refinanced with local bank loans. The remainder is mainly working-capital facilities that Fitch expects to be rolled over in normal business conditions, supported by long-standing banking relationships at the holdco and key subsidiaries. Term-loan amortisation will peak at USD163 million in 2028, when JL's holdco loan matures, although the company has a two-year extension option. It plans to use most of the proceeds from its recently raised US dollar notes to refinance the loan, extending its maturity by five years. JL had cash of around USD333 million and USD209 million of undrawn committed revolving facilities with maturity of more than 12 months at end-2025. These, together with modest operating cash flow and good banking access, should support debt servicing. About half of end-2025 total debt, excluding the US dollar note, is amortising, which helps spread maturities. Issuer Profile JL has integrated animal farming, processing and distribution facilities in a few Asian countries. It generated over USD550 million in EBITDA in 2025. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for JL. ESG Considerations JL has an ESG Relevance Score of '4' for Group Structure as the company is entirely owned and controlled by the Santosa and Kolonas families, with no independent board members, which has a negative impact on the credit profile, and is relevant to the rating in conjunction with other factors. JL has an ESG Score of '4' for Governance Structure as its immediate parents are private investment holding companies for which Fitch has no financial information. There is also a risk of more related-party transactions from company's renewed links with AAG, which has been reporting financial losses. This has a negative impact on the credit profile, and is relevant to the rating in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Japfa Pte. Ltd. LT IDR B+ New Rating B+(EXP) senior secured LT B+ New Rating RR4 B+(EXP) JJR MARKETING: Court Enters Wind-Up Order ----------------------------------------- The High Court of Singapore entered an order on May 15, 2026, to wind up the operations of J J R Marketing 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 LADY M: Court Enters Wind-Up Order ---------------------------------- The High Court of Singapore entered an order on May 8, 2026, to wind up the operations of Lady M Singapore Pte. Ltd. Lady M Confections Co., Ltd, filed the petition against the company. The company's liquidators are: Mr. Ong Shyue Wen Mr. Saw Meng Tee c/o EA Consulting Pte. Ltd. 1 North Bridge Road #23-05, High Street Centre Singapore 179094 SHENG HENG: Court Enters Wind-Up Order -------------------------------------- The High Court of Singapore entered an order on May 15, 2026, to wind up the operations of Sheng Heng Motors Pte. Ltd. DBS Bank Ltd 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 THOMSON CAPITAL: Court Enters Wind-Up Order ------------------------------------------- The High Court of Singapore entered an order on May 8, 2026, to wind up the operations of Thomson Capital Holding Pte. Ltd. Longitude 101 Pte. Ltd. filed the petition against the company. The company's liquidators are: Mr. Tan Eng Soon c/o Reliance 3P Advisory 7500A Beach Road #05-303/304 The Plaza Singapore 199591 ===================== S O U T H K O R E A ===================== [] S. KOREA: FSS Names 42 Highly Indebted Business Groups for 2026 ------------------------------------------------------------------ The Financial Supervisory Service announced that it selected 42 highly-indebted business group for 2026. Under the Regulation on Supervision of Banking Business, the main debtor groups came to be designated based on total borrowings and the amount of credit extended from banks. The designation criteria for 2026 were group-wide borrowings in excess of KRW2.5569 trillion and the outstanding amount of credit extension in excess of KRW1.5032 trillion as of year-end 2025. The outstanding balance of credit extended to enterprises by banks totaled KRW2,173.2 trillion at the end of December 2025, up KRW168.9 trillion or 8.4% from KRW2,004.3 trillion the same period a year earlier. Meanwhile, the outstanding balance of credit extended to the main 42 debtor groups amounted to KRW386.9 trillion, up KRW15.1 trillion or 4.1% from KRW371.8 trillion a year earlier. In addition, borrowings totaled KRW743.9 trillion as of year-end 2025, up KRW35.1 trillion or 5.0% from KRW708.8 trillion a year earlier. The principal creditor banks will evaluate the financial stability of the selected 42 groups, signing a restructuring and turnaround agreement with financially vulnerable groups to manage credit risks systemically. ============= V I E T N A M ============= EVF GENERAL: Moody's Affirms 'B2' CFR, Outlook Remains Stable ------------------------------------------------------------- Moody's Ratings has affirmed EVF General Finance Joint Stock Company's (EVF) B2 long-term corporate family rating. The rating outlook remains stable, and reflects Moody's expectations that the company will maintain stable credit fundamentals over the next 12-18 months. RATINGS RATIONALE EVF's B2 CFR and b2 standalone assessment reflect the company's satisfactory capitalization albeit at much lower level compared to a year ago, balanced by improved profitability. The rating also reflects the unseasoned risk associated with very rapid loan growth, as well as single-party and industry concentration in loans. The rating also captures governance risk. The State Bank of Vietnam imposed a fine on EVF in 2025 because of issues in loan underwriting and classification. Shortly afterwards, EVF implemented remedial measures prescribed by the central bank and implemented changes aimed at strengthening its governance framework, internal controls, and risk management practices. EVF also had changes in management and board of directors, including the resignation of the CEO. The board continues to include individuals with significant business interests outside of the company, which may pose governance risks. Moody's views these issues as factors that should be taken into consideration related to Moody's Environmental, Social and Governance (ESG) framework and have applied a negative corporate behavior adjustment to the company's standalone assessment. EVF's loans grew 36% on average over the past three years, which may leave the company exposed to asset quality risks as the portfolio seasons. The company's loans are concentrated in single parties and industries including electricity, trade, construction, real estate and accommodation services. EVF's nonperforming loan ratio remains at low level and increased modestly to 1.1% as of March 2026 from 0.9% at year-end 2024. The company's TCE/TMA declined to 11.7% at year-end 2025 from 15.1% at year-end 2024, reflecting strong loan growth. Moody's expects capitalization to remain close to current level as loan growth will moderate to 15% in 2026, limiting pressure on capitalization. Moody's expects the company's profitability to improve, supporting internal capital generation. EVF's return on assets improved to 1.3% in 2025 from 1.0% in 2024. Like most finance companies globally, EVF relies mainly on wholesale funding, such as certificates of deposits, long-tenure funds from DFIs and interbank borrowings in local currency in dollars. The company has modest debt maturities coverage of 12.5% as of December 2025, providing limited liquidity buffers. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING EVF's CFR could be upgraded if the company maintains good asset quality through the cycle and reduces growth appetite while increasing its tangible common equity (TCE)/total managed assets (TMA) to above 15% on a sustained basis. Reduction in governance-related risks could also be positive for the CFR. EVF's CFR could be downgraded if EVF's problem loan ratio increases significantly to above 8%, lending concentration rises, or return on assets deteriorates to below 0.5%. Weaker access to funding would also be credit negative. Environmental, social and governance (ESG) considerations are a key driver of the rating action. EVF's ESG Credit Impact Score of CIS-3, reflects that ESG considerations have a limited impact on the current credit rating with potential for greater negative impact over time. The principal methodology used in this rating was Finance Companies published in July 2024. EVF's "Assigned Standalone Assessment" score of b2 is set five notches below the "Financial Profile" initial score of baa3 to reflect the concentrated and higher-risk nature of the loan book. COMPANY PROFILE EVF General Finance Joint Stock Company, headquartered in Hanoi, held total assets of VND82 trillion at the end of March 2026. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***