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260611.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 Thursday, June 11, 2026, Vol. 29, No. 116 Headlines A U S T R A L I A ARCHITECH FINANCIAL: First Creditors' Meeting Set for June 19 BANALASTA FARMING: First Creditors' Meeting Set for June 17 COMBINE AIR: First Creditors' Meeting Set for June 17 CUSTOMBUILD GROUP: First Creditors' Meeting Set for June 18 JUDO CAPITAL 2026-1: Moody's Gives B2 Rating to AUD27.75MM F Notes KINGFISHER TRUST 2026-1: Moody's Gives Ba2 Rating to AUD9MM E Notes MILK & HONEY: First Creditors' Meeting Set for June 18 NATHAN RIVER: Goes Into Voluntary Administration NYRSTAR: Smelters to Get AUD105MM in Federal-State Government Help RESIMAC TRIOMPHE 2026-2: S&P Assigns (P) B (sf) Rating to F Notes H O N G K O N G LI & FUNG: Fitch Affirms 'BB' Long-Term IDR, Outlook Stable I N D I A ATUL MOTORS: CRISIL Lowers Rating on INR23cr Loan to B AVIAN INFRASTRUCTURE: CRISIL Withdraws B Rating on INR15.1cr Loan B M AGRI: CRISIL Lowers Rating on INR37cr Packing Loan to B+ BIMAL AUTO: CRISIL Lowers Rating on INR27.5cr Loan to B BLISS GVS: CRISIL Withdraws B Rating on INR43.5cr Term Loan CHENNAI MOBILES: CRISIL Lowers Rating on INR35cr Cash Loan to B DMB PAPER: CRISIL Lowers Long/Short Term Rating to D DR BABASAHEB: CRISIL Assigns B+ Rating to INR90cr Term Loan GUJARAT INFRAPROJECT: CRISIL Lowers Rating on INR20.5cr Loan to B IIFL FINANCE: Fitch Assigns 'B+(EXP)' Rating to USD Sr. Sec. Notes INDEXPORT LEATHER: CARE Keeps D Debt Ratings in Not Cooperating INDO FABRICS: CARE Keeps D Debt Rating in Not Cooperating Category KARTHIKEYA DALL: CRISIL Lowers Rating on INR18.5cr Loan to B KSK ENERGY: CARE Keeps D Debt Rating in Not Cooperating Category KSK WATER: CARE Keeps D Debt Rating in Not Cooperating Category LIGARE AVIATION: NCLAT Cancels Insolvency Proceedings vs Company M K ROY: CRISIL Lowers Rating on INR15.5cr Cash Loan to B M.R.U. SEWAK: CRISIL Lowers Rating on INR4cr LT Loan to B NIRMAL BUILDINFRA: CRISIL Lowers Rating on INR8cr Cash Loan to B NITSTONE FINSERV: CRISIL Assigns B Rating to INR13cr LT Loan OMRV HOSPITALS: CARE Keeps B- Debt Rating in Not Cooperating PRESSCOM PRODUCTS: Liquidation Process Case Summary RNA LIFESTYLE: Insolvency Resolution Process Case Summary SURAJ SHIV: CARE Keeps C Debt Rating in Not Cooperating Category J A P A N MARELLI AUTOMOTIVE: Seeks to Extend Plan Exclusivity to Oct. 13 M A L A Y S I A 1MDB: Low Still Wanted by Singapore Police Amid US Clemency Efforts CAPITAL A: Singapore Court Orders Seizure of Unit's Assets CYPARK RESOURCES: Race Against Debt Begins After Restructuring N E W Z E A L A N D CASPIAN TRADING: Creditors' Proofs of Debt Due on July 1 KHARBANDA PROPERTY: Creditors' Proofs of Debt Due on July 9 MANAIA BUILD: Court to Hear Wind-Up Petition on June 22 MERIT MEATS: Creditors' Proofs of Debt Due on July 7 NEW ZEALAND NEWCAN: Court to Hear Wind-Up Petition on June 18 P H I L I P P I N E S MFT GROUP: Bank Puts Mica Tan's Foreclosed Family Home Up For Sale S I N G A P O R E ENG TIONG: Creditors' Proofs of Debt Due on June 29 FINGERMOTION INC: Strategic Evolution Targets AI, Global Expansion I-PASTA 2: Commences Wind-Up Proceedings RESILIENCE COLLECTIVE: Creditors' Proofs of Debt Due on July 6 SATCHI SINGAPORE: Creditors' Proofs of Debt Due on July 8 VMOALS SING: Creditors' Proofs of Debt Due on July 6 X X X X X X X X DEVKIRAN PAPER: Insolvency Resolution Process Case Summary MALDIVES: Fitch Hikes Long-Term Foreign-Currency IDR to 'CCC-' - - - - - ================= A U S T R A L I A ================= ARCHITECH FINANCIAL: First Creditors' Meeting Set for June 19 ------------------------------------------------------------- A first meeting of the creditors in the proceedings of Architech Financial Management Pty Ltd will be held on June 19, 2026, at 10:00 a.m. via virtual meeting. Lindsay Stephen Bainbridge and Timothy James Bradd of Pitcher Partners were appointed as administrators of the company on June 9, 2026. BANALASTA FARMING: First Creditors' Meeting Set for June 17 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Banalasta Farming Pty Ltd will be held on June 17, 2026, at 11:00 a.m. via virtual meeting facilities. Jialan Xu and Philip Campbell-Wilson of Grant Thornton Australia Limited were appointed as administrators of the company on June 8, 2026. COMBINE AIR: First Creditors' Meeting Set for June 17 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Combine Air CBD Pty. Ltd. will be held on June 17, 2026, at 11:30 a.m. via virtual facilities only. Graeme Beattie of C/- Worrells was appointed as administrator of the company on June 4, 2026. CUSTOMBUILD GROUP: First Creditors' Meeting Set for June 18 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Custombuild Group Pty Ltd (trading as 'Custom Civil & Landscape') will be held on June 18, 2026, at 12:00 p.m. at Level 16, 90 Collins Street, in Melbourne, Vic. Shumit Banerjee of Westburn Advisory was appointed as administrator of the company on June 8, 2026. JUDO CAPITAL 2026-1: Moody's Gives B2 Rating to AUD27.75MM F Notes ------------------------------------------------------------------ Moody's Ratings has assigned definitive ratings to the notes issued by AMAL Trustees Limited, as trustee of Judo Capital Market Trust 2026-1. Issuer: AMAL Trustees Limited, as trustee of Judo Capital Market Trust 2026-1 AUD600.00 million Class A Notes, Assigned Aaa (sf) AUD41.25 million Class B Notes, Assigned Aa2 (sf) AUD27.75 million Class C Notes, Assigned A2 (sf) AUD15.00 million Class D Notes, Assigned Baa2 (sf) AUD21.00 million Class E Notes, Assigned Ba1 (sf) AUD27.75 million Class F Notes, Assigned B2 (sf) The AUD17.25 million Class G Notes are not rated by Moody's. The transaction is a securitisation of a portfolio of term loans, line of credit facilities, and equipment leases to Australian small- and medium-sized enterprises ("SME"). Of the portfolio balance, 61.4% benefits from security over real estate. All portfolio receivables were originated by Judo Bank Pty Ltd ("Judo Bank"). This is Judo Bank's second public asset- backed securities (ABS) transaction. Judo Bank is an Australian bank providing loans to Australian businesses since late 2018. The bank competes directly with other major Australian banking groups with a comparable SME product offering. The bank pursues a multichannel distribution model using commercial brokers and direct channels. Judo Bank has a loan book of AUD13.8 billion as at March 31, 2026. RATINGS RATIONALE The ratings take into account, among other factors, (1) Moody's evaluations of the underlying receivables and their expected performance; (2) evaluation of the capital structure and credit enhancement provided to the rated notes; (3) availability of excess spread over the transaction's life; (4) the liquidity reserve in the amount of 1.25% of all rated notes; (5) the legal structure; (6) experience of Judo Bank as servicer; and (7) presence of AMAL Asset Management Limited as the back-up servicer. In Moody's views, the credit strengths of this transaction include, among others: -- Prime obligors: Judo Bank competes in the Australian business banking market for prime SME obligors. The portfolio's strong credit quality is demonstrated by the very low levels of historical portfolio losses and arrears. As at February 28, 2026 Judo Bank has written off loans totaling AUD101.5 million and has additional specific loan provisions of AUD75.0 million which in total represents less than 0.7% of AUD26.0 billion of origination. -- Secured lending: All loans are secured by one or more of the following forms of collateral: general security agreements (GSAs), and real estate, equipment or standard guarantees from individuals or legal entities. Of the portfolio balance, 61.4% benefits from security over real estate. -- Loss reserve: A loss reserve equal to 0.35% of the invested amount of the notes will be funded at settlement. The reserve is available to cover losses not covered by excess spread or the retention amount ledger. However, the transaction has several challenging features, such as: -Limited track record: Judo Bank has a relatively limited origination and servicing track record with loan originations starting in late 2018. This risk is partly mitigated by the fact that Judo Bank has an experienced management and operational team with a substantial track record in Australian business banking. Judo Bank received its full Australian banking licence from the Australian Prudential Regulation Authority (APRA) in April 2019, which helps embed strong standards of governance over its operational and credit risk functions. Moody's have also been able to assess the likely losses stemming from Judo Bank's portfolio against local bank and global benchmark SME portfolios. -- Portfolio granularity: The number of obligors, 484 individual borrower groups, is relatively low compared to other SME securitisations. The lack of granularity is however partly mitigated by no significant over exposure to individual obligors and diversity at geographical and industry levels. The largest obligor exposure is about 0.6% of the portfolio and the top 10 obligors account for less than 5.8%. The largest industry exposure is 6.9% and the top 5 industry exposures account for 22.2%. -- Bullet loans: Bullet loans (excluding line-of-credit receivables) constitute a relatively high proportion (31.1%) of the portfolio. Moody's stressed the default probability of these loans to account for the refinancing risk related to bullet maturities. -- Pro-rata amortisation/performance triggers: The pro-rata amortisation of the subordinate classes of notes (including Class G) will lead to reduced credit enhancement of the senior notes in absolute terms. This exposes the senior notes to the risk of loss in the tail end of the transaction, particularly should the timing of defaults prove to be backloaded. MAIN MODEL ASSUMPTIONS -- Mean default rate: Moody's assumed a mean default rate of 6.45% over a weighted average life of 3.2 years (equivalent to a Ba2 proxy rating). The default rate assumption was based on (1) the historical performance data of Judo Bank's portfolios; (2) benchmarking to comparable portfolios, including other Australian bank SME portfolio performance data; (3) the high proportion of bullet loans and the corresponding impact on the assumed default rate and (4) the characteristics of the loan-by-loan portfolio information. -- Recovery rate: Moody's assumed a 54.2% stochastic recovery rate with a standard deviation of 20.0%. The recovery rate assumption is primarily based on the characteristics of the collateral-specific loan-by-loan portfolio information. In particular, approximately 61.4% of the portfolio is secured by real estate collateral on which third-party valuation has been obtained. -- Portfolio stressed loss of 18.2% PORTFOLIO CHARACTERISTICS The initial portfolio balance was AUD740,605,120 composed of 1,068 contracts to 484 borrower groups. The average outstanding loan balance was AUD693,450 and the average borrower group exposure was AUD1,530,176. The portfolio consists of business loan (89.1%), lines of credit (4.4%) and equipment loans (6.6%). The top obligor exposure is 0.6% and the top ten obligors constitute 5.8% of the portfolio. The top three industry exposures are accommodation (6.9%), real estate services (5.8%). and non-residential property operators (4.1%). The weighted average portfolio yield was 8.67%. KEY TRANSACTION STRUCTURAL FEATURES The notes will be repaid on a sequential basis initially. On and after the payment date occurring twelve months after the deal closing date, all notes will receive their pro-rata share of principal, provided step-down conditions are satisfied. These include, among others, no unreimbursed charge-offs and payment date occurring prior to the call option date. If step-down conditions are no longer met, the repayment of principal will revert to sequential. The call option date will occur on or after the date on which the aggregate outstanding amount of the trust receivables is less than or equal to 10% of the aggregate outstanding amount of the trust receivables as at settlement date. The transaction benefits from a funded liquidity reserve that is sized at 1.25% of the aggregate invested amount of rated notes, subject to a floor of AUD937,500, and is sufficient to cover approximately 2.5 months of required payments. A loss reserve sized at 0.35% of the invested notes will be available to cover losses remaining after application of excess spread. Methodology Underlying the Rating Action The principal methodology used in these ratings was "SME Asset-Backed Securitizations" published in June 2025. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the notes include better-than-expected collateral performance. The Australian economy is a primary driver of performance. A factor that could lead to a downgrade of the notes is worse-than-expected collateral performance. Additionally, Moody's could downgrade the ratings in case of poor servicing, error on the part of transaction parties, a deterioration in the credit quality of transaction counterparties, or lack of transactional governance and fraud. KINGFISHER TRUST 2026-1: Moody's Gives Ba2 Rating to AUD9MM E Notes ------------------------------------------------------------------- Moody's Ratings has assigned definitive ratings to six classes of notes issued by Perpetual Corporate Trust Limited as trustee of the Kingfisher Trust 2026-1. Issuer: Perpetual Corporate Trust Limited as trustee of Kingfisher Trust 2026-1 AUD1380.00 million Class A1 Notes, Assigned Aaa (sf) AUD37.50 million Class A2 Notes, Assigned Aaa (sf) AUD48.00 million Class B Notes, Assigned Aa2 (sf) AUD12.00 million Class C Notes, Assigned A2 (sf) AUD10.50 million Class D Notes, Assigned Baa2 (sf) AUD9.00 million Class E Notes, Assigned Ba2 (sf) The AUD3.00 million Class F Notes are not rated by Moody's. The transaction is a securitisation of prime Australian residential mortgages. All mortgages were originated and are serviced by Australia and New Zealand Banking Group Limited (ANZ, Aa2/P-1/Aa1(cr)/P-1(cr)). As of March 31, 2026, ANZ's Australian mortgage assets totalled AUD341 billion, with net loans and advances amounting to AUD829 billion. 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 notes; the availability of excess spread over the life of the transaction; the liquidity facility in the amount of 1.00% of the notes' balance; the legal structure; and the credit strength and experience of ANZ as servicer. According to Moody's analysis, the transaction benefits from credit strengths such as the relatively high subordination to the Class A1 Notes, a low weighted-average scheduled loan-to-value (LTV) ratio, and a well-seasoned portfolio. However, the transaction features some credit weaknesses such as further advances, the pro rata amortisation of Class A1 to Class F Notes, and a relatively high proportion of non-purchase loans (58.6%). Moody's MILAN Stressed Loss for the collateral pool – representing the loss that Moody's expects the portfolio to suffer in the event of a severe recession scenario – is 3.0%. Moody's expected loss for this transaction is 0.30%, which represents a stressed, through-the-cycle loss relative to Australian historical data. The key transactional features are as follows: -- The Class A1 Notes benefit from 8.0% initial note subordination. The subordination compared with the 3.0% MILAN Stressed Loss provides additional credit support in the event that portfolio performance is worse than expected. -- The notes will initially be repaid on a sequential basis. On or after the second anniversary from the closing date, all notes may participate in proportional principal collections distribution subject to the pro rata criteria being satisfied. The pro rata criteria include, among others, the subordination to the Class A1 Notes at least doubling since the closing date and no unreimbursed charge-offs. -- A liquidity facility, provided by ANZ in the amount of 1.0% of the aggregate invested amount of all notes at that time, with a floor of AUD1,500,000. The liquidity facility will be available where trust income and principal collections are insufficient to meet the required payments. -- There is a basis swap in place to hedge any potential mismatch between the movements of the variable rates charged on the receivables and the one month bank bill swap rate (BBSW) paid on the notes. The swap supplements the threshold rate mechanism – a standard feature of Australian RMBS – and provides ANZ with greater flexibility not to adjust the variable interest rate of the mortgage loans in the portfolio should this be detrimental for business or performance reasons. The key portfolio features are as follows: -- The portfolio has a low weighted-average scheduled LTV ratio of 63.5% and 5.0% of the loans have a scheduled LTV ratio above 80%. -- The portfolio is well seasoned, with a weighted-average seasoning of 46.8 months. -- The portfolio has a relatively high proportion of loans that are secured by investment properties (41.2%). Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Residential Mortgage-Backed Securitizations" published in October 2024. Factors that would lead to an upgrade or downgrade of the ratings: Levels of credit protection that are greater than necessary to protect investors against current expectations of loss could lead to an upgrade of the ratings. Moody's expectations of loss could improve from its original expectations because of fewer defaults by underlying obligors or higher recoveries on defaulted loans. The Australian jobs market and housing market are major drivers of performance. A factor that could lead to a downgrade of the notes is worse-than-expected collateral performance. Other reasons that could lead to a downgrade include poor servicing, error on the part of transaction parties, deterioration in credit quality of transaction counterparties, fraud and lack of transactional governance. MILK & HONEY: First Creditors' Meeting Set for June 18 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Milk & Honey Enterprises Pty Ltd will be held on June 18, 2026, at 11:00 a.m. via virtual meeting. Lindsay Stephen Bainbridge and Timothy James Bradd of Pitcher Partners were appointed as administrators of the company on June 8, 2026. NATHAN RIVER: Goes Into Voluntary Administration ------------------------------------------------ ABC News reports that Nathan River Resources (NRR) has gone into voluntary administration, owing more than AUD300 million in debt, unpaid wages and royalties. The company owns the Roper Bar mine, 600 kilometres south-east of Darwin in the Northern Territory. Work at the site stopped in April when the company stood down its staff, the ABC recalls. Five companies in the NRR group have been placed under external administration, with BRI Ferrier appointed as administrators in late May. According to the ABC, ASIC documents show the group of companies owe vast sums of money to employees, contractors, government agencies, partner companies and traditional owners. This includes payments to traditional owner body the Northern Land Council of more than AUD2 million, and the NT government is owed more than AUD6 million in unpaid royalties. The company also owes at least 38 staff more than AUD968,000 in unpaid wages and entitlements. The ABC relates that Electrical Trades Union NT organiser David Hayes said workers were waiting to hear from administrators BRI Ferrier on what they might be able to recover, with some individuals owed tens of thousands of dollars. "We've got workers missing tens of thousands of dollars from their superannuation, up to four to six weeks pay, people have still got tools left out on site," the ABC quotes Mr. Hayes as saying. He said the episode was "a blow" to the industry's reputation as a safe investment opportunity. Mr. Hayes said it would make prospective workers think twice before agreeing to work at remote operations in the Territory. "If we want to attract investment into the NT in mining we need to ensure that the mining operations are financially secure and working properly," he said. "With an occurrence like this it's going to make people think twice before going out to them [smaller mining operations]." Nathan River Resources (NRR) is an Australian iron ore mining company focused on the development and operation of the Nathan River Project and Roper Bar iron ore mine in the Northern Territory. Giovanni Maurizio Carrello, Shaun William Boyle and Clint Peter Joseph of BRI Ferrier Western Australia were appointed as administrators of Nathan River Resources Pty Ltd; NRR Mining Pty Ltd; NRR Equipment Pty Ltd; NRR Services Pty Ltd; and NR Road Haulage Pty Ltd on May 26, 2026. NYRSTAR: Smelters to Get AUD105MM in Federal-State Government Help ------------------------------------------------------------------ ABC News reports that a further AUD105 million federal and state funding package has been announced for struggling Nyrstar smelters in Tasmania and South Australia. Last August, Nyrstar received a AUD135 million joint funding package from the governments to keep the smelters in Hobart and Port Pirie in operation. That funding - a AUD57.5 million contribution from the federal government, AUD55 million from South Australia, and AUD22.5 million from Tasmania - expired on May 1 this year. According to the ABC, a joint federal and state announcement on June 10 in Hobart said the new funding would support the continued operations of both smelters through to the end of 2026. Tasmania contributed AUD7.5 million toward the new funding package, while South Australia contributed AUD35 million, and the Commonwealth put forward AUD62.5 million. Speaking in Hobart on June 10, Federal Industry Minister Tim Ayres said the funding would allow Nyrstar to complete a pre-feasibility study, and to progress work on a two-year feasibility study, to expand the production of critical and strategic minerals, the ABC relays. "This is not just an old facility with great capability; it is a facility that has got the capacity to punch forward into the future." The bailout would secure about 550 direct jobs at the Hobart zinc smelter, and a further 1,000 indirect jobs across the state, Tasmanian Premier Jeremy Rockliff said, adds the ABC. Nyrstar Australia owns smelters in Hobart and Port Pirie. RESIMAC TRIOMPHE 2026-2: S&P Assigns (P) B (sf) Rating to F Notes ----------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to eight classes of prime residential mortgage-backed securities (RMBS) to be issued by Perpetual Trustee Co. Ltd. as trustee for RESIMAC Triomphe Trust - RESIMAC Premier Series 2026-2. RESIMAC Triomphe Trust - RESIMAC Premier Series 2026-2 is a securitization of prime residential mortgage loans originated by RESIMAC Ltd. (RESIMAC). The preliminary ratings assigned reflect the following factors. The credit risk of the underlying collateral portfolio and the credit support provided to each rated class of notes are commensurate with the ratings assigned. Subordination and lenders' mortgage insurance (LMI) cover provide credit support. The credit support provided to the rated notes is sufficient to cover the assumed losses at the applicable rating stress. S&P's assessment of credit risk takes into account RESIMAC's underwriting standards and approval process, which are consistent with industrywide practices; the strong servicing quality of RESIMAC; and the support provided by the LMI policies on 11.9% of the portfolio. The rated notes can meet timely payment of interest and ultimate repayment of principal under the rating stresses. Key rating factors are the level of subordination provided, the LMI cover, the liquidity facility, the principal draw function, and the provision of an extraordinary expense reserve. S&P's analysis is on the basis that the notes are fully redeemed by their legal final maturity date, and it does not assume the notes are called at or beyond the call date. S&P's ratings also take into account the counterparty exposure to National Australia Bank Ltd. as liquidity facility provider and swap provider, and Westpac Banking Corp. as bank account provider. The transaction documents for the liquidity facility include downgrade language consistent with our counterparty criteria. S&P has also factored into its ratings the legal structure of the trust, which is established as a special-purpose entity and meets our criteria for insolvency remoteness. Preliminary Ratings Assigned RESIMAC Triomphe Trust - RESIMAC Premier Series 2026-2 Class A1, A$140.00 million: AAA (sf) Class A2, A$760.00 million: AAA (sf) Class AB, A$50.00 million: AAA (sf) Class B, A$24.00 million: AA (sf) Class C, A$14.50 million: A (sf) Class D, A$4.00 million: BBB (sf) Class E, A$4.00 million: BB (sf) Class F, A$1.50 million: B (sf) Class G, A$2.00 million: Not rated ================= H O N G K O N G ================= LI & FUNG: Fitch Affirms 'BB' Long-Term IDR, Outlook Stable ----------------------------------------------------------- Fitch Ratings has affirmed Li & Fung Limited's (L&F) Long-Term Issuer Default Rating (IDR) at 'BB' with a Stable Outlook following its agreement to acquire 55% of New Advent Global Limited for about USD250 million. Fitch has also affirmed L&F's senior unsecured rating at 'BB'. The rating remains supported by L&F's unique position as a leading global sourcing and trading platform. Its extensive supplier and vendor network gives customers optionality, flexibility and sourcing diversification, helping them manage costs and navigate rising complexity and structural volatility in a rapidly changing trade environment. The Stable Outlook reflects its expectation that the acquisition will strengthen L&F's business profile by generating synergies and enhancing scale and margin. Fitch forecasts EBITDA net leverage will be similar post-acquisition, with rating headroom potentially increasing on successful integration of the combined operations. Key Rating Drivers Acquisition Supports Scale and Growth: L&F and New Advent have complementary product expertise, strong market shares and established customer bases. Fitch expects their combination to quickly boost L&F's scale and position it for growth, especially against mounting economic headwinds. L&F's broader platform, customer base and more diversified geographical reach should facilitate New Advent's expansion, while New Advent's more specialised expertise should strengthen L&F's product verticals and deepen penetration with key customers. Fitch forecasts a muted global discretionary retail environment in 2026, but L&F's execution of its growth strategy, including the New Advent acquisition, may offset the impact. Higher energy and transportation costs from the Iran conflict could raise inflation and impair consumer confidence. However, inflation, combined with US-dollar weakness, is likely to lift L&F's average unit cost, reversing the mid-single-digit decline in 2025. Deleveraging to Continue: Fitch expects L&F's growth strategy execution and New Advent integration to support continued deleveraging, with operating cash flow better matching the deferred portion of acquisition payments. Fitch forecasts EBITDA net leverage to decline towards 3.0x over the medium term, from 3.7x in 2025. Fitch assesses net leverage on a fully consolidated basis, but its tolerance accounts for large minorities at New Advent, where proportionately consolidated net leverage would be higher, but is offset by the stronger business profile post-acquisition. Margin Accretive: Fitch expects a wider post-acquisition EBITDA margin at L&F on a pro forma basis from a more favourable segment and product mix as well as cost synergies. This is in addition to the improved standalone profitability that Fitch already forecasts, driven by better customer and product diversification, sourcing optimisation and continued efficiency gains as L&F adopts more artificial intelligence and data infrastructure. Low Integration Risk: The familiarity between L&F and New Advent's management teams and common control under the Fung family should allow for a smooth, fast transition period, lowering integration risk. Fitch expects passive involvement from New Advent's minority shareholders, leaving L&F with sufficient control to make strategic decisions. Potential Free Cash Flow Recovery: Fitch expects L&F's free cash flow could turn positive from 2027, after decreasing in 2025 and 2026 on higher dividend payments. New Advent should contribute incremental cash flow and both businesses are asset-light, keeping capex and working capital needs relatively moderate. Fitch expects dividend payments to continue, but not at levels that undermine free cash flow, while small-scale acquisitions should be pursued prudently. Any deviation from its expectations could prompt a reassessment of L&F's financial policy and discipline. Coverage to Improve: Fitch expects the New Advent acquisition to lift EBITDA interest coverage to above 2.0x on enlarged post-acquisition EBITDA. Coverage fell below the 1.9x negative rating sensitivity in 2025 to 1.8x due to higher coupon rates on refinanced bonds and interest on trade finance facilities drawn during the year. Fitch believes L&F has no plans to incur new debt to fund its New Advent acquisition and interest income on its cash balance provides an additional buffer. Global Supply Chain Network: L&F's key strength remains its extensive and resilient network of suppliers and vendors, which is difficult to replicate. Fitch expects the longstanding relationships across its diverse global network, deep local expertise and agile operating model to support L&F in swiftly fulfilling orders and customising options at lower cost. Compliance with regulations and ESG initiatives among its suppliers and vendors reduces reputational and operational risks for customers. Peer Analysis L&F can be compared with The Bidvest Group Limited (BB/Stable), a South African diversified services provider. They have similar revenue scale, but L&F's trading-based operations have slimmer margins. L&F has a stronger market position globally and a more diversified operating environment across mostly investment-grade countries. Bidvest, a regional player whose rating is constrained by concentration in South Africa (BB-/Stable), has stronger diversification in service products and end-markets that reduces demand cyclicality and pricing pressure. Bidvest has more conservative financials, but L&F's financial risks are mitigated by its abundant cash balance and the large proportion and permanence of subordinated perpetuals in its capital structure. L&F's credit profile is weaker than that of Derichebourg S.A. (BB+/Rating Watch Negative), a French provider of metal recycling services. Derichebourg is smaller by revenue but has higher EBITDA. Both benefit from market leadership and geographic diversification, but are limited by high demand cyclicality and weaker end-market diversification. The one-notch differential is driven by Derichebourg's stronger financials. L&F has a stronger credit profile than Albion HoldCo Limited (BB-/Stable), a leading UK-based provider of mobile modular and other energy services. Albion is smaller by revenue. but more profitable. Demand for Albion's utilities is more resilient than that for L&F's consumer products, but Albion's contracts are generally shorter. Fitch projects that Albion's EBITDA net leverage will remain higher than that of L&F. Fitch’s Key Rating-Case Assumptions - New Advent consolidated in 2026 (pro forma) - Revenue to increase by mid-single-digit percentages annually over 2026-2029 - EBITDA margin to improve from 2025 level - Capex of USD30 million a year over 2026-2029 - Dividends as proposed in 2026 - Exchange rates, benchmark interest rates and other relevant assumptions in line with Fitch's Global Economic Outlook (March 2026) and Global Risk Outlook (April 2026) Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bbb-', Lower), sector characteristics ('b+', Moderate), market and competitive positioning ('bb+', Higher), diversification and asset quality ('bb', Moderate), company operational characteristics ('bb', Higher), profitability ('b', Lower), financial structure ('bb-', Moderate), and financial flexibility ('bb+', Moderate). The quantitative financial subfactors are based on custom CRT financial period parameters: 50% weight for the forecast year 2026, 40% for the forecast year 2027 and 10% for the forecast year 2028. The governance assessment of 'good' has no impact. The operating environment assessment of 'aa-' has no impact. The SCP is 'bb'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'BB'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Unsuccessful execution of the growth strategy to increase revenue and EBITDA - EBITDA net leverage to stay above 4x on a sustained basis - EBITDA interest coverage to stay below 1.9x on a sustained basis Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Successful and consistent execution of growth strategy, resulting in a materially larger EBITDA, and consolidated EBITDA net leverage falling to 3x or below on a sustained basis Issuer Profile L&F is a Hong Kong-based supply-chain service provider that has operated for around 120 years. It specialises in delivering comprehensive end-to-end supply-chain solutions, including design, development, production and delivery of high-volume, time-sensitive non-perishable consumer goods to leading brands and retailers worldwide. Its extensive sourcing network spans across about 40 economies. Summary of Financial Adjustments Fitch has reclassified L&F's subordinated perpetual instruments as long-term debt given the presence of look-back clauses and treat the dividends paid on these instruments as cash interest payments. Fitch also treated L&F's short-term bank deposits as cash. 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 L&F. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Li & Fung Limited LT IDR BB Affirmed BB senior unsecured LT BB Affirmed BB ========= I N D I A ========= ATUL MOTORS: CRISIL Lowers Rating on INR23cr Loan to B ------------------------------------------------------ Crisil Ratings has migrated its rating on the long-term bank facilities of Atul Motors Private Limited (AMPL) to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB-/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.5 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB-/Stable') Electronic Dealer 5 Crisil B/Stable (ISSUER NOT Financing Scheme COOPERATING; Migrated from (e-DFS) 'Crisil BB-/Stable') Electronic Dealer 5 Crisil B/Stable (ISSUER NOT Financing Scheme COOPERATING; Migrated from (e-DFS) 'Crisil BB-/Stable') Inventory Funding 3 Crisil B /Stable (ISSUER NOT Facility COOPERATING; Migrated from 'Crisil BB-/Stable') Inventory Funding 23 Crisil B /Stable (ISSUER NOT Facility COOPERATING; Migrated from 'Crisil BB-/Stable') Inventory Funding 12 Crisil B /Stable (ISSUER NOT Facility COOPERATING; Migrated from 'Crisil BB-/Stable') Proposed Long Term 6.08 Crisil B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Migrated from 'Crisil BB-/Stable') Working Capital 3.4 Crisil B/Stable (ISSUER NOT Term Loan COOPERATING; Migrated from Cooperating) Working Capital 2.04 Crisil B/Stable (ISSUER NOT Term Loan COOPERATING; Migrated from Cooperating) Working Capital 1.98 Crisil B/Stable (ISSUER NOT Term Loan COOPERATING; Migrated from Cooperating) Crisil Ratings has been consistently following up with AMPL for obtaining information through letter and email dated May 30, 2026, among others, apart from telephonic communication. However, the issuer has remained non-cooperative. The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'Issuer not cooperating' as the rating is arrived at without any management interaction and is based on best-available or limited or dated information on the company. Such non-cooperation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'Issuer not cooperating' suffix lack a forward-looking component. Detailed rationale Despite repeated attempts to engage with the management, Crisil Ratings did not receive any information on either the financial performance or strategic intent of AMPL, which restricts ability of Crisil Ratings to take a forward-looking view on the entity's credit quality. Crisil Ratings believes that rating action on AMPL is consistent with criteria detailed in 'Assessing information adequacy risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated its rating on the long-term bank facilities of AMPL to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB-/Stable'. Incorporated in 1999, AMPL is an authorised dealer of vehicles of Maruti Suzuki India Ltd (MSIL). The company operates a showroom and service centre in Rajkot, Gujarat. It is owned and managed by Harish Chandra, Dharmendra Chandra and Mahesh Chandra. AVIAN INFRASTRUCTURE: CRISIL Withdraws B Rating on INR15.1cr Loan ----------------------------------------------------------------- Crisil Ratings has withdrawn its ratings on the bank facilities of Avian Infrastructure and Energy Private Limited (AIEPL) on the request of the company and after receiving no objection certificates from the banks. The rating action is in line with Crisil Rating's policy on withdrawal of its ratings on bank loan facilities. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 10 Crisil A4/Issuer Not Cooperating (Withdrawn) Bank Guarantee 45 Crisil A4/Issuer Not Cooperating (Withdrawn) Cash Credit 5 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Overdraft Facility 4.9 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Proposed Working 15.1 Crisil B/Stable/Issuer Not Capital Facility Cooperating (Withdrawn) Crisil Ratings has been consistently following up with AIEPL for obtaining information through letter and email dated March 23, 2026, among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AIEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AIEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, Crisil Ratings has continued its ratings on the bank facilities of GIPL to 'Crisil B/Stable/Crisil A4 Issuer Not Cooperating' AIEPL, incorporated in 2015, undertakes civil construction works such as construction of water tank, water treatment plant, installation of cutting-edge water purification technologies, advanced filtration systems and related projects; the company is based in Patna. Mr Ankit Kumar and Mr Avinav Kumar are the promoters. B M AGRI: CRISIL Lowers Rating on INR37cr Packing Loan to B+ ------------------------------------------------------------ Crisil Ratings has downgraded its rating on the long-term bank facility of B M Agri Corporation (BMAC) to 'Crisil B+/Stable' from 'Crisil BB-/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Packing Credit 37 Crisil B+/Stable (Downgraded from 'Crisil BB-/Stable') The rating reflects modest scale of operations and below-average financial risk profile. These weaknesses are partially offset by the extensive industry experience of the firm's partners. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of BMAC. The unsecured loans of INR5.01 crore as of March 2026 have been treated as 100% debt as these are need based funds. Key Rating Drivers - Weaknesses * Modest scale of operations: Exposure to intense competition may continue to constrain scalability, pricing power and profitability. The revenue is estimated to decline to INR177 crore in fiscal 2026 from INR329 crore in fiscal 2025 due to Indonesia's ban on import of Indian groundnuts during September-November 2025. Though the revenue will recover, this will depend on multiple factors such as government policy and agricultural produce impacting the entity. Improvement in turnover remains a key rating sensitivity factor. * Below-average financial risk profile: Networth is estimated to be modest at INR6.85 crore and total outside liabilities to adjusted networth (TOLANW) ratio weak at 3.5 times as on March 31, 2026. Interest coverage ratio is estimated to be muted at 1.2 times in fiscal 2026 Key Rating Drivers - Strength * Extensive industry experience of the partners: Presence of over four decades in the agricultural commodity industry has helped the partners to develop a strong understanding of the market dynamics and establish healthy relationships with suppliers and customers. This has enabled the firm to derive 100% revenue from export sales. Liquidity Poor Bank limit utilisation was low at around 38% for the 12 months through Feb26. Cash accrual is expected to be over INR0.5 crore against nil term debt obligation over the medium term. Current ratio is estimated to be moderate at 1.5 times as on March 31, 2026. Outlook Stable Crisil Ratings believes the firm will continue to benefit over the medium term from its longstanding relationships with principals and experience of the management in mitigating the inherent risk in the trading business. Rating sensitivity factors Upward factors * Sustained improvement in revenue and operating margin leading to net cash accrual above INR1.5 crore * Decline in TOLANW ratio with improvement in financial risk profile Downward factors * Fall in revenue and operating margin resulting in lower-than-expected cash accrual of under INR0.3 crore * Deterioration in the financial risk profile and liquidity BMAC was established in 2014 as a partnership firm by Bharat Kumar Manharlal Ganatra, Nitin Kumar Manharlal Ganatra, Pratik Jayesh Kumar Ganatra and Ravi Bharatkumar Ganatra. It trades in agricultural commodities such as groundnuts, sesame seeds, pulses, and spices. Exports to Indonesia, Malaysia, the Philippines and Thailand comprise 100% of the overall sales. BIMAL AUTO: CRISIL Lowers Rating on INR27.5cr Loan to B ------------------------------------------------------- Crisil Ratings has migrated the rating on bank facilities of Bimal Auto Agency (BAA) to 'Crisil B/Stable Issuer not cooperating from 'Crisil BBB/Negative'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Inventory 25.5 Crisil B/Stable (ISSUER NOT Funding Facility COOPERATING; Migrated from 'Crisil BBB/Negative') Inventory 27.5 Crisil B/Stable (ISSUER NOT Funding Facility COOPERATING; Migrated from 'Crisil BBB/Negative') Inventory 27.5 Crisil B/Stable (ISSUER NOT Funding Facility COOPERATING; Migrated from 'Crisil BBB/Negative') Crisil Ratings has been consistently following up with BAA for obtaining information through letter and email dated May 28, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Crisil, 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 BAA 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 BAA to 'Crisil B/Stable Issuer not cooperating from 'Crisil BBB/Negative'. BAA was formed as a partnership between Mr Amit Sarawgi, Mr Rohit Kumar Sarawgi and Mr Gaurav Kumar Sarawgi 1976. The firm is an authorised dealer for MSIL in Guwahati. It has 5 3S showrooms and over 10 service centers and sales outlets all over Assam and a registered office in Guwahati. BLISS GVS: CRISIL Withdraws B Rating on INR43.5cr Term Loan ----------------------------------------------------------- Crisil Ratings has withdrawn its ratings on the bank facilities of Bliss at the company's request and receipt of no objection certificate from the bank. The rating action is in line with Crisil Ratings' policy on withdrawal of its rating. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Foreign Currency 43.5 Crisil B/Stable/Issuer Not Term Loan Cooperating (Withdrawn) Foreign Currency 35 Crisil B/Stable/Issuer Not Term Loan Cooperating (Withdrawn) Foreign Usance 40 Crisil A4/Issuer Not Bills Purchase- Cooperating (Withdrawn) Discounting Letter of Credit 25 Crisil A4/Issuer Not Cooperating (Withdrawn) Packing Credit 10 Crisil A4/Issuer Not in Foreign Currency Cooperating (Withdrawn) Proposed Long Term 6.5 Crisil B/Stable/Issuer Not Bank Loan Facility Cooperating (Withdrawn) Crisil Ratings has been consistently following up with Bliss for obtaining information through letters and emails dated May 11, 2026 and 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 Bliss, which restricts Crisil Ratings' ability to take a forward-looking view on the entity's credit quality. Crisil Ratings believes that rating action on Bliss is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, Crisil Ratings has migrated its ratings on the bank facilities of TIPL to 'Crisil B/Stable/Crisil A4 Issuer Not cooperating' from 'Crisil BBB+/Stable/Crisil A2'. About the Group Incorporated in 1984, Bliss develops and manufactures pharmaceutical formulations mainly for sale in Africa. The company sells formulations in the form of suppositories, pessaries, capsules, tablets, and syrups. It manufactures more than 250 branded formulations in the anti-malarial, anti-fungal, anti-bacterial, anti-biotic, anti-inflammatory, contraceptive, and anti-diabetic segments. Bliss also contract-manufactures suppositories and pessaries for Sun Pharma and Mankind. However, these clients do not have rights for exporting the products. Bliss has seven manufacturing units, 5 units in Maharashtra (Palghar, Ambernath) and 2 units in Nigeria. The company has 2 wholly-owned subsidiaries, Bliss GVS International Pte. Limited (Singapore) and Asterisk Lifesciences Limited (UK), 1 partly-owned subsidiary, Kremoint Pharma Private Limited (India) and 4 step-down subsidiaries. Bliss is listed on the National Stock Exchange and Bombay Stock Exchange. Bliss is promoted by Mr. Narsimha Shibroor Kamath, Dr. Vibha Gagan Sharma (Whole-time Director) and Mrs. Shruti Vishal Rao (Whole-time Director). CHENNAI MOBILES: CRISIL Lowers Rating on INR35cr Cash Loan to B --------------------------------------------------------------- CRISIL Ratings has migrated the ratings on bank facilities of The Chennai Mobiles (TCM) to 'Crisil B/Stable/Crisil A4 Issuer not cooperating' from 'Crisil BB+/Stable/Crisil A4+'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3 Crisil A4 (ISSUER NOT COOPERATING; Migrated from 'Crisil A4+') Cash Credit 35 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB+/Stable') Cash Credit/ 20 Crisil B/Stable (ISSUER NOT Overdraft facility COOPERATING; Migrated from 'Crisil BB+/Stable') Inventory Funding 3.5 Crisil B/Stable (ISSUER NOT Facility COOPERATING; Migrated from 'Crisil BB+/Stable') Inventory Funding 13 Crisil B/Stable (ISSUER NOT Facility COOPERATING; Migrated from 'Crisil BB+/Stable') Inventory Funding 25 Crisil B/Stable (ISSUER NOT Facility COOPERATING; Migrated from 'Crisil BB+/Stable') Working Capital 3.5 Crisil B/Stable (ISSUER NOT Term Loan COOPERATING; Migrated from 'Crisil BB+/Stable') Crisil Ratings has been consistently following up with TCM for obtaining NDS through letters/emails dated March 31, 2026, April 30, 2026 and May 29, 2026 among others, apart from telephonic communication to seek the same. After non-receipt of NDS for 2 consecutive months, we also sent a letter dated May 26, 2026 reminding the issuer to share the NDS. However, the issuer has remained non cooperative. Crisil Ratings has also tried to reach out to the lenders of TCM to confirm timely debt servicing during these months, but awaits any feedback. '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 NDSs from TCM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Further, non-sharing of NDS by issuers may reflect operational issues faced by issuers in some cases. On the other hand, it may be a beginning of a general non-cooperation and may extend to non-submission of other information. Crisil Ratings believes that rating action on TCM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of TCM migrated to 'Crisil B/Stable/Crisil A4 Issuer not cooperating' from 'Crisil BB+/Stable/Crisil A4+'. TCM was established in 2006 and operates a multi-brand mobile retail chain in Tamil Nadu and parts of Kerala with a network of 100+ stores. TCM is owned & managed by Mr. Abdul Rahuman, Mr. Mohamed Kani Samsu Ali and Ms. Asanbath Bivee. DMB PAPER: CRISIL Lowers Long/Short Term Rating to D ---------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of DMB Paper Mills Private Limited (DPMPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Short Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil A4 ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with DPMPL for obtaining information through letters and emails dated January 23, 2026 and June 1, 2026 and 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 DPMPL, which restricts Crisil Ratings' ability to take a forward-looking view on the entity's credit quality. Crisil Ratings believes that rating action on DPMPL is consistent with 'Assessing Information Adequacy Risk'. The ratings on the bank facilities of DPMPL has been downgraded to 'Crisil D/Crisil D Issuer not cooperating' from 'Crisil B/Stable/Crisil A4 Issuer Not cooperating' basis the delay in the debt servicing obligation as per the publicly available information DPMPL was incorporated in June 2014 by Mr. Yakub Khan and his associates by acquiring Delux Kraft Board Pvt Ltd, set up in 1997 in Gujarat. DPMPL manufactures kraft paper. DR BABASAHEB: CRISIL Assigns B+ Rating to INR90cr Term Loan ----------------------------------------------------------- Crisil Ratings has assigned its 'Crisil B+/Stable/Crisil A4' ratings to the bank facilities of Dr Babasaheb Ambedkar Sahakari Sakhar Karkhana Ltd (DBASSKL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Short Term Bank Loan Facility 60 Crisil A4 (Assigned) Working Capital Term Loan 90 Crisil B+/Stable (Assigned) The ratings reflect the susceptibility to regulatory changes and cyclicality in the industry, weak financial risk profile and working capital-intensive-operations. These weaknesses are partially offset by DBASSKL's longstanding presence and healthy relationships with member farmers, and integrated operations. Analytical approach Crisil Ratings has evaluated the standalone business and financial risk profiles of DBASSKL. Key rating drivers - Weaknesses * Susceptibility to regulatory changes and cyclicality in the sugar industry: The input prices are driven by the government, while sugar prices are volatile and based on open market prices (which are dependent on the production levels), leading to volatility in players' profitability. Besides, the government regulates domestic demand-supply through restrictions on imports and exports, and stock holdings. Regulatory mechanisms and dependence on the monsoon have rendered the sugar industry cyclical. The society's performance can be affected by draught and limited availability of sugarcane in its area. Currently, sugar realisations are improving and there is also healthy demand for ethanol. The focus on ethanol production partly allays the risks related to volatility in sugar prices. * Weak financial risk profile: The capital structure remained leveraged as indicated by gearing at 5.29 times and total outside liabilities to adjusted networth (TOLANW) ratio at 6.66 times as on March 31, 2026. Owing to high debt and moderate profitability, the debt protection metrics remained weak as indicated by interest coverage ratio at 2 times in fiscal 2026. Being a co-operative society, the profits are distributed to farmer members through incremental sugarcane procurement prices. Hence, profitability remains suppressed and accretion to reserves is also limited, which constrains the financial risk profile. The overall financial risk profile of the company is expected to remain in similar lines over the medium term. * Working capital-intensive-operations: The working capital intensity is reflected in gross current assets (GCAs) at 274 days as on March 31, 2025, because of the seasonal nature of the business. Crushing season begins in October-November and ends in March-April. Hence, inventory remains large at the year-end as sugar produced during the season is stocked for sale next year. Moreover, sugar is sold as per the release mechanism which leads to high stock at the year-end. Key rating drivers - Strengths * Established market position, backed by longstanding presence and healthy relationships with member farmers: The society has an operational track record of around four decades in the sugar industry and an established presence in its area of operations. Its association with several member farmers from nearby villages ensures regular supply of sugarcane. Revenue improved to INR275 crore in fiscal 2026 from INR126 crore in fiscal 2025, backed by improved cane availability. * Integrated oeprations: The society has an integrated plant with sugarcane crushing capacity of 5,000 tonne of cane per day (TCD), 26-megawatt (MW) cogeneration plant and distillery of 60 kilo litre per day (KLPD). It also generates revenue of INR2-3 crore from solar power. This supports the revenue and margin profile. Further benefits from steadily growing sugar realisation and increasing ethanol sales should support the operating performance over the medium term. Liquidity Stretched Liquidity is stretched as indicated by expected cash accruals to be tightly matched against debt obligation of INR25 crore. Bank limit utilisation remained low at 38.62% for the 12 months ended March 31, 2026, against limit. However, drawing power varies according to sugar stock. Outlook Stable Crisil Ratings believes BASSKL will continue to benefit from the long-standing presence in the sugar industry. Rating sensitivity factors Upward factors * Sustained improvement in scale of operation and sustenance of operating margin, leading to cash accruals above INR 35 crores. Improvement in the working capital cycle and financial risk profile Downward factors * Weak operating performance because of shortage of sugarcane or low sugar realisation, leading to cash accrual below INR24 crore Increase in working capital requirement or large, debt-funded capital expenditure, weakening the liquidity and financial risk profiles Established in 2001, BASSKL manufactures sugar and has its plant in Osmanabad, Maharashtra, with installed capacity of 5,000 TCD. Also, the sugar mill has 26-MW captive power generation capacity, which it fuels using bagasse generated during sugar production and 60 KLPD molasses-based ethanol plant (or distillery). It also has a 1.2-MW bio-gas plant and 1-MW solar power plant. GUJARAT INFRAPROJECT: CRISIL Lowers Rating on INR20.5cr Loan to B ----------------------------------------------------------------- CRISIL Ratings has migrated the ratings on bank facilities of Gujarat Infraproject Private Limited (GIPL) to 'Crisil B/Stable/Crisil A4 Issuer not cooperating' from 'Crisil BB-/Stable/Crisil A4+'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 15 Crisil A4 (ISSUER NOT COOPERATING; Migrated from 'Crisil A4+') Cash Credit 4.5 Crisil B/Stable(Issuer Not Cooperating; Migrated from 'Crisil BB-/Stable') Cash Credit 20.5 Crisil B/Stable(Issuer Not Cooperating; Migrated from 'Crisil BB-/Stable') Crisil Ratings has been consistently following up with GIPL for obtaining NDS through letters/emails dated March 31, 2026, April 30, 2026 and May 29, 2026 among others, apart from telephonic communication to seek the same. After non-receipt of NDS for 2 consecutive months, we also sent a letter dated May 26, 2026 reminding the issuer to share the NDS. However, the issuer has remained non cooperative. Crisil Ratings has also tried to reach out to the lenders of GIPL to confirm timely debt servicing during these months, but awaits any feedback. '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 NDSs from GIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Further, non-sharing of NDS by issuers may reflect operational issues faced by issuers in some cases. On the other hand, it may be a beginning of a general non-cooperation and may extend to non-submission of other information. Crisil Ratings believes that rating action on GIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GIPL migrated to 'Crisil B/Stable/Crisil A4 Issuer not cooperating' from 'Crisil BB-/Stable/Crisil A4+'. GIPL was incorporated in 2010 and is promoted by Mr Ashokkumar Patel, Mr Tribhovandas, Mr Pravinkumar Tribhovandas Patel, Mr Vikram Tribhovandas Patel, Mr Mukeshkumar Tribhovandas Patel, and Mr Kalpeshkumar Dahyabhai Patel. Based in Visnagar, Gujarat, the company constructs roads and bridges. IIFL FINANCE: Fitch Assigns 'B+(EXP)' Rating to USD Sr. Sec. Notes ------------------------------------------------------------------ Fitch Ratings has assigned India-based IIFL Finance Limited's (B+/Positive) proposed US dollar-denominated senior secured bonds an expected rating of 'B+(EXP)' and Recovery Rating of 'RR4'. The final rating is subject to the receipt of final documentation conforming to information already received. The proposed notes will be issued under IIFL Finance's USD1 billion secured global medium-term note programme and secured by collateral that includes specified assets and receivables of the issuer. The notes will be subject to maintenance-based covenants that require the issuer and each of its principal subsidiaries to meet regulatory capital requirements and maintain net 90-day non-performing loan ratios of no more than 5%. The covenants also require the issuer to maintain a security coverage ratio, comprising standard assets, of at least 1.0x at all times. IIFL Finance will issue the proposed notes in the international market under the Reserve Bank of India's external commercial borrowings framework. Key Rating Drivers The proposed notes are rated at the same level as IIFL Finance's Long-Term Foreign-Currency Issuer Default Rating (IDR), in accordance with Fitch's rating criteria, as they will be the issuer's secured obligations and rank pari passu at all times with its other secured obligations. Most of IIFL Finance's debt is secured and Fitch believes non-payment of the senior secured debt would best reflect the uncured failure of the issuer. IIFL Finance can issue unsecured debt in overseas markets, but such debt is likely to constitute a small portion of its funding and thus cannot be viewed as its primary financial obligation. The Recovery Rating on the proposed notes reflects its expectation of 'Average' recovery prospects in the event of default. This is in line with its criteria for India-based entities with a Long-Term IDR of 'B+' or below. The proposed notes will be subject to a cross-acceleration clause, where the acceleration of any debt of the issuer or its principal subsidiaries may constitute an event of default. Fitch understands that IIFL Finance's microfinance subsidiary remains in breach of certain loan covenants relating to delinquencies; however, lenders have not taken any adverse action in response to the breach so far. The subsidiary's delinquency ratio has improved since end-September 2025. The issuer and its principal subsidiaries continue to meet all repayment obligations. For more information on IIFL Finance's key rating drivers and sensitivities, please see Fitch Revises Outlook on IIFL Finance to Positive; Affirms at 'B+', published 16 October 2025. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Any negative action on IIFL Finance's Long-Term IDR would drive corresponding action on the expected rating on the proposed notes. The expected rating may also be downgraded if Fitch believes that recovery prospects are likely to weaken to below 30% of outstanding senior secured bonds in a liquidation scenario. The Recovery Rating would be revised to 'RR5' in such a scenario. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade of IIFL Finance's Long-Term IDR would result in similar action on the expected rating on the proposed notes. Date of Relevant Committee 15-Oct-2025 ESG Considerations IIFL Finance has an ESG Relevance Score of '4' for Management Strategy, as Fitch believes the company's operations and franchise remain sensitive to management's ability to maintain sound implementation of internal controls and return the business to adequate profitability following the lifting of Reserve Bank of India sanctions on its gold loan business. IIFL Finance has an ESG Relevance Score of '4' for Governance Structure, as the history of regulatory action implies there are gaps in the oversight structure and management of compliance risks that may pose reputational risk for the company. 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 ----------- ------ -------- IIFL Finance Limited senior secured LT B+(EXP) Expected Rating RR4 INDEXPORT LEATHER: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Indexport Leather Export Private Limited (ILEPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.90 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 5.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 14, 2025, placed the rating(s) of ILEPL under the 'issuer non-cooperating' category as ILEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ILEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 28, 2026, March 10, 2026, March 20, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable West Bengal based Indexport Leather Export Private Limited (ILEPL) incorporated in January 2011, was promoted by Mr. Ranbir Dev Thakar, Mrs. Saroj Thakar and Mrs. Gayatri Dutt. Since its inception, ILEPL has been engaged in processing of leather and manufacturing of leather products like wallets, card case holder, leather key ring, leather passport holder, note cases, handbags etc. The major raw materials used are raw hide of animals which are mainly procured from domestic market and also imported from Hong Kong. The manufacturing facility of the company is located at Kolkata, West Bengal with an installed capacity of 240000 pieces per annum. The company sells its entire products in the international market. The major export destination of the company is Germany and UK. Mr. Ranbir Dev Thakar (aged about 88 years), having more than five decades of experience in this line of business, looks after the day to day operations of the company. He is supported by another promoter Mrs. Saroj Thakar and Mrs. Gayatri Dutt along with a team of experienced professional. INDO FABRICS: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Indo Fabrics (IF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 13.84 CARE D; ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 25, 2025, placed the rating(s) of IF under the 'issuer non-cooperating' category as IF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. IF continues to be non-cooperative despite repeated requests for submission of information through emails dated March 11, 2026, March 21, 2026, May 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 Indo Fabrics (IF) is a proprietorship concern established in the year 1999 by Mrs. Indumathi. The firm is primarily engaged in the manufacture of grey fabrics. Mrs. Indumathi is supported by her husband Mr. Palanisamy in handling the operations. IF has two divisions namely sizing division and weaving division. It has 36 sulzer looms in the weaving division and 700 power looms. As of September 2021, IF has installed capacity of 2500 kg/day for yarn sizing and 13 lakh meter/month for manufacturing of grey fabrics. The firm has its manufacturing unit at Sommanur, Coimbatore. KARTHIKEYA DALL: CRISIL Lowers Rating on INR18.5cr Loan to B ------------------------------------------------------------ CRISIL Ratings has migrated the rating on bank facilities of Karthikeya Dall Producers (KDP) to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB-/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 18.5 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB-/Stable') Proposed Cash 10 Crisil B/Stable (ISSUER NOT Credit Limit COOPERATING; Migrated from 'Crisil BB-/Stable') Working Capital 1.5 Crisil B/Stable (ISSUER NOT Term Loan COOPERATING; Migrated from 'Crisil BB-/Stable') Crisil Ratings has been consistently following up with KDP for obtaining NDS through letters/emails dated March 31, 2026, April 30, 2026 and May 29, 2026 among others, apart from telephonic communication to seek the same. After non-receipt of NDS for 2 consecutive months, we also sent a letter dated May 26, 2026 reminding the issuer to share the NDS. However, the issuer has remained non cooperative. Crisil Ratings has also tried to reach out to the lenders of KDP to confirm timely debt servicing during these months, but awaits any feedback. '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 NDSs from KDP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Further, non-sharing of NDS by issuers may reflect operational issues faced by issuers in some cases. On the other hand, it may be a beginning of a general non-cooperation and may extend to non-submission of other information. Crisil Ratings believes that rating action on KDP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KDP migrated to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB-/Stable'. KDP is a partnership entity set up in 2009 by Mr J Srinivasa Rao and Mr M V Naga Raja Kumari. The firm is engaged in processing and trading of organic daals such as moong, toor and masoor; it is based in Vinukonda, Guntur district, Andhra Pradesh. KSK ENERGY: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of KSK Energy Limited (KEL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 195.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated March 17, 2025, placed the rating(s) of KEL under the 'issuer non-cooperating' category as KEL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KEL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 31, 2026, February 10, 2026, February 20, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable The KSK group has been promoted by Mr. Sethuraman Kishore and Mr. K. A. Sastry and it is involved in consulting and developing power projects since 1998. KSK Power Venture Plc (KSKPV), incorporated in Isle of Man, is the holding company of KSK Group and is listed in the London Stock Exchange (LSE). KEL, Mauritius, incorporated in 2005, is a wholly-owned subsidiary of KSKPV. KEL, through its two subsidiaries KSK Energy Company Private Limited (KECPL) and KSK Energy Ventures Limited (KEVL), is engaged in development of various infrastructure (power and non-power) projects. KECPL via its separate Special Purpose Vehicles (SPVs) provides services like coal transportation, water supply and other infrastructure activities to the power plants, while KEVL's core business is power generation. KEL also undertook development of 250 MW solar project under different SPVs of KSK group (125 MW in Tamil Nadu and 125 MW in Rajasthan). KSK WATER: CARE Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of KSK Water Infrastructures Private Limited (KWIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 636.73 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated March 17, 2025, placed the rating(s) of KWIPL under the 'issuer non-cooperating' category as KWIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KWIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 31, 2026, February 10, 2026, February 20, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable KSK Water Infrastructures Private Limited (KWIPL) is a Special Purpose Vehicle (SPV) promoted by KSK group to supply water to its 3600 MW (600 MW X 6 units) under construction thermal power plant; KSK Mahanadi Power Company Limited (KMPCL) at District Janjgir Champa in the State of Chhattisgarh. KWIPL is setting up 3600 MW (6 x 600 MW) domestic coal-based power project at Nariyara village, Janjgir-Champa District of Chhattisgarh. There are three separate SPV companies for water transportation (under KWIPL), mining of coal and rail transportation infrastructure to support the operations of KMPCL. There is proposal to merge the three SPVs with KMPCL and the same is under process. LIGARE AVIATION: NCLAT Cancels Insolvency Proceedings vs Company ---------------------------------------------------------------- The Economic Times reports that the National Company Law Appellate Tribunal (NCLAT) has set aside insolvency proceedings against Ligare Aviation Ltd, holding that the NCLT erred in admitting the plea filed by Religare Enterprises without properly examining the nature of the underlying transactions, which was "only round tripping of money" and not "any genuine financial transaction". In a strongly worded order, the appellate tribunal said the material on record "clearly proves" that there was no financial debt disbursed by the financial creditor (Religare Enterprises) to the corporate debtor (Ligare Aviation) for consideration of the time value of money, a key requirement under the Insolvency and Bankruptcy Code (IBC), ET relates. Allowing appeals filed by Daiichi Sankyo Company, a Japanese global pharmaceutical company and a shareholder, NCLAT observed that the transactions in question were merely a "round tripping of money/layering of money" undertaken for "some undisclosed fraudulent purposes" and did not create any financial debt capable of triggering insolvency proceedings, according to ET. "We have come to the conclusion that the materials on the record clearly proves that there was no financial debt which was disbursed by Financial Creditor (Religare Finvest) to the Corporate Debtor (Ligare Aviation) for time value of money. . ." said a two-member NCLAT bench, says the report. Moreover, the MoU for loan was a "sham one-pager document created dishonestly to give the colour of genuine transactions to fraudulent transaction," NCLAT noted its order passed on May 27, 2026. Religare Enterprises and Ligare Aviation are both group companies and related parties. A host of companies, including these two, were controlled by Malvinder Mohan Singh and Shivinder Mohan Singh, the two brothers who were ex-promoters of Ranbaxy Laboratories and Fortis Healthcare. In its 69-page-long order, the NCLAT also faulted the New Delhi-based Principal Bench of the National Company Law Tribunal (NCLT) for admitting the insolvency plea filed by Religare Enterprises despite the absence of a genuine financial debt, according to ET. "Adjudicating Authority (NCLT) has not even looked into the plea that the amount was immediately transferred and did not remain even for 24 hours with the corporate debtor," said NCLAT, ET relates. Ligare Aviation Limited is engaged in non-scheduled air charter business with fleet of 11 aircrafts (out of which four were owned and balance seven were leased) including jets, turbo props and helicopters with a flying range within the Asian continent and the Middle East. M K ROY: CRISIL Lowers Rating on INR15.5cr Cash Loan to B --------------------------------------------------------- Crisil Ratings has migrated the ratings on bank facilities of M K Roy and Bros Projects Limited (MKRBPL) to 'Crisil B/Stable/Crisil A4 Issuer not cooperating from 'Crisil BB+/Stable/Crisil A4+'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 16.5 Crisil A4 (ISSUER NOT COOPERATING; Migrated from 'Crisil A4+') Cash Credit 15.5 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB+/Stable') Crisil Ratings has been consistently following up with MKRBPL for obtaining information through letter and email dated May 25, 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 Crisil, 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 MKRBL 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 of MKRBPL to 'Crisil B/Stable/Crisil A4 Issuer not cooperating from 'Crisil BB+/Stable/Crisil A4+'. Set up as a proprietorship concern in 1989 and reconstituted as a private limited company in 2000, MKRBPL is promoted by M K Roy and his family members. The company is engaged in supply, design, fabrication and erection of storage tanks and laying of pipelines for transportation of petrochemical products. It also undertakes welding, testing and repair works. M.R.U. SEWAK: CRISIL Lowers Rating on INR4cr LT Loan to B --------------------------------------------------------- CRISIL Ratings has migrated the ratings on bank facilities of M.R.U. Sewak Ram Constructions Private Limited (MRUSRCPL) to 'Crisil B/Stable/Crisil A4 Issuer not cooperating' from 'Crisil BB-/Stable/Crisil A4+'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Auto Loans 0.5 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB-/Stable') Bank Guarantee 1.25 Crisil A4 (ISSUER NOT COOPERATING; Migrated from 'Crisil A4+') Overdraft Facility 0.25 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB-/Stable') Proposed Bank 4 Crisil A4 (ISSUER NOT Guarantee COOPERATING; Migrated from 'Crisil A4+') Proposed Overdraft 4 Crisil B/Stable (ISSUER NOT Facility COOPERATING; Migrated from 'Crisil BB-/Stable') Crisil Ratings has been consistently following up with MRUSRCPL for obtaining NDS through letters/emails dated March 31, 2026, April 30, 2026 and May 29, 2026 among others, apart from telephonic communication to seek the same. After non-receipt of NDS for 2 consecutive months, we also sent a letter dated May 26, 2026 reminding the issuer to share the NDS. However, the issuer has remained non cooperative. Crisil Ratings has also tried to reach out to the lenders of MRUSRCPL to confirm timely debt servicing during these months, but awaits any feedback. '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 NDSs from MRUSRCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Further, non-sharing of NDS by issuers may reflect operational issues faced by issuers in some cases. On the other hand, it may be a beginning of a general non-cooperation and may extend to non-submission of other information. Crisil Ratings believes that rating action on MRUSRCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MRUSRCPL migrated to 'Crisil B/Stable/Crisil A4 Issuer not cooperating' from 'Crisil BB-/Stable/Crisil A4+'. MRUSRCP, incorporated in 2016 ,is a Delhi-based company engaged in civil construction works, such as construction of building , roads , bridges and allied infrastrutcure works. While the company is registered in Delhi, the operational office is in Sector 120, Noida. The company is managed by partners Mr. Manak Chand Gupta and Mr. Umesh Gupta, both of whom are qualified civil engineers with substantial experience in the construction industry. NIRMAL BUILDINFRA: CRISIL Lowers Rating on INR8cr Cash Loan to B ---------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Nirmal Buildinfra Private Limited (NBIPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 30 Crisil A4 (ISSUER NOT COOPERATING; Revised from 'Crisil A4+ ISSUER NOT COOPERATING') Bank Guarantee 35 Crisil A4/Issuer Not Cooperating (Withdrawn) Bank Guarantee 23 Crisil A4/Issuer Not Cooperating (Withdrawn) Bank Guarantee 14 Crisil A4 (ISSUER NOT COOPERATING; Revised from 'Crisil A4+ ISSUER NOT COOPERATING') Bank Guarantee 30 Crisil A4/Issuer Not Cooperating (Withdrawn) Bank Guarantee 32 Crisil A4/Issuer Not Cooperating (Withdrawn) Bank Guarantee 9 Crisil A4 (ISSUER NOT COOPERATING; Revised from 'Crisil A4+ ISSUER NOT COOPERATING') Bank Guarantee 11 Crisil A4 (ISSUER NOT COOPERATING; Revised from 'Crisil A4+ ISSUER NOT COOPERATING') Bank Guarantee 26.5 Crisil A4 (ISSUER NOT COOPERATING; Revised from 'Crisil A4+ ISSUER NOT COOPERATING') Cash Credit 3 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Cash Credit 1 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Cash Credit 8 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Cash Credit 8 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil BB+/Stable ISSUER NOT COOPERATING') Cash Credit 1 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil BB+/Stable ISSUER NOT COOPERATING') Cash Credit 8 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil BB+/Stable ISSUER NOT COOPERATING') Cash Credit 1 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil BB+/Stable ISSUER NOT COOPERATING') Cash Credit 6.5 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil BB+/Stable ISSUER NOT COOPERATING') Cash Credit 5 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Proposed Fund- 17.5 Crisil B/Stable/Issuer Not Based Bank Limits Cooperating (Withdrawn) Proposed Non 48.42 Crisil B/Stable/Issuer Not Fund based limits Cooperating (Withdrawn) Working Capital 1.48 Crisil B/Stable (ISSUER NOT Term Loan COOPERATING; Revised from 'Crisil BB+/Stable ISSUER NOT COOPERATING') Working Capital 5.6 Crisil B/Stable/Issuer Not Term Loan Cooperating (Withdrawn) Crisil Ratings has been consistently following up with NBIPL for obtaining information through letter and email dated May 4, 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 NBIPL, which restricts the ability of Crisil Ratings to take a forward-looking view on the entity's credit quality. Crisil Ratings believes that rating action on NBIPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has revised the ratings on the bank facilities of NBIPL to 'Crisil B/Stable/Crisil A4 Issuer Not Cooperating' from 'Crisil BB+/Stable/Crisil A4+ Issuer Not Cooperating'. Crisil Ratings has withdrawn its ratings on the bank loan facilities of INR1 crore of NBIPL on the request of the company and after receiving no dues certificate from the bank and also withdrawn facilities on the basis of no-objection certificate of INR 175.52 crore. The rating action is in-line with Crisil Rating's policy on withdrawal of its rating on bank loan facilities. NBIPL (formerly, Shiv Buildindia Pvt Ltd) was established in 1992 as a partnership firm, Shiv Builders, and was reconstituted as a private limited company in 2009. The company is owned and managed by Mr Siddharthsinh Nirmalsinh Gohil, Mr Ramdevsinh Satubha Gohil and Mr Mahendrasinh Gohil. It undertakes civil construction works, mainly roads and bridges, and is registered as an AA class contractor in road and building works with the Government of Gujarat. NITSTONE FINSERV: CRISIL Assigns B Rating to INR13cr LT Loan ------------------------------------------------------------ Crisil Ratings has assigned its 'Crisil B/Stable/Crisil A4' ratings to the proposed bank facilities of Nitstone Finserv Private Limited (NFPL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term Bank Loan Facility& 13 Crisil B/Stable (Assigned) Proposed Short Term Bank Loan Facility^ 12 Crisil A4 (Assigned) The rating reflects the company's adequate capital position in relation to its current scale of operations and experience of the newly constituted management team. These ratings, however, are offset by its small scale and nascent stage of operations with high geographical concentration and limited seasoning in portfolio, modest asset quality and earnings profile and limited diversity in resource mix. NFPL was incorporated in 2018 and after acquiring Safina Investments and Holdings Pvt Ltd in 2019 – the company started offering unsecured personal loans. In the aftermath of the COVID outbreak, however – the lending business slowed down. Subsequently, the company reorganized its business model and started to extend unsecured personal loans and gold loans via a network of branches. As on March 31, 2026, the assets under management stood at INR5.4 crore with each product contributing nearly fifty percent of the total portfolio. Over fiscal 2026, the AUM has registered a strong growth of 120% indicating limited seasoning in the portfolio. Given the nascent stage of operations, the company is yet to break even. Thus far, the growth has been entirely funded by capital from promoters. Networth stood at INR9.86 crore (net owned funds were INR9.85 crore) on March 31, 2026, with a comfortable gearing of 0.1 times on this date. Asset quality, reflected in reported gross non-performing assets (Gross NPA) of 12.4% on March 31, 2026, has been constrained by the stock of overdue loans pertaining to the legacy portfolio that was impacted after Covid. The performance of the newer portfolio (originated after March 31, 2024) has been relatively better. On the same date, net NPA was low at 0.0%. Analytical Approach For arriving at the ratings, Crisil Ratings has assessed the standalone credit risk profile of NFPL. Key Rating Drivers - Weaknesses * Small scale and nascent stage of operations with geographical concentration and limited seasoning: NFPL, after acquiring Safina Investments and Holdings Pvt Ltd in 2019, had started business by extending unsecured loans. However, this portfolio was impacted post Covid – that led the company to reorganize its business model. Under its new strategy, the company has been offering unsecured personal loans and gold loans in an almost equal proportion of the AUM. However, at INR5.4 crore on March 31, 2026 (INR2.4 crore on March 31, 2025) – the AUM remains small in relation to the overall NBFC sector portfolio. Further, annual growth in AUM was 120% for fiscal 2026 and 3 year compounded annual growth rate (CAGR) was 40% - demonstrating that majority of the portfolio has been created in the last two fiscals and thus, has limited seasoning. While the company aims to grow its business steadily, it is expected to remain a small player in the NBFC sector. Over the medium term, its ability to scale up operations and diversify the portfolio across geographies remains monitorable. * Modest asset quality and earnings profile: At the time of commencement of its lending business, NFPL offered only unsecured personal loans which underwent asset quality challenges in the aftermath of Covid. Thereafter, even though the company revamped its risk management systems and practices and started offering unsecured loans and gold loans under the new framework – its asset quality remained constrained by the legacy stock of NPA pertaining to the previous portfolio. On March 31, 2026, the company reported a GNPA of 12.4% (INR66 lakhs) lower than 18.1% (INR44 lakhs) from a year ago due to the base effect. This stock of GNPA includes stressed assets from the legacy portfolio and interest accrued on those assets. NNPA on the respective dates was nil and 3.9%, declined as the company made full provisions against GNPA during fiscal 2026. This provisioning done during the year resulted in credit costs increasing to 6.6% from 1.9% in the last fiscal. This, in addition to the fact that the company is still in the nascent stage of its operations, has continued to constrain the company's overall profitability. The company is yet to break even and reported a loss of INR4.7 crore for fiscal 2026 as compared to a loss of INR2.4 crore for the previous fiscal. While the company has been taking measures to improve underwriting and achieve break even within a certain timeline, its ability to steadily improve the asset quality and generate internal accretions to sustain business growth will remain a key monitorable. * Modest resource profile: Thus far, NFPL has been entirely dependent on the capital infused by the promoter to fund its overall operations. The company has negligible external borrowings; it had outstanding borrowings of INR~1.1 crore on March 31, 2026, primarily in the form of overdraft and cash credit facilities from a bank. As the scale of business increases, the company plans to expand its lender base and tap alternative resource avenues. Its ability to raise funds at competitive rates will remain crucial. Key Rating Drivers - Strengths * Adequate capital position supported by regular capital infusion from the promoters: The capital position is adequate for the current and planned scale of operations, with a net worth of INR~9.9 crore and gearing of 0.1 time as on March 31, 2026, as against net worth of INR4.8 crore and almost nil gearing a year ago. As the company is yet to break even, the networth has been entirely supported by capital contribution from the promoter. In fiscal 2026, the company received INR9.74 crores equity infusion from the promoters. Since inception, the company has received INR15.34 crore as cumulative capital from the promoter. The promoter is likely to extend timely, need-based support in form of equity and unsecured loans as and when required. Supported by this, NFPL will remain adequately capitalised, with comfortable gearing over the medium term. However, the company's ability to start generating internal accruals to sustain its steady state business growth and capital position and reduce its reliance on the promoters for equity – will remain key monitorable. * Experience of the newly constituted senior management team: The company has undergone a comprehensive leadership restructuring, resulting in an altogether new senior management team with zero overlap with the previous leadership. The current leadership team is headed by Mr Senthil Kumar R (Managing Director, CEO) and Mr Ravichandran R (Executive Director, CFO). Mr Snethil Kumar R is a seasoned banking professional with over 25 years of experience, including a long-standing leadership tenure at ICICI Bank. His expertise spans retail banking, rural and inclusive finance, MSME lending, asset and liability management, and branch operations. Throughout his career, he has successfully led large teams across multiple regions in South India, driving operational excellence and business growth. Mr. Ravichandran R is a seasoned finance professional with over 34 years of experience across various domains, including mutual fund operations, fund accounting, compliance, risk management, treasury, and financial reporting. As part of its growth strategy, the company has proactively engaged external consultants to establish robust internal practices and processes, positioning it well for future growth. Liquidity Stretched Liquidity position of the company stands supported by the availability of need-based credit lines from the promoters. The company currently had external outstanding borrowing of INR1,08 crores as on March 31, 2026 in the of OD facility. Cash and cash equivalents including investments stood at INR~4.4 crore as on March 31, 2026. Static liquidity buffer to cover operating expenses for the next six months till September 30, 2026, was ~24 times. Outlook Stable NFPL will benefit from its adequate capital position supported by regular capital infusion by promoter. However, its ability to increase the scale of business and improve asset quality and profitability along with that, remains key Rating sensitivity factors Upward factors * Significant and sustained increase in the scale of operations. * Improvement in asset quality marked by GNPA remaining controlled within 5% on steady-state basis * Sustained and significant improvement in profitability, evidenced by return on managed assets (RoMA) increasing to above 0%. Downward factors * Significant and continued deterioration in asset quality, thereby constraining overall profitability * Weaking in capital position reflected in sharp increase in gearing ratio to above 6 times. The company entered lending business by acquiring Safina Investments and Holdings Pvt Ltd in 2019. It is a Bangalore-based non-deposit taking, base layer Non-Banking Finance Company (NBFC) registered with Reserve Bank of India (RBI) and offers personal loans and gold loans primarily to salaried individuals. As on March 31, 2026, it operates three branches and has total count of 33 employees. Nitstone Capital is the investment company holding ~77% stake. The promoter – Mr Nitesh Shetty, is involved in managing diverse businesses including hotels, rentals, waste management, food services, construction, petrol pumps, amongst other ventures and aims to create a comprehensive financial services organization. OMRV HOSPITALS: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of OMRV Hospitals Private Limited (OHPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.14 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 24, 2025, placed the rating(s) of OHPL under the 'issuer non-cooperating' category as OHPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. OHPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 10, 2026, March 20, 2026, March 30, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable OMRV Hospitals Private Limited (OHPL) was incorporated in 2011, promoted by Dr Govind Verma (Managing Director). The hospital is functioning by the name 'PACE Hospital' in Hyderabad. The hospital is specialized in 'Gastroenterology and Kidney care'. The hospital provides diagnostic, outpatient, surgery and inpatient services to the customers. OHPL is accredited by National Accreditation Board for Hospitals & Healthcare Providers (NABH) which grants hospitals certifications based on various quality standards and processes followed by hospitals. OHPL is managed by a team of experts from all related fields like Gastroenterology, Urology, Vitreo Retina and Liver Transplant Surgery. PRESSCOM PRODUCTS: Liquidation Process Case Summary --------------------------------------------------- Debtor: Presscom Products Private Limited Plot No. 69 B, SIPCOT Industrial Complex Phase II, Hosur, Tamil Nadu, India - 635109 Liquidation Commencement Date: March 26, 2026 Court: National Company Law Tribunal, Chennai Bench Liquidator: Sanjay Mehra B-11, 3rd Floor, Geetanjali Enclave, Opposite Aurbindo College, New Delhi - 110017 Email: sanjay.mehra64@gmail.com cirppresscom@gmail.com Last date for submission of claims: May 11, 2026 RNA LIFESTYLE: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: RNA Lifestyle Private Limited RNA Corporate Park Next to Collector's Office, Kalanagar, Bandra (East), Mumbai, Maharashtra, India, 400051 Insolvency Commencement Date: May 15, 2026 Court: National Company Law Tribunal, Mumbai Bench-VI Estimated date of closure of insolvency resolution process: November 11, 2026 Insolvency professional: Amrish Navichandra Gandhi Interim Resolution Professional: Amrish Navichandra Gandhi NPV Insolvency Professionals Private Limited H-35, 1st Floor, Jangpura Extension, Jungpura, South Delhi, New Delhi - 110014 Email: ipe@npvca.in 10th Floor, 1003, Zion Z1, Near Avalon Hotel, Sindhu Bhavan Road, Thaltej, Ahmedabad - 380054 Email: cirp.rnalifestyle@npinsolvency.in Last date for submission of claims: May 29, 2026 SURAJ SHIV: CARE Keeps C Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Shree Suraj Shiv Industries Private Limited (SSSIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 13.00 CARE C; Stable; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term 2.00 CARE A4; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 25, 2025, placed the rating(s) of SSSIPL under the 'issuer non-cooperating' category as SSSIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSSIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 11, 2026, March 21, 2026, 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). Analytical approach: Standalone Outlook: Stable Shree Suraj Shiv Industries Private Limited (SSSIPL) was incorporated in January 2019 by Mr. Sharad Chandra Goyal, Mr. Chetan Jalan, and Mr. Vishnu Kumar Goyal for setting up a processing and milling unit for rice and its bi-products with an aggregate project cost of INR12.34 crore (including INR1.67 crore as margin money of working capital) which is estimated to be funded through term loan of INR8.00 crore and balance through promoter's contribution of INR4.34 crore. ========= J A P A N ========= MARELLI AUTOMOTIVE: Seeks to Extend Plan Exclusivity to Oct. 13 --------------------------------------------------------------- Marelli Automotive Lighting USA LLC and affiliates asked the U.S. Bankruptcy Court for the District of Delaware to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to Oct. 13 and Dec. 10, 2026, respectively. The Debtors explain that it is clear that their capital structure, which as of the Petition Date consisted of approximately $4.9 billion in funded debt obligations, is large and complex. The 76 Debtors have obligations to a tremendous number of stakeholders across the globe, including approximately 46,000 employees as of the Petition Date, and a wide variety of parties in interest, including vendors, customers, creditors, facility and equipment lessors, other contractual counterparties, and local, state, and federal agencies. Further, the worldwide scope of the Debtors' operations and the complexity of their capital structure means that the Debtors must navigate a number of complex issues during the chapter 11 process. As such, administering these chapter 11 cases requires significant input from the Debtors' management team and advisors on a wide range of complicated matters necessary to bring structure and consensus to a large and complex process. Accordingly, the complexity of these chapter 11 cases weighs in favor of extending the Exclusivity Periods. The Debtors assert that their restructuring process is intended to confirm a plan that maximizes the value of the Debtors' estates for all stakeholders. Since the commencement of these chapter 11 cases, the Debtors have worked, and will continue to work, diligently and constructively with stakeholders to build additional consensus for the Debtors' proposed chapter 11 transactions. The Debtors further assert that their exclusivity extension request is not intended to pressure creditors to submit to the Debtors' restructuring demands but to provide sufficient time for the Debtors to file and eventually confirm a value-maximizing chapter 11 plan and implement the transactions contemplated thereby without the disruption and distraction created by competing plan proposals. Accordingly, the relief requested herein is without prejudice to the Debtors' creditors and will benefit the Debtors' estates, their creditors, and all other key parties in interest. Co-Counsel for the Debtors: Laura Davis Jones, Esq. Timothy P. Cairns, Esq. Edward A. Corma, Esq. PACHULSKI STANG ZIEHL & JONES LLP 919 North Market Street, 17th Floor P.O. Box 8705 Wilmington, Delaware 19899 (Courier 19801) Tel: (302) 652-4100 Fax: (302) 652-4400 Email: ljones@pszjlaw.com tcairns@pszjlaw.com ecorma@pszjlaw.com Co-Counsel for the Debtors: Joshua A. Sussberg, P.C. Nicholas M. Adzima, Esq. Evan Swager, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 601 Lexington Avenue New York, New York 10022 Telephone: (212) 446-4800 Facsimile: (212) 446-4900 Email: joshua.sussberg@kirkland.com nicholas.adzima@kirkland.com evan.swager@kirkland.com - and - Ross M. Kwasteniet, P.C. Spencer A. Winters, P.C. 333 West Wolf Point Plaza Chicago, Illinois 60654 Tel: (312) 862-2000 Fax: (312) 862-2200 Email: ross.kwasteniet@kirkland.com spencer.winters@kirkland.com About Marelli Automotive Lighting USA Marelli Automotive Lighting USA, LLC is a global automotive parts supplier based in Saitama, Japan. The company designs and manufactures advanced technologies for leading automakers, including lighting systems, electronic components, software solutions, and interior products. Operating in 24 countries with a workforce of over 46,000, Marelli also collaborates with motorsports teams and industry partners on high-performance component development. Marelli and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11034) on June 11, 2025. In its petition, Marelli reported between $1 billion and $10 billion in assets and liabilities. Judge Brendan Linehan Shannon handles the cases. The Debtors are represented by Kirkland & Ellis LLP, Kirkland & Ellis International LLP, and Pachulski Stang Ziehl & Jones LLP. Alvarez & Marsal North America, LLC is the Debtors' restructuring advisor. PJT Partners Inc. is the Debtors' investment banker. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' notice and claims agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Paul Hastings, LLP and Morris James, LLP as legal counsel and FTI Consulting, Inc. as its financial advisor. =============== M A L A Y S I A =============== 1MDB: Low Still Wanted by Singapore Police Amid US Clemency Efforts ------------------------------------------------------------------- Bloomberg News reports that Singapore police said arrest warrants for fugitive Low Taek Jho (Jho Low) remain active, even as he continues efforts to seek clemency from US President Donald Trump. "Warrants of arrest and Interpol red notices for both [Eric] Tan Kim Loong and Low Taek Jho are still in effect," the police said in a statement on June 10 in response to Bloomberg queries. Tan is a known associate of Jho Low and is also implicated in the multibillion-dollar 1Malaysia Development Bhd (1MDB) scandal. According to Bloomberg, Jho Low is accused by US and Malaysian authorities of masterminding the 1MDB scandal, in which billions were allegedly siphoned from Malaysia's state investment fund. The money was allegedly diverted through a web of shell companies, and Jho Low - who has been on the run since 2015 - has denied any wrongdoing. Prime Minister Datuk Seri Anwar Ibrahim said his government wouldn't consider any pardon request for Jho Low, according to Bernama, Bloomberg relays. Court proceedings involving Jho Low - who was charged in absentia in 2018 - remain ongoing. Bloomberg adds that Singapore authorities said several 1MDB-linked assets also remain seized in the city state, including those tied to Jho Low and his family. As of July 2024, about SGD164 million (US$127.4 million or MYR518.1 million) in assets had been seized or prohibited from disposal, of which SGD101 million was connected to Jho Low and his family. Malaysia has recovered MYR29.75 billion in 1MDB assets, or about 70% of the MYR42 billion allegedly embezzled from the fund, Bloomberg discloses citing the Malaysian Anti-Corruption Commission. Jho Low was charged by US authorities in 2018 but has continued to evade arrest. He submitted a pardon application to the US Department of Justice earlier this year, according to a notice on the department's website. About 1MDB Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent Malaysian strategic development company, wholly owned by the Malaysian Minister of Finance. 1MDB was established in 2009 to foster long-term economic development for the country by forging global partnerships, particularly in energy, real estate, tourism, and agribusiness. The Company was founded shortly after Dato Sri Najib Razak became Prime Minister of Malaysia in July 2009. Najib said the establishment of 1MDB into a federal entity was to benefit a majority of Malaysians. 1MDB is said to have raised billions of dollars in bonds, for investment projects and joint ventures, between 2009 and 2013. Among those projects are the Tun Razak Exchange, Tun Razak Exchange's sister project Bandar Malaysia, and the acquisition of three independent power producers. The Company came into heavy scrutiny in 2015 for suspicious money transactions and evidence pointing to money laundering, fraud and theft. The corruption scandal in 1MDB has implicated high-level officials, including Prime Minister Najib Razak, as wells as banks and financial institutions around the world. In 2016, the U.S. Department of Justice filed a lawsuit, alleging that at least US$3.5 billion has been stolen from 1MDB. In September 2020, the alleged amount stolen had been raised to US$4.5 billion and a Malaysian government report listed 1MDB's outstanding debts to be US$7.8 billion. In July 2020, the High Court convicted former Prime Najib Razak on all seven counts of abuse of power, money laundering and criminal breach of trust and was sentenced to 12 years imprisonment and fined MYR210 million. Malaysia has been filing lawsuits over the years in an effort to recover the missing billions of dollars. Among others, in May 2021, Malaysia filed 22 civil suits against entities and people involved in the corruption scandal, including units of Deutsche Bank and JP Morgan. Malaysia said in September 2020 it has so far recovered about US$3.24 billion in assets linked to the 1MDB matter. This amount includes about US$600 million cash and assets returned by U.S. authorities; about US$2.5 billion paid by Goldman Sachs as settlement; as well as $780 million in settlement amounts from Malaysian banking group AmBank and audit firm Deloitte. CAPITAL A: Singapore Court Orders Seizure of Unit's Assets ---------------------------------------------------------- The Malaysian Reserve reports that Capital A Bhd, the parent company of low-cost carrier AirAsia, announced on June 9 that a Singapore court has issued a notice of seizure against assets held by its wholly-owned digital subsidiary, Move Digital Sdn Bhd. The Malaysian Reserve relates that the Notice of Seizure or Attachment, issued by the Sheriff of the Supreme Court of Singapore, marks an aggressive escalation in a long-running shareholder dispute involving Capital A's fintech venture, BigPay. According to a regulatory filing, the court-ordered enforcement stems from an arbitration ruling requiring Move Digital (formerly known as AirAsia Digital) to buy out former partners Christopher Davison and Navin Rajagopalan. Under the terms of the partial award, Move Digital was ordered to execute the buyout for a sum of US$14,736,000, The Malaysian Reserve relays. According to The Malaysian Reserve, the seizure notice also seeks to recover a minor unpaid interest balance of SGD541.20 related to past legal costs. To enforce the multi-million dollar judgment, the Singapore Sheriff is targeting Move Digital's equity positions in two core logistics and fintech subsidiaries, namely 204,809,509 shares in Big Pay Pte Ltd, representing a dominant 99.56% stake in the company, and 481,730 shares in Teleport Everywhere Pte Ltd, representing an 11.45% stake in Capital A's dedicated logistics arm. Capital A indicated that it will not accept the seizure quietly, The Malaysian Reserve says. The Malaysian Reserve relates that the group stated that Move Digital believes it possesses "legitimate grounds" to contest the court's actions and is currently preparing a formal written objection to challenge the seizure and halt any potential forced sale of the assets. The legal standoff traces back to a series of shareholder conflicts within BigPay that were brought before the Singapore International Arbitration Centre (SIAC). While Capital A has routinely referenced the litigation in its annual reports and circulars over the last four years, the move by Singaporean authorities to physically attach shares marks a critical turning point for the aviation group's digital ecosystem, The Malaysian Reserve adds. Capital A Bhd is a Malaysia-based investment holding company with a portfolio of travel, aviation, logistics, digital and lifestyle businesses. CYPARK RESOURCES: Race Against Debt Begins After Restructuring -------------------------------------------------------------- The Edge Malaysia reports that while its MYR1.7 billion debt restructuring has bought Cypark Resources Bhd breathing room, it still faces a stark reality: it must grow earnings fast enough to outrun the liabilities that continue to languish on its balance sheet. The Edge relates that the restructuring lowered the integrated renewable energy (RE) player's financing costs and aligned debt maturities more closely with its long-term infrastructure assets. Yet, Cypark remains heavily burdened by finance costs that continue to consume a sizeable portion of revenue. For the cumulative nine months ended Jan. 31, 2026 (9MFY2026), Cypark recorded finance costs of MYR38.05 million against revenue of MYR131.07 million, meaning nearly 29% of revenue went towards servicing debt, The Edge discloses. While lower than the MYR45.4 million charged a year earlier, the figure still underscores the scale of the challenge. The Edge relates that the recurring income generated by Cypark's concession assets - comprising the Ladang Tanah Merah waste-to-energy (WTE) plant in Siliau, Negeri Sembilan, and solar energy plants in Merchang, Terengganu, and Danau Tok Uban, Kelantan - has yet to offset those financing obligations. The group posted a wider net loss of MYR51.12 million in 9MFY2026 as compared with the previous year's MYR7.04 million, which was mainly attributable to a MYR60.31 million reversal of provisions and impairments, The Edge discloses. Thus, it was clear that there was only so much that the debt restructuring exercise could do to help Cypark. In view of that, the group is pivoting hard towards engineering, procurement, construction and commissioning (EPCC) jobs, The Edge relays. But this strategic move comes with risks, as Cypark will be dependent on contracts from other asset owners in the renewable energy space. Furthermore, the competition for jobs is intense. Given the challenges on the horizon, group managing director Datuk Ami Moris has to push the frontiers in the RE space. That is where the Kenyir hybrid hydro floating solar farm with a battery energy storage system comes into the picture. "So, this is where we want to push the frontiers. Kenyir is really important to us because we want this to be our niche," The Edge quotes Ami, 63, who was redesignated to her current role from executive chair last June, as saying. Tan Sri Abdul Wahid Omar, who holds a 1.82% stake, took over the chairmanship. Cypark Resources Berhad, an investment holding company, engages in the renewable energy, construction, engineering, green technology, environment, waste management, and waste-to-energy (WTE) businesses in Malaysia. ===================== N E W Z E A L A N D ===================== CASPIAN TRADING: Creditors' Proofs of Debt Due on July 1 -------------------------------------------------------- Creditors of Caspian Trading Limited are required to file their proofs of debt by July 1, 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 KHARBANDA PROPERTY: Creditors' Proofs of Debt Due on July 9 ----------------------------------------------------------- Creditors of Kharbanda Property Limited are required to file their proofs of debt by July 9, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 29, 2026. The company's liquidator is: Craig Young Restructuring Services Limited PO Box 87340 Auckland MANAIA BUILD: Court to Hear Wind-Up Petition on June 22 ------------------------------------------------------- A petition to wind up the operations of Manaia Build NZ Limited will be heard before the High Court at Whangarei on June 22, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on April 24, 2026. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 MERIT MEATS: Creditors' Proofs of Debt Due on July 7 ---------------------------------------------------- Creditors of Merit Meats Limited and Feral Holdings 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 liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 NEW ZEALAND NEWCAN: Court to Hear Wind-Up Petition on June 18 ------------------------------------------------------------- A petition to wind up the operations of New Zealand Newcan International Limited will be heard before the High Court at Auckland on June 18, 2026, at 10:00 a.m. Yue Lu filed the petition against the company on April 30, 2026. The Petitioner's solicitor is: Jack Rafiei 1/123 Broadway Newmarket, Auckland 1023 ===================== P H I L I P P I N E S ===================== MFT GROUP: Bank Puts Mica Tan's Foreclosed Family Home Up For Sale ------------------------------------------------------------------ Eileen Mencias at Bilyonaryo.com reports that Wealth Development Bank has put up for sale the foreclosed family home of fugitive Maria Francesca "Mica" Tan, the president and chief executive officer of the MFT Group of Companies. Ms. Tan is wanted for syndicated estafa along with several family members. According to Bilyonaryo.com, the property in Kawilihan Village, Pasig City, is listed at PHP64 million on the bank's roster of acquired assets available to buyers as of May 4, 2026. It has a lot area of 264 square meters and a floor area of 1,015.5 square meters. In April, Ms. Tan told investors they would be repaid through what she described as new growth businesses involving solar panels, batteries and electric vehicles. She also warned that investors could not be paid if she and those working with her were sent to jail. Bilyonaryo.com says the listing of the Pasig property indicates the home had undergone foreclosure proceedings before being acquired by the bank. In the Philippines, foreclosure typically follows a prolonged period of non-payment, beginning with default and collection efforts before a lender initiates proceedings through the sheriff or the Office of the Clerk of Court. About MFT Group MFT Group operated as a private equity firm with strategic investments in robust industries including healthcare, financial services, food and beverage, and real estate. As reported in the Troubled Company Reporter-Asia Pacific on May 30, 2025, the Batangas Regional Trial Court Branch 85 in Lipa City has issued an arrest warrant against self-styled trading prodigy Maria Francesca "Mica" Tan-Cancio and seven others for syndicated estafa. According to Bilyonaryo.com, Ms. Tan, CEO of the Maria Francesca Tan (MFT) Group of Companies, is facing criminal charges for allegedly engaging in illegal investment activities, with investors reportedly being forced to sign non-disclosure agreements. Aside from Ms. Tan, those covered by the Batangas RTC arrest warrant are Florita dela Fuente Tan, Enrique Eduardo dela Fuente Tan, Charles Edward dela Fuente Tan, Christian Constantin Pangilinan Agbayani, Roxanne Gimenez Agbayani, Christian Marasigan Olan, and Noel Marasigan Olan. The corporate watchdog also cited Isla Lipana & Co., the local affiliate of PwC, for allegedly colluding with the MFT Group by issuing unqualified opinions on the company's 2020 and 2021 financial statements despite inconsistencies and inaccuracies. ================= S I N G A P O R E ================= ENG TIONG: Creditors' Proofs of Debt Due on June 29 --------------------------------------------------- Creditors of Eng Tiong Realty (Pte) Ltd are required to file their proofs of debt by June 29, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 29, 2026. The company's liquidator is: Sim Hang Khiang 9 Kelantan Lane #06-01 Singapore 208628 FINGERMOTION INC: Strategic Evolution Targets AI, Global Expansion ------------------------------------------------------------------ FingerMotion, Inc. announced a strategic evolution of its corporate direction designed to position the Company for long-term growth through diversification, international expansion, and emerging technology initiatives. Management has outlined a long-term strategic direction to evolve toward a more diversified corporate growth platform, with implementation activities intended to be progressively phased in over future fiscal periods. As market conditions and capital allocation priorities evolve, the Company continues to view its telecommunications, platform, and technology businesses as foundational and expects to strengthen these areas through initiatives aimed at improving efficiency, streamlining operations, and enhancing operating performance. As part of its broader strategy, FingerMotion is evaluating a range of potential future growth opportunities, including possible participation in artificial intelligence and high-performance computing (AI-HPC) related sectors. Any such initiatives would be considered alongside other strategic opportunities that management believes may support long-term shareholder value creation. As of the date of this announcement, the Company has not entered into any definitive agreements related to such initiatives. The Company also intends to continue evaluating opportunities that align with its objective of generating diversified revenue streams, including pursuing opportunities designed to derive increasing portions of future revenue from markets outside Asia. The Company believes expanding its geographic reach may create additional opportunities to diversify operational exposure, broaden strategic partnerships, and access emerging technology markets globally. "We are excited about the evolution of FingerMotion's long-term strategy and the opportunities we believe it can create for our shareholders," said Martin Shen, Chief Executive Officer of FingerMotion. "Importantly, we remain fully committed to our current operating businesses and will continue working to grow and strengthen those operations to the best of our ability. At the same time, we believe it is prudent to evaluate additional opportunities that may complement our existing business portfolio and support long-term shareholder value. This may include selective participation in emerging sectors such as AI and high-performance computing infrastructure where we believe long-term demand trends could create attractive opportunities. We also believe expanding beyond our traditional regional focus may provide new avenues for growth and diversification over time." The Company emphasized that these strategic initiatives remain subject to ongoing evaluation, market conditions, financing availability, and regulatory considerations. There can be no assurance that any contemplated transactions, or expansion initiatives will be completed. About FingerMotion Inc. Singapore-based FingerMotion Inc. is an evolving technology company with a core competency in mobile payment and recharge platform solutions in China. As the user base of its primary business continues to grow, the Company is developing additional value-added technologies to market to its users. The vision of the Company is to rapidly grow the user base through organic means and have this growth develop into an ecosystem of users with high engagement rates utilizing its innovative applications. Developing a highly engaged ecosystem of users would strategically position the Company to onboard larger customer bases. FingerMotion eventually hopes to serve over 1 billion users in the China market and eventually expand the model to other regional markets. As of February 28, 2026, the Company had $60.85 million in total assets, $45.70 million in total liabilities, and $15.15 million in total stockholders' equity. San Francisco, California-based CT International LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated May 29, 2026, attached to the Company's Annual Report on Form 10-K for the year ended February 28, 2026, citing that the Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. I-PASTA 2: Commences Wind-Up Proceedings ---------------------------------------- Members of I-Pasta 2 Pte. Ltd. on May 29, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Ms. Muk Siew Peng c/o ClearView Associates 133 New Bridge Road #08-01 Chinatown Point Singapore 059413 RESILIENCE COLLECTIVE: Creditors' Proofs of Debt Due on July 6 -------------------------------------------------------------- Creditors of Resilience Collective Ltd. are required to file their proofs of debt by July 6, 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: Terence Ng Chi Hou Chan Li Shan c/o Impetus Advisory & Outsourcing 11 Collyer Quay #16-02 The Arcade Singapore 049317 SATCHI SINGAPORE: Creditors' Proofs of Debt Due on July 8 --------------------------------------------------------- Creditors of Satchi Singapore Pte. Ltd. are required to file their proofs of debt by July 8, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 2, 2026. The company's liquidator is: Mr. Chan Yee Hong CLA Global TS Risk Advisory 80 Robinson Road, #25-00 Singapore 06889 VMOALS SING: Creditors' Proofs of Debt Due on July 6 ---------------------------------------------------- Creditors of Vmoals Sing Pte. Ltd. are required to file their proofs of debt by July 6, 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: Timothy James Reid Ng Yau Yee Theresa c/o Baker Tilly Reid 600 North Bridge Road #05-01 Parkview Square Singapore 188778 =============== X X X X X X X X =============== DEVKIRAN PAPER: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Devkiran Paper Mills Private Limited Sri Maruthi Nilaya, Hunsur Road, K.R. Nagar, Karnataka, India - 571602 Insolvency Commencement Date: May 26, 2026 Court: National Company Law Tribunal, Bengaluru Bench Estimated date of closure of insolvency resolution process: November 21, 2026 Insolvency professional: Rishabh Sethi Interim Resolution Professional: Rishabh Sethi C 203, Runwal Heights, LBS Marg, Mulund West, Mumbai - 400080 Email: ip.rishabhsethi@gmail.com Primus Insolvensy Resolution and Valuation, 408, 4th Floor, Manish Chambers, Sonawala Road, Goregaon East, Mumbai - 400063 Email: cirp.dpmpl@gmail.com Last date for submission of claims: June 8, 2026 MALDIVES: Fitch Hikes Long-Term Foreign-Currency IDR to 'CCC-' -------------------------------------------------------------- Fitch Ratings has upgraded the Maldives' Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'CCC-' from 'CC'. Fitch typically does not assign Outlooks to sovereigns with a rating of 'CCC+' or below. The rating upgrade reflects Fitch's assessment that default risks have eased following successful repayment of the Maldives' sukuk issuance in April 2026. Implementation of revenue-side reforms and the Foreign Currency Act could strengthen the government's capacity to generate foreign-currency receipts. The sovereign's reduced external debt-servicing and continued access to bilateral and multilateral support should alleviate near-term liquidity pressures, and could support rebuilding of external buffers over time. The 'CCC-' rating reflects external and fiscal vulnerabilities which are still high. The sovereign's wide twin deficits, high public debt and low reserve coverage are combined with significant exposure to the Iran-war energy shock, and heavy dependence on tourism-related receipts. Key Rating Drivers Thin External Buffers: The government settled a USD500 million sukuk principal and final coupon of USD24.68 million in early April, using a combination of USD350 million cash balance from the Sovereign Development Fund (SDF) and USD175 million from usable FX reserves. The repayment nearly drained the SDF's cash balance, before it edged up to USD21 million by end-April. Usable reserves fell to USD244 million, of which USD97 million was placed in local banks to support US dollar liquidity. High borrowing costs reduced the ability to roll over the sukuk, in its view. Gross FX reserves fell to USD718 million by end-April from USD1.3 billion at end-March. The Maldives Monetary Authority's (MMA) settled the USD400 million drawdown under its swap arrangement with the Reserve Bank of India in April, and drew another INR30 billion under the rupee facility. The MMA converted the rupee drawdown (USD311 million), and deposited this with a foreign bank. The drawdown accounted for 43.4% of gross reserves and is excluded from usable reserves. Reduced External Debt Service: The government has USD535 million in sovereign and publicly guaranteed external debt-service obligations due in 2H26, down sharply from USD1.1 billion in 1H26, about half of which reflected the sukuk repayment. Total external debt-servicing falls further in 2027. The government's USD100 million private placements with the Abu Dhabi Fund have been rolled over to 2031, and a separate USD100 million funding facility has been obtained from an Omani creditor through a state-owned enterprise to support energy security. Low Reserve Coverage: Fitch projects the Maldives' gross-reserve to cover less than one month of current external payments in 2026, well below the 'B'/'C'/'D' peer median of 3.9 months. Fitch forecasts the current account deficit (CAD) to rise sharply to 17.5% of GDP in 2026 from 8.4% in 2025, reflecting higher import bills and weaker services export receipts amid the global energy shock and travel disruptions. The Maldives sources fuel imports primarily from Oman, with major export ports less directly exposed to the closure of the Strait of Hormuz. However, the country remains highly vulnerable to severe terms-of-trade shocks and high transportation costs with limited buffers. Reliance on External Support: Fitch expects the government to remain reliant on external financing from official creditors, as market access is prohibitively expensive. Financial support from the IMF, if requested by the authorities, would most likely be contingent on credible fiscal consolidation and debt restructuring. Fitch expects external imbalances to persist, as wide CADs and excess domestic liquidity continue to drive US dollar shortages and substantial spreads between official and parallel-market rates, adding pressure to maintain the peg to the US dollar. Wider Fiscal Deficit: Fitch forecasts fiscal deficit will widen sharply to 14.6% of GDP in 2026, from 2.9% in 2025, more than double the government's 7.1% target. This reflects its expectation of weaker tourism-related revenue and higher spending pressures due to blanket energy subsidies and a rebound in capital expenditure. Fitch expects the government to rely more on domestic financing of the widening deficit, but banks have limited capacity to absorb additional government debt, which could intensify domestic refinancing pressures. Elevated Public Debt: Fitch projects general government debt to rise to 119.2% of GDP in 2027, nearly double the projected 'B'/'C'/'D' median of 61.8%. Fitch sees the debt-ratio rising on modest fiscal consolidation and limited expenditure rationalisation. Interest payments will increase and stay above many peers. Fitch estimates outstanding government-guaranteed debt at 17.1% of GDP in 2025. The largest state bank seeks to issue USD300 million sukuk with a government guarantee, which could raise guaranteed debt further. Near-Term Growth Uncertainty: Fitch projects growth to fall sharply, before recovering to 4.5% in 2027, on a gradual recovery in long-haul, higher-spending travellers. A prolonged conflict and weaker travel demand pose key downside risk to near-term prospects. The medium-term outlook remains robust, supported by expanded capacity, continued investment in new resorts and tourism infrastructure. However, the archipelago faces climate change risks, given the reliance on nature-based tourism, adding long-term pressures to the sovereign's credit profile. ESG - Governance: The Maldives has an ESG Relevance Score (RS) of '5' for both Political Stability and Rights and for the Rule of Law, Institutional and Regulatory Quality and Control of Corruption. These scores reflect the high weight that the World Bank Governance Indicators (WBGI) have in its proprietary Sovereign Rating Model. The Maldives has a medium WBGI ranking at the 43rd percentile, reflecting recent peaceful political transitions, a moderate level of rights for participation in the political process, institutional capacity, corruption and rule of law. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - External Finances: Signs of probable default due to limited access to external financing and depletion of external buffers and/or evidence of reduced willingness to pay external debt as a means of alleviating current external liquidity pressures. - Public Finances: Failure to service debt obligations, or unilateral declaration of a debt moratorium, or launch of a formal debt renegotiation process that Fitch deems would constitute a default or a default-like event. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - External Finances: Strengthening of external financing capability and external buffers, for example through policy settings or sustained access to external financing sources that increase foreign-currency reserves in a durable manner. - Public Finances: Significant progress in implementing a credible fiscal consolidation strategy, putting public debt on a declining medium-term trajectory. Sovereign Rating Model (SRM) and Qualitative Overlay (QO) Fitch's proprietary SRM assigns the Maldives a score equivalent to a rating of 'CCC+' on the Long-Term Foreign-Currency (LT FC) IDR scale. However, in accordance with its Rating Criteria, Fitch's sovereign rating committee has not utilised the SRM and QO to explain the ratings in this instance. Ratings of 'CCC+' and below are instead guided directly by the rating definitions. Fitch's SRM is the agency's proprietary multiple regression rating model that employs 18 variables based on three-year centred averages, including one year of forecasts, to produce a score equivalent to a LT FC IDR. Fitch's QO is a forward-looking qualitative framework designed to allow for adjustment to the SRM output to assign the final rating, reflecting factors within its criteria that are not fully quantifiable and/or not fully reflected in the SRM. Debt Instruments: Key Rating Drivers Fitch does not currently rate any debt instruments for this sovereign. Country Ceiling The Country Ceiling for the Maldives is 'B-', which is the floor for the Country Ceiling without the materialisation of transfer and convertibility risks. For sovereigns rated 'CCC+' or below, Fitch assumes a starting point of 'CCC+' for determining the Country Ceiling. Fitch's Country Ceiling Model produced a starting point uplift of 1 notch. Fitch's rating committee did not apply a qualitative adjustment to the model result. Fitch does not assign Country Ceiling below 'CCC+', and only assigns a Country Ceiling of 'CCC+' in the event that transfer and convertibility risk has materialised and is affecting the vast majority of economic sectors and asset classes. Climate Vulnerability Signals The Maldives has an elevated Climate Vulnerability Signal (Climate.VS) of 50 in 2035, mainly to reflect its exposure to sea level rise, coral bleaching and extreme weather events. Fitch has not adjusted the rating beyond that to reflect these factors - given the long time scale and high levels of uncertainty involved in the potential impact of the risks, and action the entity might take to adapt to or mitigate the exposure. ESG Considerations The Maldives has an ESG Relevance Score of '5' for Political Stability and Rights, as World Bank Governance Indicators have the highest weight in Fitch's SRM and are therefore highly relevant to the rating and a key rating driver with a high weight. As the Maldives has a percentile rank below 50 for the respective Governance Indicator, this has a negative impact on the credit profile. The Maldives has an ESG Relevance Score of '5' for Rule of Law, Institutional & Regulatory Quality and Control of Corruption as World Bank Governance Indicators have the highest weight in Fitch's SRM and are therefore highly relevant to the rating and are a key rating driver with a high weight. As the Maldives has a percentile rank below 50 for the respective Governance Indicators, this has a negative impact on the credit profile. The Maldives has an ESG Relevance Score of '4' for Human Rights and Political Freedoms as the Voice and Accountability pillar of the World Bank Governance Indicators is relevant to the rating and a rating driver. As the Maldives has a percentile rank below 50 for the respective Governance Indicator, this has a negative impact on the credit profile. The Maldives has an ESG Relevance Score of '4' for Creditor Rights as willingness to service and repay debt is relevant to the rating and is a rating driver for the Maldives, as for all sovereigns. As the Maldives has a fairly recent restructuring of public debt in 2020, this has a negative impact on the credit profile. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Maldives LT IDR CCC- Upgrade CC ST IDR C Affirmed C LC LT IDR CCC- Upgrade CC LC ST IDR C Affirmed C Country Ceiling B- Affirmed B- ********* 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. 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