260612.mbx

260612.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 Friday, June 12, 2026, Vol. 29, No. 117 Headlines A U S T R A L I A BLUESFEST ENT: Creditors Unlikely to Recover Full AUD7MM Owed BRIGHTE GREEN 2024-1: Moody's Ups Rating on Cl. F-C Notes from Ba1 CARBON 280: First Creditors' Meeting Set for June 17 HAPPI DAYS: First Creditors' Meeting Set for June 18 HARMONY CBD: First Creditors' Meeting Set for June 19 HELLO AUNTIE: First Creditors' Meeting Set for June 18 PANORAMA AUTO 2025-2P: Fitch Affirms 'BBsf' Rating on Class E Notes SOUTHERN CROSS: Axes Up to 300 Jobs Amid Downgrade ULTRA COMMERCE: Taps Cor Cordis as Voluntary Administrators WATERPOINT PLUMBING: First Creditors' Meeting Set for June 18 ZOYA INVESTMENTS: Pays AUD2MM to Creditors After Empire Collapses C H I N A CHINA EVERGRANDE: Some PwC China Partners Worry About Fallout CHINA FORTUNE: Builder Names Consortium as Restructuring Investor I N D I A AGE OLD: CARE Keeps B- Debt Ratings in Not Cooperating Category ARABIAN PETROLEUM: CARE Lowers Rating on INR11.93cr LT Loan to B+ ARORA KNIT: CARE Keeps D Debt Rating in Not Cooperating Category BAJORIA AGRO: CARE Keeps D Debt Rating in Not Cooperating Category COSMOS INFRA: CARE Keeps C Debt Rating in Not Cooperating Category EARTHEN TREASURES: CARE Keeps D Debt Rating in Not Cooperating GARG ISPAT: CARE Keeps D Debt Ratings in Not Cooperating Category GLAZE GARMENTS: CARE Keeps D Debt Ratings in Not Cooperating INTEC CAPITAL: CARE Keeps D Debt Rating in Not Cooperating J S SPINTEX: CARE Keeps B- Debt Rating in Not Cooperating Category JAGANNATH PLASTIPACKS: CARE Cuts Rating on INR5.0cr LT Loan to D JAMMU AUTOMART: CARE Keeps B- Debt Rating in Not Cooperating JSW HYDRO: Moody's Affirms 'Ba1' Rating on USD707MM Sr. Sec. Notes KIRTIMAN CEMENTS: CARE Keeps D Debt Rating in Not Cooperating MORGAN MILK: CARE Keeps B- Debt Rating in Not Cooperating Category MOTIL DEVI: CARE Keeps B- Debt Rating in Not Cooperating Category OMEGA ENTERPRISES: CARE Keeps C Debt Ratings in Not Cooperating ORAVEL STAYS: S&P Alters Outlook to Positive, Affirms 'B' ICR PROGRESSIVE EXIM: CARE Keeps D Debt Ratings in Not Cooperating RAM COMMODITIES: CARE Keeps D Debt Rating in Not Cooperating RAVINDRA RICE: CARE Keeps D Debt Ratings in Not Cooperating REXON LABORATORIES: CARE Keeps D Debt Rating in Not Cooperating S. N. HOTELS: CARE Keeps B- Debt Rating in Not Cooperating S. S. ENGINEERS: CRISIL Lowers Rating on INR25cr Term Loan to B SAI LAKSHME: CRISIL Reaffirms B+ Rating on INR17.5cr Cash Loan SAMRUDDHA SUGAR CRISIL Lowers Rating on INR15cr Cash Loan to B SRIVI EXPORTS: CRISIL Lowers Rating on INR4.5cr Loan to D SWASTIK OIL: CARE Assigns D Rating to INR30.80cr Long Term Loan VST AUTO: CRISIL Lowers Rating on INR62.5cr e-DFS to B M A L A Y S I A EDENOR TECHNOLOGY: High Court Appoints Interim Judicial Managers ZELAN BHD: Moves to Wind Up Loss-Making Unit M O N G O L I A BOGD BANK: Moody's Assigns B2 Rating to USD Senior Unsecured Bond N E W Z E A L A N D AGRITECH PROPERTY: Placed Under Receivership EUNA LIMITED: Creditors' Proofs of Debt Due on July 3 LEADERS WAY: Court to Hear Wind-Up Petition on July 2 SKYHOOKSNZ MOUNT: Creditors' Proofs of Debt Due on July 17 TALY WATERPROOFING: Court to Hear Wind-Up Petition on June 26 S I N G A P O R E CREATION AIR: Court Enters Wind-Up Order M. Y. LIFESTYLE: Creditors' Proofs of Debt Due on July 7 MEGMILK SNOW: Creditors' Proofs of Debt Due on July 8 OHIN CONSTRUCTION: Creditors' Meeting Set for June 30 ZEALUX MINING: Creditors' Meeting Set for June 19 - - - - - ================= A U S T R A L I A ================= BLUESFEST ENT: Creditors Unlikely to Recover Full AUD7MM Owed ------------------------------------------------------------- ABC News reports that creditors owed more than AUD7 million after the sudden cancellation of Byron Bay's Bluesfest in March are unlikely to recoup all of the money they are owed, a new financial report has revealed. The company running the festival went into liquidation in March, three weeks before the Easter event was due to begin. According to the ABC, Worrells, the liquidator appointed to handle all financial matters for Bluesfest, on June 1 delivered its report on the company's finances to the Australian Securities and Investments Commission. It found the company, operating under Bluesfest Enterprises and Bluesfest Byron Bay, owed more than AUD7 million to over 900 creditors. The report also detailed that the companies had only AUD300,664 in the bank to pay their debts, the ABC discloses. The ABC relates that the owners of Uniform Print Lab, a Tweed Heads business listed as a creditor, said based on updates from the liquidator ahead of the report's release, they did not expect to get their money back. Linda Sutton said her business was out of pocket more than AUD90,000 when the festival was cancelled before it was paid for merchandise, including 6,000 T-shirts bearing the Bluesfest logo. "We've counted on the fact that we will be getting next to nothing. That's why we've had to get loans and let a staff member go, because we don't anticipate that there will be any recouping of our losses," the ABC quotes Ms. Sutton as saying. "It's put us in a horrible situation where we can't really pay ourselves much. "We're going to survive it, but at what cost to us personally?" BRIGHTE GREEN 2024-1: Moody's Ups Rating on Cl. F-C Notes from Ba1 ------------------------------------------------------------------ Moody's Ratings has upgraded the ratings on five classes of notes issued by Brighte Green Trust 2024-1. The affected ratings are as follows: Issuer: Brighte Green Trust 2024-1 Class B-C Notes, Upgraded to Aaa (sf); previously on Mar 24, 2025 Upgraded to Aa1 (sf) Class C-C Notes, Upgraded to Aa1 (sf); previously on Nov 20, 2025 Upgraded to Aa2 (sf) Class D-C Notes, Upgraded to Aa3 (sf); previously on Mar 24, 2025 Upgraded to A2 (sf) Class E-C Notes, Upgraded to Baa1 (sf); previously on Mar 24, 2025 Upgraded to Baa3 (sf) Class F-C Notes, Upgraded to Baa3 (sf); previously on Nov 20, 2025 Upgraded to Ba1 (sf) A comprehensive review of all credit ratings for the respective transaction(s) has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by an increase in credit enhancement available for the affected notes and collateral performance to date. No action was taken on the remaining rated classes in the transaction as credit enhancement remains commensurate with the current rating for the respective notes. Following the May 2026 payment date, the note subordination available for the Class B-C, D-C and E-C Notes has increased to 18.8%, 9.7% and 4.1%, respectively, from 14.9%, 7.2% and 2.4% at the time of the last rating action for these notes in March 2025. Note subordination available for the Class C-C and F-C Notes has increased to 12.8% and 3.5%, respectively, from 12.0% and 2.6% at the time of the last rating action for these notes in November 2025. Principal collections have been distributed on a pro-rata basis among the rated notes since the August 2025 payment date. Current outstanding notes balance as a percentage of the total closing balance is 42.1%. As of end-April 2026, 1.2% of the outstanding pool was 30-plus days delinquent and 0.2% was 90-plus days delinquent. The portfolio has incurred 0.6% (as a percentage of the original portfolio balance) of losses to date, all of which have been covered by excess spread. Based on the observed performance to date and loan attributes, Moody's have lowered Moody's expected default assumption to 2.0% of the outstanding pool balance (equivalent to 1.6% of the original pool balance) from 2.25% of the outstanding balance (equivalent to 1.7% of the original balance) at the time of the last rating action in November 2025. Moody's have also lowered Moody's Aaa portfolio credit enhancement (PCE) assumption to 13% from 16% at the time of the last rating action. Moody's have considered sensitivity scenarios with various default probability and higher PCE assumptions to evaluate the resiliency of the note ratings. The transaction is a securitisation of Australian unsecured consumer Buy Now Pay Later (BNPL), and unsecured loan receivables originated by Brighte Capital Pty Limited. The majority of receivables are originated to homeowners to fund solar panel and home batteries installations. The principal methodology used in these ratings was "Consumer Loan Securitizations" published in May 2026. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in credit enhancement available for the notes. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in credit enhancement available for the notes, and (3) a deterioration in the credit quality of the transaction counterparties. CARBON 280: First Creditors' Meeting Set for June 17 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Carbon 280 Pty Ltd will be held on June 17, 2026, at 10:00 a.m. via Microsoft Teams. Paul Pracilio and Richard Tucker of KordaMentha were appointed as administrators of the company on June 5, 2026. HAPPI DAYS: First Creditors' Meeting Set for June 18 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Happi Days Pty Ltd (trading as Melbourne Roadside Rescue, Melbourne Batteries and Wrong Fuel Melbourne) will be held on June 18, 2026, at 11:00 a.m. via videoconference. Nicholas Wollinski and Richard Albarran of Hall Chadwick were appointed as administrators of the company on June 9, 2026. HARMONY CBD: First Creditors' Meeting Set for June 19 ----------------------------------------------------- A first meeting of the creditors in the proceedings of: - Harmony CBD Pty Ltd (trading as Pinky Ji, Thakor Ji Ni Krupa) - 5 Happy Monkeys Sans Souci Pty Ltd (trading as 32 Miles Indian Restaurant, 32 Miles, The Grand Palace Indian Restaurant (Sans Souci), The Grand Palace on Waters) - 5 Happy Monkeys Terrigal Pty Ltd (trading as The Royal Palace Indian Restaurant Terrigal, TGP Terrigal, The Grand Palace Indian Restaurant (Terrigal)) - 5 Happy Monkeys (MV) Pty Ltd (trading asThe Royal Palace Mona Vale, TGP Mona Vale, The Grand Palace, The Grand Palace Indian Restaurant (Mona Vale)) - 3 Happy Monkeys Pty Ltd (trading as isabelle cafe & Pizzeria, Isabelle's Cafe & Woodfired Pizzeria, La Bella Cucina Italian) will be held on June 19, 2026, at 11:00 a.m. via virtual meeting. Mohammad Mirzan Bin Mansoor of Circuit Restructuring Pty Ltd was appointed as administrator of the company on June 9, 2026. HELLO AUNTIE: First Creditors' Meeting Set for June 18 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Hello Auntie Pty Ltd (trading as "Hello Auntie Marrickville") will be held on June 18, 2026, at 10:30 a.m. via Microsoft Teams Meeting. Desmond Teng of Byrons was appointed as administrator of the company on June 5, 2026. PANORAMA AUTO 2025-2P: Fitch Affirms 'BBsf' Rating on Class E Notes ------------------------------------------------------------------- Fitch Ratings has upgraded two and affirmed two classes of asset-backed floating-rate notes from Panorama Auto Trust 2025-2P. The Outlook is Positive on two notes and Stable on the remainder. The transaction is backed by a pool of first-ranking Australian automotive lease and loan receivables originated by Angle Auto Finance Pty Ltd (AAF). The notes were issued by Perpetual Corporate Trust Limited as trustee. The upgrades were driven by the build-up of credit enhancement (CE), while the Positive Outlooks reflect the relevant notes' sensitivity to decreased defaults and increased recoveries against its expected increase in CE over the next 12 to 24 months. Entity/Debt Rating Prior ----------- ------ ----- Panorama Auto Trust 2025-2P B AU3FN0099412 LT AAAsf Upgrade AAsf C AU3FN0099420 LT AA-sf Upgrade Asf D AU3FN0099438 LT BBBsf Affirmed BBBsf E AU3FN0099446 LT BBsf Affirmed BBsf KEY RATING DRIVERS Stable Asset Performance: Obligor default risk is a key assumption in its quantitative analysis. As of end-March 2026, the transaction's 30+ and 60+ day arrears were 1.1% and 0.5%, respectively, which are below Fitch's 4Q25 ABS Performance Monitor of 1.5% and 0.7%. Cumulative gross defaults currently track at 0.2%. Fitch applied the same base cases, multiples, and haircuts used at closing for each sub-group, weighted according to the current sub-group proportions in the pool. Its base-case gross loss expectations and 'AAAsf' default multiples at closing were as follows: Novated leases: 1.0% (7.5x) Consumer loans: 3.5% (5.25x) Commercial loans: 4.0% (5.25x) The recovery base case for electric vehicles (EVs) is 24.0%, with a 'AAAsf' recovery haircut of 60.0%, and for non-EVs 35.0%, with a 'AAAsf' recovery haircut of 50.0%. The weighted-average (WA) base-case default assumption is 2.5% and the 'AAAsf' default multiple is 5.6x, in line with the closing assumption. CE Supports Ratings: Structural features include a liquidity facility sized at 1.3% of the invested amount of the notes (other than the class G notes), which is sufficient to mitigate Fitch's payment interruption risk. Updated cash flow analysis was performed and incorporates Fitch's default and recovery expectations, portfolio compositions and the build-up of CE. The transaction is currently paying down principal sequentially until the stepdown criteria are met. The class A to E notes will receive principal repayments pro rata upon satisfaction of the stepdown criteria. During the pro rata period, the rated notes benefit from some increase in CE as a percentage, since the class G notes' pro rata allocation is redistributed among the rated notes. Once pro rata paydown is triggered, the transaction will continue amortising on a pro rata basis until either the clean-up call date is reached or performance deteriorates such that the stepdown criteria are no longer satisfied. Low Operational and Servicing Risk: All receivables were originated by AAF, which demonstrated adequate capability as originator, underwriter and servicer. Servicer disruption risk is mitigated by back-up servicing arrangements. The nominated back-up servicer is Perpetual Corporate Trust. Fitch undertook an operational review and found that the operations of the servicer were comparable with those of other auto lenders. Tight Labour Market Supports Outlook: Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 2.6% in 2025 and unemployment was 4.5% in April 2026. Fitch forecasts GDP growth of 2.4% in 2026 and 2.1% in 2027, with unemployment at 4.5% in both years. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Transaction performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce the CE available to the notes. Unanticipated increases in the frequency of defaults and decreases in recoveries on defaulted receivables could produce loss levels higher than Fitch's base case, and are likely to result in a decline in CE and remaining loss-coverage levels available to the notes. Decreased CE may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions; these include increasing WA defaults and decreasing the WA recovery rate (WARR). Downgrade Sensitivities Notes: B / C / D / E Rating: AAAsf / AA-sf / BBBsf / BBsf 10% WA foreclosure frequency (WAFF) increase: AA+sf / A+sf / BBBsf / B+sf 25% WAFF increase: AA+sf / Asf / BBB-sf / Bsf 50% WAFF increase: AA-sf / A-sf / BB+sf / less than Bsf 10% WARR decrease: AAAsf / AA-sf / BBBsf / B+sf 25% WARR decrease: AAAsf / A+sf / BBBsf / B+sf 50% WARR decrease: AA+sf / A+sf / BBB-sf / Bsf 10% WAFF increase / 10% WARR decrease: AA+sf / A+sf / BBBsf / B+sf 25% WAFF increase / 25% WARR decrease: AAsf / Asf / BB+sf / less than Bsf 50% WAFF increase / 50% WARR decrease: A+sf / BBB+sf / BB-sf / less than Bsf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade could result from economic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of CE that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. The class B notes are rated 'AAAsf', which is the highest level on Fitch's scale and cannot be upgraded. Therefore, upgrade sensitivities for these notes are not relevant. Upgrade Sensitivities Notes: C / D / E Rating: AA-sf / BBBsf / BBsf 10% WAFF decrease / 10% WARR increase: AAsf / A-sf / BBsf USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third-party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. Prior to the transaction closing, Fitch reviewed the results of a third-party assessment conducted on the asset portfolio information and concluded that there were no findings that affected the rating analysis. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations Panorama Auto Trust 2025-2P, in which EVs form 12.5% of the pool, has an ESG Relevance Score (RS) of '4' for Energy Management, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The ESG RS is higher than the baseline RS of '2' for this general issue in the Australian auto sector. There is limited credit performance data for EVs, and available market data show notable differences in recoveries between EVs and non-EVs. Fitch's analytical approach for the transaction was not adjusted, due purely to the "green" nature of the underlying collateral, but Fitch referenced available market data for EVs in determining its recovery assumptions. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. SOUTHERN CROSS: Axes Up to 300 Jobs Amid Downgrade -------------------------------------------------- The Australian Financial Review reports that Southern Cross Media will axe up to 300 jobs and has written down the value of an old television deal by AUD70 million as it attempts to relieve cost pressures and focus on buying new Australian content. The job losses are part of an expanded cost reduction program expected to deliver AUD150 million in annual savings, the Financial Review relates. According to the Financial Review, the announcement coincided with a trading update that warned the business, which includes broadcaster Channel Seven, The West Australian newspaper and radio networks Triple M and Hit, would deliver worse than anticipated results for the financial year. In an email to staff, seen by The Australian Financial Review, Southern Cross' new chief executive, Rohan Lund, said the company's businesses were under pressure from a tightening advertising sector and global macroeconomic events. "To create the space we need to deliver on the scale and trust of our audio, publishing and television platforms, we have no choice but to reset the cost base," the Financial Review quotes Mr. Lund as saying. Southern Cross said it expected revenue for this financial year to be between AUD1.86 and AUD1.87 billion, 2.5 per cent below its previous guidance, the Financial Review relays. The company said this reflected less income from advertising, which was partially offset by revenue-share improvements and synergies from the merger. It said the job cuts were designed to remove duplicate roles, automate processes and focus on content acquisition, the Financial Review relays. It announced an onerous contract provision of AUD65 million to AUD70 million on an old TV deal, but did not disclose which one. It said the changes would lift reported earnings before interest, taxes, depreciation and amortisation by AUD5 million this financial year and AUD30 million in the following year. "Structural changes in the markets in which we operate are increasingly favouring premium, trusted and local content," the company said. "The cost reduction program will create a leaner, more flexible, cost base required . . . to be competitive in pursuing that opportunity." Seven has already expressed interest in acquiring a small part of the rights to the National Rugby League season, though Foxtel boss Patrick Delany is hoping it coughs up more money as part of a joint bid that would ultimately cost rival broadcaster Nine the free-to-air rights it has held for decades. The Financial Review says Southern Cross' problem is that it cannot air NRL games on its main channel at the same time as AFL. Australian Rugby League Commission chairman Peter V'landys has previously said all NRL matches must be on the primary free-to-air channel in every market - a request that cannot be met given Channel Seven's existing long-term AFL agreement. The cost-out program has expanded by about AUD120 million from the initial AUD30 million in savings planned when Southern Cross and Seven merged in January and planned to form a AUD420 million media group that would appeal to investors. It was structured with Southern Cross owning 50.1 per cent and Seven West the remainder, yielding Kerry Stokes, SWM's biggest shareholder, AUD180 million in tax credits. Since then, more than AUD150 million has been wiped off the combined company and a range of key executives, including chief executive Jeff Howard, have been forced to leave the business. Southern Cross chairman Heith Mackay-Cruise, one of the critical players in the merger, resigned in early May following a shareholder revolt and will be replaced by long-time Seven director Teresa Dyson, the Financial Review notes. Bruce McWilliam, Kerry Stokes' former close lieutenant and a former commercial director at Seven West, spent AUD14 million buying a 5 per cent stake in Southern Cross. About Southern Cross Media Southern Cross Media Group Limited (ASX:SXL) -- https://www.sca.com.au/ -- together with its subsidiaries, creates audio content for distribution on broadcast and digital networks in Australia. It operates in two segments, Broadcast Radio and Digital Audio. The company owns 104 radio stations in FM, AM, and DAB+ radio, as well as 56 regional radio stations; operates LiSTNR, an audio app for sports, podcasts, music, radio, and news; and offers sales representation for open audio platform SoundCloud and Sonos Radio. It also provides radio and digital advertising services. ULTRA COMMERCE: Taps Cor Cordis as Voluntary Administrators ----------------------------------------------------------- Ultra Commerce (UC), a global AI ecommerce infrastructure platform, has appointed Kate Conneely and Rahul Goyal of Cor Cordis as voluntary administrators of its Australian operations. UC's overseas subsidiaries will continue to operate with support from the administrators to ensure business continuity across the broader group. Over the past 12 months, UC has sought to secure strategic investment and/or a sale of the business, attracting engagement from several interested parties. The process highlighted strong market interest in UC's platform, technology and growth potential, while also highlighting the need to simplify UC's capital structure to support future investment and maximise value. UC's core business remains operationally strong, supported by a differentiated platform, established customer relationships and a clear pathway to improved earnings performance. However, UC's complex capital structure and broad shareholder base limited its ability to secure the funding required to implement the next phase of its strategic plan. The Board determined that appointing voluntary administrators was in the best interests of stakeholders. The voluntary administration process is expected to provide a more effective framework to simplify UC's capital structure, explore recapitalisation opportunities and position the business for future growth. The administrators will work closely with management to continue executing the business plan, with operations continuing as usual. Customers will continue to be supported, and UC intends to maintain service continuity while advancing product and service initiatives. During the restructuring process, the administrators will explore options for new investment into a simplified corporate structure. Administrator Rahul Goyal said, "The flexibility of the voluntary administration process provides an opportunity to pursue these outcomes in a more efficient and value-maximising way, including with the support of existing investors who remain engaged with the business". Further updates will be provided to stakeholders as the restructuring process progresses. Headquartered in Sydney, Australia, Ultra Commerce (UC) is an enterprise commerce technology company that provides a composable, cloud-native e-commerce platform for B2B, B2C, and marketplace businesses. WATERPOINT PLUMBING: First Creditors' Meeting Set for June 18 ------------------------------------------------------------- A first meeting of the creditors in the proceedings of Waterpoint Plumbing and Gas Pty. Ltd. will be held on June 18, 2026, at 10:00 a.m. via Microsoft Teams. Amanda Lott of ACRIS was appointed as administrator of the company on June 5, 2026. ZOYA INVESTMENTS: Pays AUD2MM to Creditors After Empire Collapses ----------------------------------------------------------------- ABC News reports that a company that owned a network of petrol stations across Australia has struck a deal to repay a fraction of its debts arising from environmental contamination at a site earmarked for a local hospital, after its directors were accused of selling off the company's properties in the lead-up to its collapse. The liquidator of Zoya Investments had claimed its former directors used company funds to purchase multi-million-dollar Sydney homes, while alleging other properties owned by the failed firm were sold to family members and other companies they directed shortly before it went under. According to the ABC, the allegations were part of Federal Court proceedings that were never tested and have since been dismissed after the liquidator accepted a settlement on behalf of the petrol company's creditors. The ABC relates that the ex-directors, Newcastle businessmen Rizwan Rana and Satwinder Singh, have strenuously denied any wrongdoing, saying that assets were sold to pay off the company's debts before it went bust, and that temporary company loans used to purchase residential homes were repaid. Zoya Investments, which leased petrol stations across New South Wales, Queensland, Western Australia and South Australia, entered liquidation in April 2024. Just a month prior, developer Seaforth Securities won a default judgment against the petrol business, with the NSW Supreme Court finding a service station in the Central Coast region of Kanwal was leaking into their property next door, according to the ABC. The ABC relates that Seaforth was awarded AUD9.3 million in damages after the court heard it had missed out on a lucrative deal to sell its land for a hospital to be built due to the contamination. Seaforth was one of two major creditors left out of pocket from Zoya's collapse, with the Australian Tax Office also owed worth of AUD4 million. The ABC, citing documents filed with the corporate regulator, says after the liquidator lodged proceedings in the Federal Court in a bid to recoup funds on creditors' behalf, Zoya's directors offered to pay AUD2 million to settle Zoya's debts and have the case dismissed. According to the ABC, Seaforth director Bruce Johnson said this deal meant his company recently ended up with about 3 cents for every AUD1 it was owed. The liquidator accepted the settlement after considering potential defences that the directors could raise and the likelihood that protracted legal action would deplete the amount recoverable. The ABC relates that Mr. Johnson said the settlement meant his business received only AUD300,000 for its debts, which is what was left after legal and liquidator fees were paid, and his land remained unusable. "The land is still unsaleable as of today and maybe for the next two years," the ABC quotes Mr. Johnson as saying. "The way I feel about the whole scenario of this is that we've been hard done by. "I feel completely let down by the whole system. It's very unfair." ========= C H I N A ========= CHINA EVERGRANDE: Some PwC China Partners Worry About Fallout ------------------------------------------------------------- Bloomberg News reports that the liquidation of China Evergrande Group, the collapsed property developer, is raising concerns among some partners at its former auditor PricewaterhouseCoopers China about the potential impact on their own finances. Bloomberg relates that several partners at PwC's Hong Kong and mainland China affiliates said they are exploring strategies to safeguard personal assets, in case legal and regulatory challenges facing the firms ever spill over into any financial or legal burdens for themselves. One said he has even contemplated divorce as a means to shield wealth, while another is cutting education budgets for his children. A couple of former senior leaders at the Hong Kong affiliate who departed in recent years said they are also considering steps to protect assets. Current and former partners at PwC who spoke for this story asked not to be identified because the information is private, Bloomberg says. According to Bloomberg, Evergrande's liquidators have claimed "negligence" and "misrepresentation" in the auditing work done by PwC's mainland and Hong Kong affiliates for the failed property giant. They are seeking CNY57 billion in a lawsuit against PricewaterhouseCoopers International and the affiliates, lawyers said in court in May. That comes after Hong Kong's accounting watchdog said PwC audits had "particularly egregious" deficiencies that contributed to Evergrande inflating reported profits and liquidity. Bloomberg says the amount that liquidators are seeking marks one of the largest corporate claims ever in Hong Kong, and will be the highest-profile test in Greater China of the extent to which audit firms could be held liable when clients are accused of wrongdoing. It also underscores continued fallout from Evergrande's default on US dollar bonds in 2021, a pivotal moment in a broader property crisis in China that's led to record debt failures and an economic slowdown. According to Bloomberg, the partners said they were not directly involved in auditing Evergrande. Even so, some are worried that liquidators might eventually bring lawsuits against them. Another concern is the risk that they will be asked to help cover any legal damages through their equity in the firms. They also fear that the broader financial impact on the businesses could affect their compensation packages. A spokesperson for PwC China declined to comment on ongoing litigation, Bloomberg notes. "Our businesses continue to perform well and we remain focused on delivering high-quality outcomes for our clients, supporting our people, and investing in the future of the firm and our profession in China," the spokesperson said. About China Evergrande China Evergrande Group is an integrated residential property developer. The Company, through its subsidiaries, operates in property development, investment, management, finance, internet, health, culture, and tourism markets. China Evergrande Group, the second largest real estate developer in China, and certain of its affiliates sought creditor protection in the United States under Chapter 15 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023. Evergrande, widely known as the most leveraged company in the world, and its affiliates are asking the U.S. Bankruptcy Court for the Southern District of New York for recognition of foreign proceedings as "foreign main" proceeding under Chapter 15. Evergrande is in the midst of a highly complex restructuring of around $20 billion in offshore debt. In total, the Company has more than $300 billion in liabilities. Evergrande is incorporated in the Cayman Islands as an exempted company with limited liability, with its principal place of business located at 15th Floor, YF Life Centre, 38 Gloucester Road, Wanchai, Hong Kong. It is subject to a restructuring proceeding entitled In the Matter of China Evergrande Group, concerning a scheme of arrangement between Evergrande and certain Scheme Creditors pursuant to the relevant provisions of the Hong Kong Companies Ordinance (Chapter 622 of the Laws of Hong Kong), currently pending before the High Court of Hong Kong (Case Number HCMP 1091/2023. Affiliate Tianji Holding Limited is incorporated in Hong Kong as a limited liability company, with its principal place of business located at 17th Floor, One Island East, Taikoo Place, 18 Westlands Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring proceeding entitled In the Matter of Tianji Holding Limited, concerning a scheme of arrangement between Tianji and certain Scheme Creditors, pursuant to the relevant provisions of the Hong Kong Companies Ordinance and currently pending before the Hong Kong Court (Case Number HCMP 1090/2023). Affiliate Scenery Journey Limited is incorporated in the British Virgin Islands as a limited liability company, with its principal place of business located at 2nd Floor Water's Edge Building, Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is subject to a restructuring proceeding entitled In the Matter of Scenery Journey Limited, concerning a scheme of arrangement between Scenery Journey and certain Scheme Creditors, pursuant to section 179A of the BVI Business Companies Act, 2004, and currently Pending before the High Court of the Eastern Caribbean Supreme Court (Case sNumber BVIHCOM 2023/0076). U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15 proceedings. Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji. Maples BVI is the British Virgin Island Counsel to Scenery Journey. On Jan. 29, 2024, a Hong Kong court ordered the liquidation of China Evergrande Group. CHINA FORTUNE: Builder Names Consortium as Restructuring Investor ----------------------------------------------------------------- Yicai Global reports that shares of China Fortune Land Development, a developer in court-led debt restructuring, fell after it said a consortium has been appointed as the firm's restructuring investor. China Fortune [SHA: 600340] closed 5.2 percent lower at CNY1.29 (19 US cents) a share on June 11, Yicai notes. Due to the Shanghai Stock Exchange issuing a delisting risk warning, the stock's daily trading band has been narrowed to 5 percent from 10 percent. The committee formed to select China Fortune Land's restructuring investor has picked a consortium consisting of Chengfengerlai Digital Technology and Nanyang Mulanhua Real Estate, the Langfang-based builder announced on June 10, Yicai relays. Established in 2023, Chengfengerlai mainly provides computing power trading services to artificial intelligence companies. Founder Chen Yuan was previously general manager of Alibaba Group Holding's global technical services department. Mulanhua Real Estate is a small private developer set up in 2017 and based in Henan province. It has a housing project there covering about 19,814 square meters, with plans for 892 households. China Fortune Land fell into a debt crisis in 2021, Yicai notes. Last November, it faced a judicial restructuring application from its creditor Longcheng Construction Engineering after failing to repay maturing debts, leading it to enter a pre-restructuring process and start selecting a restructuring investor. China Fortune Land has posted annual losses since 2023. Its net loss ballooned 375 percent to CNY22.9 billion (USD3.4 billion) last year, while revenue plunged 64 percent to CNY8.6 billion (USD1.3 billion), Yicai discloses. For the first quarter of this year, the loss narrowed 37 percent to CNY1.7 billion from a year earlier, but revenue fell 28 percent to CNY853 million (USD126 million). As of Dec. 31, China Fortune Land had net assets of minus CNY17.7 billion. If the company cannot return its net assets to positive territory by the end of this year, it will be forced off the stock exchange, Yicai says. About China Fortune China Fortune Land Development Co., Ltd. offers real estate development and investment services. The Company develops industrial parks and industrial town projects. China Fortune Land Development also provides related industrial solution services. ========= I N D I A ========= AGE OLD: CARE Keeps B- Debt Ratings in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Age Old Spirits (AOS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 9, 2025, placed the rating(s) of AOS under the 'issuer non-cooperating' category as AOS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AOS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 26, 2026, April 4, 2026, April 14, 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 Age Old Spirits (AOS) is a partnership firm, established in 1994, Nagpur (Maharashtra), engaged in trading of Indian Made Foreign Liquor (IMFL). The entity is promoted by members of the Dewani family, who have extensive experience in liquor trading and have established presence in the field through group companies including Premier Liquor India Limited. The group is also engaged in liquor bottling, real estate, coal mining and retail distribution for electronic goods among others. The firm primarily is an exclusive distributor for established IMFL brands such as 'Imperial Blue', 'Royal Stag', 'Blenders Pride', 'Absolute Vodaka' etc. from the sole supplier Pernod Ricard India Private Limited (Seagram). ARABIAN PETROLEUM: CARE Lowers Rating on INR11.93cr LT Loan to B+ ----------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Arabian Petroleum Limited (APL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.93 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE BB-; Stable Rationale & Key Rating Drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated June 13, 2025, placed the rating(s) of APL under the 'issuer non-cooperating' category as APL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. APL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 29, 2026, May 9, 2026, May 19, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities assigned to APL have been revised on account of non-availability of requisite information. The rating revision also considers a decline in profitability margins as well as an increase in overall debt in FY26 compared to FY25. Analytical approach: Standalone Outlook: Stable Incorporated in 2009 as a private limited company by Mr. Hemant Mehta along with his family members, Arabian Petroleum Private Limited (APPL) was later converted into a public limited company in 2013 and renamed as Arabian Petroleum Limited (APL) [ISIN: INE08NJ01024]. APL is an ISO 9001:2008, ISO 14001:2015 and ISO 45001:2018-certified company engaged in manufacturing of a wide range of industrial & automotive lubricants which find a wide range of industrial applications in various sectors viz. automotive, engineering, chemicals, pharmaceuticals, other industrial sectors, etc. The administrative office and manufacturing facility of the company is located at Ambernath in Thane, Maharashtra. ARORA KNIT: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Arora Knit Fab Private Limited (AKFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 57.89 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 12, 2025, placed the rating(s) of AKFPL under the 'issuer non-cooperating' category as AKFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AKFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 28, 2026, April 7, 2026, April 17, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable AKFPL, incorporated in the year 2000, under companies Act 1956 and the flagship entity of the Arora Group. The company is engaged in manufacturing and exports of Knitted Fabrics, Home Textiles, Garments, Mink Blankets and the substitutes. The company is managed by Shri Mohinder Singh Arora (Chairman, founder CEO) and Shri Ravinder Pal Singh elder brother of Mohinder Singh Arora. BAJORIA AGRO: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Bajoria Agro Processing Private Limited (BAPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 32.00 CARE D; ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 25, 2025, placed the rating(s) of BAPPL under the 'issuer non-cooperating' category as BAPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BAPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 11, 2026, March 21, 2026, May 26, 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 Rajasthan based Bajoria Agro Processing Private Limited (BAPPL) was incorporated in 2013 and is currently being managed by Mr. Mahender Gopal Bajoria and Mr. Ankur Bajoria. BAPPL manufactures wheat-based products including maida, sooji, rava and atta at its manufacturing facility at Abohar, Punjab. COSMOS INFRA: CARE Keeps C Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Cosmos Infra Engineering (India) Private Limited (CIEPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 72.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 7, 2025, placed the rating(s) of CIEPL under the 'issuer non-cooperating' category as CIEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CIEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 23, 2026, April 2, 2026, April 12, 2026 and June 5, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of CIEPL have been revised on account of non-availability of requisite information. The revision also considers delays in debt servicing recognized publicly available information i.e. CIBIL filings made by the lender. Analytical approach: Standalone Outlook: Not Applicable Cosmos Infra Engineering India Private Limited (CIEPL) was incorporated in 1986 as Cosmos Builders & Promoters Limited by Mr. Vinod Mittal (Chairman & Managing Director). Later in March, 2008, company changed its name to Cosmos Infra Engineering India Limited. Further, in June-2016, company became Private Limited and subsequently its name changed to the present one Cosmos Infra Engineering India Private Limited. CIEPL is involved in construction of residential and commercial real estate projects. EARTHEN TREASURES: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Earthen Treasures Natural Resources Private Limited (ETNRPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long 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 May 27, 2025, placed the rating(s) of ETNRPL under the 'issuer non-cooperating' category as ETNRPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ETNRPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 12, 2026, April 22, 2026, May 2, 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 ETNRPL was established in April 2013. Promoted by Mr Aniket Jain and Mr Pratyush Bharatiya, operations of the company began from April 22, 2013. ETNRPL is currently engaged in quarrying, production and trading of granite. ETNRPL has leased the quarry measuring 2.13 acres from M/S Brothers Granite Exporter and has acquired rights of selling, supplying, and transporting of black granite blocks for a lease period of 7 years. The quarry of the entity is located in Chamrajnagar, Karnataka. GARG ISPAT: CARE Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Garg Ispat Udyog Limited (GIUL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 9.00 CARE D; ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term 6.00 CARE D; ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 25, 2025, placed the rating(s) of GIUL under the 'issuer non-cooperating' category as GIUL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GIUL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 11, 2026, March 21, 2026, June 1, 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 Delhi based, Garg Ispat Udyog Ltd. (GIUL) was incorporated in 1987 and is being managed by Mr. Manish Gupta, Ms. Nidhi Gupta, Ms. Alka Gupta and Ms. Kamini Goyal. GIUL is engaged is manufacturing of MS black pipes, scaffolding, PPG fabricated sheets for Buildings, MS fabrications etc. GUIL procures key raw-material viz. HR-coil, aluminium extrusion, aluminium form work from traders. The company sells its products domestically to real estate developers and construction contractors. GLAZE GARMENTS: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Glaze Garments (India) Limited (GGIL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 21.94 CARE D; ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term 10.50 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 GGL under the 'issuer non-cooperating' category as GGL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GGL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 11, 2026, March 21, 2026, June 3,2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable GGIL was incorporated in the year 1998 by Mr Anil Kumar Jain. The company, based in Ludhiana, Punjab, is engaged in the manufacturing of garments and trading of yarn & fabrics. The products manufactured by the company include polo shirts, Tshirts, jogging suits, sweat shirts, thermal wear, sweaters, etc. GGIL belongs to the Ludhiana based 'Venus group' which is integrated from knitting to garment manufacturing and consists of other group companies. INTEC CAPITAL: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Intec Capital Limited (ICL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 95.36 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), vide its press release dated January 7, 2021, has placed the rating of ICL under the 'Issuer non-cooperating' category, as ICL failed to provide information for monitoring the rating exercise as agreed to in its rating agreement. ICL continues to be non-cooperative, despite repeated requests for submission of information through e-mails dated May 6, 2026, May 12, 2026, May 16, 2026, and May 26, 2026. In line with the extant Securities and Exchange Board of India (SEBI) guidelines, CareEdge Ratings has reviewed the rating based on 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. Analytical approach: Standalone Outlook: Not applicable Detailed description of key rating drivers: At the time of last rating, following were the rating strengths and weaknesses. Key weaknesses * Ongoing delays: In September 2018, ICL's utilisation of cash credit facilities was more than the drawing power for a period of exceeding 30 consecutive days, hence, the rating was downgraded to CARE D. In their auditor's report for FY26, ICL's auditor stated that the company has completed one-time settlement (OTS) with its lenders in quarter ending June 30, 2025, and the auditor has issued an audit report for FY26 without any qualification and as on March 31, 2025, its debt stood at INR10.8 crore. * Declining scale and weak profitability: The company's net loan book has been shrinking over the years, since FY19 from INR144.41 crore to INR30.67 crore as on March 31, 2026. In FY26, the company reported profit of INR7.45 crore compared to INR0.30 crore in FY25. Key strengths * Experienced promoters and management: ICL was founded by Sanjeev Goel, who has over two decades of experience in financial services. He is a chartered accountant and holds Master's in international finance from the University of Iowa. ICL has been operating in small and medium enterprises (SME) equipment financing for the last two decades. ICL (formerly known as Intec Securities Limited) was established in February 1994, as a private limited company by Sanjeev Goel (Ex. Finance Manager, Jai Bharat Maruti Ltd, CA and MBA) and Rajeev Goel (B. Tech from IIT Kanpur and MS from USA). ICL was converted into a public limited company in October 1994, and subsequently in September 2009, its name was changed to the present one. ICL is registered with the Reserve bank of India (RBI) as non-deposit accepting (ND) non-banking finance company (NBFC) and is listed at BSE. Post-merger with Unitel Credit Private Limited on February 11, 2011, ICL became a systemically important (SI) NBFC. In April 2014, the company received categorisation of Asset Finance Company (AFC) from RBI. Since, the loan portfolio came below INR500 crore in fiscal year ending March 31, 2018; the company became non-systemically important NBFC. ICL is primarily into providing funding for office equipment, medical equipment, plant and machinery, computer peripherals, among others to SME, government, semi-government, and private sector customers. J S SPINTEX: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of J S Spintex Limited (JSSL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.74 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 27, 2025, placed the rating(s) of JSSL under the 'issuer non-cooperating' category as JSSL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JSSL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 12, 2026, April 22, 2026, May 2, 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 J.S. Spintex Limited (JSSL) [Now J.S. Spintex Private Limited], based in Samana (Punjab), was incorporated in August, 2012 as a public limited company. It commenced operations in January, 2014. The company is currently being managed by Mr. Parminder Singh and Mr. Amandeep Singh. JSSL is engaged in manufacturing of coarse cotton yarn at its manufacturing plant located in Samana, Punjab, with total installed capacity of 4,500 MT per annum, as on June 09, 2016. The company manufactures yarn of different counts ranging from 18's to 24's depending upon the customer requirement. The yarn supplied by the company is used as raw material for manufacturing bed sheets, terry towel, foot-mats, suiting cloth, etc. JAGANNATH PLASTIPACKS: CARE Cuts Rating on INR5.0cr LT Loan to D ---------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Jagannath Plastipacks Limited (JPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE D; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE C; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 21, 2026, placed the rating(s) of JPL under the 'issuer non-cooperating' category as JPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 4, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings for JPL have been revised on account of non-availability of requisite information. The ratings revision also considers delays in debt servicing as recognized from publicly available information. Analytical approach: Standalone Outlook: Not applicable Incorporated in 1984, Jagannath Plastipacks Limited (JPL) was promoted by Subudhi family managed by Mr. Manoj Kumar Subudhi, Mr. Saroj Kumar Subudhi and Mr. Kshirod Kumar Subudhi for almost two decades. JPL is involved in the business of manufacturing of polypropylene and HDPE woven sacks and bags with installed capacity of 45 Lakh pcs per month with the manufacturing unit located at IDCO New Industrial Estate, Jagatpur, Cuttack. The promoter also owns an associate company in the mane of Jagannath Polymers Limited which is involved in manufacturing of PP/HDPE woven sacks and bags from its manufacturing unit located at Cuttack, Odisha which has a capacity to manufacture 50 lakhs pieces every month. Another associate company in the name of Jagannath Polypacks Limited which is involved in manufacturing of PP/HDPE woven sacks and bags from its manufacturing unit located at Cuttack, Odisha which has a capacity to manufacture 50 lakhs pieces every month. Mr. Manoj Kumar Subudhi (Director) and Mr. Saroj Kumar Subudhi (Director) having around three decades of experience in plastic industry, looks after the day to day operations of the company. They are supported by other promoter Mr. Kshirod Kumar Subudhi along with a team of experienced personnel. JAMMU AUTOMART: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Jammu Automart Private Limited (JAPL) continues to remain in the 'Issuer Not Cooperating' category. Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 6, 2025, placed the rating(s) of JAPL under the 'issuer non-cooperating' category as JAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 22, 2026, April 1, 2026, April 11, 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 Jammu Automart Private Limited (JAPL) (erstwhile known as K. C. Jammu Automart Private Limited) was incorporated in 2008 by Mr.Raju Chowdhary, Mr.Ankur Mahajan and Mr. Sanjay Mahajan. JAPL is the authorized automobile dealer of Hyundai Motor India Limited (HMIL) for its passenger cars segment. JAPL deals in complete range of passenger vehicles manufactured by HMIL like, EON, Santro, i10, i20, Verna etc. The company has its showrooms (3S facilities i.e. Sales, Service and Spares) located in Jammu. The showroom has attached workshop facility for the post sales services of cars. The group entitles of JAPL include 'K. C. Automart Private Limited' and 'K.C. Motors' which are running dealership for HMIL and General Motors respectively in Jammu and Kashmir Region. Further, other group entitles i.e. 'Tawi Chemical industries' is engaged into the business of steel products manufacturing and 'K.C. Education Society' is into education business. JSW HYDRO: Moody's Affirms 'Ba1' Rating on USD707MM Sr. Sec. Notes ------------------------------------------------------------------ Moody's Ratings has affirmed the Ba1 rating on JSW Hydro Energy Limited's (JSWH) USD707 million 4.125% senior secured notes due 2031. The outlook remains stable. The affirmation reflects Moody's expectations that the issuer's financial profile will remain robust and well within the rating level. The stable outlook reflects Moody's expectations that JSWH will maintain stable cash flow from its long-term Power Purchase Agreement (PPAs) and that there will be no construction risk for the portfolio of assets. RATINGS RATIONALE The Ba1 rating on the senior notes reflects (1) JSWH's predictable cash flow profile from its long-term PPAs; (2) the long and stable operating track record of its two hydropower projects; (3) very competitive tariffs for its projects; and (4) moderate financial leverage supported by the structural features of the notes, including a mandatory cash sweep mechanism. JSWH's credit profile reflects the long and efficient track record of its hydropower projects, which have consistently outperformed the regulatory targets, allowing the company to earn incentives and improve its cash flows. The rating also considers the established and consistent regulatory regime for hydropower in India. Moody's expects JSWH to have moderate financial leverage, with average funds from operations (FFO) to debt of 8%-14% over the remaining life of the notes. JSWH's credit profile also considers its foreign currency risk management under the notes. In line with bond covenants, the company has fully hedged its USD-INR exposure for both principal and interest, primarily through call spread structures. The company in past has been able to manage near-term exposures by converting call spreads into forward contracts. Given recent INR depreciation, management is considering extending hedge protection at an additional cost. Residual exposure beyond hedge coverage could modestly affect credit metrics; nevertheless, the impact is expected to be manageable considering the rating headroom available at the present rating level. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Moody's could upgrade the rating if JSWH's FFO/debt exceeds 12% on average for the remaining tenor of the notes. Moody's could downgrade the rating if JSWH's operating performance weakens as a result of a negative regulatory decision, or if its FFO/debt declines below 6% on a sustained basis. The principal methodology used in this rating was Power Generation Projects, published in May 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. JSW Hydro Energy Limited (JSWH) is a wholly owned subsidiary of JSW Energy Ltd and is the largest private hydropower producer in India. It owns and operates two hydropower plants, the 300 MW Baspa II and the 1,091 MW Karcham Wangtoo, both of which are located in Himachal Pradesh state in northern India. KIRTIMAN CEMENTS: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Kirtiman Cements & Packaging Industries Limited (KCPIL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 27.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 7, 2025, placed the rating(s) of KCPIL under the 'issuer non-cooperating' category as KCPIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KCPIL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 23, 2026, April 2, 2026, April 12, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in 1996, Kirtiman Cements and Packaging Industries Limited (KCPIL) is promoted by Mr. Ashwani Kumar Oberoi, Mr Sunil Kumar Oberoi and their family members. KCPIL has been operational since August 2008 and is engaged into manufacturing of Poly Propylene (PP) woven fabric bags used in packaging industry. Apart from PP woven bags, the company also supplies PP woven fabric to traders. Company is a part of the Ashwani Oberoi Construction Company India Limited (AOCC) group which is engaged in the real estate line of business. MORGAN MILK: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Morgan Milk & Dairy Industries Private Limited (MMDIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 21.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 8, 2025, placed the rating(s) of MMDIPL under the 'issuer non-cooperating' category as MMDIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MMDIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 24, 2026, April 3, 2026, April 14, 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 Morgan Milk and Dairy Industries Private Limited (MMDIPL) is a Nasik (Maharashtra) based company, incorporated in the year 2014. However, MMDIPL has commenced its commercial operations in January 2019. The company is engaged in the business of processing of milk and milk-based products viz. milk powder, butter, cow ghee etc. The facility is located at Malegaon, Maharashtra. MOTIL DEVI: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Motil Devi Organic Food Industries Private Limited (MDOFIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.39 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 15, 2025, placed the rating(s) of MDOFIPL under the 'issuer non-cooperating' category as MDOFIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MDOFIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 1, 2026, March 11, 2026, March 21, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Motil Devi Organic Food Industries Pvt Ltd (MDOFIPL), incorporated in December 2012 by one Mr. Deepak Wadhvani of Raipur, is engaged in the business of manufacturing of ice cream. The company started its commercial operation since April 2014 with an installed capacity of 15,00,000 litres per annum. The company market its products under the brand name of "Mental" in and around Raipur. Mr Deepak Wadhvani, Director, looks after the day to day operations of the company with adequate support from other director and a team of experienced personnel. OMEGA ENTERPRISES: CARE Keeps C Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Omega Enterprises (OE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.96 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 23, 2025, placed the rating(s) of OE under the 'issuer non-cooperating' category as OE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. OE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 9, 2026, March 19, 2026, March 29, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Established in 1995, Omega Enterprises (OE) as a proprietorship entity which is being managed by Mr. Pandra Ramiah Thevar. The entity provides wide range of services namely, cargo handling services of export & import consignments, car park business at airports, ground handling (equipment's & manpower), Vehicular maintenance workshop and cleaning services at different airports. The firm has offices at 7 different locations across India with head office at Mumbai. ORAVEL STAYS: S&P Alters Outlook to Positive, Affirms 'B' ICR ------------------------------------------------------------- S&P Global Ratings revised its rating outlook on Oravel Stays Ltd. to positive from stable. At the same time, S&P affirmed its 'B' long-term issuer credit rating and 'B' long-term issue rating on the company's senior secured term loan. The positive outlook reflects S&P's expectation that Oravel's credit metrics will improve significantly over the next 12 months if the company maintains its good earnings momentum and improves its capital structure through an IPO. Oravel will likely build on its recent record of positive EBITDA and cash flow on an improving scale and increased operating efficiencies over the next 12 months. A successful IPO could also materially improve the company's capital structure, which is currently weighed down by debt-like instruments. Oravel's capital structure will strengthen in a successful IPO. This is because the company's compulsory convertible preference shares (CCPS) and compulsorily convertible cumulative preference shares (CCCPS) will convert to equity in the event of an IPO. S&P currently treats these instruments as debt-like in our financial ratios because of their lack of permanence. The instruments will convert to equity in a successful IPO. As of March 31, 2025, they totaled about Indian rupee (INR) 190 billion to account for almost two-thirds of Oravel's adjusted debt. Post-IPO and conversion to equity, the company's debt-to-EBITDA ratio could fall below 3.5x from fiscal 2027, versus S&P's base case assumption of about 9.5x. Credit ratios could further strengthen if the company uses its IPO proceeds to pay down debt. S&P said, "We believe Oravel is making steady progress toward an IPO. On June 2, 2026, the company received approval from the Securities and Exchange Board of India for a public offering of about INR66.5 billion. "Oravel's earnings could continue to improve over the next 12 months on an improving scale, better operating efficiencies, and a healthy cash conversion rate. Oravel became profitable in fiscal 2023 (ended March 31, 2023). We estimate the company's EBITDA increased by a compound annual growth rate of over 45% over fiscal 2024-fiscal 2026. Margins also likely trended above 25% in fiscal 2026 from 17.2% in fiscal 2025. "We see limited risk of Oravel returning to significant cash burns over the next 12 months, unlike other unicorns in ride-hailing or e-commerce where spending needs could arise quickly to defend market share in a highly competitive environment." The company operates low-to-mid budget hotels and holiday homes and competes with platforms such as Airbnb Inc. (A-/Stable/--), Booking Holdings Inc. (A-/Stable/--), and Expedia Group Inc. (BBB/Stable/--). Given the fragmented nature of the travel industry, aggressive spending by players for market share is unlikely. Oravel's revenue could exceed INR92 billion or about US$1 billion in fiscal 2026, from INR62.5 billion in fiscal 2025. This follows the company's full integration of G6 Hospitality LLC, which the company acquired in fiscal 2025. Revenue could further increase by about 15% in fiscal 2027 on the group's upscaling to premium offerings, new asset additions, and healthy same storefront growth rates. Along with scale efficiencies and cost rationalization, its EBITDA margins may improve toward 30% by fiscal 2027 from 17.2% in fiscal 2025. Adjusted operating cash flow could also turn positive. A higher earnings base will help Oravel manage interest from its term loan and funding requirements for working capital and capital expenditure. Based on S&P's forecast of 15%-20% annual increases in the company's EBITDA over the next 12-24 months, the company could have positive adjusted free operating cash flow (FOCF) of INR9 billion-INR12 billion a year in fiscal 2026-2027. This would be a turnaround from negative INR6.5 billion in fiscal 2025. While Oravel's cash buffer could remain thin at INR11 billion-INR18 billion until fiscal 2027, S&P believes the positive FOCF signals a stabilizing business while the company organically accumulates cash. S&P said, "The positive rating outlook on Oravel reflects our expectation that its capital structure and credit metrics could improve materially over the next 12 months if it maintains good earnings momentum and positive free cash flow, and successfully completes its proposed IPO. "We could revise the outlook to stable if we no longer expect Oravel to undertake an IPO over the next 12 months." S&P could raise the rating if: -- Oravel successfully completes its IPO, thereby removing the CCPS and CCCPS instruments and permanently improving its capital structure; and -- The company maintains positive earnings and cash flow. PROGRESSIVE EXIM: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Progressive Exim Limited (PEL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 0.66 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 24.50 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 21, 2025, placed the rating(s) of PEL under the 'issuer non-cooperating' category as PEL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PEL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 7, 2026, March 17, 2026, March 27, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Progressive Exim Ltd. (PEL), promoted by Shrishrimal family of Raipur, is engaged in the manufacture/processing of Specialty fats (application: bakery and confectionery segment) and edible oils (soya bean oil, rice bran oil etc) & by products (application: fishery, poultry, cattle feed, fertilizers and detergents). The plant is located in Raipur, Chhattisgarh and has total solvent extraction capacity of 130 tonnes per day (TPD), edible oil refining capacity of 20 TPD, expellers of 70 TPD and acetone fractionation plant of 12 TPD. The company specializes in the processing of specialty fats which are exported to reputed chocolate manufacturers like Ferrero Trading Lux S.A and Britannia Food Ingredients Ltd. Other products include processing of Shea Nuts, Soya Bean, Rice Bran, Sal seed, Mowha, Sunflower, Mango, Cotton seed, Kokam, Karanj, Kusum, Pulse, etc. It markets Rice Bran Oil under the brand name "Manmokah" and Soya Bean Oil as "Manbhavan". Other products are sold in bulk in tankers. One of the group companies, AS Nutra Tech Pvt Ltd is engaged in manufacturing refined soya oil and refined rice bran oil. RAM COMMODITIES: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Shri Ram Commodities (SRC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term Bank 13.23 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) has been seeking information from SRC to monitor the rating(s) vide e-mail communications dated April 12, 2026, April 2, 2026, and March 23, 2026, among numerous phone calls. However, despite repeated requests, the firm has not provided requisite information for monitoring the rating. In line with the extant Securities and Exchange Board of India (SEBI) guidelines, CARE Ratings Limited (CareEdge Ratings) has reviewed the rating based on the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. SRC has not paid the surveillance fees for the rating exercise as agreed in its Rating Agreement. The rating on SRC's short-term bank facilities will now be denoted as CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using these rating(s). Analytical approach: Standalone Outlook: Not applicable Detailed description of key rating drivers: At the time of last rating on May 7, 2025, following were the rating strengths and weaknesses (CareEdge Ratings did not receive information after FY22): Key weaknesses * Ongoing delays: Based on the feedback from the banker on February 7, 2023, there are ongoing overdue payments on the term loan, and the cash credit/overdraft (CC/OD) limit is overdrawn. Overdue on term loans have persisted since November 2022, and there is no updated information available. * Small scale of operations: The firm's operations remain small with total income of INR4.13 crore in FY22, decreased from INR5.38 crore in FY21 considering decline in net brokerage income. Updated information is not available. * Inherent volatility in the revenue profile with majority income coming from brokerage segment: The firm's majority income is derived from trading in commodities. Income derived from this segment is highly volatile and speculative in nature. Though income from the segment increased on a year-on-year basis in FY22, its ability to continue achieving profits in the segment remains a key rating consideration. Updated information is not available. * Increasingly competitive business segment: Broking business in India is highly competitive and SRC faces fierce competition from large broking firms. Large broking firms are in a better position to reduce operating expenses and maintain their margins. Broking business in India is becoming increasingly competitive with reducing brokerage fees and volatile volumes. * Constitution of entity being a partnership firm: SRC's constitution as a partnership firm has the inherent risk of possibility of withdrawal of the partners' capital at the time of personal contingency and firm being dissolved on the death/retirement/insolvency of partners. Partnership firms have restricted access to external borrowing as credit worthiness of partners would be the key factor affecting credit decision of lenders. Key strengths * Experienced partners: Rattan Lal Aggarwal, Deepa Gupta and Ramesh Bansal are partners for SRC. Partners have adequate acumen on aspects of business, which are likely to benefit SRC in the long run. SRC was established in June 2010 as a partnership firm, and its commercial operations started in 2011. The firm is being currently managed by Rattan Lal Aggarwal, Deepa Gupta, and Ramesh Bansal as its partners. SRC is a trading member of the Multi Commodity Exchange of India Limited (MCX Member ID - 46005) with clearing support of Globe Commodities limited and tradingcum-clearing member of National Commodity and Derivatives exchange Limited (NCDEX Member ID - 01059) since 2011. The firm has also taken the membership from Bombay Stock Exchange Limited (BSE- Member id: 6693) and National Stock Exchange of India Limited (NSE - Member id: 90150). SRC has 30 franchisees spread across India. RAVINDRA RICE: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ravindra Rice and General Mills (RRGM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 24, 2025, placed the rating(s) of RRGM under the 'issuer non-cooperating' category as RRGM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RRGM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 10, 2026, March 20, 2026, March 30, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Ravindra Rice and General Mills (RRGM) got established in 1998 as a partnership firm and are currently being managed by Mr. Ravinder Kumar Girdhar and Mr Sanjeev Kumar Girdhar. RRGM is engaged in the processing of paddy at its manufacturing facility located at Fazilka (Punjab). The firm is also engaged in milling for various government entities like PUNSUP, Pungrain, etc. REXON LABORATORIES: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Rexon Laboratories Limited (RLL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1.00 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 7.00 CARE D; ISSUER NOT COOPERATING; Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 5, 2025, placed the rating(s) of RLL under the 'issuer non-cooperating' category as RLL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RLL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 21, 2026, April 10, 2026, June 2,2026 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 entity was initially established as a public limited company under the name of 'Priya Drugs Limited' in 1995. Later on, in 2002, the company got renamed to 'Rexon Laboratories Limited' (RLL). The company is currently being managed by Mr. Rakesh Sharma, Mr. Vijay Bharat and Mr. Pankaj Sharma. RLL is mainly engaged in the trading of diversified products such as packaging material (PVC film & Aluminium foil), allopathic medicines and construction material (PVC panel) and is also involved in manufacturing of pharmaceutical formulations which are available in the form of injections at its manufacturing facility located in Jalandhar, Punjab. S. N. HOTELS: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of S.N. Hotels & Resorts Private Limited (SNHRPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.59 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.15 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 15, 2025, placed the rating(s) of SNHRPL under the 'issuer non-cooperating' category as SNHRPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SNHRPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 1, 2026, March 11, 2026, March 21, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable S.N. Hotels & Resorts Private Limited (SNHRPL) was incorporated in October, 1998 in the name of "Hotel Nest" promoted by the Nayak family with the property located at Sankarpur, Dist-Purba Medinipur, West Bengal. SNHRPL started commercial operation with 15 rooms in October, 2002 and gradually increased its capacity over the years. It is currently operating with 73 rooms and also it has two banquet halls, an air conditioned multi cuisine restaurant & bar and a health club. Other amenities in the hotel include private beach, gymnasium, game rooms, outdoor games facility, boating club, children Park, special arrangement for DJs, live band and bon fire and facilities for pick-up and drop. The occupancy rate of the hotel averagely remained at around 45%-48% throughout the year, which increases to around 70% during peak season (in the month of October to February). Mr. Debabrata Nayak (aged 42 years), having around two decades of experience in the same line of industry, looks after the overall management of the company with adequate support from other director (Mr. Chandrakala Nayak) and a team of experienced personnel. S. S. ENGINEERS: CRISIL Lowers Rating on INR25cr Term Loan to B --------------------------------------------------------------- CRISIL Ratings has migrated the ratings on bank facilities of S. S. Engineers (SSE, part of SS group) to 'Crisil B/Stable/Crisil A4 Issuer not cooperating' from 'Crisil BB+/Stable/Crisil A4+'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 54 Crisil A4 (ISSUER NOT COOPERATING; Migrated from 'Crisil A4+') Bank Guarantee 22 Crisil A4 (ISSUER NOT COOPERATING; Migrated from 'Crisil A4+') Bank Guarantee 4.57 Crisil A4 (ISSUER NOT COOPERATING; Migrated from 'Crisil A4+') Bank Guarantee 6.02 Crisil A4 (ISSUER NOT COOPERATING; Migrated from 'Crisil A4+') Cash Credit 17.62 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB+/Stable') Cash Credit 3 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB+/Stable') Cash Credit 5 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB+/Stable') Proposed Fund- 0.49 Crisil B/Stable (ISSUER NOT Based Bank Limits COOPERATING; Migrated from 'Crisil BB+/Stable') Rupee Term Loan 25 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB+/Stable') Rupee Term Loan 7.3 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB+/Stable') Working Capital 5 Crisil B/Stable (ISSUER NOT Term Loan COOPERATING; Migrated from 'Crisil BB+/Stable') Crisil Ratings has been consistently following up with SSEfor 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 SSE 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 SSE, 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 SSE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SSE migrated to 'Crisil B/Stable/Crisil A4 Issuer not cooperating' from 'Crisil BB+/Stable/Crisil A4+'. SSE, setup in 1980, and SSEPL setup in 2004, specializing in delivering end-to-end solutions for sugar plants, co-generation plants, industrial boilers, and distilleries. It also manufactures original equipment for these plants. The group is promoted and managed by Mr. Shahji B. Bhad and his son, Mr. Samruddha Bhad. SAI LAKSHME: CRISIL Reaffirms B+ Rating on INR17.5cr Cash Loan -------------------------------------------------------------- Crisil Ratings has reaffirmed its 'Crisil B+/Stable' rating on the long-term bank facilities of Sai Lakshme Milk Products (SLMP). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 17.5 Crisil B+/Stable (Reaffirmed) Cash Credit 8.5 Crisil B+/Stable (Reaffirmed) Cash Credit 5 Crisil B+/Stable (Reaffirmed) Drop Line Overdraft Facility 4 Crisil B+/Stable (Reaffirmed) Long Term Loan 1.5 Crisil B+/Stable (Reaffirmed) Proposed Long Term Bank Loan Facility 3.5 Crisil B+/Stable (Reaffirmed) The rating continues to reflect susceptibility to changes in government regulations and epidemic-related factors, and below-average financial risk profile. These weaknesses are partially offset by the extensive experience of the proprietor in the dairy industry and moderate business risk profile. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of SLMP. Key Rating Drivers - Weaknesses * Susceptibility to changes in government regulations and epidemic-related factors: The price of the raw material (milk) is sensitive to government policies and environmental conditions. Manufacturers are vulnerable to the risk of failure in milk production due to external factors such as cattle diseases or drought. SLMP made revenue of INR92 crore in fiscal 2025 and the revenue has been staggering at INR90–100 crore for the past three years. SLMP's revenue and profit will remain susceptible to intense competition in the fragmented industry, changes in government policies and regulations, and to volatility in milk prices due to environmental conditions. * Below-average financial risk profile: The financial risk profile is constrained by low networth and high gearing, at estimated INR6.15 crore and 7.47 times, respectively, as on March 31, 2026. Debt protection metrics were subdued, with interest coverage ratio of 1.46 times and net cash accrual to total debt ratio of 0.03 time in fiscal 2026. Key Rating Drivers - Strengths * Proprietor's extensive experience in the dairy industry: The proprietor's experience of over two decades has enabled the firm to establish healthy relationships with suppliers and customers in and around Krishnagiri region in Tamil Nadu. The firm processes around 60,000 tonne of milk per day. It sells milk under its own Aahaa brand. * Moderate Business Risk Profile: The business risk profile is moderate with year-on-year increase in revenues and improving operating margins. The revenues grew to around INR 100 estimated in FY26 and the revenues are expected to gradually grow year-on-year with the firm's focus in improving traction in value added dairy segments like paneer and also with the firm's focus to expand in different regions. The operating margins have been moderately comfortable at 5-6% for the past 2 years. In FY26, the operating margins are estimated to be around 6.5%, mainly with the firm's focus in Paneer sales and other value added segment, which confer better margins. Thus, with growing scale of operations and average margins, the business risk profile is expected to remain steady for the medium term. Liquidity Stretched Bank limit utilisation was high at 94.14% on average for the 12 months through March 2026. Annual net cash accrual is expected to be INR1.4–1.8 crore against yearly term debt obligation of INR0.9-1.2 crore over the medium term. Outlook Stable Crisil Ratings believes SLMP will continue to benefit from its proprietor's extensive experience and funding support. Rating sensitivity factors Upward factors: * Sustenance of the business risk profile, with stable topline and operating margin at around 4% * Improvement in the financial risk profile and liquidity Downward factors: * Substantial decline in revenue or reduction in operating margin to less than 3% leading to low net cash accrual * Further weakening of the financial risk profile and liquidity Established in 1997 by Ms Shanthi Subramaniam as a proprietorship firm, SLMP processes milk, which it sells under the Aahhaa brand. The firm's processing centre is in Krishnagiri. SAMRUDDHA SUGAR CRISIL Lowers Rating on INR15cr Cash Loan to B -------------------------------------------------------------- CRISIL Ratings has migrated the ratings on bank facilities of Samruddha Sugar Engineers Private Limited (SSEPL, part of SS group) to 'Crisil B/Stable/Crisil A4 Issuer not cooperating' from 'Crisil BB+/Stable/Crisil A4+'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 6 Crisil A4 (ISSUER NOT COOPERATING; Migrated from 'Crisil A4+') Cash Credit 15 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB+/Stable') Cash Credit 5 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB+/Stable') Rupee Term Loan 13.5 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB+/Stable') Rupee Term Loan 11.5 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB+/Stable') Working Capital 5 Crisil B/Stable (ISSUER NOT Term Loan COOPERATING; Migrated from 'Crisil BB+/Stable') Crisil Ratings has been consistently following up with SSEPL 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 SSEPL 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 SSEPL, 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 SSEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SSEPL migrated to 'Crisil B/Stable/Crisil A4 Issuer not cooperating' from 'Crisil BB+/Stable/Crisil A4+'. About the Group SSE, setup in 1980, and SSEPL setup in 2004, specializing in delivering end-to-end solutions for sugar plants, co-generation plants, industrial boilers, and distilleries. It also manufactures original equipment for these plants. The group is promoted and managed by Mr. Shahji B. Bhad and his son, Mr. Samruddha Bhad. SRIVI EXPORTS: CRISIL Lowers Rating on INR4.5cr Loan to D --------------------------------------------------------- CRISIL Ratings has downgraded the rating of Srivi Exports And Imports Private Limited (SEIPL) to 'Crisil D Issuer not cooperating' from ' Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 1 Crisil D (ISSUER NOT COOPERATING; Downgraded from Crisil B+/Stable ISSUER NOT COOPERATING) Overdraft Facility 4.5 Crisil D (ISSUER NOT COOPERATING; Downgraded from Crisil B+/Stable ISSUER NOT COOPERATING) Overdraft Facility 1.5 Crisil D (ISSUER NOT COOPERATING; Downgraded from Crisil B+/Stable ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with SEIPL for obtaining information through letters and emails dated September 5, 2025 and June 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-cooperation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component. Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SEIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity' s credit quality. Crisil Ratings believes that rating action on SEIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, Crisil Ratings has downgraded the rating to 'Crisil D Issuer not cooperating' from ' Crisil B+/Stable Issuer not cooperating'. As per information available in the public domain, there remains delinquency in company accounts and clarity about the same from the management and bankers is continuing to remain awaited. SEIPL was incorporated in May 2014, promoted by Mr Ponsrinivasa Prabhu P. The company trades in agro-commodities, salt, and blue metal stone. SWASTIK OIL: CARE Assigns D Rating to INR30.80cr Long Term Loan --------------------------------------------------------------- CARE Ratings has assigned rating to the bank facilities of Swastik Oil Refinery Private Limited (SORPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 30.80 CARE D; Assigned Facilities Rationale and key rating drivers The rating assigned to the bank facilities of SORPL takes into account the delays in interest servicing in the term loan account of the company. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Delay free track record in debt servicing for more than 90 days. Analytical approach: Standalone Outlook: Not Applicable Detailed description of key rating drivers: Key weaknesses * Delays in debt servicing: There are delays in interest servicing in the term loan account of the company due to stretched liquidity scenario with latest delay in the month of April 2026. Liquidity: Poor The liquidity profile of the company is poor given delays in interest servicing in the term loan account of the company due to liquidity issues. SORPL, a wholly owned subsidiary of UEL, has recently set up a pulses processing unit with an installed capacity of 48,000 TPA at Howrah, West Bengal. The company was earlier engaged in the manufacturing of edible oils and vanaspati ghee at its facility in Howrah, West Bengal, with installed capacities of 20,000 TPA and 70,000 TPA, respectively. The Company was admitted into the Corporate Insolvency Resolution Process in March 2022 pursuant to an order of the Hon'ble NCLT, Kolkata Bench. Subsequently, in April 2024, the Hon'ble NCLT approved the Resolution Plan under the Insolvency and Bankruptcy Code, 2016, under which the entire pre-existing equity share capital was extinguished without any compensation to the erstwhile shareholders. Pursuant to the approved plan, Uma Exports Limited acquired the Company for an aggregate consideration of INR14.75 crore and was issued fresh equity shares. VST AUTO: CRISIL Lowers Rating on INR62.5cr e-DFS to B ------------------------------------------------------ CRISIL Ratings has migrated the ratings on bank facilities of VST Auto India Private Limited (VSTIPL) to 'Crisil B/Stable/Crisil A4 Issuer not cooperating' from 'Crisil BB-/Stable/Crisil A4+'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Electronic Dealer 62.5 Crisil B/Stable (ISSUER NOT Financing Scheme COOPERATING; Migrated from (e-DFS) 'Crisil BB-/Stable') Inventory Funding 30 Crisil A4 (ISSUER NOT Facility COOPERATING; Migrated from 'Crisil A4+') Proposed Long Term 0.5 Crisil B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Migrated from 'Crisil BB-/Stable') Crisil Ratings has been consistently following up with VSTIPL 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 VSTIPL 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 VSTIPL, 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 VSTIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of VSTIPL migrated to 'Crisil B/Stable/Crisil A4 Issuer not cooperating' from 'Crisil BB-/Stable/Crisil A4+'. VAIPL was incorporated in March 2023 and started its operation since May 2023. The company is promoted by Yadav family and it is an authorized dealership of Ashok Leyland Limited (ALL) for medium and heavy Commercial Vehicles (M&HCV) with the company having 3 showrooms located in Rajasthan (Jaipur, Kotputli and Alwar). =============== M A L A Y S I A =============== EDENOR TECHNOLOGY: High Court Appoints Interim Judicial Managers ---------------------------------------------------------------- BusinessToday reports that the High Court has officially approved the appointment of interim judicial managers for oleochemical manufacturer Edenor Technology Sdn Bhd (ETSB) and its subsidiaries, marking a critical step forward in the group's corporate rehabilitation strategy. The joint-venture partner Mega First Corporation Berhad updated shareholders that the court had allowed the interim appointment during a hearing held on June 3, 2026. The Edenor Group received the sealed High Court order on June 5. The High Court has named corporate advisory firm Messrs Rodgers Reidy & Co to act as the joint and several Interim Judicial Managers, BusinessToday discloses. This interim arrangement will remain active pending the final court hearing of the Originating Summons for a full Judicial Management Order, which Edenor originally filed on May 20, 2026, due to mounting liquidity pressures and sustained operational losses. Effective immediately, the court-appointed managers assume total executive control over the Edenor Group of Companies. According to BusinessToday, under the Companies Act 2016, their extensive legal mandates include the power to: * Take absolute custody, management, and administrative control of all property, assets, and business affairs belonging to the Edenor Group. * Negotiate and execute formal restructuring agreements, official schemes of arrangement, or broader corporate rehabilitation plans on behalf of the company. * Dispose of group property in the ordinary course of business or as a structured component of the upcoming rehabilitation roadmap. * Hire, engage, or terminate the services of specialized professional advisers, external consultants, and employees to protect company operations. * Apply directly to the High Court for further legal directions or emergency orders regarding asset administration. BusinessToday relates that to ensure the interim managers have the necessary stability to evaluate the business without aggressive creditor disruptions, MFCB confirmed that the statutory legal shield remains firmly in place. "The corporate moratorium under Section 410(c) of the Companies Act 2016 continues to remain in effect," MFCB stated in its announcement. "During this moratorium period, no legal proceedings, debt executions, or other hostile legal processes may be commenced or continued against the Edenor Group or its property, save with the express leave of the High Court." Further material updates on the court's final judicial management decision are expected in the coming weeks. Edenor Technology operates as a 50:50 joint venture between Mega First and 9M Technologies Sdn Bhd, anchoring its primary business in the downstream manufacturing of natural-based fatty acids, specialty chemical blends, and glycerin products. ZELAN BHD: Moves to Wind Up Loss-Making Unit -------------------------------------------- The Malaysian Reserve reports that PN17 contractor Zelan Bhd has taken another step in its restructuring efforts after its wholly-owned subsidiary, Zelan Holdings (M) Sdn Bhd (ZHSB), formally resolved to enter creditors' voluntary liquidation. In a Bursa Malaysia filing on June 11, Zelan said concurrent meetings of ZHSB's members and creditors approved the winding-up of the subsidiary under Section 439(1)(b) of the Companies Act 2016, citing its inability to continue operations due to heavy liabilities. Lim Sin Han and Leoh Hin Han of Sin Han & Co. PLT were appointed joint and several liquidators, The Malaysian Reserve discloses. According to The Malaysian Reserve, Zelan noted that ZHSB had already ceased to be a subsidiary from May 15, 2026, when the liquidation process commenced, resulting in its deconsolidation from the group's financial statements. The subsidiary, previously involved in engineering and turnkey construction activities, had ceased operations by end-2025, while Zelan had fully impaired its investment in the unit. The liquidation forms part of Zelan's broader restructuring and regularisation plan following its PN17 classification in May 2023. The Malaysian Reserve says the group's financial distress stemmed largely from issues related to overseas projects, including difficulties in recovering a RM241.76 million receivable linked to a project in Abu Dhabi, which contributed to a disclaimer of opinion on its FY2022 financial statements. The Malaysian Reserve relates that Zelan said the liquidation is expected to have a positive impact on its consolidated net assets per share and gearing position, as the group no longer has enforceable guarantees or claims arising from ZHSB's creditors. The development comes after Bursa Malaysia Securities granted Zelan a three-month extension until July 31, 2026, to submit its regularisation plan aimed at exiting PN17 status, the report adds. About Zelan Zelan Berhad -- http://zelan.com/-- is an investment holding company. The Company's business focus is on engineering and construction projects, and public private partnership projects, mainly in Malaysia. Zelan was categorised as a PN17 company in May 2023 after its external auditor Nexia SSY PLT expressed a disclaimer of opinion on its audited financial statements for the financial year ended Dec. 31, 2022. =============== M O N G O L I A =============== BOGD BANK: Moody's Assigns B2 Rating to USD Senior Unsecured Bond ----------------------------------------------------------------- Moody's Ratings has assigned a B2 foreign currency senior unsecured rating to Bogd Bank JSC (Bogd Bank)'s USD-denominated 3-year fixed-rate senior unsecured bond. The rating outlook on the bond is stable, in line with the outlook on the bank's long-term deposit ratings. The proceeds of the bond will be used for general banking and corporate purposes, including the funding of the bank's lending operations and the diversification of its funding sources. RATINGS RATIONALE The assigned senior unsecured bond rating is in line with the bank's long-term deposit ratings and reflects the structure of the issuance. The bond is a senior unsecured obligation and ranks pari passu with all other unsecured and unsubordinated obligations of the bank. Bogd Bank's Baseline Credit Assessment (BCA) is b2, and its Adjusted BCA, which incorporates no affiliate support, is the same as its BCA. Bogd Bank is domiciled in Mongolia, which Moody's do not consider as having an operational resolution regime (ORR). Moody's apply Moody's basic Loss Given Failure (LGF) analysis, which results in a preliminary rating assessment for Bogd Bank's deposit in line with its Adjusted BCA before government support considerations. Given the bank's limited local deposit franchise, Moody's incorporates a low probability of support from the Government of Mongolia (B1 stable) for the bank's deposits, which result in no notches of uplift. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The bond's rating is in line with Bogd Bank's long-term deposit ratings. Therefore, an upgrade or downgrade of Bogd Bank's long-term deposit ratings would cause a similar rating action on the bond's rating. Moody's could upgrade Bogd Bank's ratings if the bank's BCA is upgraded, while Mongolia's sovereign rating remains unchanged. The bank's BCA could be upgraded if it diversifies its funding channels toward a more balanced mix while maintaining an impaired loan ratio of 2.5% on a sustained basis and keeping capital robust at a level that is well above the banking system average. Moody's could downgrade Bogd Bank's ratings if the bank's BCA is downgraded. The bank's BCA could be downgraded if its capitalization weakens significantly, with its tangible common equity (TCE)/risk-weighted assets (RWA) falling below 15%; liquidity deteriorates significantly, with liquid banking assets/tangible banking assets declining below 30%; reliance on market funding rises significantly, particularly borrowings from banks and financial institutions; and asset quality deteriorates, with its annual new nonperforming loan (NPL) formation ratio rising above 5%, on a sustained basis. PRINCIPAL METHODOLOGY The principal methodology used in this rating was Banks published in November 2025. Bogd Bank's assigned BCA score of b2 is set two notches below the initial Financial Profile score of ba3 to reflect the expected trend in its capital as loan disbursements may accelerate in the next 12 months, as well as the expected trend in its profitability and its earnings volatility. Established in 2014, Bogd Bank JSC is headquartered in Ulaanbaatar, Mongolia. As of year-end 2025, Bogd Bank's largest shareholder Bogd Global Partners LLC, owned a 72.67% stake in the bank. In February 2025, the bank's shareholders voted to convert it into a closed joint-stock company. As of year-end 2025, the bank reported total assets and shareholders' equity of MNT1,371.1 billion and MNT206.1 billion, respectively. ===================== N E W Z E A L A N D ===================== AGRITECH PROPERTY: Placed Under Receivership -------------------------------------------- Tony Leonard Maginness and Jared Waiata Booth of Baker Tilly Staples Rodway Auckland on June 9, 2026, were appointed as receivers and managers of Agritech Property Developments Limited. The receivers and managers may be reached at: Jared Booth Tony Maginness Baker Tilly Staples Rodway Auckland Limited PO Box 3899 Auckland 1140 EUNA LIMITED: Creditors' Proofs of Debt Due on July 3 ----------------------------------------------------- Creditors of Euna Limited are required to file their proofs of debt by July 3, 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: Emma Margaret Laing Laing Insolvency Specialists Limited PO Box 2468 Dunedin 9044 LEADERS WAY: Court to Hear Wind-Up Petition on July 2 ----------------------------------------------------- A petition to wind up the operations of Leaders Way Limited will be heard before the High Court at Auckland on July 2, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on May 14, 2026s. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 SKYHOOKSNZ MOUNT: Creditors' Proofs of Debt Due on July 17 ---------------------------------------------------------- Creditors of Skyhooksnz Mount Maunganui Limited are required to file their proofs of debt by July 17, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 3, 2026. The company's liquidators are: Garry Whimp Benjamin Francis Blacklock Rose Limited PO Box 6709 Victoria Street West Auckland 1142 TALY WATERPROOFING: Court to Hear Wind-Up Petition on June 26 ------------------------------------------------------------- A petition to wind up the operations of Taly Waterproofing Auckland Limited will be heard before the High Court at Auckland on June 26, 2026, at 10:00 a.m. Ian Fistonich filed the petition against the company on May 5, 2026. ================= S I N G A P O R E ================= CREATION AIR: Court Enters Wind-Up Order ---------------------------------------- The High Court of Singapore entered an order on May 29, 2026, to wind up the operations of Creation Air Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Mr. Gary Loh Weng Fatt Mr. Dev Kumar Harish Nandwani c/o BDO Advisory Pte. Ltd. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 M. Y. LIFESTYLE: Creditors' Proofs of Debt Due on July 7 -------------------------------------------------------- Creditors of M. Y. Lifestyle Homes Pte. Ltd. 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 June 2, 2026. The company's liquidator is: Lim Yau Wen 7500A Beach Road #11-320 The Plaza Singapore 199591 MEGMILK SNOW: Creditors' Proofs of Debt Due on July 8 ----------------------------------------------------- Creditors of Megmilk Snow Brand 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 1, 2026. The company's liquidator is: Mitani Masatoshi c/o 10 Anson Road #14-06 International Plaza Singapore 079903 OHIN CONSTRUCTION: Creditors' Meeting Set for June 30 ----------------------------------------------------- Ohin Construction Co. Pte. Ltd. will hold a meeting for its creditors on June 30, 2026, at 11:00 a.m., via audio visual communication. Agenda of the meeting includes: a. to receive a full statement of the company's affairs together with a list of creditors and the estimated amount of their claims; b. to appoint liquidators; c. to form a Committee of Inspection if deemed necessary; and d. any other business. Mr. Abuthahir Abdul Gafoor and Ms. Yessica Budiman of AAG Corporate Advisory were appointed as provisional liquidators of the Company on June 2, 2026. ZEALUX MINING: Creditors' Meeting Set for June 19 ------------------------------------------------- Zealux Mining Pte. Ltd. will hold a meeting for its creditors on June 19, 2026, at 11:30 a.m. via Zoom. Agenda of the meeting includes: a. to lay a full statement of the company's affairs together with a list of creditors and the estimated amount of their claims; b. to appoint liquidators; c. to form a committee of inspection of not more than 5 members, if thought fit; and d. any other business. Lau Chin Huat and Yeo Boon Keong of Technic Inter-Asia were appointed as provisional liquidators of the Company on June 4, 2026. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***