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260608.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Monday, June 8, 2026, Vol. 29, No. 113 Headlines A U S T R A L I A 27 DEGREES: Second Creditors' Meeting Set for June 11 ARK CAPITAL: Second Creditors' Meeting Set for June 10 MARKETPLACE FRESH: Administrators Probe Asset Sale ONEH2 AUSTRALIA: First Creditors' Meeting Set for June 12 RECYCLE AND RESOURCE: Moody's Cuts CFR & 1st Lien Term Loan to Caa3 SCOTPAC GEARS 2026-1: Moody's Assigns B2 Rating to Class F Notes SHIFT TRUST 2026-1: Moody's Assigns (P)B2 Rating to AUD6MM F Notes TEMPLE BRUER: Goes Into Administration; Owes AUD2.6 Million TJ FIRST: First Creditors' Meeting Set for June 12 VIQ SOLUTIONS: Australian Units to Wind Down After Sale Effort Fail WISR MOMENTUM 2026-1: Moody's Assigns B2 Rating to Class F Notes YARN STRONG: Second Creditors' Meeting Set for June 11 [] AUSTRALIA: KPMG Australia Faces ASIC Probe Over Audit Leak C H I N A SHIMAO GROUP: Lenders Seek Receivers for HK's Second-Largest Hotel H O N G K O N G FUTURE FINTECH: Third Pre-Paid Purchase Raises $2MM From Avondale I N D I A APOGEE SERVICES: CARE Keeps B- Debt Ratings in Not Cooperating ASHIANA DWELLINGS: CARE Keeps D Debt Rating in Not Cooperating BHUMI PLASTIC: CARE Keeps D Debt Ratings in Not Cooperating COMET GRANITO: CARE Keeps D Debt Ratings in Not Cooperating DINKARRAO B: CARE Lowers Rating on INR13cr LT Loan to B- HBS VIEW: CARE Keeps D Debt Rating in Not Cooperating Category J.S. GROVER: CARE Keeps C Debt Rating in Not Cooperating Category JR TOLL: CARE Keeps D Debt Rating in Not Cooperating Category KALOSONA HIMGHAR: CARE Keeps B Debt Rating in Not Cooperating KATARIA AUTOMOBILES: CRISIL Cuts Rating on INR105cr Loan to B KUBER METPACK: CARE Keeps D Rating in Not Cooperating Category PAWAN KUMAR: CARE Keeps B Debt Rating in Not Cooperating Category RATHI BARS: CARE Lowers Rating on INR83cr LT Loan to D ROADWAY SOLUTIONS: CRISIL Lowers Fixed Deposits Rating to B SALAS PHARMACEUTICALS: CARE Keeps B- Rating in Not Cooperating SHIKHAR INTEGRATED: CARE Keeps D Debt Rating in Not Cooperating SPR BUILDTECH: CARE Keeps B- Debt Rating in Not Cooperating SURABHI AGRICO: CARE Keeps C Debt Rating in Not Cooperating TRANSMISSION CORPORATION: CARE Lowers Rating on INR600cr Loan to B UNNATI FORTUNE: CARE Keeps D Debt Rating in Not Cooperating UTTHAN SHIKSHA: CRISIL Lowers Corporate Credit Rating to B VADODARA MUMBAI: CRISIL Lowers Rating on INR280cr Term Loan to B VHV BEVERAGES: CARE Keeps D Debt Rating in Not Cooperating N E W Z E A L A N D ALL ABOUT: Court to Hear Wind-Up Petition on June 12 ARCHERS TYRES: Court to Hear Wind-Up Petition on June 12 BONZ CAJUN: Creditors' Proofs of Debt Due on June 30 FP IGNITION 2011-1: Moody's Raises Rating on Class F Notes to B1 LANDFILL DIVERSION: Creditors' Proofs of Debt Due on July 17 MINT BOUTIQUE: Creditors' Proofs of Debt Due on July 7 P H I L I P P I N E S DEL MONTE: Submits Restructuring Plan After U.S. Unit Bankruptcy S I N G A P O R E ASIRI TRADING: Court to Hear Wind-Up Petition on June 19 C.K. FIRE: Court to Hear Wind-Up Petition on June 12 COMPENDIUM FOOD: Court to Hear Wind-Up Petition on June 19 FOOD REPUBLIC: Food Chain to Exit Beijing After 25 Years K&C HOLDINGS: Court Enters Wind-Up Order PUMA ENERGY: Fitch Hikes Long-Term IDR to 'BB+', Outlook Stable SIMPLE AS THAT: Court to Hear Wind-Up Petition on June 12 YANLORD LAND: Moody's Withdraws 'B2' Corporate Family Rating T H A I L A N D [] THAILAND: May Seek Thaksin Bankruptcy Over THB17.6BB Tax Debt - - - - - ================= A U S T R A L I A ================= 27 DEGREES: Second Creditors' Meeting Set for June 11 ----------------------------------------------------- A second meeting of creditors in the proceedings of 27 Degrees Media Pty Ltd has been set for June 11, 2026, at 10:30 a.m. via Microsoft Teams. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by June 10, 2026 at 5:00 p.m. Sule Arnautovic of Salea Advisory was appointed as administrator of the company on May 6, 2026. ARK CAPITAL: Second Creditors' Meeting Set for June 10 ------------------------------------------------------ A second meeting of creditors in the proceedings of Ark Capital Partners Pty Ltd has been set for June 10, 2026, at 11:00 a.m. via teleconference using Microsoft Teams. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by June 9, 2026 at 4:00 p.m. Neil Robert Cussen and Anthony Phillip Wright of Olvera Advisors were appointed as administrators of the company on May 8, 2026. MARKETPLACE FRESH: Administrators Probe Asset Sale -------------------------------------------------- The Chronicle reports that MarketPlace Fresh's administrators are probing a sale of the business to the director's brother that was struck before their appointment, as a multimillion-dollar debt pile emerges. According to The Chronicle, the grocer chain entered voluntary administration after accumulating AUD14.4 million in debt and suffering a AUD7.3 million financial loss over its final 10 months of operation. MarketPlace Fresh is an Australian fresh-food retail and wholesale business specializing in fresh fruits and vegetables. MarketPlace Fresh began in 1986 under founder Arthur Kneebone. Following Kneebone's death in 2017, ownership came under Stephen Fanous. ONEH2 AUSTRALIA: First Creditors' Meeting Set for June 12 --------------------------------------------------------- A first meeting of the creditors in the proceedings of OneH2 Australia Pty Ltd will be held on June 12, 2026, at 10:00 a.m. via Microsoft Teams. Nedin Talic of Charles & Co. was appointed as administrator of the company on June 3, 2026. RECYCLE AND RESOURCE: Moody's Cuts CFR & 1st Lien Term Loan to Caa3 ------------------------------------------------------------------- Moody's Ratings has downgraded Recycle and Resource Operations Pty Limited's ("Bingo") corporate family rating and senior secured ratings on the company's first lien term loan and revolving credit facility to Caa3 from Caa2. The outlook remains negative. RATINGS RATIONALE Bingo's rating downgrade to Caa3 reflects the increased likelihood of a balance sheet restructuring, including a distressed exchange, and higher than expected losses for creditors. Bingo's term loans have been trading at around 65c-70c per dollar recently, compared to 80c per dollar 12-18 months ago. The downgrade also considers Moody's expectations of limited earnings improvement over the next 12 to 18 months and rising liquidity pressures, particularly given the maturity of its revolving credit facility (RCF) on July 30, 2026 and negative free cash flow generation. Moody's expects Bingo's EBITDA to be around AUD100 million in fiscal year ending June 2026 (fiscal 2026), increasing only modestly in fiscal 2027. This compares with Moody's prior expectation of AUD110 million and AUD120 million for fiscal 2026 and 2027, respectively. While the company's pricing strategy and cost cutting initiatives have improved margins, this has been offset by a larger-than-expected decline in volumes in fiscal 2026. Softer market conditions, a challenging macroeconomic environment with rising interest rates and inflationary pressures, and intense competition in some segments will continue to limit earnings recovery over the next 12 to 18 months. Bingo's capital structure is unsustainable. Leverage – as measured by Moody's-adjusted gross debt/EBITDA - will remain elevated at around 11.5x-12.0x in fiscal 2026, with no material improvement expected ahead of the company's July 2028 term loan maturity. Moody's believes that a balance sheet restructuring could occur in the near term given the upcoming maturity of the RCF. Bingo's liquidity remains weak and Moody's expects the company to continue to generate negative free cash flow over the next 12 to 18 months. As of March 2026, Bingo had AUD40 million in cash, inclusive of AUD29 million drawn RCF and AUD32 million from the monetization of gains related to its cross currency interest rate swaps. Moody's expects Bingo's cash position as of June 2026 to be lower than March. In fiscal 2027, Bingo will need an EBITDA of around AUD145 million and positive working capital inflows to cover all its annual funding needs. These include cash finance costs (AUD80 million, higher as hedges roll off in September 2026), lease payments (AUD16 million), debt amortizations (AUD10 million), penalty payments (AUD5 million) and business as usual capital expenditures (AUD40 million). Moody's therefore expects Bingo to run out of cash in the June 2027 quarter. This assumes the company is able to draw on its AUD60 million remaining shareholder delayed draw term loan (DDTL) to cover its funding needs and repay its RCF. The shareholder DDTL requires Board majority approval for drawdown and can be drawn until the end of May 2026. The shareholder DDTL drawdown date has already been extended once and Moody's understands Bingo is in the final steps to extend the draw down date further. If Bingo is unable to draw on its shareholder DDTL and does not refinance its RCF, the company will run out of liquidity in the first quarter of fiscal 2027. Bingo's ratings also consider its strong market position as the leading vertically integrated player in NSW building and demolition waste, which supports margins despite recent business underperformance. OUTLOOK The negative outlook reflects Moody's expectations of an increased likelihood of a balance sheet restructuring, including a distressed exchange, given the company's high refinancing and liquidity risks, and unsustainable capital structure. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade of the ratings is unlikely in the near term given the negative outlook. However, Moody's could upgrade the ratings or change the outlook if Bingo: (1) improves its capital structure and reduces the likelihood of a balance sheet restructuring, either through stronger operating performance or by reducing its debt balance, and/or (2) improves its liquidity profile and free cash flow generation. The ratings could be downgraded if liquidity weakens or recovery estimates decline further. ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS Environmental, social and governance (ESG) considerations have a negative impact on Bingo's credit ratings (CIS-5). This reflects mainly governance risks driven by the company's aggressive financial strategy and risk management policies, private equity ownership, which can result in prioritization of shareholder interests over creditor interests, such as more aggressive growth plans and strategies, including a tolerance for higher debt and leverage, and track record of underperformance. The charges relating to Bingo's price fixing in mid-2019 also presents governance concerns, although Moody's understands that the company has worked to enhance its compliance and governance processes under new ownership and senior management. Bingo is also exposed to environmental risks, particularly physical climate risks, with abnormally wet weather negatively impacting earnings in recent periods. Environmental considerations also include stringent regulations and monitoring of waste management activities, where no material issues have been disclosed recently but there have been breaches in the past that have resulted in penalties. METHODOLOGY The principal methodology used in these ratings was Environmental Services and Waste Management published in November 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMPANY PROFILE Recycle and Resource Operations Pty Limited ("Bingo") is an Australian recycling and waste management company that provides end-to-end solutions across the resource management supply chain including collection, processing and recovery, disposal and waste equipment manufacturing. Bingo primarily operates in the New South Wales (NSW) building & demolition (B&D) waste market, which accounts for the majority of its earnings. The company also operates in the states of Victoria (VIC) and Queensland (QLD) and in commercial & industrial (C&I) waste. In 2021, Macquarie Asset Management (MAM) and its managed funds acquired a majority stake in Bingo, with some pre-existing shareholders maintaining a minority stake. SCOTPAC GEARS 2026-1: Moody's Assigns B2 Rating to Class F Notes ---------------------------------------------------------------- Moody's Ratings has assigned definitive ratings to notes issued by Equity Trustees Limited as trustee of ScotPac Gears ABS Trust 2026-1. Issuer: Equity Trustees Limited as trustee of ScotPac Gears ABS Trust 2026-1 AUD220.76 million Class A Notes, Assigned Aaa (sf) AUD28.62 million Class B Notes, Assigned Aa2 (sf) AUD15.23 million Class C Notes, Assigned A2 (sf) AUD8.52 million Class D Notes, Assigned Baa2 (sf) AUD15.84 million Class E Notes, Assigned Ba2 (sf) AUD3.65 million Class F Notes, Assigned B2 (sf) The AUD11.88 million of Class G1 Notes and Class G2 Notes are not rated by us. The transaction is a securitisation of a portfolio of commercial auto and equipment loans originated by Scottish Pacific Business Finance Pty. Limited ("ScotPac"). ScotPac will act as servicer of the transaction. The transaction includes the pro-rata note issuance for the liquidity reserve, that is 1.5% of the aggregate outstanding balance of all receivables. ScotPac, established in 1988, is a non-bank lender for SMEs providing debtor and asset finance in Australia and New Zealand. As of March 2026, its total loan book was approximately AUD3 billion. RATINGS RATIONALE The definitive ratings take into account, among other factors, Moody's evaluations of the underlying receivables and their expected performance, an evaluation of the capital structure and credit enhancement provided to the notes, the availability of excess spread over the life of the transaction, the liquidity reserve in the amount of 1.5% of outstanding balance of all receivables, the legal structure, the experience of ScotPac as servicer; and the presence of Equity Trustees Limited as back-up servicer. According to Moody's analysis, the transaction benefits from the high level of excess spread available to cover losses arising from the portfolio. The key challenge in the transaction is the limited historical data available for the portfolio. As ScotPac's historical default data for its auto and equipment loan book is only from 2019, the pool's performance could be subject to greater variability than the observed data indicates. The transaction's key features are as follows: --Initially, the Class A, Class B, Class C, Class D, Class E and Class F Notes benefit from 27.50%, 18.10%, 13.10%, 10.30%, 5.10% and 3.90% of note subordination, respectively. --Once stepdown conditions are satisfied, all notes, excluding the Class G1 and Class G2 Notes, will receive their pro-rata share of principal. Step-down conditions include, among others, the payment date that is at least 12 months after the settlement date and no unreimbursed charge-offs. --A swap provided by Citigroup Global Markets Limited (A1/P-1/Aa3(cr)/P-1(cr)) will hedge the interest rate mismatch between the assets bearing a fixed rate of interest, and floating rate liabilities. The notional balance of the swap will follow a schedule based on the amortisation of the assets assuming a certain prepayment rate. --Equity Trustees Limited (EQT) is the back-up servicer. If ScotPac is terminated as servicer, EQT will take over the servicing role in accordance with the standby servicing deed and its back-up servicing plan. Key portfolio features are as follows: -- Heavy commercial vehicle loans, including trucks and trailers, are the largest component making up 51.1% of the portfolio. Cars make up 9.4% of the portfolio. -- The portfolio has a high weighted average yield of 10.81% which provides excess spread to cure portfolio losses. -- The pool has a weighted average seasoning of 13.2 months. -- The portfolio benefits from 89.4% of loans assessed under a full-documentation verification process. Key model assumptions: Moody's base case assumptions are a stressed portfolio expected default rate of 6.70%, and a portfolio credit enhancement ("PCE") — representing the loss that Moody's expects the portfolio to suffer in the event of a severe recessionary scenario — of 30.0%. The assumed recovery rate is 25%. Expected defaults, recoveries and PCE are parameters used by us to calibrate its lognormal portfolio loss distribution curve and to associate a probability with each potential future loss scenario in Moody's cash flow model to rate consumer ABS. To address the limited historical loss data on ScotPac's portfolio, Moody's have benchmarked the performance to data from comparable Australian commercial auto and equipment ABS originators. Moody's have also overlaid additional stresses into Moody's default, recovery and PCE assumptions. Methodology Underlying the Rating Action The principal methodology used in these ratings was "Equipment Lease and Loan Securitizations" published in June 2025. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the notes include a rapid build-up of credit enhancement, due to sequential amortization or better-than-expected collateral performance. The Australian job market is a primary driver of performance. A factor that could lead to a downgrade of the notes is worse-than-expected collateral performance. Other reasons that could lead to a downgrade include poor servicing, error on the part of transaction parties, a deterioration in the credit quality of transaction counterparties, or lack of transactional governance and fraud. SHIFT TRUST 2026-1: Moody's Assigns (P)B2 Rating to AUD6MM F Notes ------------------------------------------------------------------ Moody's Ratings has assigned provisional ratings to notes to be issued by AMAL Trustees Limited, as trustee of Shift 2026-1 Trust. Issuer: AMAL Trustees Limited, as trustee of Shift 2026-1 Trust AUD225.00 million Class A Notes, Assigned (P)Aaa (sf) AUD20.10 million Class B Notes, Assigned (P)Aa2 (sf) AUD15.90 million Class C Notes, Assigned (P)A2 (sf) AUD8.10 million Class D Notes, Assigned (P)Baa2 (sf) AUD14.10 million Class E Notes, Assigned (P)Ba2 (sf) AUD6.00 million Class F Notes, Assigned (P)B2 (sf) The AUD5.40 million Class G1 Notes and the AUD5.40 million Class G2 Notes are not rated by us. The transaction is a securitisation of a portfolio of commercial auto and equipment loans and leases originated by Shift Financial Pty Ltd ("Shift"). Shift will act as servicer of the transaction. This is the fifth ABS transaction (4th commercial auto and equipment transaction) for Shift. Shift is an Australian SME lender providing working capital facilities, term loans and asset finance to Australian businesses since 2014. As of April 2026, Shift has lent circa AUD6.6 billion to over 32,000 Australian businesses. RATINGS RATIONALE The provisional ratings take into account, among other factors, Moody's evaluations of the underlying receivables and their expected performance, an evaluation of the capital structure and credit enhancement provided to the notes, the availability of excess spread over the life of the transaction, the liquidity facility in the amount of 1.5% of the rated notes' balance, the legal structure, the experience of Shift as servicer and the presence of Verofi Pty Limited as a standby servicer. According to Moody's analysis, the transaction benefits from the high level of excess spread available to cover losses, a highly diversified portfolio and full income verification underwriting. Some key challenges include relatively limited historical performance data with equipment loan originations starting in 2017. As such, the pool's performance could be subject to greater variability than the observed data indicates. The transaction's key features are as follows: -- Initially, the Class A, Class B, Class C, Class D, Class E and Class F Notes benefit from 25.00%, 18.30%, 13.00%, 10.30%, 5.60% and 3.60% of note subordination, respectively. -- Once the stepdown conditions are satisfied, Class A to Class F Notes, will receive their pro-rata share of principal. Step-down conditions include, among others, Class A subordination being equal to or greater than 1.2 times of the Class A subordination on the closing date and there being no unreimbursed charge-offs. The deal will revert to sequential pay post the call date. -- A swap provided by Westpac Banking Corporation (Aa2/P-1/Aa1(cr)/P-1(cr)) will hedge the interest rate mismatch between the assets bearing a fixed rate of interest, and floating rate liabilities. The notional balance of the swap will follow the scheduled amortization of the fixed rate portion of the portfolio. - Verofi Pty Limited (Verofi) acts as standby servicer. Upon termination of the servicer, Verofi will take over the servicing role in accordance with the standby servicing agreement. Key portfolio features are as follows: -- The portfolio is diversified both at an obligor level and a geographical level. The largest obligor concentration is 0.5%. -- The portfolio has a high yield of 11.1% which provides excess spread to cure portfolio losses. -- Heavy commercial vehicle loans are the largest asset type cohort making up 41.4% of the portfolio, intangible tertiary assets such as installations and fitouts are the second largest component making up 23.3% of the portfolio. Key model assumptions: Moody's base case assumptions are a default rate of 5.5%, recovery of 15.0% and a portfolio credit enhancement ("PCE") — representing the loss that Moody's expects the portfolio to suffer in the event of a severe recessionary scenario — of 27.0%. To address the limited historical loss data on Shift's portfolio, Moody's have benchmarked the performance to data from comparable Australian commercial auto and equipment ABS originators. Moody's have also overlaid additional stresses into Moody's default and PCE assumptions. Methodology Underlying the Rating Action The principal methodology used in these ratings was "Equipment Lease and Loan Securitizations" published in June 2025. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the notes include a rapid build-up of credit enhancement, due to sequential amortization or better-than-expected collateral performance. A factor that could lead to a downgrade of the notes is worse-than-expected collateral performance. Other reasons that could lead to a downgrade include poor servicing, error on the part of transaction parties, a deterioration in the credit quality of transaction counterparties, or lack of transactional governance and fraud. TEMPLE BRUER: Goes Into Administration; Owes AUD2.6 Million ----------------------------------------------------------- Anthony Madigan at WBM Online reports that Temple Bruer Wines in Langhorne Creek has gone into administration owing about AUD2.6 million. The winery was founded by the late David Bruer, an icon of organic winemaking. David died in 2023 at the age of 77, handing the reins to his son, Michael Bruer. There are four companies involved: Temple Bruer Wines Pty Ltd, Temple Bruer Estates Pty Ltd, Temple Bruer Wines (Kingston Road) Pty Ltd and Temple Bruer Properties Pty Ltd. The first meeting of the creditors will be held on June 11, WBM notes. Wineries are struggling for several reasons including an oversupply, reduced wine consumption across the world, a cost of living crisis and recent sharp increases in the cost of doing business. According to WBM Online, the administrators - Andrew Heard and Victoria Young from HPL Advisory – told The Advertiser they had commenced a search for a buyer. "The sale of assets will take time as current industry conditions mean there are a lot of vineyards and wine looking for a new home," Andrew Heard from HPL Advisory told The Advertiser. "While the business has faced financial pressures in the current oversupplied and margin-compressed wine market, the brand itself continues to hold significant value." On June 3 Mr. Heard told WBM, "Victoria and I are looking to strategies that will keep the brand alive and respect its heritage and in doing so ensure that the current wine stocks remain available for sale. "Next week we will be advertising for expressions of interest in the assets of the company." Mr. Heard said the company had more than 11,000 dozen bottles of wine in stock and 340,000 litres of bulk wine. TJ FIRST: First Creditors' Meeting Set for June 12 -------------------------------------------------- A first meeting of the creditors in the proceedings of TJ First Enterprise Pty Ltd, trading as Bootsdarling, will be held on June 12, 2026, at 10:00 a.m. via videoconference facilities. Kathleen Vouris, Richard Albarran and John Vouris of Hall Chadwick were appointed as administrators of the company on June 1, 2026. VIQ SOLUTIONS: Australian Units to Wind Down After Sale Effort Fail ------------------------------------------------------------------- VIQ Solutions Inc. on June 4, 2026, provided an update on its Australian division, consisting of VIQ Australia Pty Ltd, VIQ Solutions Pty Ltd, VIQ Solutions Australia Pty Ltd, VIQ Pty Ltd and VIQ Australia Services Pty Ltd, which was placed into voluntary administration pursuant to Part 5.3A of the Corporations Act 2001 (Australia) in March 2026. At the commencement of the Voluntary Administration, Robert Smith and Keith Crawford of McGrathNicol engaged with key stakeholders of VIQ Australia to establish continuity of vital services. Once the business was stabilized, on March 20, 2026, the Administrators commenced a fulsome and robust process to seek the sale or recapitalization of VIQ Australia. The Company has now received notice from the Administrators that the sale or recapitalization process related to VIQ Australia was unsuccessful and that the Administrators will begin taking steps to conduct an orderly wind down of the VIQ Australia business. The Company does not anticipate receiving any proceeds from the administration of VIQ Australia. While the Voluntary Administration process was underway, VIQ launched a significant cost reduction program including, costs associated with supporting VIQ Australia, IT, finance and other administrative and customer support areas. These cost reductions have and will continue to be implemented over the coming months. The Company continues to focus its management and capital resources on the Company's existing operations in North America and the United Kingdom, which remain the Company's highest performing business units. About VIQ Solutions VIQ Solutions Inc. operates as a technology and service platform provider for digital evidence capture, retrieval, and content management in Australia, the United States, the United Kingdom, Canada, and internationally. WISR MOMENTUM 2026-1: Moody's Assigns B2 Rating to Class F Notes ---------------------------------------------------------------- Moody's Ratings has assigned the following definitive ratings to the notes issued by AMAL Trustees Limited as trustee of Wisr Momentum Trust 2026-1. Issuer: AMAL Trustees Limited as trustee of Wisr Momentum Trust 2026-1 AUD273.35 million Class A Notes, Assigned Aaa (sf) AUD4.05 million Class A-X Notes, Assigned Aaa (sf) AUD24.85 million Class B Notes, Assigned Aa2 (sf) AUD14.00 million Class C Notes, Assigned A2 (sf) AUD6.65 million Class D Notes, Assigned Baa2 (sf) AUD14.70 million Class E Notes, Assigned Ba2 (sf) AUD4.20 million Class F Notes, Assigned B2 (sf) The AUD8.58 million Class G1 Notes and the AUD3.68 million Class G2 Notes are not rated by us. The transaction is a cash securitisation of a portfolio of Australian consumer personal loans and consumer auto loans originated by Wisr Finance Pty Ltd (Wisr). This is Wisr's sixth asset-backed securitisation (ABS) transaction. It has issued four previous consumer personal loan ABS deals, as well as one consumer auto loan ABS. Wisr is an Australian non-bank lender providing consumer loans, including consumer personal loans and secured auto loans, to borrowers in Australia. As of December 2025, Wisr's total loan book, including consumer loan and auto loan portfolio, amounted to approximately AUD928 million. RATINGS RATIONALE The definitive ratings take into account, among other factors: -- Evaluation of the underlying receivables and their expected performance; -- Evaluation of the capital structure and credit enhancement provided to the rated notes; -- The availability of excess spread over the life of the transaction; -- The interest rate swap provided by National Australia Bank Limited (NAB, Aa2/P-1/Aa1(cr)/P-1(cr)); -- The liquidity facility provided by NAB in the amount of 1.50% of the note balance; and -- The experience of Wisr as servicer, and the back-up servicing arrangements with AMAL Asset Management Limited. According to Moody's analysis, the transaction benefits from the high level of excess spread available to cover losses arising from the portfolio. The portfolio has a high proportion of full-time salaried borrowers. The key challenge in the transaction is the limited historical data available for the consumer auto loan portfolio. Wisr is a relatively new originator, with relevant historical default data only available from the first quarter of 2018 for personal loans and 2020 for auto loans. As such, the pool's performance could be subject to greater variability than the currently available default data indicates. Moody's portfolio credit enhancement (PCE) — representing the loss that Moody's expects the portfolio to suffer in the event of a severe recession scenario — is 23.8%. Moody's mean default rate for this transaction is 5.1% and Moody's recovery rate is 15.7%. Expected defaults, recoveries and PCE are parameters used by us to calibrate its lognormal portfolio loss distribution curve and to associate a probability with each potential future loss scenario in Moody's cash flow model to rate consumer ABS. The key transactional features are as follows: -- The notes will be repaid on a sequential basis initially. Once step-down conditions are satisfied, all notes, excluding Class A-X, Class G1 and Class G2 Notes, will receive their pro-rata share of principal. Step-down conditions include, among others, a minimum 1.5x subordination to the Class A Notes and no unreimbursed charge-offs. The notes' principal repayment priority will revert to sequential on or after the first call option date. -- The Class A-X Notes are repaid according to a scheduled amortisation profile. These notes are not collateralised and are repaid through the income waterfall only. The Class A-X notes also benefit from access to principal draw. Further, these notes interest and scheduled principal payments are senior in the waterfall and repaid from income proceeds, which will reduce the availability of excess spread for other notes. As a result, the amount of excess spread, and, in certain scenarios, principal, available to mezzanine and junior notes is lower than for comparable structures. Moody's notes that in the case of continuously exceptionally high prepayment rates over the first three years of the transaction, there is a high risk of default on the Class A-X Notes. However, Moody's views the likelihood of such scenario occurring as consistent with the ratings of the Class A-X Notes. -- A swap provided by NAB will hedge the interest rate mismatch between the assets bearing a fixed rate of interest, and floating rate liabilities. The notional balance of the swap will follow a schedule based on amortisation of the assets assuming a certain prepayment rate. -- AMAL Asset Management Limited is the back-up servicer. If Wisr is terminated as servicer, AMAL will take over the servicing role in accordance with the standby servicing deed and its back-up servicing plan. Key pool features are as follows: -- Consumer auto loans constitute 60.0% of the pool, unsecured personal loans constitute 40.0% of the pool. -- The weighted average interest rate of the portfolio is 10.3%, with interest rates ranging from around 3.5% to 24.0%. -- 79.5% of loans are to borrowers who are in full-time employment. -- The weighted average Equifax credit score of the portfolio is 822. -- The weighted average remaining term of the portfolio is 63.9 months. The weighted average seasoning of the portfolio is 12.6 months Methodology Underlying the Rating Action: The methodologies used in these ratings were "Consumer Loan Securitizations" published in May 2026. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the notes include a rapid build-up of credit enhancement due to sequential amortization or a better-than-expected collateral performance. The Australian job market is a primary driver of performance. A factor that could lead to a downgrade of the notes is worse-than-expected collateral performance. Other reasons that could lead to a downgrade include poor servicing, error on the part of transaction parties, a deterioration in credit quality of transaction counterparties, fraud or lack of transactional governance. YARN STRONG: Second Creditors' Meeting Set for June 11 ------------------------------------------------------ A second meeting of creditors in the proceedings of Yarn Strong Sista Pty Ltd, trading as The Sax Williams Family Trust, has been set for June 11, 2026, at 10:00 a.m. at the offices of Jirsch Sutherland, at Ground Floor, Suite 2, 426 King Street, in Newcastle West, NSW. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by June 10, 2026 at 4:00 p.m. Bradd William Morelli and Malcolm Kimbal Howell of Jirsch Sutherland were appointed as administrators of the company on May 15, 2026. [] AUSTRALIA: KPMG Australia Faces ASIC Probe Over Audit Leak ------------------------------------------------------------- Reuters reports that Australia's corporate regulator said on June 5 it had launched a formal investigation into three KPMG Australia partners linked to whistleblower allegations the accounting firm misused confidential client data to win lucrative audit contracts. The probe comes as some blue-chip clients and government agencies said they are re-examining their association with the Big Four accounting firm, three years after rival PwC Australia was rocked by a scandal that involved sharing confidential government information with prospective clients. The Australian Securities and Investments Commission said it began a preliminary probe into KPMG in April and moved to a formal investigation after the resignation of the firm's CEO and audit chief last week. "There are three registered company auditors that are currently within the scope of what we were looking at, but I have to say this is an ever-moving feast at the moment as more ⁠information comes our way. So I don't know that will be the end of it," ASIC Chair Sarah Court told a Senate committee on June 5. According to Reuters, Australia's Department of Finance said it was taking the allegations "extremely seriously" and reserved the right to suspend KPMG from its panel of firms pre-approved for advisory services, or to seek an agreement for KPMG not to bid for any federal government work for a period of time. PwC agreed not to bid for new government contracts from April 2024 to July 2025 after its scandal. The firm sold its government advisory business, which had accounted for a fifth of its revenue, for AUD1 in August 2024. The renamed Scyne Advisory was then allowed to bid for new government contracts. In March, Deborah O'Neill, a senator from Australia's ruling Labor party, shared with parliament a whistleblower's allegations of misconduct at KPMG, Reuters recalls. They included that confidential board papers from real estate company Lendlease were used to support bids for major audit tenders for Westpac, a large bank, and Dexus, a ⁠property firm. KPMG had conducted an internal investigation into the claims but failed to substantiate any misconduct. It has since engaged law firm Allens to conduct a new external investigation. Ms. Court said KPMG partners Paul Rogers and Eileen Hoggett were two of the three auditors the regulator was investigating. The pair were named by the whistleblower as the lead partners on the Lendlease auditing team who allegedly misused the company's board papers, according to Ms. O'Neill. Court did not name the third partner under investigation. KPMG said on June 3 that Ms. Hoggett stepped down from her executive role as chief operating officer but would remain as an audit partner. Ms. Court said she had "deep concerns" over the alleged misconduct but ASIC did not have powers to take action against the firm due to its partnership structure, only individual auditors. ========= C H I N A ========= SHIMAO GROUP: Lenders Seek Receivers for HK's Second-Largest Hotel ------------------------------------------------------------------ Bloomberg News reports that a group of banks are moving to take over a Sheraton-branded hotel property near Hong Kong's airport, according to people familiar with the matter, after its owner Shimao Group Holdings Ltd defaulted on a HK$4.5 billion loan. According to Bloomberg, lenders have been in advanced talks to appoint receivers for the more than 1,200-room property to expedite its sale and recovery of funds. Shimao's units defaulted on the loan late last year. The original lenders to the project included HSBC Holdings plc, Bank of China (Hong Kong) Ltd, Bank of East Asia Ltd and some others. Bloomberg says the bid for receivership is part of a broader trend of Hong Kong banks increasingly turning to last-resort measures to clean up a record pile of bad debt. Although the residential market is showing signs of recovery after its deepest downturn in decades, the commercial segment in the financial hub is still grappling with elevated vacancies and oversupply, worsened by distressed asset sales. According to Bloomberg, the asset up for sale comprises the Sheraton and Four Points by Sheraton Tung Chung and was first put up for sale by Shimao, once one of China's largest developers. The company failed to find a buyer even after slashing the asking price to about HK$4.5 billion in late 2024 from at least HK$6 billion a year earlier. The complex, which opened in 2020, is the second-largest in the city by room count, according to real estate agent Jones Lang LaSalle. Shimao, which was once an investment-grade company and known for developing five-star hotels as landmark projects, first defaulted on offshore debt in July 2022, Bloomberg recalls. It secured a court approval for its offshore debt restructuring in March last year. There have also been other examples of lenders turning to receivership to recover loans. Bank of China's Hong Kong unit recently named PricewaterhouseCoopers partners as receivers to find a buyer for HK NEO, a 25-storey office tower in Kowloon, as it sought to recover its share of a HK$5.5 billion syndicated loan, according to documents seen by Bloomberg News. Bank of East Asia has also appointed EY-Parthenon partners to seize and sell One Bedford Place, an office tower, Bloomberg adds. About Shimao Group China-based Shimao Group Holdings Ltd, formerly Shimao Property Holdings Ltd, is an investment holding company principally engaged in the sale of properties. The Company operates its business through four segments. The sales of Properties segment is mainly engaged in the development of residential real estate. The Property Management Income and Others is mainly engaged in property management. The Hotel Operation Income segment is mainly engaged in hotel operations. The Commercial Properties Operation Income segment is mainly engaged in the development, investment and operation of commercial, office and industrial park property projects. As reported in the Troubled Company Reporter-Asia Pacific, Shimao Group has missed the interest and principal payment of a US$1 billion offshore bond due on July 3, 2022. ================= H O N G K O N G ================= FUTURE FINTECH: Third Pre-Paid Purchase Raises $2MM From Avondale ----------------------------------------------------------------- Future FinTech Group Inc. announced in a regulatory filing that the Company entered into Pre-Paid Purchase #3 with Avondale Capital, LLC, pursuant to the Pre-Paid Securities Purchase Agreement. Under Pre-Paid Purchase #3, the Company issued a Pre-Paid Instrument with a principal amount of $2,160,000 in exchange for $2,000,000 in cash proceeds, reflecting an 8% original issue discount (OID) of $160,000, which is included in the initial principal balance of the Pre-Paid Instrument and is deemed fully earned and non-refundable as of the purchase date. The material economic and settlement terms of Pre-Paid Purchase #3 are substantially consistent with Pre-Paid Purchase #1 and #2, which was previously reported on the Current Report on Form 8-K filed with the Securities and Exchange Commission on July 31, 2025 and September 26, 2025. A full text copy of the Pre-Paid Purchase #3 is available at https://tinyurl.com/yf4mhpu7 Background As previously disclosed, on July 28, 2025, July 28, 2025, the Company entered into the Pre-Paid SPA with the Investor providing for potential funding of up to $10,000,000 through the issuance of pre-paid purchase instruments. The Pre-Paid SPA and transactions contemplated thereunder were approved by the Company's shareholders in a special shareholders meeting held on September 5, 2025. At the initial closing, the Company received $800,000 in gross proceeds and issued a Pre-Paid Instrument with a principal amount of $884,000. On September 22, 2025, the Company issued a Pre-Paid Instrument with a principal amount of $1,080,000 in exchange for $1,000,000 in cash proceeds. The shares of Common Stock issued or issuable pursuant to the Pre-Paid SPA (including Pre-Paid Purchase #1, Pre-Paid Purchase #2 and Pre-Paid Purchase #3) were registered under the Registration Statement on Form S-1 filed with the Securities and Exchange Commission on September 30, 2025. About Future FinTech Future FinTech Group Inc., headquartered in Causeway Bay, Hong Kong and incorporated in Florida, is a holding company that provides financial technology-related services, including supply-chain financing and trading in China. Originally engaged in fruit juice production and distribution in China, the company has shifted its business model toward fintech, while previously operating in asset management, cross-border payments, brokerage and cryptocurrency mining. It has divested several subsidiaries and discontinued certain operations in recent years as it refocused on its core supply-chain financing and trading activities. Garden Grove, California-based Fortune CPA, Inc., the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 18, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has suffered losses from operations. Therefore, the Company has stated substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2025, the Company had $53.29 million in total assets and $9.33 million in total liabilities, with stockholders' equity of $43.96 million. ========= I N D I A ========= APOGEE SERVICES: CARE Keeps B- Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Apogee Services Private Limited (ASPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 7.04 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Long-term Bank 1.83 CARE B-; Stable/CARE A4; Facilities/Short- ISSUER NOT COOPERATING; Term Bank Rating continues to remain Facilities under ISSUER NOT COOPERATING Category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 2, 2025, placed the rating(s) of ASPL under the 'issuer non-cooperating' category as ASPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ASPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 18, 2026, March 28, 2026, April 7, 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 Lucknow, Uttar Pradesh based Apogee Services Private Limited (ASPL) incorporated in September 15, 2014 and is currently being managed by Mr. Rajat Srivastav and Mrs. Meena Srivastav. The company is engaged in providing Human Resource Services (includes payroll management, temporary staffing, permanent staffing, contractual staffing) to corporates such as Accenture Solutions Private Limited, Vodafone mobile services limited, Nestle India Limited, VIP Industries Limited and Mahindra holidays & resorts India Limited etc. PAN India. ASHIANA DWELLINGS: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ashiana Dwellings Private Limited (ADPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non Convertible 64.81 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE had, vide its press release dated April 4, 2019; placed the rating of ADPL under the 'issuer non-cooperating' category as ADPL had failed to provide information for monitoring of the rating. ADPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 20, 2026, May 15, 2026, and February 20, 2026. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's 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. Analytical approach: Standalone Detailed description of key rating drivers: At the time of last rating on August 12, 2021, the following were the rating strengths and weaknesses: Key weaknesses * Ongoing Delays in Debt Servicing: There are ongoing delays in servicing of interest obligations of the NCD. The interest payment due on February 16, 2018, has not been made. This is due to the tight liquidity position owning to slowdown in real estate market leading to slow sales and collection from customers. * Project Execution Risk: ADPL is developing a residential project by the name of "Asiana Mulberry" with a total saleable area of 8.70 lsf. Out of the total project cost of INR385.42 crore, ADPL had incurred around 36% till 30th September 2017. Thus, the company is at nascent stage of project execution and is exposed to significant amount of project implementation risk. * Project saleability risk coupled with high dependence on customer advances for debt repayments: Till 30th September 2017, the company had booked only 16% of total saleable area. Furthermore, out of the total project cost 65% is to be funded through customer advances. Thus, debt repayments and construction of the project are highly dependent on fresh sales and timely receipt of remaining customer advances. Industry Risk: The real estate sector is moving towards a more rational regime with developers now focusing on project execution and delivery. Further, with the introduction of RERA Act, the sector will move ahead to transparent and credible measures with sustenance for organized players. Moreover, the expected renewed interest by the banks in funding the developers is likely to result in the timely completion of the projects. As per market sentiments the India Real Estate Market may not witness a sharp reversal in FY17 but its long term the growth prospects remain strong as the sector continues to remain troubled with issues of high unsold inventory. Key Strengths * Experienced promoters with demonstrated track record of project execution: The company derives strength from experience of the promoters - Ashiana Homes Pvt ltd in the real estate sector. The company has a track record of about 30 years of successful completion of several real estate projects, including development of township, group housing, commercial complexes, etc. Till October 2017, AHPL has developed more than 55 lsf of area with 11 completed projects in the NCR region. Incorporated in 2014, Ashiana Dwellings Pvt Ltd (ADPL) is an SPV (Special Purpose Vehicle) of Ashiana Homes Pvt Ltd (AHPL), formed solely for the purpose of development of 'Ashiana Mulberry' project. AHPL hold ~80% stake in the company while remaining 20% by Indiareit; the real estate private equity arm of Piramal Group. Ashiana Mulberry is a residential and commercial project located in Sohna with total saleable area of 8.70 lsf (lac square feet). BHUMI PLASTIC: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Bhumi Plastic Pipes Private Limited (BPPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.00 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 20, 2025, placed the rating(s) of BPPPL under the 'issuer non-cooperating' category as BPPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BPPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 5, 2026, April 15, 2026, April 25, 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 Andhra Pradesh based Bhumi Plastic Pipes Private Limited (BPPPL) was incorporated as Raghuram Concrete Products Private limited (RCPPL) in January 2012, however, the operations were not started in 2012 due to change in nature of business plan by the promoters. Further, RCPPL was renamed as BPPPL on January 16th, 2014. BPPPL is promoted by Mrs. Velagapudi Usha Rani, Mr. Velagapudi Krishna Prasad, Mr. Velagapudi Lakshmana Rao and Mrs. Velagapudi Anusha. All the promoters are family members and are having more than a decade experience in the civil construction industry (installation of HDPE and PVC pipes) through their associate concern Raghuram Hume Pipes Private Limited and VelkoInfratek Projects Private Limited, which are mainly engaged in civil construction in irrigation and water supply segment. BPPPL is planning to set up a manufacturing unit at Prakasam District, Andhra Pradesh-523212 for High Density Polyethylene (HDPE) and Polyvinyl Chloride (PVC) pipes of various sizes ranging from 20 mm to 200 mm and 250 mm to 400 mm under the brand name of 'BHUMI'. The company is planning to install four machineries with an install capacity of 6000 MTPA. These pipes will be mainly catering to irrigation, agriculture, potable water supply, and sewerage & drainage systems. COMET GRANITO: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Comet Granito Private Limited (CGPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 35.09 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 5.28 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 22, 2025, placed the rating(s) of CGPL under the 'issuer non-cooperating' category as CGPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CGPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 8, 2026, March 18, 2026, March 28, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Comet Granito Private Limited (CGPL) is a Morbi based entity, promoted by the Bhalodiya family. Incorporated in September 2006, CGPL is engaged in manufacturing of glazed vitrified tiles. CGPL undertook an expansion cum modernization project in FY15 and commenced commercial production from June 2015. CGPL markets its products under the brand 'Comet' and 'Granicer'. DINKARRAO B: CARE Lowers Rating on INR13cr LT Loan to B- -------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Dinkarrao B Mane Agro Industries Private Limited (DBMAIPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.00 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 Limited (CareEdge Ratings) had, vide its press release dated April 10, 2025, placed the rating(s) of DBMAIPL under the 'issuer non-cooperating' category as DBMAIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DBMAIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 24, 2026, March 6, 2026, March 16, 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 DBMAIPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Dinkarrao B Mane Agrotech Private Limited (DBMAIPL), Incorporated in 2020 and based in Latur, Maharashtra, is promoted by Mr. Dinkarrao Mane along with his friends and family. The company is in process of setting up of plant to manufacture organic jaggery powder with the capacity of 700 TCD (Tones Crushing Day). HBS VIEW: CARE Keeps D Debt Rating in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of HBS View Private Limited (HVPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 100.00 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 23, 2025, placed the rating(s) of HVPL under the 'issuer non-cooperating' category as HVPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HVPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 8, 2026, April 18, 2026, April 28, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable HBS View Pvt. Ltd (HVPL) is a special purpose vehicle to undertake redevelopment of residential tower on 3,63,930 sq. ft. of developable area, at Haji Ali Road, South Mumbai. The company is promoted by HBS Realtors Pvt. Ltd., a Mumbai based real estate developer, having track record of executing large scale project development in commercial as well as residential segment. J.S. GROVER: CARE Keeps C Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of J.S. Grover Constructions Private Limited (JGCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 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 30, 2025, placed the rating(s) of JSGCPL under the 'issuer non-cooperating' category as JSGCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JSGCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 16, 2026, March 26, 2026, April 5, 2026, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable J.S. Grover Constructions Private Limited (JSGCPL) was incorporated in 2018. The company is based in Pathankot (Punjab) and engaged into civil construction work such as construction of Roads, highways and so on. The company undertakes construction, improvement, widening, and straightening of roads for government departments, primarily on a subcontract basis. The company is promoted by its directors Mr Sunil Grover and his brother Mr Sanjay Grover. Both the directors are into similar line of business since inception. The promoters are also partners in associate concern J. S. Grover Constructions, partnership firm incorporated in 2010. J. S. Grover Constructions is also engaged in civil construction work since inception. JR TOLL: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of JR Toll Roads Private Limited (JTRPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 389.00 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 16, 2025, placed the rating(s) of JTRPL under the 'issuer non-cooperating' category as JTRPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JTRPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 1, 2026, April 11, 2026, April 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 JR Toll Road Private Limited is one the of 11 toll road projects executed by Reliance Infrastructure Limited (R-Infra, rated IND D). R- Infra has 100% stake in the project. The project commenced commercial operations in July 2013 and was set up with the objective to design, build and operate 52 km long four lane NH11 road connecting regions in northern part of Rajasthan to its capital city, Jaipur. KALOSONA HIMGHAR: CARE Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Kalosona Himghar Udyog Private Limited (KHUPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.20 CARE B; 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 April 14, 2025, placed the rating(s) of KHUPL under the 'issuer non-cooperating' category as KHUPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KHUPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 28, 2026, March 10, 2026, March 20, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Kalosona Himghar Udyog Private Limited. (KHUPL), incorporated in the year 2004, is a Arambagh (West Bengal) based company, promoted by Mr. Priyo Mohan Dey and Mr. Mukti Podho Kundu. It is engaged in the business of providing cold storage services to potato growing farmers and potato traders, having an installed storage capacity of 170,000 quintals in Hooghly district of West Bengal. Mr. Mukti Padho Kundu and Mr. Priyo Mohan Dey, both having experience of more than three decades, look after overall management of the company. Both directors are supported by other two directors and a team of experienced professionals who have rich experience in the same line of business. KATARIA AUTOMOBILES: CRISIL Cuts Rating on INR105cr Loan to B ------------------------------------------------------------- CRISIL Ratings has migrated its ratings on the bank facilities of Kataria Automobiles Private Limited (KAPL) to 'Crisil B/Stable/Crisil A4 Issuer not cooperating' from 'Crisil BBB+/Stable/Crisil A2'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 30 Crisil A4 (ISSUER NOT COOPERATING; Migrated from 'Crisil A2') Cash Credit 105 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BBB+/Stable') Inventory Funding 54 Crisil B/Stable (ISSUER NOT Facility COOPERATING; Migrated from 'Crisil BBB+/Stable') Inventory Funding 25 Crisil B/Stable (ISSUER NOT Facility COOPERATING; Migrated from 'Crisil BBB+/Stable') Inventory Funding 77.5 Crisil B/Stable (ISSUER NOT Facility COOPERATING; Migrated from 'Crisil BBB+/Stable') Inventory Funding 73 Crisil B/Stable (ISSUER NOT Facility COOPERATING; Migrated from 'Crisil BBB+/Stable') Inventory Funding 22 Crisil B/Stable (ISSUER NOT Facility COOPERATING; Migrated from 'Crisil BBB+/Stable') Inventory Funding 90 Crisil B/Stable (ISSUER NOT Facility COOPERATING; Migrated from 'Crisil BBB+/Stable') Inventory Funding 6 Crisil B/Stable (ISSUER NOT Facility COOPERATING; Migrated from 'Crisil BBB+/Stable') Proposed Cash 0.97 Crisil B/Stable (ISSUER NOT Credit Limit COOPERATING; Migrated from 'Crisil BBB+/Stable') Term Loan 30.53 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BBB+/Stable') Crisil Ratings has been consistently following up with KAPL for obtaining information through letters and emails dated March 12, 2026, March 18, 2026, March 24, 2026, April 6, 2026, April 30, 2026, May 8, 2026, May 15, 2026, and May 19, 2026, among others, apart from telephonic communication. However, the issuer has remained non cooperative. Investors, lenders and all other market participants should exercise due caution while using the ratings assigned/reviewed with the suffix 'issuer not cooperating'. These ratings lack a forward-looking component as they are arrived at without any management interaction and based on best-available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive adequate information on either the financial performance or strategic intent of KAPL. This restricts the ability of Crisil Ratings to take a forward-looking view on the credit quality of the entity. Crisil Ratings believes that the rating action on KAPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated its ratings on the bank facilities of KAPL to 'Crisil B/Stable/Crisil A4 Issuer not cooperating' from 'Crisil BBB+/Stable/Crisil A2'. KAPL is the largest dealership of Maruti Suzuki India Ltd in Gujarat and across the country. The company was set up by the Kataria group in 1995. It has 51 showrooms and workshops across Gujarat—in cities such as Ahmedabad, Vadodara, Surat, Vapi, Navsari, Silvassa and Valsad. KAPL also has presence in Bengaluru. It operates in the Arena, Nexa and True value segments. It also has the largest True Value network in Gujarat. During fiscal 2022, the company also started supplying electric bikes under Ather Energy brand. KUBER METPACK: CARE Keeps D Rating in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Kuber Metpack Private Limited (KMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.00 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 10, 2025, placed the rating(s) of KMPL under the 'issuer non-cooperating' category as KMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 24, 2026, March 6, 2026, March 16, 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 New Delhi-based Kuber Metpack Private Limited (KMPL) (formerly Kevin Metpack Private Limited) was incorporated in November 2007 by Mr Vikas Malu and his family members. The company is a part of Kuber Group which is engaged in manufacturing of tobacco products, rental leasing, hotel, spices and others. The company manufacture metallized cast polypropylene and polyethylene terephthalate shrink film, and thermoforming grade polyester for the packaging industry. The company commenced commercial production in 2013. KMPL manufacturing facilities are based out in Delhi and Gandhi Nagar (Gujarat). PAWAN KUMAR: CARE Keeps B Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Pawan Kumar Kanoi (PKK) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 CARE B; 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 April 29, 2025, placed the rating(s) of PKK under the 'issuer non-cooperating' category as PKK had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. PKK continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 15, 2026, March 26, 2026, April 4, 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 Kolkata (West Bengal) based Pawan Kumar Kanoi (PKK) was established in year 1978 as a proprietorship firm by Mr. Pawan Kumar Kanoi. The firm is into trading of iron and steel products like hot rolled sheets, hot rolled/cold rolled coils and plates, angles, channels, mild steel pipes, mild steel nuts, bolts, flat, round, sponge iron etc. The firm is a distributor of Tata Steel Limited for the state of West Bengal since September 2019. RATHI BARS: CARE Lowers Rating on INR83cr LT Loan to D ------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of Rathi Bars Limited (RBL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 83.00 CARE D; ISSUER NOT COOPERATING Facilities 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 April 14, 2026, placed the rating(s) of RBL under the 'issuer non-cooperating' category as RBL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RBL continues to be non-cooperative despite repeated requests for submission of information through e-mail dated May 29, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings have been revised on account of non-availability of requisite information. The revision further considers the delays in debt servicing as recognized from publicly available information. i.e. quarterly and yearly results available from stock exchange filings. Analytical approach: Standalone Outlook: Not applicable Incorporated in 1993 and set up by Kamlesh Kumar Rathi, RBL is engaged in manufacturing TMT steel bar of dimensions. Its manufacturing facilities are at Bhiwadi, Alwar (Rajasthan), with installed capacity of 68,500 metric tonnes per annum (MTPA) for billets and 100,000 MTPA for steel bars. The company is promoted by Anurag Rathi (managing director) and Uddhav Rathi (wholetime-director). ROADWAY SOLUTIONS: CRISIL Lowers Fixed Deposits Rating to B ----------------------------------------------------------- CRISIL Ratings has migrated the ratings on bank facilities and Fixed Deposits of Roadway Solutions India Infra Limited (RSIIL) to 'Crisil B/Stable/Crisil A4 Issuer not cooperating from 'Crisil BBB/Crisil A3+'. Crisil Ratings has also removed its ratings on the bank facilities and Fixed Deposits of RSIIL from 'Rating Watch with Developing Implications'. while assigning a 'Stable' outlook to the long-term rating. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BBB'; Removed from 'Rating Watch with Developing Implications') Short Term Rating - Crisil A4 (ISSUER NOT COOPERATING; Migrated from 'Crisil A3+'; Removed from 'Rating Watch with Developing Implications') Fixed Deposits 1,500 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BBB'; Removed from 'Rating Watch with Developing Implications') Crisil Ratings has been consistently following up with RSIIL for obtaining information through letters and emails dated May 12, 2026 and May 13, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RSIIL, which restricts Crisil Rating's ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RSIIL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the ratings on bank facilities and Fixed Deposits of RSIIL to 'Crisil B/Stable/Crisil A4 Issuer not cooperating from 'Crisil BBB/Crisil A3+'. Crisil Ratings has also removed its ratings on the bank facilities and Fixed Deposits of RSIIL from 'Rating Watch with Developing Implications'. while assigning a 'Stable' outlook to the long-term rating. RSIIL was demerged from RSIIL (formed in 2005) on November 5, 2018. Founded by Ameet Gadhoke and his brother, Navjeet Gadhoke, RSIIL is an established road EPC player present mainly in Maharashtra. The promoters hold the entire stake in the company. At present, the company is undertaking various projects in the roads and highways sector. The company is based in Pune, Maharashtra SALAS PHARMACEUTICALS: CARE Keeps B- Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Salas Pharmaceuticals Private Limited (SPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.44 CARE B-; 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 April 9, 2025, placed the rating(s) of SPPL under the 'issuer non-cooperating' category as SPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SPPL 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 SPPL was incorporated on November 13, 2009 and promoted by Mr. Prem Sagar, Mr. Suman Chaudhary, Mr. Vindhya Prakash and Mr. Viresh Kumar Verma, having more than 10 years of experience in formulations and active pharmaceutical ingredients (API). Earlier, the main business of SPPL was marketing of products of other pharmaceutical companies. Subsequently, it developed and began manufacturing of its own formulation products (medicines) on its own brand name, i.e. Salas since March 22, 2017. The manufacturing plant of the company is located at Kharpani, Mamring, South Sikkim, Sikkim with an installed capacity of 1.00 crore tablets and 0.25 crore capsules annually. SHIKHAR INTEGRATED: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shikhar Integrated Cold Chain Private Limited (SICCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 17.00 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 11, 2025, placed the rating(s) of SICCPL under the 'issuer non-cooperating' category as SICCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SICCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 25, 2026, March 7, 2026, March 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: Not Applicable Hathras (Uttar Pradesh) based Shikhar Integrated Cold Chain Private Limited (SICCPL) is a private limited company incorporated in 2012 and is promoted by Mr. Y.P. Singh, Mr. Amlesh Singh and Mr. Ashish Singh. SICCPL is engaged in procurement, cold storage and distribution of agricultural products such as lemon, ginger, carrot, pomegranate and apple. SPR BUILDTECH: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of SPR Buildtech Limited (SBL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.50 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 29, 2025, placed the rating(s) of SBL under the 'issuer non-cooperating' category as SBL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SBL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 15, 2026, March 26, 2026, April 4, 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 Established in 2006 by Mr. Sanjeev Saluja and Mr. Sudesh Gupta, SPR Buildtech Limited (SBL) is engaged into development of residential and commercial project in Faridabad, Haryana. SURABHI AGRICO: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Surabhi Agrico Private Limited (SAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 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 April 4, 2025, placed the rating(s) of SAPL under the 'issuer non-cooperating' category as SAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SAPL 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 Uttar Pradesh based Surabhi Agrico Private Limited (SAPL) was incorporated in 2011 by Mr. Anil Kumar Maurya and Mr. Munna Lal and commenced its operations in September, 2013. SAP is engaged in manufacturing of engaged in manufacturing of beverages such as Frooti, Appy fizz, Bailley Soda etc. Prior to this, the company was known as "RNG Hotels and Resorts Private Limited" with the objective to carry hospitality business. TRANSMISSION CORPORATION: CARE Lowers Rating on INR600cr Loan to B ------------------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of Transmission Corporation of Andhra Pradesh Limited (APTRANSCO), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 600.00 CARE B; Stable; ISSUER NOT bank 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 24, 2025, placed the rating(s) of APTRANSCO under the 'issuer non-cooperating' category as APTRANSCO had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. APTRANSCO continues to be noncooperative despite repeated requests for submission of information through e-mails dated February 7, 2026, February 17, 2026, February 27, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to bank facilities of APTRANSCO have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Incorporated on December 28, 1998, APTRANSCO is a wholly owned subsidiary of the Government of Andhra Pradesh. It was formed by carving out the transmission functions of the erstwhile Andhra Pradesh State Electricity Board (APSEB), Under electricity sector reforms, the Government of Andhra Pradesh promulgated the Andhra Pradesh Electricity Reforms Act, 1998, and erstwhile APSEB was unbundled into one genco (APGENCO), one transco (APTRANSCO), and four discoms (APDISCOMs) as part of the reform process. APTRANSCO came into existence on February 1, 1999. From February 1999 to June 2005, APTRANSCO remained a single buyer in the state, purchasing power from gencos and selling it to discoms. Subsequently, in accordance with the Third Transfer Scheme notified by the Government of Andhra Pradesh, APTRANSCO ceased to do power trading and has retained powers of controlling system operations of power transmission. Hence, APTRANSCO handles power transmission from gencos to discoms in Andhra Pradesh, with monopoly in the business. UNNATI FORTUNE: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Unnati Fortune Hotmart Private Limited (UFHPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 25.00 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 10, 2025, placed the rating(s) of UFHPL under the 'issuer non-cooperating' category as UFHPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. UFHPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 24, 2026, March 6, 2026, March 16, 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 Ghaziabad (Uttar Pradesh) based Unnati Fortune Hotmart Pvt Ltd (UFHPL), a private limited company was incorporated by Mr. Anil Mithas and Mrs. Madhu Mithas in June 2011 and is part of Unnati Fortune group. The group consists of 25 companies however, only few of them are operational. UFHPL is setting up a four-star hotel in Vaishali near Ghaziabad (Uttar Pradesh). UTTHAN SHIKSHA: CRISIL Lowers Corporate Credit Rating to B ---------------------------------------------------------- CRISIL Ratings has migrated the rating on Corporate Credit Rating of Utthan Shiksha Samiti (USS) to 'Crisil B/Stable Issuer not cooperating from 'Crisil B+/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Corporate Credit - Crisil B/Stable (ISSUER NOT Rating-LT COOPERATING; Migrated from 'Crisil B+/Stable') Crisil Ratings has been consistently following up with USS for obtaining information through letters and emails dated May 25, 2026 and May 26, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of CRSIIL, which restricts Crisil Rating's ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on USS is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on Corporate Credit Rating of USS to 'Crisil B/Stable Issuer not cooperating from 'Crisil B+/Stable'. USS is a Non-Government Organization Registered under the Society Registration Act 21, 1860 on 10th December 2013. Key focus areas providing basic health care service among community, training and capacity building of key health functionaries and CBOs. In addition, it also work towards Skill Training Development, Community Development with various Government Counterparts at National as well as State level. VADODARA MUMBAI: CRISIL Lowers Rating on INR280cr Term Loan to B ---------------------------------------------------------------- CRISIL Ratings has migrated the rating on bank facilities of Vadodara Mumbai Expressway Pkg 10 Private Limited (VME10) to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB+'. Crisil Ratings has also removed its ratings on the bank facilities of VME10 from 'Rating Watch with Developing Implications' while assigning a 'Stable' outlook to the long-term rating. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Working 51 Crisil B/Stable (ISSUER NOT Capital Facility COOPERATING; Migrated from 'Crisil BB+'; Removed from 'Rating Watch with Developing Implications') Term Loan 200 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB+'; Removed from 'Rating Watch with Developing Implications') Term Loan 280 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB+'; Removed from 'Rating Watch with Developing Implications') Crisil Ratings has been consistently following up with VME10 for obtaining information through letter and email dated May 12, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of VME10, which restricts Crisil Rating's ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VME10 is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of VME10 to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB+'. Crisil Ratings has also removed its ratings on the bank facilities of VME10 from 'Rating Watch with Developing Implications' while assigning a 'Stable' outlook to the long-term rating. Roadway Solutions India Infra Ltd (RSIIL) has bagged the project, which envisages Construction of Eight lane Talasari –Karvad Expressway from Km 103 to Km 128 (Talasari to Karvad Section of Vadodara Mumbai Expressway) in the State of Gujarat on Hybrid Annuity Mode under Bharatmala Pariyojana (Phase I-Package X). RSIIL has incorporated an SPV in the name of Vadodara Mumbai Expressway Pkg 10 Private Limited (VMEP10PL) which executed the Concession Agreement with NHAI in June 2021. The concession awarded to the company is for a period of 18 years which includes 3 years (1076 days including Extension of Time already granted) of construction period and 15 years of Operation & Maintenance (O&M) Period. The project is under the public private partnership mode (PPP) on design, build, operate and transfer (DBOT annuity or hybrid annuity) basis. VHV BEVERAGES: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of VHV Beverages Private Limited (VBPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.00 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 2, 2025, placed the rating(s) of VHV under the 'issuer non-cooperating' category as VHV had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VHV continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 18, 2026, March 28, 2026, April 7, 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 Haryana-based VHV was incorporated in 2012 and currently being managed by Mr Vinod Sehwag, Mrs Homi and Mrs Pooja Malhotra. The company is engaged in the manufacturing of fruit beverages, soda and mineral water. The main raw materials, ie, fruit pulp, along with others like plastic caps, bottles, carbon dioxide are procured from manufacturers based in Haryana region. The company is currently selling the product pan India covering regions namely Haryana, Rajasthan, Punjab, Uttar Pradesh and Delhi, Kerala, Maharashtra, Gujarat and West Bengal through a dealer network under the brand name "XALTA". ===================== N E W Z E A L A N D ===================== ALL ABOUT: Court to Hear Wind-Up Petition on June 12 ---------------------------------------------------- A petition to wind up the operations of All About Cabinets Limited will be heard before the High Court at Auckland on June 12, 2026, at 10:45 a.m. Acedoor Systems 2013 Limited filed the petition against the company on March 16, 2026. The Petitioner's solicitor is: Dean Russ Bridgeside Chambers PO Box 3180 Christchurch 8140 ARCHERS TYRES: Court to Hear Wind-Up Petition on June 12 -------------------------------------------------------- A petition to wind up the operations of Archers Tyres Limited will be heard before the High Court at Auckland on June 12, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on April 15, 2026. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 BONZ CAJUN: Creditors' Proofs of Debt Due on June 30 ---------------------------------------------------- Creditors of Bonz Cajun Limited are required to file their proofs of debt by June 30, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 2, 2026. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 FP IGNITION 2011-1: Moody's Raises Rating on Class F Notes to B1 ---------------------------------------------------------------- Moody's Ratings has upgraded the rating on Class F Notes issued by FP Ignition Trust 2011-1 - New Zealand, Series 2024-1. The affected rating is as follow: Issuer: FP Ignition Trust 2011-1 - New Zealand, Series 2024-1 Class F Notes, Upgraded to B1 (sf); previously on Sep 12, 2025 Upgraded to B2 (sf) A comprehensive review of all credit ratings for the respective transaction(s) has been conducted during a rating committee. RATINGS RATIONALE The upgrade was prompted by an increase in note subordination available for the affected notes and the performance of the underlying collateral pool to date. No action was taken on the remaining rated classes in the deal as credit enhancement remains commensurate with the current rating for the respective notes. Following the May 2026 payment date, note subordination available for the Class F Notes has increased to 10.5% from 8.2% at the time of the last rating action in September 2025. Principal collections have been distributed on a pro-rata basis across the rated notes since the January 2026 payment date. Current total outstanding notes as a percentage of the total closing balance is 66.6%. As of end-April, 0.4% of the outstanding pool was 30-plus days delinquent, and 0.04% was 90-plus days delinquent. The portfolio has incurred 0.2% (as a percentage of the original pool balance) of gross losses to date, which have been covered by excess spread. Based on the current portfolio characteristics and historical performance data, Moody's have updated B1 haircut of 11.2% to the residual value cash flow. The transaction is a static cash securitisation of operating and finance leases extended to New Zealand corporates and small and medium-sized businesses. The leases are originated and managed by FleetPartners Holding (NZ) Limited (FleetPartners), a subsidiary of FleetPartners Group Limited and secured by passenger cars and commercial vehicles. The principal methodology used in this rating was "Moody's Global Approach to Rating Auto Loan- and Lease-Backed ABS" published in June 2025. Factors that would lead to an upgrade or downgrade of the rating: Factors that could lead to an upgrade of the rating include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in credit enhancement available for the notes. Factors that could lead to a downgrade of the rating include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in credit enhancement available for the notes, and (3) a deterioration in the credit quality of the transaction counterparties. LANDFILL DIVERSION: Creditors' Proofs of Debt Due on July 17 ------------------------------------------------------------ Creditors of Landfill Diversion Services Limited (trading as The Hub Waihi) are required to file their proofs of debt by July 17, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 25, 2026. The company's liquidators are: Paul Thomas Manning Jessica Jane Kellow BDO Tauranga Limited Level 1, The Hub 525 Cameron Road (PO Box 15660) Tauranga 3144 MINT BOUTIQUE: Creditors' Proofs of Debt Due on July 7 ------------------------------------------------------ Creditors of Mint Boutique Limited are required to file their proofs of debt by July 7, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 29, 2026. The company's liquidators are: Brenton Hunt PO Box 13400 City East Christchurch 8141 ===================== P H I L I P P I N E S ===================== DEL MONTE: Submits Restructuring Plan After U.S. Unit Bankruptcy ---------------------------------------------------------------- The Manila Times reports that Del Monte Pacific Ltd. (DMPL) on June 2 said its Philippine operations remained profitable despite ongoing financial recovery efforts following the collapse of a former United States subsidiary. The Manila Times relates that the Singapore- and Philippine-listed food and beverage firm submitted a capital and financial recovery plan to the Philippine Stock Exchange (PSE), where it emphasized that its principal operating unit, Del Monte Philippines Inc. (DMPI), continued to generate profit and cash flow even as the parent company was taking all efforts to restore its balance sheet. "DMPI is not in financial distress. It continues to operate profitably with strong revenue growth, expanding margins, and robust operating cash generation," Del Monte Pacific said. It added that it was pursuing a comprehensive restructuring framework covering around $1.2 billion in debt across different levels of the group to address balance sheet challenges and refinance liabilities, The Manila Times relays. The plan includes refinancing credit facilities at DMPI, restructuring holding company debt, resolving hybrid financial instruments and exploring capital-raising and asset-disposal initiatives. According to The Manila Times, Del Monte Pacific said it expected to finalize its restructuring framework by July, negotiate with lenders and stakeholders from August to November and complete refinancing efforts by 2027. The company said its financial difficulties arose mainly from the bankruptcy of Del Monte Foods Holdings Ltd., which filed for Chapter 11 protection in July 2025 after prolonged financial and operational challenges. Del Monte Pacific said the Chapter 11 proceedings involving the former US subsidiary were not expected to disrupt Del Monte Philippines' operations, supply chains, or customer relationships. The Manila Times relates that the company said it recognized a full impairment of approximately $703.5 million related to its investment in and receivables from the US business, resulting in a capital deficit at the holding company level. Del Monte Pacific said that the setback was structural and linked to the US operations, rather than the underlying performance of the Philippine business. Del Monte Philippines was said to remain profitable, supported by strong domestic demand, improved pineapple plantation productivity, and disciplined cost management. In the first nine months of the fiscal year ended January 2026, the Philippine unit posted sales of $657.9 million, up 13 percent year on year in peso terms, while net profit climbed 41 percent to $85.9 million, The Manila Times discloses. The company added that it remained committed to complying with disclosure requirements of both the PSE and the Singapore Exchange throughout the restructuring period. About Del Monte Del Monte Pacific Limited (DMPL) is an investment holding company with subsidiaries principally engaged in growing, processing, and selling packaged fruits, vegetable and tomato, sauces, condiments, pasta, broth, mainly under the brand names of "Del Monte", "S&W", "Today's", "Contadina", "College Inn", and other brands. The Company's subsidiaries include Del Monte Pacific Resources Limited; DMPL India Pte Ltd; DMPL Management Services Pte Ltd; GTL Limited; S&W Fine Foods International Limited; and DMPL Foods Limited. At April 30, 2025, the Company had $2.26 billion in total assets against $2.88 billion in total liabilities and shareholders' deficit of $621.06 million. On July 1, 2025, DMPL's U.S. subsidiary Del Monte Foods Corporation II, Inc., and 17 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16984) to address $1.235 billion in funded debt obligations. At the time of the filing, the Debtors listed $1 billion to $10 billion in both assets and liabilities. Judge Michael B. Kaplan presides over the case. The Debtors tapped Herbert Smith Freehills Kramer (US), LLP and Cole Schotz P.C. as legal counsel; Jonathan Goulding, managing director at Alvarez & Marsal North America, LLC, as chief restructuring officer; and Stretto, Inc. as claims and noticing agent. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors. The committee hired Morrison & Foerster LLP as counsel; Province, LLC as financial advisor; Kelley Drye & Warren LLP as co-counsel; and Stifel, Nicolaus & Co., Inc. as investment banker. ================= S I N G A P O R E ================= ASIRI TRADING: Court to Hear Wind-Up Petition on June 19 -------------------------------------------------------- A petition to wind up the operations of Asiri Trading Pte. Ltd. will be heard before the High Court of Singapore on June 19, 2026, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on May 26, 2026. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 C.K. FIRE: Court to Hear Wind-Up Petition on June 12 ---------------------------------------------------- A petition to wind up the operations of C.K. Fire Services Pte. Ltd. will be heard before the High Court of Singapore on June 12, 2026, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on May 25, 2026. The Petitioner's solicitors are: Adsan Law LLC 300 Beach Road #26-00 The Concourse Singapore 199555 COMPENDIUM FOOD: Court to Hear Wind-Up Petition on June 19 ---------------------------------------------------------- A petition to wind up the operations of Compendium Food Services Pte. Ltd. will be heard before the High Court of Singapore on June 19, 2026, at 10:00 a.m. Rachelle The Rabbit Distillery Pte. Ltd. filed the petition against the company on May 26, 2026. The Petitioner's solicitors are: Lighthouse Law LLC 2 Havelock Road #07-27 Havelock II Singapore 059763 FOOD REPUBLIC: Food Chain to Exit Beijing After 25 Years -------------------------------------------------------- VnExpress reports that Singaporean food court chain Food Republic is set to close its last outlet in Beijing on June 15, ending more than 25 years of operation in the city. Located in The Malls at Oriental Plaza, one of Beijing's best-known shopping complexes, the outlet was Food Republic's first store in the city when it opened more than 25 years ago. The company did not give a reason for the closure in its notice posted outside the location, according to the South China Morning Post. At its peak in 2016, Food Republic, owned by major food company BreadTalk Group, operated more than 40 outlets across mainland China, with locations in Beijing, Shanghai, Tianjin and Chongqing. After the Beijing outlet closes, only four will remain, all in Shanghai, VnExpress notes. K&C HOLDINGS: Court Enters Wind-Up Order ---------------------------------------- The High Court of Singapore entered an order on May 22, 2026, to wind up the operations of K&C Holdings Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte. Ltd. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 PUMA ENERGY: Fitch Hikes Long-Term IDR to 'BB+', Outlook Stable --------------------------------------------------------------- Fitch Ratings has upgraded Puma Energy Holdings Pte. Ltd's (Puma Energy) Long-Term Issuer Default Rating (IDR) to 'BB+' from 'BB'. The Outlook is Stable. Fitch has also revised upwards Puma Energy's Standalone Credit Profile (SCP) to 'bb+' from 'bb' and upgraded Puma International Financing S.A.'s senior unsecured instrument ratings to 'BB+' with a Recovery Rating of 'RR4' from 'BB'/'RR4'. The upgrades reflect Fitch's expectation Puma Energy will improve readily marketable inventory (RMI)- and lease-adjusted EBITDAR net leverage towards 1.5x-1.6x from 2026, supported by a strengthened business profile and improved earnings generation. The ratings also reflect its geographical and business diversification and exposure to structurally growing fuel demand in emerging markets. These strengths are partly offset by cash flow volatility and hard currency constraints in some markets. The Stable Outlook reflects its expectation of sustained earnings improvement with adequately managed supply chain risks and appropriate liquidity headroom, supporting stronger credit metrics over the forecast period to 2029. Key Rating Drivers Improved Earnings Profile: The upgrade is driven by its view of Puma Energy's strengthened earnings profile following a disciplined execution of its profitable growth strategy over the past few years. Fitch has consequently revised its estimates of EBITDAR, which should stay above USD550 million in 2026-2028, supported by an improved business mix towards higher-margin retail activities, unit margin resilience and cost discipline. This improved earnings base will lead to stronger credit metrics. Strengthened Credit Metrics: Fitch estimates (RMI)- and lease-adjusted net debt/EBITDAR to fall to 1.5x-1.6x in 2026-2028, from 1.7x in 2025 and 2.3x in 2024. Fitch assumes debt will increase in 2026 due to working capital volatility amid recent geopolitical disruptions, but higher EBITDAR should keep leverage stable at levels supportive of the rating. Fitch also takes into consideration Puma Energy's commitment to maintain company-defined net leverage of below 2.5x, which is consistent with Fitch's forecast leverage. Fitch projects RMI-adjusted EBITDAR/(interest plus rents) coverage at an average of 3.1x in 2026-2028, up from 2.8x in 2025 and 2.2x in 2024. Supply Chain Disruption Appears Manageable: Ongoing geopolitical tensions in the Middle East and supply chain disruptions have led to temporary fuel shortages in some of Puma Energy's markets. Fitch understands the supply risks are manageable with limited impact expected at the group level. Puma Energy's established supply arrangements from Trafigura support sourcing flexibility and operational continuity. While disruptions may continue to affect product availability and working capital intensity, Fitch views Puma Energy's core earnings capacity as resilient with sufficient liquidity headroom. Its rating case assumes the Strait of Hormuz will begin reopening around July. Adequate Liquidity Headroom: Fitch views Puma Energy's liquidity as consistent with the 'BB+' rating, despite increased working capital needs and margin call pressure from elevated oil prices and supply chain disruptions. Liquidity is supported by meaningful headroom under its undrawn revolving credit facility (RCF) and continued access to trade-finance funding. Fitch expects these to provide flexibility to manage elevated funding needs in the current environment. Limited Oil Price Risk: Puma Energy's inventories are generally pre-sold, hedged or sold very quickly after being procured, limiting the exposure of inventory price fluctuations. Fitch's leverage and interest coverage ratios therefore exclude debt associated with financing RMI and reclassifies the related interest costs as cost of goods sold. The difference between RMI-adjusted and RMI-unadjusted EBITDAR net leverage (both lease-adjusted) is about 1.0x. Hard Currency Constraints: Puma Energy's broad emerging-market footprint offers growth opportunities but also exposes the group to currency volatility and occasional constraints on upstreaming hard currency to service holding company debt. Fitch views these risks as manageable and has reduced its restricted cash adjustment to USD30 million from USD50 million, reflecting lower, albeit still exposed, currency risk in certain markets. Parent and Subsidiary Linkage: Puma Energy's rating is unconstrained by Fitch's Parent and Subsidiary Linkage (PSL) Rating Criteria. Fitch continues to view Puma Energy as strategically important to its parent, Trafigura, and believes the parent's stated approach is consistent with preserving Puma Energy's credit quality and financial flexibility. Changes to the parent's policy or behaviour or more integrated funding approach leading to material cash upstream from Puma Energy could lead Fitch to reassess the linkage under its PSL criteria. Peer Analysis Vivo Energy Limited (BBB-/Under Criteria Observation) is Puma Energy's closest peer. Vivo's acquisition of Engen has significantly increased its scale but it has high concentration in Africa across 28 countries. Its IDR benefits from a one-notch uplift for parental support from its 'bb+' SCP. Puma Energy is more geographically diversified with its major operations in Latin America, Africa and Asia, whereas Vivo is larger in scale, although its focus exclusively on Africa exposes it to a higher operating environment risk. Fitch expects Vivo's RMI- and lease-adjusted net leverage to be around 1.1x, while Puma Energy's leverage is projected at around 1.6x for 2026 and 2027. Fitch expects RMI- and lease-adjusted coverage to be close to 4.0x for Vivo and around 3.0x for Puma Energy during the same period. Puma Energy's retail operations can be compared, to some extent, with those of EG Group Limited (B/Stable), a global petrol station and convenience retail and food services operator. EG Group is larger than Puma Energy even after its divestitures in the Australian and Italian markets. However, EG Group's rating reflects its weaker financial profile, with EBITDAR gross leverage expected to remain around 6.0x over the rating horizon. UGI International, LLC (UGII; BB+/Negative), is a liquefied petroleum gas (LPG) distributor in Europe, particularly France. Compared with Puma Energy's and Vivo's emerging-market focus, it benefits from a less volatile operating environment and stronger governance, which mitigate weakening demand in Europe. UGII also has stronger profitability and cash generation, driven by higher-margin propane and LPG sales, while Puma Energy and Vivo operate in lower-margin, more competitive fuel markets. Fitch projects UGII will have higher EBITDA leverage of around 3.0x but significantly higher fixed-charge coverage of around 9x. The Negative Outlook reflects its limited leverage headroom and negative free cash flow (FCF) after divestitures due to extraordinary distribution partly funded with debt, alongside higher capex. Fitch’s Key Rating-Case Assumptions - The strait's reopening assumption in line with Fitch's assumption stated on Fitch Ratings Raises Its Near-Term Oil and European Gas Price Assumptions (8 May 2026) - Oil price assumption in line with Fitch's price deck - Sales volume at about 15.3 million cubic metres (m3) for 2026, increasing by low-mid-single digit percentages thereafter - Unit margin peak at USD77/m3 in 2026 before moderating to USD69/m3 in 2028 - Higher working capital outflow in 2026 before moderating in 2027 and turning neutral in 2028 - Negative cash flow from margin call in 2026 - Capex to average USD150 million a year in 2026-2028 - No material large M&A or divestments - Minimal minority dividend payouts - Fitch-calculated restricted cash of USD30 million related to cash balances held in countries where extraction of cash is constrained Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the SCP: Business and financial profile factors (assessment, relative importance): management (bb+, moderate), sector characteristics (bbb, moderate), market and competitive positioning (bb+, higher), diversification and asset quality (bb+, moderate), company operational characteristics (bbb, lower), profitability (bb, moderate), financial structure (bbb+, moderate), and financial flexibility (bb+, higher). The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2025, 20% for the forecast year 2026, 30% for the forecast year 2027, 30% for the forecast year 2028 and 10% for the forecast year 2029. Assessments of the quantitative financial subfactors also include bespoke calculations. The governance assessment of 'Good' has no impact. The operating environment assessment of 'bb' has no impact. The SCP is 'bb+'. To derive the Long-Term IDR: Application of Fitch's PSL criteria results in an unconstrained approach. RATING SENSITIVITIES Factors That Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A weakening of Trafigura's consolidated credit profile that constrains Puma Energy's IDR or a change in Trafigura's policy or behaviour towards Puma Energy, leading to potential material cash leakage from the subsidiary that leads to Fitch's reassessment of the linkage under its PSL criteria - Increase of exposure to weaker operating environments, resulting in a lower operating environment score - RMI- and lease-adjusted net debt/EBITDAR above 2.5x (above 3.5x on a gross basis) on a sustained basis - RMI-adjusted EBITDAR/interest + rent cover below 2.5x on a sustained basis - FCF margin, excluding expansionary capex/EBITDAR, at 20% or below on a sustained basis - Material reduction in available committed liquidity - Lowering of Country Ceiling and/or insufficient hard-currency liquidity buffers at holding company level, resulting in the IDR not satisfying the conditions to exceed the Country Ceiling under Fitch's Corporate Rating Criteria Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An upward revision of Puma Energy's SCP, together with an improvement in Trafigura's consolidated credit profile, or a change in Fitch's assessment of the linkage that the IDR remains unconstrained under the PSL criteria The following developments would be considered for an upward revision of Puma Energy's SCP - Evidence of sustained unit margins and funds from operations margins, while EBITDAR increases to well above USD750 million - RMI- and lease-adjusted net debt/EBITDAR below 0.5x (below 1.5x on a gross basis) on a sustained basis - Strong standalone financial flexibility, including RMI-adjusted EBITDAR/interest + rent cover sustainably above 3.5x - FCF margin, excluding expansionary capex/EBITDAR, above 40% on a sustained basis Liquidity and Debt Structure Fitch estimates Puma Energy to have about USD370 million of readily available cash as of end-March 2026, net of USD30 million Fitch-restricted cash for cash balances held in countries where cash extraction is constrained. This is in addition to an undrawn RCF of USD150 million, which matures in June 2029 (excluding about USD420 million undrawn one-year RCF expiring in June 2027), and operating companies' uncommitted local credit facilities. Fitch expects Puma Energy's FCF generation in 2026 to be modest. Higher working capital requirements, along with margin calls on hedging instruments, may add to near-term liquidity needs, but Fitch expects the company to retain sufficient liquidity headroom to cover these needs. Fitch expects FCF generation to be above USD100 million in 2027-2028. There are no major debt maturities until 2028. Issuer Profile Puma Energy is a global energy group with operations in over 35 countries worldwide across two core regions, Americas and Africa, with additional assets in Europe and Asia-Pacific. 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 Puma Energy. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Puma International Financing S.A. senior unsecured LT BB+ Upgrade RR4 BB Puma Energy Holdings Pte. Ltd LT IDR BB+ Upgrade BB SIMPLE AS THAT: Court to Hear Wind-Up Petition on June 12 --------------------------------------------------------- A petition to wind up the operations of Simple As That Pte. Ltd. will be heard before the High Court of Singapore on June 12, 2026, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on May 21, 2026. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 YANLORD LAND: Moody's Withdraws 'B2' Corporate Family Rating ------------------------------------------------------------ Moody's Ratings has withdrawn the B2 corporate family rating of Yanlord Land Group Limited. The outlook was stable prior to the withdrawal. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) for Moody's own business reasons. COMPANY PROFILE Yanlord is a real estate developer in China and Singapore, and is listed on the Singapore Exchange. =============== T H A I L A N D =============== [] THAILAND: May Seek Thaksin Bankruptcy Over THB17.6BB Tax Debt ---------------------------------------------------------------- Bloomberg News reports that Thailand's Revenue Department said it may pursue bankruptcy proceedings against former prime minister Thaksin Shinawatra if it is unable to fully recover THB17.6 billion in outstanding tax liabilities. Following a Supreme Court ruling that upheld the tax assessment against him, the agency has continuously pursued collection efforts, acting Revenue Department director general Somsak Anuntawat said in a statement on June 5, Bloomberg relates. That included issuing payment notices and investigating assets that could be seized or frozen to settle the tax debt. According to Bloomberg, the move follows a Supreme Court ruling late last year that found the tax assessment was lawful, making the liability final and legally enforceable. The department is currently tracing Thaksin's assets both in Thailand and overseas and coordinating with relevant agencies on enforcement measures, Somsak said. "If, after all enforcement measures have been exhausted, the outstanding tax liability remains unpaid in full, the department will consider initiating bankruptcy proceedings against Thaksin," Bloomberg quotes Somsak as saying in the statement. "We will continue to act within the legal timeframe and statute of limitations to safeguard the state's interests." Bloomberg says the 76-year-old patriarch of the Shinawatra clan walked out of a Bangkok prison last month after serving eight months of a reduced sentence for corruption. He is said to plan travel to Dubai after receiving a royal pardon that wiped out the remainder of his prison sentence, freeing him from the last of the travel curbs in place since his return to Thailand in 2023. The Supreme Court late last year reinstated a tax penalty over Thaksin's 2006 sale of his telecom company Shin Corp to Singapore's Temasek, overturning earlier rulings that had voided the Revenue Department's claim, recalls Bloomberg. Bloomberg notes that Shin Corp's US$1.9 billion sale – executed without any tax payment - triggered widespread street protests that ultimately led to Thaksin's ouster in a military coup. The tax bill essentially revives a longstanding dispute over unpaid personal income tax and allows enforcement proceedings to resume. ********* 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. 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