260615.mbx

260615.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Monday, June 15, 2026, Vol. 29, No. 118 Headlines A U S T R A L I A AUSCARE AUSTRALIA: First Creditors' Meeting Set for June 18 HA DSQ: First Creditors' Meeting Set for June 18 MA MONEY 2026-2PP: Fitch Assigns 'BBsf' Rating to Class F Notes MANSA GROUP: ASIC Bans Shashikumari Agrawal for 5 years METRO FINANCE 2024-1: Moody's Ups Rating on Class F Notes to Ba3 NATHAN RIVER: Fails to Pay More Than AUD2MM in Royalties NORTHERN TERRITORIES: NVRO Metals Looks to Buy Mining Company SCHUH PROPERTY: First Creditors' Meeting Set for June 19 SPECTRE RETAIL 2024-1: Fitch Affirms 'Bsf' Rating on Class F Notes WESTERN CHINESE: First Creditors' Meeting Set for June 19 WESTERN CHINESE: VCE Chinese Students Face Uncertain Future YB PROPERTY: First Creditors' Meeting Set for June 18 I N D I A AGH WIRES: Liquidation Process Case Summary ALLAHABAD AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating ALPINE EXPO: CRISIL Keeps B Debt Ratings in Not Cooperating AMERICAN FEED: CRISIL Keeps B Debt Ratings in Not Cooperating AMRITA ENTERPRISES: CRISIL Keeps B Ratings in Not Cooperating ANANYA WOOD: CRISIL Keeps D Debt Ratings in Not Cooperating APL APOLLO: Voluntary Liquidation Process Case Summary ASIAN BEVERAGE: CRISIL Keeps D Debt Ratings in Not Cooperating AVIVET NUTRITIONAL: CRISIL Keeps B Debt Rating in Not Cooperating B. P. CONSTRUCTION: CRISIL Cuts Long/Short Term Ratings to D BLUEOWL SOLUTIONS: Voluntary Liquidation Process Case Summary BUDDHA GLOBAL: CRISIL Keeps D Debt Ratings in Not Cooperating COMPLEMENT THEORY: Voluntary Liquidation Process Case Summary DAGA AUTO: CRISIL Migrates Rating on INR9cr e-DFS to B+ IIFL FINANCE: Fitch Puts B+ Final Rating to USD500MM Sr. Sec. Notes JAGANNATH PLASTIPACKS: CRISIL Cuts Long/Short Term Loans to D JASUBHAI ENGINEERING: CRISIL Keeps B Ratings in Not Cooperating JSW HYDRO: Fitch Affirms BB+ Rating on $478.99MM Sr. Secured Notes LTK INDUSTRIES: CRISIL Withdraws B Rating on INR150cr Term Loan MAIYAS RESTAURANTS: Insolvency Resolution Process Case Summary MEDELEC HEALTHCARE: Voluntary Liquidation Process Case Summary NEW PEARL: Insolvency Resolution Process Case Summary REALTECH NIRMAN: CRISIL Lowers Rating on INR20cr LT Loan to B SHYAM ENTERPRISES: CRISIL Keeps B Debt Ratings in Not Cooperating T I MOTORS: CRISIL Keeps B Debt Ratings in Not Cooperating TREND SETTERS: CRISIL Keeps D Debt Ratings in Not Cooperating TUSHAR FABRICS: CRISIL Keeps D Debt Ratings in Not Cooperating VAMA WOVENFAB: CRISIL Keeps D Debt Ratings in Not Cooperating VEDIKA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating VIN SEMICONDUCTORS: CRISIL Keeps D Ratings in Not Cooperating VINDHYA CEREALS: CRISIL Keeps D Debt Ratings in Not Cooperating VISUAL AND ACOUSTICS: CRISIL Keeps D Ratings in Not Cooperating VRAJ REALTORS: CRISIL Keeps B Debt Ratings in Not Cooperating YP FOODS: CRISIL Keeps B- Debt Ratings in Not Cooperating J A P A N NISSAN MOTOR: DBRS Confirms 'BB' Issuer Rating, Trend Negative M A L A Y S I A GREENPRO CAPITAL: CEO Subscribes $50K in Private Share Placement N E W Z E A L A N D ALFA MOTORS: Court to Hear Wind-Up Petition on July 6 BMC SOLUTIONS: Creditors' Proofs of Debt Due on July 30 BMC SOLUTIONS: Ordered Into Liquidation Over NZD38K Unpaid RUC Debt IPG CAPITAL: Soho Hotel Holding Company Placed in Receivership MASSEY ACCOMMODATION: Grant Reynolds Appointed as Liquidator SENTINEL FIRE: Creditors' Proofs of Debt Due on July 20 TPV LIMITED: Court to Hear Wind-Up Petition on June 25 P H I L I P P I N E S ROXAS HOLDINGS: Sells Idle Assets for PHP600 Million S I N G A P O R E CREATION ALUMINIUM: Court Enters Wind-Up Order GARNET DC: Creditors' Proofs of Debt Due on July 11 GOLDEN ENERGY: Fitch Lowers Long-Term IDR to 'B', Outlook Negative MAXEON SOLAR: Receives Additional Nasdaq Delisting Notices NAN CHUAN: Commences Wind-Up Proceedings SUNBIRD BIO: Commences Wind-Up Proceedings VEGA DC: Creditors' Proofs of Debt Due on July 11 S O U T H K O R E A HOMEPLUS CO: Fair Trade Watchdog OKs NS Shopping's Takeover of Unit X X X X X X X X BANK OF MALDIVES: Fitch Assigns 'CCC-' LongTerm IDR, Outlook Stable - - - - - ================= A U S T R A L I A ================= AUSCARE AUSTRALIA: First Creditors' Meeting Set for June 18 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Auscare Australia Limited will be held on June 18, 2026, at 11:00 a.m. at the offices of O'Brien Palmer, at Level 9, 66 Clarence Street, in Sydney, NSW and via virtual meeting technology. Liam Thomas Bailey of O'Brien Palmer was appointed as administrator of the company on June 7, 2026. HA DSQ: First Creditors' Meeting Set for June 18 ------------------------------------------------ A first meeting of the creditors in the proceedings of Ha Dsq Pty Ltd (trading as "Hello Auntie DSQ" & "Hello Auntie Darling Square") will be held on June 18, 2026, at 10:00 a.m. via virtual meeting. Desmond Teng of Byrons was appointed as administrator of the company on June 5, 2026. MA MONEY 2026-2PP: Fitch Assigns 'BBsf' Rating to Class F Notes --------------------------------------------------------------- Fitch Ratings has assigned final ratings to MA Money Residential Securitisation Trust 2026-2PP's mortgage-backed pass-through floating-rate notes. The issuance consists of notes backed by a pool of Australian first-ranking residential conforming and non-conforming full- and low-documentation mortgage loans originated by MA Money Financial Services Pty Ltd. The notes were issued by Perpetual Corporate Trust Limited in its capacity as trustee of MA Money Residential Securitisation Trust 2026-2PP. Entity/Debt Rating Prior ----------- ------ ----- MA Money Residential Securitisation Trust 2026-2 PP A1 AU3FN0110359 LT AAAsf New Rating AAA(EXP)sf A2 AU3FN0110367 LT AAAsf New Rating AAA(EXP)sf B AU3FN0110375 LT AAsf New Rating AA(EXP)sf C AU3FN0110383 LT Asf New Rating A(EXP)sf D AU3FN0110391 LT BBBsf New Rating BBB(EXP)sf E AU3FN0110409 LT BB+sf New Rating BB+(EXP)sf F AU3FN0110417 LT BBsf New Rating BB(EXP)sf G1 AU3FN0110425 LT NRsf New Rating NR(EXP)sf G2 LT NRsf New Rating NR(EXP)sf Transaction Summary The collateral pool has been refreshed since the assignment of the expected ratings. The collateral pool totalled AUD750 million and consisted of 948 obligors, with a weighted-average (WA) current loan/value ratio (LVR) of 69.2% and a WA indexed current LVR of 68.8% as of the 30 April 2026 cut-off date. KEY RATING DRIVERS Credit Enhancement Buffers Expected 'AAAsf' Losses: The 'AAAsf' WA foreclosure frequency (WAFF) of 17.4% is driven by the WA unindexed current LVR of 69.2%, low documentation loans at 52.4% of the pool, non-resident loans at 1.1% and, under Fitch's methodology, investment loans at 45.6%, self-employed borrowers at 65.1% and non-conforming loans at 5.7%. The 'AAAsf' WA recovery rate (WARR) of 50.0% is driven by the portfolio's WA indexed scheduled LVR of 72.2%. The 'AAAsf' portfolio loss has decreased to 8.7%, from 10.0% for the previous transaction, MA Money Residential Securitisation Trust 2026-1, for the expected rating pool. This was due mainly to a decrease in the proportion of mortgages with an unindexed current LVR greater than or equal to 80% (6.1% against 15.4%), low documentation mortgages (52.4% against 62.9%) and self-employed borrowers (65.1% against 73.1%). Liquidity Risk Mitigated: Fitch's payment interruption risk is mitigated by a liquidity facility sized at 1.5% of the invested note balance, with a floor of AUD1,125,000 or the performing receivable balance. Other structural features include a pre-call retention amount that redirects excess income to pay note principal in reverse sequential order starting from the class F note and a post-call amortisation amount that diverts after-tax excess available income to repay note principal. Originator Adjustment: MA Money, established as MKM Capital in 2004, is an Australian mortgage lender. Fitch undertook an operational review and found that the operations of the originator and servicer were mostly comparable with market standards. MA Money began originating under its current credit policy in December 2022, which results in limited originator performance data. In addition, the rate used to assess mortgages from other lenders in the serviceability calculation differs from standard market practice. This means credit risk may not be adequately captured, leading Fitch to apply an originator adjustment of 1.15x to foreclosure frequency. Fitch may amend the adjustment if information received over time indicates that the effect may be higher or lower than assumed. Tight Labour Market to Support Outlook: Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 2.5% for the year to March 2026 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 delinquencies and defaults, which could reduce the credit enhancement available to the notes. Downgrade Sensitivities Unanticipated increases in the frequency of defaults and loss severity on defaulted receivables could produce loss levels higher than Fitch's base case and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions. The rating sensitivity section provides insight into the model-implied sensitivities the transaction faces when assumptions - WAFF or WARR - are modified, while holding others equal. The modelling process uses the modification of default and loss assumptions to reflect asset performance in up and down environments. The results should only be considered as one potential outcome, as the transaction is exposed to multiple dynamic risk factors. Notes: A1 / A2 / B / C / D / E / F Rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BB+sf / BBsf 15% increase in WAFF: AAAsf / AA+sf / AA-sf / A-sf / BBB-sf / BBsf / BBsf 30% increase in WAFF: AAAsf / AA+sf / A+sf / BBB+sf / BBB-sf / BBsf / BB-sf 15% decrease in WARR: AAAsf / AAAsf / AAsf / Asf / BBBsf / BB+sf / BBsf 30% decrease in WARR: AAAsf / AAAsf / AAsf / Asf / BBBsf / BB+sf / BBsf 15% increase in WAFF and 15% decrease in WARR: AAAsf / AA+sf / AA-sf / A-sf / BBB-sf / BBsf / BBsf 30% increase in WAFF and 30% decrease in WARR: AAAsf / AA+sf / A+sf / BBB+sf / BBB-sf / BBsf / BB-sf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade could result from macroeconomic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. The class A1 and A2 notes are at the highest level on Fitch's scale and cannot be upgraded. As such, upgrade sensitivities are not relevant. Upgrade Sensitivities Notes: B / C / D / E / F Rating: AAsf / Asf / BBBsf / BB+sf / BBsf 15% decrease in WAFF and 15% increase in WARR: AA+sf / Asf / BBB+sf / BBB-sf / BBB-sf 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 As part of its ongoing monitoring, Fitch reviewed a small, targeted sample of the originator's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Prior to the transaction closing, Fitch sought to receive a third-party assessment conducted on the asset portfolio information, but none was made available to Fitch for this transaction. 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. Date of Relevant Committee 14 May 2026 ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. MANSA GROUP: ASIC Bans Shashikumari Agrawal for 5 years ------------------------------------------------------- The Australian Securities & Investments Commission (ASIC) has disqualified Mrs. Shashikumari Agrawal of Sydney NSW from managing corporations for the maximum period of five years due to her involvement in the failure of eight companies that formed part of the Mansa Group which collapsed in 2023. Following an ASIC investigation into the collapse of the Mansa Group, Mrs. Agrawal's husband Mr. Krishnakumar Agrawal was sentenced on Nov. 7, 2025 to a total term of three years and three months imprisonment for contraventions of the Corporation Act 2001 (Cth) and Crimes Act 1900 (NSW). For his part in the collapse, Mr. Agrawal is not eligible for parole before Feb. 6, 2029. Whilst ASIC agreed in the matter of Mr. Agrawal that he was the controlling mind of the Mansa Group, nevertheless, Mrs. Agrawal showed a disregard for the law and proper management of the 8 failed companies for which she was a director which currently owe at least AUD76,866,569.71 to at least 272 unsecured creditors. Mrs. Agrawal was director of the following eight failed companies of the Mansa Group between 2010 and 2023: - United Capital Australia Pty Ltd ACN 141 369 851 - Mansa Sons Pty Ltd ACN 623 522 869 - Dawn Enterprise Pty Ltd ACN 169 927 888 - Patidar Group Pty Ltd ACN 600 349 406 - SKTM Investments Pty Ltd ACN 657 291 962 - SKTM Capital Pty Ltd ACN 657 292 441 - TKA Investments Pty Ltd ACN 664 027 276, and - TVESA Investments Pty Ltd ACN 637 901 145. In disqualifying Mrs. Agrawal, ASIC relied on supplementary reports lodged by liquidator Simon Cathro of Cathro & Partners. Mrs. Agrawal is disqualified from managing corporations until June 9, 2031. Mrs. Agrawal has the right to seek a review of ASIC's decision by the Administrative Review Tribunal. Section 206F of the Corporations Act allows ASIC to disqualify a person from managing corporations for a maximum period of five years if, within a seven year period, the person was an officer of two or more companies, and those companies were wound up and a liquidator provides a report to ASIC about each of the company's inability to pay its debts. ASIC also maintains a banned and disqualified persons register that provides information about people who have been disqualified from: - involvement in the management of a corporation - auditing self-managed superannuation funds (SMSFs), or - practicing in the financial services or credit industry. METRO FINANCE 2024-1: Moody's Ups Rating on Class F Notes to Ba3 ---------------------------------------------------------------- Moody's Ratings has upgraded the ratings on four classes of notes issued by Metro Finance 2024-1 Trust. The affected ratings are as follows: Issuer: Metro Finance 2024-1 Trust Class C Notes, Upgraded to Aa3 (sf); previously on Aug 4, 2025 Upgraded to A1 (sf) Class D Notes, Upgraded to A2 (sf); previously on Aug 4, 2025 Upgraded to A3 (sf) Class E Notes, Upgraded to Baa3 (sf); previously on Aug 4, 2025 Upgraded to Ba1 (sf) Class F Notes, Upgraded to Ba3 (sf); previously on Aug 4, 2025 Upgraded to B1 (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 deal as credit enhancement for these classes remains commensurate with the current ratings. Following the May 2026 payment date, the note subordination available for the Class C, Class D, Class E and Class F Notes has increased to 7.7%, 5.9%, 2.0% and 1.7% respectively, from 6.6%, 5.0%, 1.7% and 1.5% at the time of the last rating action for these notes in August 2025. Principal collections have been distributed on a pro-rata basis among all notes since the January 2026 payment date. Current total outstanding notes as a percentage of the total closing balance is 54.3%. As of end-April 2026, 1% of the outstanding pool was 30-plus days delinquent and 0.4% was 90-plus days delinquent. The portfolio has incurred 0.4% (as a percentage of the original portfolio balance) of gross losses to date, all of which have been covered by excess spreads. Based on the observed performance to date and loan attributes, Moody's have lowered Moody's expected default assumption to 1.8% of the outstanding pool balance (equivalent to 1.4% of the original pool balance) from 2.1% of the outstanding pool balance (equivalent to 1.7% of the original pool balance) at the time of the last rating action for these notes in August 2025. Moody's have also updated Moody's PCE assumption to 11% from 13.5%, and recovery rate assumption to 45% from 40%. Moody's analysis has also considered various scenarios involving different mean default rates and PCE to evaluate the resiliency of the note ratings. The transaction is a cash securitisation of auto loans and leases originated by Metro Finance Pty Limited and extended to prime commercial obligors located in Australia. The principal methodology used in these ratings was "Moody's Global Approach to Rating Auto Loan- and Lease-Backed ABS" published in June 2025. Factors that would lead to an upgrade or downgrade of the 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 the notes' available credit enhancement. 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 the notes' available credit enhancement, and (3) a deterioration in the credit quality of the transaction counterparties. NATHAN RIVER: Fails to Pay More Than AUD2MM in Royalties -------------------------------------------------------- ABC News reports that the Northern Land Council said Nathan River Resources' [NRR] failure to pay it more than AUD2 million in royalties before it collapsed undermines the promises it made to traditional owners. NRR went into administration in late May with about AUD360 million owed to a range of creditors including the NT government and traditional owners. This followed a prolonged period of financial trouble where the company also stood down workers without pay in April and stopped operations at the Roper Bar site, 600 kilometres south-east of Darwin. The ABC understands Aboriginal people in the nearby town of Borroloola who were employed by NRR were also owed several weeks of unpaid wages. The Northern Land Council [NLC] represents traditional owners in these matters and CEO Yuseph Deen said royalties were paid to deliver economic benefits to communities close to the mine. He said NRR's failure to pay would have serious impacts on the community. "Given the history of mining and exploration activities on native title land in the region the impact of the unpaid monies is significant," the ABC quotes Mr. Deen as saying. "Native title holders have agreed to mining activities on the basis that companies will comply with their obligations, including making agreed payments. Traditional owners were also concerned about the environmental impact of the mine and whether the site would ever be rehabilitated given NRR's financial problems. Staff have alleged NRR's operations were polluting the environment near the loading, barging and mining operation. The ABC relates that Mr. Deen said rehabilitating the site was critical to protect the long-term interests of Aboriginal communities in the region, and expected the NT government to enforce this. "The NLC expects that there should be appropriate security arrangements in place with the NT government so that if a mining company becomes insolvent rehabilitation can still be carried out without delay and costs to native title holders," he said. An NT government spokesperson said authorities would continue to monitor NRR operations to ensure environmental obligations were met. The NT government has also missed out on receiving royalties and payroll tax from NRR, with almost AUD9 million owed according to ASIC documents. Unions and contractors impacted by NRR's collapse have previously said the NT government should have stepped in earlier, according to the ABC. A government spokesperson said employment matters were NRR's responsibility, and the government expected the company to comply with workplace laws, the ABC relays. "The government has been in direct contact with the mine regarding these expectations," the spokesperson said. "The Department of Mining and Energy has also engaged with the Fair Work Ombudsman to ensure relevant information is available to affected employees." The ABC has attempted to contact Nathan River Resources multiple times since April and is yet to receive a response. Giovanni Maurizio Carrello, Shaun William Boyle and Clint Peter Joseph of BRI Ferrier Western Australia were appointed as administrators of the company on May 26, 2026. NORTHERN TERRITORIES: NVRO Metals Looks to Buy Mining Company ------------------------------------------------------------- NVRO Metals Limited announced on June 10, 2026, the proposed acquisition of Northern Territories Resources Pty Ltd. (NTR). NTR is an Australian exploration and mining company whose assets, on completion of the proposed acquisition, will become the NVRO Metals Hub, a critical minerals production platform utilizing the NVRO Process(TM), located in Australia's Northern Territory. The establishment of the NVRO Metals Hub represents an important milestone in the Company's history. Pursuant to a creditor-approved deed of company arrangement in Australia (the "DOCA") executed on June 8, 2026, the Company's wholly owned subsidiary, NVRO Metals (Australia) Pty Ltd, proposes to acquire all the issued and outstanding shares of NTR for total consideration of C$27.9 million. The consideration comprises a specified contribution of C$14.3 million payablewithin 75 days of execution of the DOCA, an environmental bond top-up of approximately C$2.3 million earmarked for the Northern Territory Government's environmental bond requirements, a payment of C$10 million to the secured creditor and approximately C$1.3 million for transaction costs including stamp duty. NTR is an Australian Northern Territory (NT) exploration and mining company whose principal assets include 48 NT tenements, comprising mining and exploration licenses, a fully constructed hydrometallurgical processing facility, associated infrastructure and a substantial polymetallic resource base. The installed plant, currently permitted as a hydrometallurgical plant, includes a tank leach plant and associated infrastructure required for the NVRO Process, with additional solvent extraction, electro winning, resin-in-pulp circuits capable of producing copper cathode and cobalt-nickel intermediate products in the near term. The acquisition will enable the Company to accelerate its transition from a pre-revenue mineral process technology developer into a vertically integrated precious and critical minerals processing, recovery and production platform. The original construction cost was C$206 million (inflation-adjusted approximately C$310 million). NTR's assets also include a historic polymetallic oxide and sulphide mineral resource estimate containing copper, cobalt, silver, lead, zinc and nickel (based on a 2006 historic report under the JORC Code). The Company is working to verify and restate the estimate as a current mineral resource in the NI 43-101 technical report currently being prepared by the Measured Group. Based on the engineering studies performed to date by PPM Global and the Company, the acquisition provides the industrial-scale infrastructure capable of accelerating deployment of the NVRO Process™ and the foundation for the Company's centralized critical minerals processing hub strategy. During due diligence, it the Company believed that a pathway to near-term copper, cobalt and nickel production and operating cash flow could be achieved with the existing oxide resources and installed plant. Pending Resources Statement and Phase 1 Development The Company's Phase 1 development strategy is focused on near term production of copper cathode and cobalt/nickel intermediate products by heap leach, solvent extraction and electro winning (SX-EW) and precipitation of cobalt and nickel. Production is expected to commence by Q4 2027. The Company expects that the Measured Group will release a NI 43-101 report on the property, including both the oxide and sulphide resource within the next few weeks. The current Mine Management Plan ("MMP") is care and maintenance and a variation to the MMP will be made to undertake the proposed Oxide Heap Leaching. A drilling campaign is being planned to obtain samples of both oxide and sulphide orebodies for further testing. The sulphide resource will undergo pilot scale testing through the micro NVRO pilot plant at the Company's Western Australia facility in 2H2026. This will provide the inputs for future feasibility and engineering studies to advance the technology maturity of the NVRO Process toward technology readiness Funding Pathway Advancing The Company has substantially advanced a funding strategy designed to support the acquisition, refurbishment, commissioning and initial operations of the NVRO Metals Hub. The proposed funding package comprises a combination of commodity-linked financing package, government funding and equity financing. Management expects the proposed funding structure to provide sufficient capital to support the acquisition and planned Phase 1 development activities. The Company has received a number of term sheets from metal traders for off take agreements of the copper cathode and cobalt / nickel products which include prepayment debt facilities. The strong interest and advanced discussions with established metal traders reflects confidence in both the quality of the underlying asset and the Company's development strategy. The funding pathway for the NVRO Metals Hub acquisition and project development is advancing. The completion of the proposed financing package and the acquisition remains subject to a number of conditions, including completion of definitive documentation, satisfactory due diligence, receipt of all required regulatory and stock exchange approvals, including acceptance of the TSX Venture Exchange (the "TSX-V"), and other customary conditions. Any securities issuances in connection with the proposed financing or the acquisition will also be subject to acceptance of the TSX-V, as applicable. There can be no assurance that the proposed financing package or the acquisition will be completed on the terms currently contemplated or at all. A Platform for Long-Term Growth The establishment of the NVRO Metals Hub is a natural progression of the Company's commercial developments and reflects the maturity of the NVRO Process. The proposed acquisition will advance the Company's commercialization strategy and is intended to create a revenue generating platform across the critical minerals value chain, including technology licensing and deployment, precious and critical minerals production of owned and third-party feed sources, centralized processing infrastructure, commercial processing and recovery services and environmental remediation. "The establishment of the NVRO Metals Hub is a significant milestone in the Company's history," said David Cam, Executive Chair. "For the first time, we have brought together proprietary technology, industrial-scale processing infrastructure and near-term production capability within a single platform. We believe this creates a powerful combination capable of generating operating cash flow while accelerating commercialization of the NVRO Process" "Importantly, this acquisition does not change our technology-led licensing strategy. The NVRO Metals Hub provides the infrastructure required to accelerate global deployment of the NVRO Process™ and support multiple customer opportunities." Grant Freeman, Chief Executive Officer, added, "The NVRO Metals Hub provides a pathway to near-term cash flow and production and provides a foundation for sustainable growth." "We believe the NVRO Metals Hub expands the Company's commercial opportunities and positions us for critical minerals production from sulphide minerals." Jared Palandri and Richard Tucker of KordaMentha were appointed as voluntary administrators of Northern Territories Resources Pty Ltd on Nov. 10, 2025. SCHUH PROPERTY: First Creditors' Meeting Set for June 19 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Schuh Property Three Pty Ltd (as trustee for the David Schuh Family Trust 3) will be held on June 19, 2026, at 10:00 a.m. video conference. Alice Fay Ruhe of The Ruhe Group was appointed as administrator of the company on June 9, 2026. SPECTRE RETAIL 2024-1: Fitch Affirms 'Bsf' Rating on Class F Notes ------------------------------------------------------------------ Fitch Ratings has affirmed seven classes of notes from Spectre Retail Warehouse Trust 2024-1. The notes are 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 for Spectre Retail Warehouse Trust 2024-1. Entity/Debt Rating Prior ----------- ------ ----- Spectre Retail Warehouse Trust 2024-1 A AU3FN0089595 LT AAAsf Affirmed AAAsf B AU3FN0089603 LT AAsf Affirmed AAsf C AU3FN0089611 LT Asf Affirmed Asf Commission Note LT AAAsf Affirmed AAAsf D AU3FN0089629 LT BBBsf Affirmed BBBsf E AU3FN0089637 LT BBsf Affirmed BBsf F AU3FN0089645 LT Bsf Affirmed Bsf Transaction Summary The transaction is a warehouse that purchases receivables on a revolving basis. The asset pool is subject to eligibility criteria and pool parameters. The transaction has triggers to protect noteholders from deterioration in the portfolio's credit quality, which may either require remedial action or trigger an amortisation event where principal collections are used to pay down the note principal according to the principal waterfall. KEY RATING DRIVERS Stable Performance and Collateral Characteristics: The transaction's 30+ day and 60+ day arrears as of end-April 2026 were 0.9% and 0.4%, respectively, below Fitch's 4Q25 Australian ABS Performance Monitor arrears of 1.48% and 0.73%. Fitch recognises that arrears and defaults may be understated due to repurchase activity and replenishment in a warehouse trust. Hence, Fitch uses Angle's whole-book performance in its analysis. Fitch derived product-specific default base-case expectations for novated leases, consumer loans and commercial loans. Its default assumptions (and AAAsf default multiples) are 1.2% (7.75x), 3.0% (6.00x) and 4.0% (5.50x) for each sub-pool, respectively. The recovery base case is 24.0% for electric vehicles (EVs), with a 'AAAsf' recovery haircut of 60.0%, and 35.0% for non-EVs, with a 'AAAsf' recovery haircut of 50.0%. Portfolio Parameters Drive Losses: The transaction's eligibility criteria and portfolio parameters shaped the proxy portfolio used to drive the asset analysis. The proxy portfolio reflects the assumption that the portfolio's characteristics may migrate towards the limits during the availability period. The pool parameters floor the proportion of novated leases at 37% and cap commercial loans at 40%. Accordingly, Fitch assumes novated leases and commercial loans at 37% and 40%, respectively, with the remaining 23% comprising consumer loans. In addition, Fitch has assumed that 30% of the stressed pool is exposed to EVs. The weighted-average (WA) base-case default and recovery assumptions were 2.7% and 31.7%, respectively, and the 'AAAsf' default multiple and recovery haircut are 6.0x and 53.0%, respectively. This, combined with an 'AAAsf' residual value (RV) loss of 0.3%, results in an 'AAAsf' portfolio loss of 14.3%. Tight Labour Market Supports Outlook: Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 2.5% for the year to March 2026 and unemployment was 4.5% in April 2026. Fitch forecasts GDP growth of 2.2% in 2026 and 2.0% in 2027, with unemployment at 4.4% and 4.5%, respectively. Credit Enhancement Supports Ratings: Spectre 2024-1 is currently in its revolving period, which is set to expire in May 2027. Principal is paid sequentially during amortisation, from class A to junior notes. When the stepdown criteria are satisfied, principal paydown will switch to a pro rata basis between class A to F notes until each class is repaid in full and then to the junior notes. As per the transaction documentation, payment of subordinated interest, which is subordinated below losses, is excluded from its rating analysis. Non-payment of subordinated interest will not lead to an event of default, as outlined in the transaction documentation. Low Operational and Servicing Risk: All receivables were originated by AAF, which demonstrates adequate capability as originator, underwriter and servicer. Servicer disruption risk is mitigated by backup servicing arrangements. The nominated backup servicer is Perpetual Corporate Trust Limited. Fitch undertook an operational review and found that the operations of the originator and servicer were comparable with those of other auto lenders. RV Risk: RV losses of 0.3% of the total portfolio balance are applied under the 'AAAsf' scenario. Fitch assumed 1.0% of the proxy portfolio were loans under which borrowers have the option to return the vehicle to discharge the final balloon instalment, which constitutes the RV. There is no historical performance of AAF sale proceeds, but Fitch calibrated the RV loss assuming car sale proceeds of 80% of the final balloon instalments in a base-case scenario, and rating stresses were derived by applying upper haircuts. The key rating drivers listed in the applicable sector criteria, but not mentioned above, are not material to this rating action. ESG - Energy Management: There is limited credit performance data for EVs and available market data show notable differences in recoveries between EVs and non-EVs. Fitch stressed the EV exposure to 30% of the pool in its analysis in the absence of a specific pool parameter. The stressed concentration has a negative impact on the transaction's credit profile and results in a rating impact. Its analytical approach was not adjusted purely due to the "green" nature of the underlying collateral, but Fitch referenced available market data for EVs to determine its recovery assumptions. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Transaction performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce credit enhancement available to the notes. Downgrade Sensitivities Unanticipated increases in the frequency of defaults and decreased recoveries on defaulted receivables could produce loss levels higher than Fitch's base case, and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions; these include increasing WA defaults and decreasing the WA recovery rate. The rating sensitivity section provides insight into the model-implied sensitivities the transaction faces when assumptions - defaults or recoveries - are modified, while holding others equal. The modelling process uses the modification of default and loss assumptions to reflect asset performance in up and down environments. The results should only be considered as one potential outcome, as the transaction is exposed to multiple dynamic risk factors. Notes: Commission / A / B / C / D / E / F Rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf 10% increase in defaults: AAAsf / AA+sf / AAsf / Asf / BBBsf / BBsf / less than Bsf 25% increase in defaults: AAAsf / AA+sf / AA-sf / A-sf / BBB-sf / B+sf / less than Bsf 50% increase in defaults: AAAsf / AA-sf / Asf / BBBsf / BBsf / Bsf / less than Bsf 10% decrease in recoveries: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf 25% decrease in recoveries: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / less than Bsf 50% decrease in recoveries: AAAsf / AA+sf / AAsf / Asf / BBBsf / BB-sf / less than Bsf 10% increase in defaults / 10% decrease in recoveries: AAAsf / AA+sf / AAsf / Asf / BBBsf / BB-sf / less than Bsf 25% increase in defaults / 25% decrease in recoveries: AAAsf / AAsf / A+sf / BBB+sf / BB+sf / B+sf / less than Bsf 50% increase in defaults / 50% decrease in recoveries: AAAsf / A+sf / A-sf / BBB-sf / BB-sf / less than Bsf / less than Bsf Reduce sale proceeds by 10%: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf Reduce sale proceeds by 25%: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf Reduce sale proceeds by 50%: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / less than Bsf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Economic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. The commission and class A notes are at the highest level on Fitch's scale and cannot be upgraded. As such, upgrade sensitivities are not relevant. Upgrade Sensitivities Notes: / B / C / D / E / F Rating: AAsf / Asf / BBBsf / BBsf / Bsf 10% defaults decrease / 10% recoveries increase: AA+sf / AA-sf / A-sf / BB+sf / B+sf 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. As part of its ongoing monitoring, Fitch reviewed the results of a third-party assessment conducted on the asset portfolio information, and concluded 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 Spectre Retail Warehouse Trust 2024-1 has an ESG Relevance Score of '5' for Energy Management, which has a negative impact on the credit profile, and is highly relevant to the rating, resulting in a rating impact. The score is higher than the baseline ESG Relevance Score of '2' (no impact) for this general issue in the Australian auto sector. Fitch stressed the EV exposure to 30% of the pool in its analysis in the absence of a specific pool parameter. 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. WESTERN CHINESE: First Creditors' Meeting Set for June 19 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Western Chinese Language School Inc will be held on June 19, 2026, at 11:00 a.m. via Microsoft Teams. Brent Leigh Morgan and Shane Justin Cremin of Rodgers Reidy were appointed as administrators of the company on June 9, 2026. WESTERN CHINESE: VCE Chinese Students Face Uncertain Future ----------------------------------------------------------- ABC News reports that dozens of students completing VCE Chinese language subjects face an uncertain future after a Chinese community language school went into voluntary administration last week. In an email sent to students and parents on June 9, administrators for the Western Chinese Language School (WCLS), in Melbourne's western suburb of Braybook, said they had immediately started reviewing the school's operations and financial position, the ABC relays. Classes have been suspended, the letter from the administrators Rodgers Reidy said, and parents should not make further payments to the school. "We understand that this may cause disappointment and uncertainty, particularly for students currently undertaking VCE Chinese studies and their families," the administrators said. Twenty-eight students are enrolled in either VCE Chinese Second Language or VCE Chinese Second Language Advanced at the school, according to a Victorian Education Department spokesperson. "We will support students to complete their Chinese language studies with another VCE provider," the spokesperson said. On Chinese social media platform RedNote, one community member said "teachers, parents and students are all quite shocked". Rodgers Reidy declined to comment and the school council did not respond to the ABC. But the administrators posted a statement on their website on June 11 seeking expressions of interest from parties who may be open to supporting the school, the ABC notes. "The Administrators are undertaking a review of the School's affairs and are exploring all available options to preserve its educational and community services where possible." Community language schools like WCLS are not-for-profit organisations that run classes outside school hours, usually on weekends, and teach languages other than English. The WCLS taught Victorian Chinese language curriculum to students from foundation to year 10 and was authorised to teach VCE Chinese language subjects. Brent Leigh Morgan and Shane Justin Cremin of Rodgers Reidy were appointed as administrators of the company on June 9, 2026. YB PROPERTY: First Creditors' Meeting Set for June 18 ----------------------------------------------------- A first meeting of the creditors in the proceedings of YB Property Group Pty Ltd will be held on June 18, 2026, at 10:00 a.m. via Microsoft Teams Meeting. Stephen Dixon of HM Advisory was appointed as administrator of the company on June 5, 2026. ========= I N D I A ========= AGH WIRES: Liquidation Process Case Summary ------------------------------------------- Debtor: AGH Wires Private Limited A-19/B-1, Extension, Mohan Co-Operative Ind Est P.O. Badarpur, Mathura Road, Delhi - 110044 Liquidation Commencement Date: April 22, 2026 Court: National Company Law Tribunal, New Delhi Bench-4 Liquidator: Shruti Gupta 227, Sharda Niketan, Pitampura, Delhi - 110034 Email: guptashrutica@gmail.com aghwiresliquidation@gmail.com Last date for submission of claims: June 4, 2026 ALLAHABAD AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Allahabad Agro Commodities Private Limited (AACPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Foreign Letter 2.23 CRISIL D (Issuer Not of Credit Cooperating) Long Term Loan 1.77 CRISIL D (Issuer Not Cooperating) Proposed Fund- 1 CRISIL D (Issuer Not Based Bank Limits Cooperating) Crisil Ratings has been consistently following up with AACPL for obtaining information through letter and email dated May 21, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AACPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AACPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AACPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2016, AACPL earlier traded in basmati rice. It set up a unit for processing (milling, polishing and sorting) basmati rice in fiscal 2020 at Hollagarh in Allahabad, with installed capacity of 15 tonne per hour. The unit commenced operations in January 2020. Mr Pawan Kumar Gupta, Ms Sushma Gupta and Mr Gopesh Gupta are the promoters of the company. ALPINE EXPO: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Alpine Expo Tex Private Limited (AETPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 20 CRISIL B/Stable (Issuer Not Cooperating) Proposed Cash 5 CRISIL B/Stable (Issuer Not Credit Limit Cooperating) Crisil Ratings has been consistently following up with AETPL for obtaining information through letter and email dated May 21, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AETPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AETPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AETPL continues to be 'Crisil B/Stable Issuer not cooperating'. AETPL, incorporated in 1995, is a Delhi-based company that trades in woven fabrics. Mr Jagdish Agarwal, Mr Kapil Agarwal, and Mr Prayas Agarwal are the promoters. AMERICAN FEED: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of American Feed (American) continue to be CRISIL B/Stable Issuer Not Cooperating. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.89 CRISIL B/Stable (Issuer Not Cooperating) Proposed Cash 0.11 CRISIL B/Stable (Issuer Not Credit Limit Cooperating) Crisil Ratings has been consistently following up with American for obtaining information through letter and email dated May 21, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of American, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on American is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of American continues to be 'Crisil B/Stable Issuer not cooperating'. American is a proprietary concern and is engaged in the business of processing of poultry feed and is based out of Jammu. American Feed-Unit II is a proprietary concern is engaged in the business of processing of poultry feed. AMRITA ENTERPRISES: CRISIL Keeps B Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Amrita Enterprises Private Limited (AEPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 Crisil B/Stable (Issuer Not Cooperating) Overdraft Facility 47 Crisil B/Stable (Issuer Not Cooperating) Term Loan 12 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AEPL for obtaining information through letter and email dated May 21, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AEPL continues to be 'Crisil B/Stable Issuer not cooperating'. AEPL, incorporated in 2003. A company operates in several business include Pharmacies, TV Channel, IT services, Personal Care, Travels, Academy etc. ANANYA WOOD: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ananya Wood Private Limited (AWPL) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 27 Crisil D (Issuer Not Cooperating) Cash Credit 6 Crisil D (Issuer Not Cooperating) Foreign Letter 7 Crisil D (Issuer Not of Credit Cooperating) Letter of Credit 4 Crisil D (Issuer Not Cooperating) Proposed Fund- 0.5 Crisil D (Issuer Not Based Bank Limits Cooperating) Crisil Ratings has been consistently following up with AWPL for obtaining information through letter and email dated May 21, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AWPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AWPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AWPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Set up as a partnership firm by Kolkata-based Rajgaria family, the firm was reconstituted as a private-limited company in 2000. Following a division in the Rajgaria family in 2004, Mr Pawan Kumar Rajgaria acquired a controlling stake in RTPL. The company sells sawed timber. AWPL operates in the same business. It imports timber majorly from West Africa. APL APOLLO: Voluntary Liquidation Process Case Summary ------------------------------------------------------ Debtor: APL Apollo Mart Limited H.No. 37, Ground Floor, Hargovind Enclave, East Delhi, Delhi, India - 110092 Liquidation Commencement Date: May 30, 2026 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Amit Gupta C-17, Vinay Nagar, Krishna Nagar, Lucknow, Uttar Pradesh - 226023 Tel: 79057 98954 Email: amitguptacs@gmail.com Last date for submission of claims: June 29, 2026 ASIAN BEVERAGE: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Asian Beverage Private Limited (ABPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL D (Issuer Not Cooperating) Cash Term Loan 16.9 CRISIL D (Issuer Not Cooperating) Working Capital Facility 0.1 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ABPL for obtaining information through letter and email dated May 21, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ABPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ABPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ABPL continues to be 'Crisil D Issuer not cooperating'. ABPL, set up in 2013, is based in Chennai; its operations are managed by Mr C Vijaya Kumar and Mr. S Arihanth. The company manufactures fruit-based and carbonated soft drinks. AVIVET NUTRITIONAL: CRISIL Keeps B Debt Rating in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Avivet Nutritional Services Private Limited (Avivet) continues to be CRISIL B/Stable Issuer Not Cooperating. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 12.36 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Avivet for obtaining information through letter and email dated May 21, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Avivet, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Avivet is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Avivet continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2010, Avivet is promoted by Mr. Pradip Linge and his wife Ms. Neelima Linge. The company trades in animal nutrition products and provides consultancy for livestock farming. Along with that it has dairy farm in Nagpur wherein it sells milk and its by product under its own brand 'Mai Milk'. B. P. CONSTRUCTION: CRISIL Cuts Long/Short Term Ratings to D ------------------------------------------------------------ CRISIL Ratings has downgraded its ratings on the bank facilities of B. P. Construction - Hapur (BPCH) to 'Crisil D/Crisil D' from 'Crisil B+/Stable/Crisil A4'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil D (Downgraded from 'Crisil B+/Stable') Short Term Rating - Crisil D (Downgraded from 'Crisil A4') The rating downgrade reflects the instances of delays by BPCH in servicing of debt obligation in the month of May'26 due to weak liquidity position. The rating also factors in leveraged capital structure. These weaknesses are partly offset by extensive experience of the promoters. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of BPCH. Key Rating Drivers - Weaknesses * Delays in debt servicing: BPCH has delayed in servicing its debt obligations for the month of May 2026 by approximately 5-6 days, as also confirmed by the management. This delay indicates stress in the company's overall debt servicing capacity and consequently a weak liquidity position. * Leveraged capital structure: Low networth and increased dependence on external debt to support business growth has resulted in highly leveraged capital structure with total outside liabilities to tangible networth (TOLTNW) ratio estimated at 2.2-2.5 times as on March 31, 2025. Going forward, with steady accretion to reserves and no capital withdrawals, the capital structure is expected to improve, which will be monitorable. Key Rating Drivers - Strengths * Extensive experience of the promoters: Benefits derived from the promoters' experience of around a decade, their strong understanding of local market dynamics and healthy relationships with customers and suppliers should continue to help bag repeat orders. The firm has already executed many road and bridge projects for PWD Uttar Pradesh. Liquidity Poor The company delayed its debt obligation servicing for the month of May 2026 by 5-6 days due to poor liquidity. Rating sensitivity factors Upward factors * Track record of timely debt servicing for 90 days or more * Maintenance of healthy customer profile with DSCR of more than 1.7-1.8 times and presence of escrow mechanism for rental collection. * Improvement in capital structure. Established as a partnership firm in February 2013 by Mr Bhupendra and Ms Pushpa, BPCH is engaged in the civil construction business and primarily undertakes road projects for PWD, NHAI, and Nagar Palika in Uttar Pradesh. The firm is a registered contractor with the Government of Uttar Pradesh. BLUEOWL SOLUTIONS: Voluntary Liquidation Process Case Summary ------------------------------------------------------------- Debtor: Blueowl Solutions Private Limited 8-9-104, 1st Floor, Dhathu Nagar Kanchan Bagh, Hyderabad - 500058, Telangana, India Liquidation Commencement Date: June 1, 2026 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Srilakshmi Purushotham No. 41, Patalamma Temple Street, Basavanagudi, Near South End Circle, Bengaluru - 560004, Karnataka, India Tel: 080 42202020 Email: sri@gurujana.com Last date for submission of claims: July 1, 2026 BUDDHA GLOBAL: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Buddha Global Limited (BGL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL D (Issuer Not Cooperating) Overdraft Facility 4 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BGL for obtaining information through letter and email dated May 21, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BGL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BGL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BGL continues to be 'Crisil D/Crisil D Issuer not cooperating'. BGL was incorporated in 2011. It is engaged in importing and trading agro commodities and other items such as rice, wheat, pulses and other related food products. It is located in Delhi and promoted by Mr. Deept Sarup Agarwal and Mr. Anil Tekriwal. COMPLEMENT THEORY: Voluntary Liquidation Process Case Summary ------------------------------------------------------------- Debtor: Complement Theory Technologies Private Limited Office No. 5C, 5th Floor, RR Towers, Rajwado Angod, Mapusa, North Goa, Bardez, Goa, India, 403507 Liquidation Commencement Date: June 1, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Kushal Jajodia Unit No. 202, Auris Galleria, New Link Road, Malad West, Mumbai - 400064, Maharashtra Tel: 98700 33899 Email: ceo@kushaljajodia.com Last date for submission of claims: June 30, 2026 DAGA AUTO: CRISIL Migrates Rating on INR9cr e-DFS to B+ ------------------------------------------------------- Due to inadequate information, Crisil Ratings, in line with the Securities and Exchange Board of India guidelines, had migrated its rating on the long-term bank facility of Daga Auto Distributors (DAD) to 'Crisil B/Stable Issuer Not Cooperating'. However, the management has subsequently shared requisite information, necessary for carrying out a comprehensive review of the rating. Consequently, Crisil Ratings is migrating its rating of DAD to 'Crisil B+/Stable' from 'Crisil B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Electronic Dealer 9 Crisil B+/Stable (Migrated from Financing Scheme 'Crisil B/Stable ISSUER NOT (e-DFS) COOPERATING') The firm has stretched liquidity, as reflected in high bank limit utilisation of around 93% for the 12 months through March 2026 due to working capital-intensive operations. Gross current assets are estimated at around 125 days as on March 31, 2026, due to high receivables and inventory of 72 days and 52 days, respectively, which resulted in weak liquidity. Net cash accrual was also modest, estimated at around INR0.8 crore against term debt repayment of around INR0.1 crore in fiscal 2026. The business risk profile is muted, as seen in estimated revenue of around INR74.5 crore and thin operating margin of around 2.8% in fiscal 2026. The rating reflects the firm's exposure to intense competition, modest scale of operations, and below-average financial risk profile. These weaknesses are partially offset by the extensive experience of the partners in the distributorship of spare parts of passenger cars, bus and trucks. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of DAD. The unsecured loan from the partners and related parties (INR4.25 crore as on March 31, 2026, and INR5.69 crore as on March 31, 2025) has been treated as debt. Crisil Ratings has changed its analytical approach regarding the unsecured loan and now considers it as 100% debt (treated as neither debt nor equity earlier) as there has been a change in the management's stance with respect to unsecured loans and due to volatility in the quantum of the unsecured loan. Also, the loan is need-based in nature. Key Rating Drivers - Weaknesses * Exposure to intense competition and modest scale of operations: The firm sells spare parts of Tata Motors, Volvo and Eicher. Operating income remains modest, estimated at around INR74.5 crore in fiscal 2026 against INR68.9 crore in fiscal 2025. This is because of intense competition from other unorganised companies, which continues to constrain scalability, pricing power and profitability. Due to the trading nature of the business, operating margin has remained modest at 2.8-3.6% over the three fiscals through 2026; margin is estimated to be around 2.8% in fiscal 2026. Also, the contract with principals is renewed every three years; thus, the firm remains exposed to the risk of the principal changing its distributor or adding new distributors in the same region. * Below-average financial risk profile: Networth is estimated to be small at around INR6.3 crore as on March 31, 2026. Gearing and total outside liabilities to adjusted networth ratio are likely to be weak at around 2.9 times and around 3.3 times, respectively. The interest coverage ratio is estimated to be muted at around 1.6 times in fiscal 2026. Financial risk profile is expected to remain below average over the medium term as well. Key Rating Drivers - Strengths * Extensive experience of the partners in the distributorship of spare parts: The partners have over 30 years of experience as distributors of Tata Motors passenger car spare parts and Eicher Motors truck and bus spare parts in West Bengal. The strong understanding of market dynamics and healthy relations with spare part retailers and authorised service stations should continue to support the business risk profile and help enhance the topline over the medium term. Liquidity Poor Liquidity is constrained by high bank limit utilisation of around 93% for the past 12 months ended March 2026. Expected annual net cash accrual of INR0.6-0.9 crore will tightly match yearly term debt obligation of INR0.04-0.10 crore, over the medium term. Current ratio is estimated to be around 1.6 times and free cash and bank balance stood at ~INR0.6 crore as on March 31, 2026. Outlook Stable Crisil Ratings believes DAD will continue to benefit from the extensive experience of its partners. Rating sensitivity factors Upward factors * Significant improvement in revenue, along with sustenance of operating margin, leading to net cash accrual of over INR1 crore on a sustained basis * Improvement in the financial risk profile and better cushion in the working capital limit Downward factors * Substantial decline in scale of operations by over 20% and fall in operating margin leading to lower-than-expected net cash accrual * Large debt-funded capital expenditure further weakening financial risk profile and liquidity Set up as a partnership firm in 1990, DAD is a sole distributor of the passenger car spare parts of Tata Motors Ltd since 2002 and trucks and buses of Eicher Motors Ltd; it operates in West Bengal. The firm is also the sole distributor for renowned brands such as Lumax, Minda, Valeo Clutch, Monroe and Sona Mandhira. Mr Kamal Kishore Daga manages the operations. IIFL FINANCE: Fitch Puts B+ Final Rating to USD500MM Sr. Sec. Notes ------------------------------------------------------------------- Fitch Ratings has assigned India-based IIFL Finance Limited's (B+/Positive) USD500 million 7.6% senior secured notes due September 2029 a final rating of 'B+' and Recovery Rating of 'RR4'. This follows the receipt of final documentation conforming to information previously received. The final rating is in line with the expected rating assigned on 3 June 2026. The notes are secured by collateral that includes the issuer's specified assets and receivables. The notes are subject to maintenance-based covenants that require the issuer and each of its principal subsidiaries to meet regulatory capital requirements and maintain net 90-day non-performing loan ratios of no more than 5%. The covenants also require the issuer to maintain a security coverage ratio, comprising standard assets, of at least 1.0x at all times. IIFL Finance has issued the notes in the international market under the Reserve Bank of India's external commercial borrowings framework. Key Rating Drivers The senior secured notes are rated at the same level as IIFL Finance's Long-Term Foreign-Currency Issuer Default Rating (IDR), in accordance with Fitch's rating criteria, as they are the issuer's secured obligations and rank pari passu at all times with its other secured obligations. Most of IIFL Finance's debt is secured and Fitch believes non-payment of the senior secured debt would best reflect the uncured failure of the issuer. IIFL Finance can issue unsecured debt in overseas markets, but such debt is likely to constitute a small portion of its funding and thus cannot be viewed as its primary financial obligation. The Recovery Rating on the senior secured debt reflects its expectation of 'Average' recovery prospects in the event of default. This is in line with its criteria for India-based entities with a Long-Term IDR of 'B+' or below. The notes are subject to a cross-acceleration clause, where the acceleration of any debt of the issuer or its principal subsidiaries may constitute an event of default. Fitch understands that IIFL Finance's microfinance subsidiary remains in breach of certain loan covenants relating to delinquencies; however, lenders have not taken any adverse action in response to the breach so far. The subsidiary's delinquency ratio has improved since end-September 2025. The issuer and its principal subsidiaries continue to meet all repayment obligations. For more information on IIFL Finance's key rating drivers and sensitivities, please see Fitch Revises Outlook on IIFL Finance to Positive; Affirms at 'B+', published on 16 October 2025. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Any negative action on IIFL Finance's Long-Term IDR would drive a corresponding action on the rating of the notes. The rating may also be downgraded if Fitch believes that recovery prospects are likely to weaken to below 30% of outstanding senior secured bonds in a liquidation scenario. The Recovery Rating would be revised to 'RR5' in such a scenario. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade of IIFL Finance's Long-Term IDR would result in a similar action on the bond rating. Date of Relevant Committee 15 October 2025 ESG Considerations IIFL Finance has an ESG Relevance Score of '4' for Management Strategy, as Fitch believes the company's operations and franchise remain sensitive to management's ability to maintain sound implementation of internal controls and return the business to adequate profitability following the lifting of Reserve Bank of India sanctions on its gold loan business. IIFL Finance has an ESG Relevance Score of '4' for Governance Structure, as the history of regulatory action implies there are gaps in the oversight structure and management of compliance risks that may pose a reputational risk for the company. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- IIFL Finance Limited senior secured LT B+ New Rating RR4 B+(EXP) JAGANNATH PLASTIPACKS: CRISIL Cuts Long/Short Term Loans to D ------------------------------------------------------------- Crisil Ratings has downgraded its ratings on the bank facilities of Jagannath Plastipacks Limited (JPL) to 'Crisil D/Crisil D Issuer Not Cooperating' from 'Crisil B/Stable/Crisil A4 Issuer Not Cooperating' Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil D (Downgraded from 'Crisil B/Stable') Short Term Rating - Crisil D (Downgraded from 'Crisil A4') Crisil Ratings has been consistently following up with JPL for obtaining information through letter and email dated April 15, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of JPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, Crisil Ratings has downgraded its ratings on the bank facilities of JPL to 'Crisil D/Crisil D Issuer Not Cooperating' from 'Crisil B/Stable/Crisil A4 Issuer Not Cooperating' as the company has been identified as willful defaulter as per information on public domain. JPL, incorporated in 1984, manufactures polypropylene (PP) and high-density polyethylene (HDPE) woven sacks and bags, primarily for the cement and fertilizer industries. It is owned by Cuttack-based Mr. M K Subudhi and his family members. Mr. Subudhi has been in the business for three decades and has two other entities in similar businesses. The company also trades in gypsum, though on a small scale. JASUBHAI ENGINEERING: CRISIL Keeps B Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Jasubhai Engineering Private Limited (JEPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.7 Crisil B/Stable (Issuer Not Cooperating) Long Term Loan 3 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with JEPL for obtaining information through letter and email dated May 21, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of JEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JEPL continues to be 'Crisil B/Stable Issuer not cooperating'. JEPL was founded by the late Mr Jasubhai Shah in 1967. The Ahmedabad (Gujarat)-based company manufactures instrumentation products, packaging machines, and combustion systems. Operations are now managed by Mr Maulik J Shah. Longstanding presence in the engineering industry has enabled the promoter and his family to maintain healthy relationships with customers and suppliers. JSW HYDRO: Fitch Affirms BB+ Rating on $478.99MM Sr. Secured Notes ------------------------------------------------------------------ Fitch Ratings has affirmed India-based JSW Hydro Energy Limited's outstanding USD478.99 million senior secured notes due 2031 at 'BB+'. The Outlook is Stable. The notes were issued directly by JSW Hydro, an indirectly fully owned subsidiary of JSW Energy Limited, which owns two operational hydropower projects. The 1,091 megawatt Karcham Wangtoo plant on the Satluj river and the 300 megawatt Baspa II plant on the Baspa river are in the Indian state of Himachal Pradesh. RATING RATIONALE The rating reflects the credit quality of the hydropower project portfolio, supported by a robust cost-plus regulatory framework that insulates the developer from hydrology risk. The Karcham Wangtoo plant has contracted a large part of its capacity with PTC India Limited, which is owned by various central-government entities, at a low tariff. Baspa II has contracted most of its capacity with Himachal Pradesh State Electricity Board Limited. The rating is constrained at 'BB+' due to uncertainty around the terms and conditions of future debt refinancing and the counterparty risk from JSW Hydro's exposure to state-owned power distribution companies (discoms), even though the project portfolio's financial profile is stronger than that commensurate for a 'BB+' credit assessment. KEY RATING DRIVERS Operation Risk - Midrange Established In-House O&M Team: JSW Hydro uses conventional commercially proven technology with a capacity-weighted operating history of around 16.5 years. An in-house operation and maintenance (O&M) team runs the plants, which are well-maintained and show consistent operating performance. Replacement contractors are available and spare parts are carefully managed given the plants' remoteness. JSW Hydro carries comprehensive industrial all-risk insurance that provides adequate coverage against business interruption losses. However, the assessment is constrained to 'Midrange' as operating cost forecasts are not validated by an independent technical advisor and the bond terms lack a maintenance reserve account. Revenue Risk (Volume): Stronger No Hydrology, Limited Curtailment Risk: JSW Hydro's regulated business model ensures profitability over the medium-term as long as projects are available, irrespective of actual off-take. Each plant's fixed costs are payable by the customer if JSW Hydro achieves regulatory benchmark availability, set at a plant availability factor of 90% for the current regulatory period. There is no hydrology risk, as contracts allow for any shortfall in energy charges due to non-operational issues to be recovered in the following year. Both projects have exceeded design energy generation (P90 equivalent approved by authorities) in most operating years. Curtailment risk is limited given take-or-pay contracts and the must-run status of the plants. Revenue Risk (Price): Stronger Contracts Support Revenue Recovery: JSW Hydro's established tariff-setting framework insulates profitability from price risk as long as availability is maintained. The two-part, cost-plus tariff structure provides for fixed-price payments based on available capacity to cover O&M costs, depreciation, loan interest, taxes and a regulated return on equity. It also allows normalised variable costs to be passed on to off-takers. JSW Hydro contracts its saleable capacity, excluding free power of 18% and 12% from Karcham Wangtoo and Baspa II, respectively. Karcham Wangtoo has take-or-pay long-term agreements with PTC, one of India's largest power traders, which then sells the energy to four state-owned discoms. Baspa II is contracted with state-owned Himachal Pradesh State Electricity Board. Debt Structure: Midrange Bullet Debt, Ringfenced Structure: Fitch assesses the debt structure as 'Midrange' due to the bond's bullet structure. However, refinancing risk is mitigated by a mandatory cash sweep and cash lock-up for about 57% of principal under its rating case. Residual refinancing risk is low, given the remaining life of the projects and the issuer's good access to banks and capital markets. The bond is directly issued by JSW Hydro. Noteholders are protected by a ringfenced structure and covenants. The bond pays fixed interest rates, but other covenants are primarily 'Midrange', including a lock-up test at the backward-looking graded debt service coverage ratio (DSCR) and a six-month debt service reserve account. No additional indebtedness is allowed other than a working-capital basket of USD55 million. Currency risk arising from the US dollar and Indian rupee exchange rate is mitigated through hedging arrangements. Peer Analysis JSW Hydro's note ratings can be compared with the non-guaranteed debentures issued by Xayaburi Power Company Limited (XPCL, senior unsecured rating: B+/Stable). XPCL's 1,285 megawatt run-of-the-river hydropower plant on Laos's Mekong River faces hydrology risk, which restricts its volume risk assessment to 'Midrange', whereas JSW Hydro is 'Stronger' owing to its regulated business model that ensures medium-term profitability if its projects remain available. XPCL's rating case DSCR is 1.17x over the debenture tenor, against 1.77x for JSW Hydro. However, JSW Hydro's rating is constrained by uncertainty around future debt refinancing terms and counterparty risk from its exposure to state-owned power discoms, limiting the rating gap with XPCL to three notches. JSW Hydro's note ratings are also comparable with the secured notes issued by Continuum Trinethra Renewables Private Limited (Continuum RG2, senior secured rating: BB+/Stable). Continuum RG2 has a renewable energy portfolio comprising wind (78%) and solar (22%) projects. The restricted groups of both JSW Hydro and Continuum RG2 have better financial profiles that would support ratings above current levels, but JSW Hydro's rating is capped at 'BB+' due to refinancing uncertainty and counterparty risk. Continuum RG2's rating is also capped at 'BB+', due to refinancing uncertainty and longer-term revenue risk from renewal terms for maturing contracts, future discom commercial and industrial tariffs and open access charges applicable to commercial and industrial projects. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Average annual DSCR in Fitch's rating case dropping to below 1.3x on a sustained basis. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Fitch does not expect a rating upgrade in the near term, given uncertainty around the terms and conditions of future debt refinancing and the systemic risk from the ultimate exposure to state-owned power discoms. Financial Profile Fitch assumes JSW Hydro will refinance its bullet bond upon maturity with debt that will fully amortise over the remaining life of its power purchase agreements. Fitch also assumes a higher refinancing interest rate, reflecting the uncertainty at the time of maturity in 2031. Fitch focuses on the average DSCR over the refinancing period until the end of the power purchase agreements, given the bullet structure. Its base case includes full design energy, secondary energy production assumptions and plant availability at around 98%, in line with the long-term operational history. Fitch assumes the Karcham Wangtoo project will supply 18% free power to the state government, in line with the Supreme Court's judgment. Fitch applies a 15% stress on the provisional amount of tariff true-up liabilities of INR0.18 billion carried forward by management into the financial year ending March 2026 (FY26) and assume settlement will occur by FY28. Its base case generates an average annual DSCR of 2.09x during the FY32-FY46 refinancing period. Its rating-case production assumptions include design energy production, a 50% production haircut on secondary energy from the base case and 90% plant availability, in line with minimum required availability. Fitch also applies a 15% stress on operating expenses and, despite the pass-through nature of the tariff, assume an additional 5% of the O&M stress is absorbed without pass through. Fitch reduces return on equity by 0.2% at each five-year tariff determination period to account for revised tariff-calculation regulations. Tariff true-up liabilities' provisions and settlements are similar to those in the base case. The assumptions generate an average annual DSCR of 1.77x under its rating case, combined with a higher refinancing rate. TRANSACTION SUMMARY JSW Hydro has two operational run-of-the-river hydro projects, Karcham Wangtoo and Baspa II, in Himachal Pradesh. The issuance is a USD707 million 10-year senior secured note maturing in May 2031, with proceeds used to refinance initial Indian rupee debt. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for JSW Hydro. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- JSW Hydro Energy Limited JSW Hydro Energy Limited/Project Revenues - First Lien/1 LT LT BB+ Affirmed BB+ LTK INDUSTRIES: CRISIL Withdraws B Rating on INR150cr Term Loan --------------------------------------------------------------- CRISIL Ratings has withdrawn the ratings on certain bank facilities of LTK Industries Private Limited (LTKIPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 150 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Working Capital 50 Crisil B/Stable/Issuer Not Demand Loan Cooperating (Withdrawn) Working Capital 10 Crisil B/Stable/Issuer Not Demand Loan Cooperating (Withdrawn) Working Capital 60 Crisil B/Stable/Issuer Not Demand Loan Cooperating (Withdrawn) Working Capital 50 Crisil B/Stable/Issuer Not Demand Loan Cooperating (Withdrawn) Crisil Ratings has been consistently following up with LTKIPL for obtaining information through letter and email dated January 20, 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 LTKIPL. This restricts Crisil Ratings' ability to take a forward-looking view on the credit quality of the entity. Crisil Ratings believes that rating action on LTKIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of LTKIPL continues to be 'Crisil B/Stable Issuer Not Cooperating'. Crisil Ratings has withdrawn its rating on the bank facilities of LTKIPL on the request of the company and after receiving no objection certificate from the bank. The rating action is in line with Crisil Rating's policy on withdrawal of its rating on bank loan facilities. LTKIPL was incorporated in 2020. LTKIPL is engaged in manufacturing knitwear products such as innerwear, casuals, thermals, etc. under brand name 'Macho' and 'Hint'. LTKIPL has its manufacturing facility located in Agarpara, West Bengal and has a manufacturing capacity of 15 crore pieces per annum. LTKIPL was formed due to the demerger of J.G. Hosiery Private Limited, pursuant to a Scheme of Arrangement (Demerger) sanctioned by the NCLT in June 2022 and effective retrospectively from December 1, 2020, as part of family settlement between the promoters. LTKIPL is owned & managed by Mr. Sandeep Seksaria (Managing Director) and Mrs. Neeru Seksaria (Director). MAIYAS RESTAURANTS: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Maiyas Restaurants Private Limited #53, 7th B Main Road, 30th Cross, 4th Block, Jayanagar, Bangalore, Karnataka, India, 560011 Insolvency Commencement Date: June 1, 2026 Court: National Company Law Tribunal, Bengaluru Bench Estimated date of closure of insolvency resolution process: November 30, 2026 Insolvency professional: Naresh Kumar Rohila Interim Resolution Professional: Naresh Kumar Rohila #905, 9th Floor, Barton Centre MG Road, Bengaluru - 560001, Karnataka, India Email: canktaylor@gmail.org cirp.maiyas@gmail.com Last date for submission of claims: June 14, 2026 MEDELEC HEALTHCARE: Voluntary Liquidation Process Case Summary -------------------------------------------------------------- Debtor: Medelec Healthcare Solutions Pvt Ltd. Plot No. 382, Industrial Area, Phase 8B, Balongi, Rupnagar, S.A.S. Nagar (Mohali), Punjab, India - 160055 Liquidation Commencement Date: May 30, 2026 Court: National Company Law Tribunal, Chandigarh Bench Liquidator: Krishan Vrind Jain #1139, Block-B, IT City, Sector 82A, Mohali - 160055 Tel: +91 94170 09490 Email: medelec.liq@gmail.com Last date for submission of claims: June 29, 2026 NEW PEARL: Insolvency Resolution Process Case Summary ----------------------------------------------------- Debtor: New Pearl Vitrified Private Limited Shop No-23, Galaxy Plaza, Matel Road, Dhuva, Tal. Wankaner, Rajkot, Morbi, Gujarat, India, 363622 Insolvency Commencement Date: June 2, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Estimated date of closure of insolvency resolution process: November 29, 2026 Insolvency professional: Manish Santosh Buchasia Interim Resolution Professional: Manish Santosh Buchasia 306, 3rd Floor, "Gala Mart" Near Sobo Centre, Before Safal Parisar, Above SBI/Union Bank, South Bopal, Ahmedabad, 380058, Gujarat Tel: 98980 55367 Email: manishbuchasiacs@gmail.com newpearlvitrifiedplibc@gmail.com Last date for submission of claims: June 16, 2026 REALTECH NIRMAN: CRISIL Lowers Rating on INR20cr LT Loan to B ------------------------------------------------------------- Crisil Ratings has migrated the rating on bank facilities of Realtech Nirman Private Limited (RNPL) to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BBB-/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 20 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BBB-/Stable') Term Loan 10 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BBB-/Stable') Crisil Ratings has been consistently following up with RNPL for obtaining information through letter and email dated May 28, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RNPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RNPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of RNPL to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BBB-/Stable'. RNPL was set up in 2007 by Mr Shishir Gupta and Mr S K Nasir. The company undertakes residential real estate construction in and around Kolkata, where it is executing 11 projects. The promoters have over 17 years of industry experience. The ongoing projects are concentrated in New Town and Rajarhat, an area adjacent to Kolkata, located in North 24 Parganas. The area is a fast-growing planned new city and is situated near Kolkata International Airport. It is an upcoming information technology hub. The project sizes vary from 36 to 300 flats. Of the 11 projects, 9 are completely debt-free and have been funded majorly through customer advances and funds from the promoters. The debt contracted for the other two projects amounts to INR9 crore. The company focuses on low-cost affordable housing targeting the mid-income group. SHYAM ENTERPRISES: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shyam Enterprises (SE) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 33.3 Crisil B/Stable (Issuer Not Cooperating) Proposed Long Term 5 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SE for obtaining information through letter and email dated May 21, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SE continues to be 'Crisil B/Stable Issuer not cooperating'. Established as a partnership firm in 1992 by Shri Shyama Charan Gupta, SE manufactures dairy products, such as SMP, ghee, milk, dairy mix and butter, which are marketed under the Shyam brand. The partners in the firm are Smt. Jamnotri Gupta, Mr. Vidup Agrahari, Mr. Vibhav Agrahari, Mrs. Nilima Kailash and SBW Udyog Limited (Group concern). T I MOTORS: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of T I Motors Private Limited (TIMPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Adhoc Limit 2.4 Crisil B/Stable (Issuer Not Cooperating) Cash Credit 1.5 Crisil B/Stable (Issuer Not Cooperating) Drop Line Overdraft Facility 0.75 Crisil B/Stable (Issuer Not Cooperating) Drop Line 1.75 Crisil B/Stable (Issuer Not Overdraft Facility Cooperating) Electronic Dealer 12 Crisil B/Stable (Issuer Not Financing Scheme Cooperating) (e-DFS) Crisil Ratings has been consistently following up with TIMPL for obtaining information through letter and email dated May 21, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of TIMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TIMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of TIMPL continues to be 'Crisil B/Stable Issuer not cooperating'. TIMPL, incorporated in 2000, is an authorised dealer of Ford's entire range of passenger cars for the Guwahati and Tinsukia regions in Assam. In addition, the company sells spares, and accessories, and provides services for Ford's passenger cars. The company currently has four showrooms, two in Guwahati, and one each in Tinsukia and Dibrugarh (commenced operations in November 2016). It also has four service centres and two full body workshops in Guwahati, and operates a 4-bays service center in Tinsukia, and one service centre in Dibrugarh. TREND SETTERS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Trend Setters continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 4 CRISIL D (Issuer Not Cooperating) Packing Credit 3.5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 7.5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with Trend Setters for obtaining information through letter and email dated May 21, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Trend Setters, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Trend Setters is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Trend Setters continues to be 'Crisil D/Crisil D Issuer not cooperating'. Based in Mumbai and established in 1976 as a partnership firm by Mr Tushar Ruparelia and his brother Mr Amit Ruparelia, Trend Setters manufactures bed sheets, comforters, curtains, pillow covers, and duvet covers. It gets most of the processing done on a jobwork basis and does the final stitching and packaging in-house. TUSHAR FABRICS: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Tushar Fabrics continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.5 CRISIL D (Issuer Not Cooperating) Letter of Credit 1 CRISIL D (Issuer Not Cooperating) Term Loan 0.62 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Tushar Fabrics for obtaining information through letter and email dated May 21, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Tushar Fabrics, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Tushar Fabrics is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Tushar Fabrics continues to be 'Crisil D/Crisil D Issuer not cooperating'. Tushar Fabrics, formed in 2005 by Mr Jatinbhai Madrasi and Ms Vandanaben Madrasi, weaves and knits grey fabric out of viscose and cotton yarn at its facility at Surat (Gujarat). The fabric is sold in the domestic market, and is primarily used for women's dress material. VAMA WOVENFAB: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Vama Wovenfab Limited (VWPL; Previously known as Vama Wovenfab Private Limited) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.50 Crisil D (Issuer Not Cooperating) Long Term Loan 10.57 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with VWPL for obtaining information through letter and email dated May 21, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of VWPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VWPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VWPL continues to be 'Crisil D Issuer not cooperating'. VWPL is a Daman, based company engaged in manufacturing of woven fabric, the company is managed by Mr. Vaibhav Gupta and Mr. Suresh Gupta. VEDIKA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Vedika Agro Industries (VAI) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Long Term Loan 3.75 CRISIL D (Issuer Not Cooperating) Proposed Working 1.25 CRISIL D (Issuer Not Capital Facility Cooperating) Crisil Ratings has been consistently following up with VAI for obtaining information through letter and email dated May 21, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of VAI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VAI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VAI continues to be 'Crisil D Issuer not cooperating'. Set up in 2011, VAI, a proprietorship concern of Mr Uday Jankar, processes chana to chana dal and then to besan. It facility at Ambegaon, Maharashtra, has a capacity of 15 tonne per day. VIN SEMICONDUCTORS: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Vin Semiconductors Private Limited (VSPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (Issuer Not Cooperating) Cash Credit 10 CRISIL D (Issuer Not Cooperating) Letter of Credit 4.75 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1.03 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with VSPL for obtaining information through letter and email dated May 21, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of VSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of VSPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. VSPL, established in 2009, manufactures LED signage, lights, and displays. Its facility is located in Bhiwandi, Maharashtra. VSPL is promoted by Mr. Subash Pawar. VINDHYA CEREALS: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Vindhya Cereals Private Limited (VCPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 32 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1.62 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 4.38 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with VCPL for obtaining information through letter and email dated May 21, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of VCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VCPL continues to be 'Crisil D Issuer not cooperating'. VCPL, established in 2009 by Mr Kamlesh Kumar Argal, mills and processes basmati rice. The manufacturing facility is at Obedullaganj in Raisen, Madhya Pradesh. VISUAL AND ACOUSTICS: CRISIL Keeps D Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Visual and Acoustics Corporation LLP (Visual) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 15 CRISIL D (Issuer Not Cooperating) Bill Discounting 6 CRISIL D (Issuer Not Cooperating) Cash Credit 2 CRISIL D (Issuer Not Cooperating) Packing Credit 6 CRISIL D (Issuer Not Cooperating) Packing Credit 8 CRISIL D (Issuer Not in Foreign Currency Cooperating) Crisil Ratings has been consistently following up with Visual for obtaining information through letter and email dated May 21, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Visual, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Visual is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Visual continues to be 'Crisil D/Crisil D Issuer not cooperating'. FCEL is a part of the Five Core group that manufactures electronic equipment, including public address systems, speakers, amplifiers, microphones, woofers; and electrical accessories under the 5 Core brand. The group exports products to 56 countries. Mr Amarjit Kalra and his family manage the operations. Incorporated in 2002, FCEL is listed on the NSE Emerge platform since May 2018, and has manufacturing units in Delhi and Bhiwadi, Rajasthan. Set up in 2008 as a partnership firm, EMS has a facility in Kashipur, Uttarakhand. Visual is a limited liability partnership firm set up in 2008, with a unit in Mundka, Delhi. Neha was set up as a proprietorship firm in 2009, and has a unit at Daruhera, Gurugram. Set up in 2010, 2011, and 2012, IAPL, Digi, and Happy are private limited companies with units in Noida, Bhiwadi, and Delhi, respectively. 5Core, set up in 2012, has a unit in Bhiwadi. VRAJ REALTORS: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Vraj Realtors (VR) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 8 Crisil B/Stable (Issuer Not Cooperating) Long Term Loan 52 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with VR for obtaining information through letter and email dated May 21, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of VR, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VR continues to be 'Crisil B/Stable Issuer not cooperating'. VR (based in Mumbai), a partnership firm, is into the development of residential projects. The firm is a part of the Vraj group, which has interests in logistics, packaging, cement and marketing. The firm is currently executing a residential project ' Vraj Tiara in Worli, Mumbai. The firm is promoted by Babaria Family represented by Shri. Kirit Vrajlal Babaria, Mr. Sharad Kirit Babaria and Mr. Mitesh Kirit Babaria and is based in Mumbai. YP FOODS: CRISIL Keeps B- Debt Ratings in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of YP Foods Private Limited (YP Foods) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.5 Crisil B-/Stable (Issuer Not Cooperating) Proposed Long Term 2.9 Crisil B-/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 6.1 Crisil B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with YP Foods for obtaining information through letter and email dated May 21, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of YP Foods, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on YP Foods is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of YP Foods continues to be 'Crisil B-/Stable Issuer not cooperating'. YP Foods, incorporated in 2013, is a Howrah (West Bengal)-based company that manufactures ready-to-eat snacks such as fryums. Mr Amit Jhunjhunwala (director) and Mr Chandra Prakash Jhunjhunwala are the promoters. ========= J A P A N ========= NISSAN MOTOR: DBRS Confirms 'BB' Issuer Rating, Trend Negative -------------------------------------------------------------- DBRS Ratings GmbH (Morningstar DBRS) confirmed Nissan Motor Co., Ltd.'s (Nissan or the Company) Issuer Rating at BB and confirmed the instrument credit rating on Nissan's Senior Unsecured Debt at BB, with a recovery rating of RR4. Concurrently, Morningstar DBRS confirmed Nissan Canada Inc.'s Senior Unsecured Debt credit rating at BB, with a recovery rating of RR4. The trends on all credit ratings remain Negative. KEY CREDIT RATING CONSIDERATIONS The confirmation of Nissan's credit ratings reflects the Company's progress in delivering approximately JPY 340 billion in manufacturing cost improvements so far, encompassing both fixed and variable cost savings, despite these gains being almost entirely offset by U.S. tariff headwinds. However, core automotive profitability remains weak, free cash flow generation negative, and restructuring risk elevated, despite early signs of operational stabilization under the Re:Nissan plan. Morningstar DBRS expects Nissan's challenging operating environment to continue, with limited visibility on a meaningful turnaround of profitability and significant positive free cash flow over the next two years, leading to leverage remaining elevated and above 5.0 times (x) for the current fiscal year according to Morningstar DBRS' forecast. Current uncertainties are due to (1) declining volumes and subscale operations weighing on economies of scale and fixed-cost absorption; (2) substantial investment requirements to support electrification and product renewal, which, given weak profitability, underscore the need to secure external partnerships; (3) intensifying competition from both legacy original equipment manufacturers (OEMs) facing similar challenges and increasingly competitive Chinese manufacturers; and (4) ongoing geopolitical pressures, which are contributing to higher input costs and softer consumer demand and are likely to continue weighing on performance into F2026. In terms of recent performance, Nissan's unit sales declined by 5.8% in the 12 months ended March 2026 (F2025) to 3.15 million vehicles, marking the lowest level in more than 10 years. The contraction was broad based across regions, and particularly pronounced in the Company's core market of Japan, where volumes fell by 13.5%. Looking ahead, Morningstar DBRS expects modest low single-digit growth from F2026, supported by new product launches, as well as initial signs of operational stabilisation. However, further cost improvements are likely to be only sufficient to offset higher input costs and geopolitical headwinds, including elevated oil prices and still-weak consumer demand. As a result, Morningstar DBRS anticipates a subdued earnings trajectory over the next two years, with automotive EBITDA margins remaining below 3% at least for F2026. The credit rating confirmation is supported by Nissan's good liquidity position, which provides adequate financial flexibility to withstand ongoing headwinds. CREDIT RATING DRIVERS Morningstar DBRS could take a negative credit rating action if performance does not improve materially over the near term. This would require evidence of sustained positive sales growth alongside improving operating profitability and EBITDA margins, demonstrating a clear recovery trajectory toward F2022-23 levels. Conversely, Morningstar DBRS could return the trend to Stable if the Company's performance significantly improves over the coming months, broadly in line with management's forecasts, providing greater visibility on a medium-term recovery toward F2022-23 levels. EARNINGS OUTLOOK Morningstar DBRS expects Nissan's industrial earnings to remain weak but gradually improve over the next two years because of (1) modest revenue growth of around 2% per year over F2026-28 following a decline of approximately 6% in F2025; (2) industrial adjusted EBITDA margins improving from close to breakeven levels (around 0% in F2025) to around 3% by F2026=27, supported by cost rationalization and gradual recovery in volumes, albeit constrained by ongoing pricing pressure and high fixed-cost absorption; and (3) continued exposure to competitive and macroeconomic headwinds, limiting a faster recovery in profitability. FINANCIAL OUTLOOK Morningstar DBRS expects Nissan's key credit metrics to remain weak over the near term but to improve gradually over the next two to three years, with gross industrial debt-to-EBITDA remaining elevated at around 6.0x in F2026 before improving toward approximately 4.0x by F2028 (from very high levels in F2025, reflecting depressed EBITDA). CREDIT RATING RATIONALE Comprehensive Business Risk Assessment (CBRA): bb Nissan's CBRA reflects: (1) modest global market shares, ranking among the top five OEMs in Japan and within the top 10 in the U.S., alongside a relatively smaller scale compared to other global manufacturers; (2) weak profitability, with negative or low operating margins relative to peers and limited expected improvement in the medium term; (3) a degree of sales concentration in key segments and powertrains, particularly internal combustion engine SUVs; (4) relatively strong brand fundamentals, including solid perceived quality and value; and (5) low warranty costs (below 1.5% of total sales), which compare favourably with peers, as well as limited reported quality issues in particular for U.S. models based on market surveys. The assessment also incorporates a negative 0.5-notch adjustment to reflect ongoing strategic uncertainty, particularly regarding the potential need for partnerships or alliances to remain competitive in an increasingly demanding market environment. Comprehensive Financial Risk Assessment (CFRA): bb(low)/b(high) Nissan's CFRA incorporates its currently weak operating performance, with only a modest earnings recovery anticipated over the near term. As such, earnings- and cash flow-based credit metrics are estimated to persist at lacklustre levels over the next two years between bb(low) and b(high). This is partly offset, however, by Nissan's strong balance sheet with sizeable cash balances and ample availability of committed credit lines. Intrinsic Assessment (IA): bb The IA is based on the CFRA and CBRA. Taking into consideration the negative trend, peer comparisons, and the current exceptional market headwinds, Morningstar DBRS placed the IA on the higher end of the IA range. Additional Considerations: None Nissan's credit ratings include no further negative or positive adjustments because of additional considerations. ENVIRONMENTAL, SOCIAL, AND GOVERNANCE CONSIDERATIONS Environmental (E) Factors The following Environmental factor had a relevant effect on the credit analysis: Morningstar DBRS considers Carbon and Greenhouse Gas Costs a relevant factor for Nissan. The Company, like other OEMs, is progressively subject to more stringent laws related to carbon emission targets and environmental matters in different jurisdictions. There were no Social or Governance factors that had a significant or relevant effect on the credit analysis. Notes: All figures are in Japanese yen unless otherwise noted. =============== M A L A Y S I A =============== GREENPRO CAPITAL: CEO Subscribes $50K in Private Share Placement ---------------------------------------------------------------- Greenpro Capital Corp. announced in a regulatory filing that it entered into a subscription agreement with its Chief Executive Officer, President and Director, Mr. Lee Chong Kuang, providing for the private placement of 28,949 shares of the Company's common stock, par value $0.0001, at a per share purchase price of $1.7272 for aggregate gross proceeds of $50,000. The Offering closed on May 29, 2026. Following completion of the Offering, the Company had a total of 18,062,072 shares of Common Stock issued and outstanding, and Mr. Lee holds directly 1,875,293 shares or 10.38% of the Company's outstanding Common Stock. As of May 29, 2026, Mr. Lee and his spouse, Ms. Yap Pei Ling, held an aggregate of 2,041,208 shares, representing approximately 11.3% of the Company's outstanding Common Stock, consisting of 1,875,293 shares held directly by Mr. Lee and 165,915 shares held by Ms. Yap Pei Ling. The issuance of shares of Common Stock pursuant to the Subscription Agreement was made in reliance upon the exemptions from registration afforded by Section 4(a)(2) of the Securities Act of 1933, as amended, and Regulation D and/or Regulation S promulgated under the Securities Act. The Company believes the exemptions provided by Section 4(a)(2) and Regulation D, and/or Regulation S of the Securities Act were available because the offering did not involve a public offering and the Purchaser in the Offering represented that he is an "accredited investor" within the meaning of Rule 501(a) of Regulation D and/or is not a "U.S. person" as defined in Regulation S. No underwriters were involved in the offer and sale of the Common Stock in the Offering. The Company plans to use the proceeds of the Offering for operating capital. About Greenpro Capital Corp. Kuala Lumpur, Malaysia-based Greenpro Capital Corp. provides cross-border business solutions and accounting outsourcing services to small and medium-sized businesses located in Asia, with an initial focus on Hong Kong, China, and Malaysia. Greenpro offers a range of services as a package solution to its clients, believing that this approach can reduce business costs and improve revenues. Malaysia-based SFAI MALAYSIA PLT, the Company's auditor since 2025, issued a "going concern" qualification in its report dated March 30, 2026, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2025, citing that for the year ended December 31, 2025, the Company incurred a negative cash flow from operating activities of $1.79 million and as of December 31, 2025, the Company incurred an accumulated deficit of $40.25 million. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of March 31, 2026, the Company had $21.89 million in total assets, $2.19 million in total liabilities, and $19.70 million in total stockholders' equity. ===================== N E W Z E A L A N D ===================== ALFA MOTORS: Court to Hear Wind-Up Petition on July 6 ----------------------------------------------------- A petition to wind up the operations of Alfa Motors Limited will be heard before the High Court at Tauranga on July 6, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on May 1, 2026. The Petitioner's solicitor is: Timothy Saunders Inland Revenue, Legal Services 21 Home Straight PO Box 432 Hamilton BMC SOLUTIONS: Creditors' Proofs of Debt Due on July 30 ------------------------------------------------------- Creditors of BMC Solutions (PN) Limited are required to file their proofs of debt by July 30, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 4, 2026. The company's liquidator is: Lynda Smart Derek Ah Sam Rodgers Reidy PO Box 39090 Harewood Christchurch 8545 BMC SOLUTIONS: Ordered Into Liquidation Over NZD38K Unpaid RUC Debt ------------------------------------------------------------------- Amber Allott at The Press reports that a trucking company has been forced into liquidation by the courts, after racking up nearly NZD40,000 in unpaid road user charge debt. BMC Solutions, which was originally based in Palmerston North but transported freight nationwide, was placed into liquidation on June 4 by order of the High Court, following an application by the NZ Transport Agency/Waka Kotahi (NZTA). Christchurch insolvency firm Rodgers Reidy was appointed liquidator, according to The Press. The Press relates that NZTA said it had served a statutory demand on the company in relation to unpaid Road User Charges (RUCs) of just over NZD38,000. But the company's current, Canterbury-based director claims the liquidation is the culmination of a "witchhunt", against the company's founder and namesake. IPG CAPITAL: Soho Hotel Holding Company Placed in Receivership -------------------------------------------------------------- BusinessDesk reports that the company behind the Soho Hotel has been tipped into receivership by a lending business already owed over NZD55 million by the hotel's director. IPG Capital was put into receivership on June 10 and is the ultimate holding company of IPG Hotels (Auckland), which trades as the Soho Hotel in Mt Roskill, Auckland, BusinessDesk discloses. According to BusinessDesk, the seven-level suburban hotel is still operating and is run by Capstone Hotel Management. Hotelier and property magnate Sunil Govind Parbhu, also known as Dennis Parbhu, is the director behind the seven-level suburban hotel. MASSEY ACCOMMODATION: Grant Reynolds Appointed as Liquidator ------------------------------------------------------------ Grant Reynolds of Reynolds & Associates on June 4, 2026, was appointed as liquidator of Massey Accommodation Limited. The liquidator may be reached at: Grant Reynolds Reynolds & Associates Limited PO Box 259059 Botany, Auckland 2163 SENTINEL FIRE: Creditors' Proofs of Debt Due on July 20 ------------------------------------------------------- Creditors of Sentinel Fire Protection Limited are required to file their proofs of debt by July 20, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 5, 2026. The company's liquidators are: Jared Booth Tony Leonard Maginness Baker Tilly Staples Rodway Auckland Limited PO Box 3899 Auckland 1140 TPV LIMITED: Court to Hear Wind-Up Petition on June 25 ------------------------------------------------------ A petition to wind up the operations of TPV Limited will be heard before the High Court at Auckland on June 25, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on May 7, 2026. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 ===================== P H I L I P P I N E S ===================== ROXAS HOLDINGS: Sells Idle Assets for PHP600 Million ---------------------------------------------------- Richmond Mercurio at The Philippine Star reports that a subsidiary of listed Roxas Holdings Inc. (RHI) has unloaded idle refinery assets in Batangas for PHP600 million. The Philippine Star relates that the assets were sold by RHI's wholly owned subsidiary, Central Azucarera Don Pedro Inc. (CADPI), to Infinity Multi Agri Development Corp. It includes idle machinery and equipment previously used in the operations of the CADPI sugar refinery plant located in Brgy. Lumbangan in Nasugbu, Batangas. According to the report, RHI said the purchase price would be paid by Infinity, subject to and in accordance with the terms of payment set out in the deed of absolute sale. Full payment is scheduled for December 2026. The Philippine Star notes that the closure of CADPI operations and termination of its employees, effective March 29, 2024, was approved by the RHI's board on Feb. 28, 2024. CADPI's closure of its operations and separation of its employees was made to mitigate the incurrence of manpower costs and other fixed costs, with RHI then saying that the resumption of normal operation of the sugar refinery business of the company has been affected by the increased importation of refined sugar by the national government in recent years, The Philippine Star says. About Roxas Holdings Roxas Holdings, Inc. (PSE:ROX) engages in the business of manufacturing sugar and allied products. The Company has the following subsidiaries: Central Azucarera Don Pedro, Inc.; Central Azucarera de la Carlota, Inc.; CADP Insurance Agency, Inc.; Roxol Bioenergy Corp.; CADP Port Services, Inc.; RHI Agri-Business Development Corporation; RHI Pacific Commercial Corp.; San Carlos Bioenergy, Inc.; Najalin Agri Ventures, Inc.; Roxas Power Corporation; and Northeastern Port Storage Corporation. As reported in the Troubled Company Reporter-Asia Pacific on Oct. 21, 2024, Roxas Holdings, backed by First Pacific Co. and the Roxas-Elizalde family, has defaulted on its loans to BDO Unibank and the Bank of the Philippine Islands (BPI). "In March 2024, the group defaulted on the payment of principal and interest due on bank loans owed to BDO and BPI. This resulted to the acceleration of settlement of outstanding loans owed to BDO and BPI," ROX said. According to Bilyonaryo.com, the default came shortly after ROX shut down permanently the refinery operations of Central Azucarera Don Pedro, which was founded in 1927. ================= S I N G A P O R E ================= CREATION ALUMINIUM: Court Enters Wind-Up Order ---------------------------------------------- The High Court of Singapore entered an order on May 29, 2026, to wind up the operations of Creation Aluminium 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 GARNET DC: Creditors' Proofs of Debt Due on July 11 --------------------------------------------------- Creditors of Garnet DC Pte. Ltd. are required to file their proofs of debt by July 11, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 3, 2026. The company's liquidator is: Mr. Liew Khee Soon 60 Paya Lebar Road #04-51, Paya Lebar Square Singapore 409051 GOLDEN ENERGY: Fitch Lowers Long-Term IDR to 'B', Outlook Negative ------------------------------------------------------------------ Fitch Ratings has downgraded Singapore-based Golden Energy and Resources Pte. Ltd.'s (GEAR) Long-Term Issuer Default Rating (IDR) to 'B' from 'B+'. The Outlook is Negative. Fitch has also downgraded the rating on GEAR's US dollar notes to 'B+' from 'BB-', with a Recovery Rating of 'RR3'. The downgrade reflects weaker standalone liquidity, driven by high interest obligations, upcoming bond maturities and the need to support 50%-owned Ravenswood Gold Pty Ltd (RWG), which is undergoing debt restructuring. The Negative Outlook reflects the tight liquidity and GEAR's limited rating headroom, which may be exacerbated by progress that is slower than Fitch expects in refinancing its 2027 bond or if cash support to RWG exceeds its rating case assumptions, which can increase liquidity and refinancing pressure at GEAR. GEAR's 'B' rating reflects its large debt burden at the holding-company level, which is structurally subordinated to debt at the subsidiary level, as well as its acquisitive growth strategy and the tight liquidity. Its business profile is supported by its metallurgical coal assets in Australia, average cost position and long reserve life. Key Rating Drivers Weaker Standalone Liquidity: GEAR's weak standalone liquidity at end-2025 reflects its structural subordination and high standalone debt. GEAR's dividend receipts were insufficient to cover interest, standalone operating needs, and financial support for RWG. GEAR's standalone interest coverage, excluding cash, was below 0.8x at end-2025, and would have been 1.3x if available cash on hand were included. Liquidity weakened further in 1H26 due to additional funding for RWG, including working-capital support and debt refinancing. GEAR met liquidity needs over the past year through the sale of a partial stake in subsidiary Illawara Metallurgical Coal (IMC), raising USD114 million, and shareholder support of USD60 million in 1H26. Some Financial Flexibility: Fitch expects GEAR's standalone interest coverage to be maintained at 1.5x-2.0x in the next two years. Refinancing risk on GEAR's US dollar bond due November 2027 is manageable for now, supported by its financial flexibility and ownership of quality metallurgical coal assets in Australia. GEAR can retain some holding-company liquidity flexibility through the potential sale of an 8% stake in Stanmore Resources Ltd, which would still leave it with a 51% controlling interest in Stanmore and its investment in PT Golden Energy Mines Tbk (GEMS, BB-/Stable). These stakes collectively are worth a total of around USD300 million based on current market prices. RWG's Liquidity Crunch Increases Uncertainty: Delays in resolving RWG's debt restructuring, or cash support requirements exceeding its expectations, could further tighten GEAR's liquidity and increase negative rating pressure. RWG has been in creditor forbearance after failing to meet its hedge settlement payment in April 2026. Fitch has incorporated around USD60 million of cash support from GEAR to RWG in its 2026 rating case. Fitch expects the support to be majority funded by drawdowns on GEAR's subordinated shareholder loan. Standalone Cash Flow Structurally Subordinated: GEAR, on a standalone basis, relies largely on regular dividend payments from 59%-owned Stanmore and its 7% stake in GEMS to service its interest obligations. GEAR has limited access to cash from its 51%-owned subsidiary, IMC, which has capex through 2027 and is also servicing acquisition debt with an amortisation schedule and cash sweep feature. Leverage Increases on Capex: GEAR's EBITDA net leverage improved to 3.5x by end-2025 (end-2024: 4.3x) as the company reduced costs and repaid some debt at the standalone level. Fitch still expects GEAR's EBITDA net leverage to peak at around 5.0x in 2027 given IMC's capex programme through 2027, before deleveraging to around 4.4x over the mid-cycle. Fitch expects recent production disruptions at IMC's mine caused by a roof collapse and cavities identified in 1H26 to be resolved, with IMC implementing sprint capacity to achieve its targeted volume for 2026. Manageable Inflationary Pressure: Higher fuel costs from disruptions in the Strait of Hormuz should be mitigated by stronger metallurgical coal prices in 2026. The impact on GEAR would be mixed, as Stanmore is more exposed to fuel supply and cost volatility due to its open-pit operations, although it continues to receive contracted volumes and near-term supply assurances. In contrast, IMC's EBITDA/tonne should improve, as stronger price realisation is likely to outweigh modest cost pressure given its lower fuel exposure from underground operations. A prolonged closure, which is not in Fitch's base case, could disrupt broader mining sector operations, including that of GEAR. Mid-Cost, Long-Life Asset Base: GEAR's business profile is supported by its metallurgical coal asset portfolio, which is weighted towards the second and third quartiles of the global cost curve and has a reserve life of around 25 years. Its Australian-based assets also face lower country risk than peers operating in weaker jurisdictions. Private Shareholding, Concentrated Ownership: GEAR, which is privately held by the Widjaja family associated with the Sinar Mas Group, faces elevated corporate governance risks due to its concentrated shareholding. The private shareholding may result in changes to GEAR's financial and business strategies. Fitch has not incorporated large dividends or other forms of cash leakage to its shareholders into its forecasts. Such distributions or further large acquisitions are risks to GEAR's ratings. Peer Analysis Mongolian Mining Corporation (MMC, B+/Stable) is the largest producer and exporter of high-quality hard coking coal in Mongolia. MMC has much stronger financial metrics than GEAR, including low EBITDA net leverage, and does not face structural subordination risk. MMC's first-quartile position on the global cost curve supports stronger profitability than GEAR, although its rating is constrained by end-customer concentration risk and Mongolia's higher country risk. GEAR has lower thermal coal exposure and country risk than PT Indika Energy Tbk (B+/Stable), but these are offset by its weaker liquidity, higher M&A risk and structural subordination. Indika also benefits from greater commodity diversification, with gold operations scheduled to commence early next year. Fitch’s Key Rating-Case Assumptions - Metallurgical coal prices in line with Fitch's price deck for Australian premium hard coking coal at USD190/tonne for the remainder of 2026, and USD180/tonne in 2027-2029; - Stanmore's metallurgical coal production volume averaging 13 million-14 million tonnes and IMC's production averaging 6.7 million tonnes between 2026 and 2029. - Stanmore's capex averaging USD90 million per year between 2026 and 2027 and IMC's capex averaging USD270 million per year in 2026-2027 before dropping to around USD120 million per year thereafter - Average annual dividend inflow at the standalone level of USD57 million over 2026-2029 - GEAR's cash support for 50%-owned RWG at about USD60 million in 2026 Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management (bb, lower), sector characteristics (bb+, lower), market and competitive positioning (bb-, higher), diversification and asset quality (bbb-, moderate), company operational characteristics (bbb-, moderate), profitability (b, moderate), financial structure (b-, moderate), and financial flexibility (b-, higher). Assessments of the quantitative financial subfactors include bespoke calculations. 'B+' to 'CC' considerations apply in its analysis and have no impact. The governance assessment of 'Some Deficiencies' has no impact. The operating environment assessment of 'a+' has no impact. The SCP is 'b'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'B'. Recovery Analysis In the distribution waterfall, all debt at Stanmore and IMC is considered prior ranking, with the residual value based on GEAR's equity interest allocated to GEAR's creditors at the holding company level. Stanmore and IMC are assumed to be reorganised as going-concerns in a bankruptcy, rather than liquidated. A 10% administrative claim is factored in for Stanmore, IMC and GEAR. A 3.5x enterprise value/EBITDA multiple is used for IMC and Stanmore to calculate a post-reorganisation enterprise value for IMC and Stanmore. Fitch assumes additional value from GEAR's 7% stake in GEMS, based on a 40% discount to GEMS's current market capitalisation after adjusting for GEAR's stake. Fitch has not assumed additional value from RWG due to its current weak financial position, requiring shareholder support. Using these assumptions in the recovery calculation, as specified in Fitch's Corporates Notching and Recovery Ratings Criteria, Fitch determines the recovery of GEAR's US dollar bonds at 'RR3', which denotes a one-notch uplift from the IDR under Fitch's Corporate Recovery Ratings and Instrument Ratings Criteria. RATING SENSITIVITIES Factors that could, individually or collectively, lead to negative rating action/downgrade - Increased refinancing risk due to a lack of timely progress in the refinancing of GEAR's US dollar bonds - Further deterioration in GEAR's liquidity arising from higher shareholder support for RWG's debt restructuring, exceeding Fitch's expectation of USD60 million - Standalone interest coverage (cash + dividends - operating costs)/interest paid sustained below 1.5x - GEAR's EBITDA net leverage sustained above 4.5x - The rating on GEAR's US dollar notes could also be downgraded if recovery prospects weaken, potentially due to an increase in subsidiary-level debt. Factors that could, individually or collectively, lead to positive rating action/upgrade - The Outlook will be revised to Stable if the negative sensitivities are not met. Liquidity and Debt Structure Fitch views GEAR's financial flexibility, such as its ability to sell its stakes in its subsidiaries and investments or implement higher dividend payments from its subsidiaries, as a mitigating factor for its weak standalone liquidity position and interest coverage. Fitch expects RWG to reach a refinancing resolution in the near term. However, a lack of progress in the restructuring process, or a need for higher-than-expected cash support, could constrain GEAR's liquidity, increase refinancing risk and lead to downward rating pressure. Issuer Profile GEAR is a private company owned by Frontier Resources Pte Ltd, which is backed by Indonesia's Widjaja family. It produces metallurgical coal in Australia through Stanmore and IMC. GEAR owns 50% of RWG, an operating gold mine in Australia, and 6.99% of listed Indonesian thermal coal producer GEMS. Summary of Financial Adjustments Fitch adjusts GEAR's consolidated profile by proportionately consolidating Stanmore and IMC in line with the 59% and 51% equity interest, respectively. This reflects GEAR's limited access to Stanmore's and IMC's cash flow due to significant minority interests. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The Climate.VS for 2035 for Golden Energy and Resources Pte. Ltd. is 55. The elevated Climate.VS mainly reflects long-term transition risk due to the move away from coal-fired blast furnace steelmaking to electric furnaces, driven by the sector's high carbon footprint amid decarbonisation via clean energy. These risks do not materially affect the ratings given the long transition timeframe, particularly in emerging markets, where demand for metallurgical coal is still rising. ESG Considerations GEAR has an ESG Relevance Score of '4' for Governance Structure. The company is privately held and has concentrated ownership, raising the risk of weak corporate governance and large cash leakages to shareholders, which in Fitch's opinion has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Golden Energy and Resources Pte. Ltd. LT IDR B Downgrade B+ senior unsecured LT B+ Downgrade RR3 BB- MAXEON SOLAR: Receives Additional Nasdaq Delisting Notices ---------------------------------------------------------- Maxeon Solar Technologies, Ltd. (Under Judicial Management) in a regulatory filing that it received a further written notice from the staff of The Nasdaq Stock Market LLC's Listing Qualifications department identifying the following additional and separate bases for delisting the Company's securities from The Nasdaq Global Market: (i) the Company no longer has any independent board members on its Audit Committee where, based on the vacancies, the Company is not entitled to a cure period. In addition, due to the prior delisting determination, in accordance with Listing Rule 5810(c)(2)(a), the Company is ineligible to submit a plan of compliance; and (ii) the Company has not yet filed its Form 20-F for the period ended December 31, 2025 and therefore no longer complies with Nasdaq's Listing Rules for continued listing. In addition, due to the prior delisting determination, in accordance with Listing Rule 5810(c)(2)(a), the Company is ineligible to submit a plan of compliance. The Notice is a formal notification from Nasdaq that the Nasdaq Hearings Panel will consider these matters in rendering a determination regarding the Company's continued listing on The Nasdaq Global Market. The Staff previously determined that the Company's securities would be delisted from The Nasdaq Global Market, as disclosed in the Company's Form 6-K dated April 27, 2026. The Company's securities were suspended at the open of business on May 1, 2026 and moved to the over-the-counter market. On April 30, 2026, the Company requested a hearing before the Nasdaq Hearings Panel to appeal the Staff's determination on the Delisting. About Maxeon Solar Maxeon Solar Technologies, Ltd. is a Singapore-based company that designs and manufactures photovoltaic panels. The company was previously a division of the American SunPower company before it was spun off in August 2020. Maxeon is still the primary provider of solar panels for SunPower. Singapore-based Ernst & Young LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 30, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and negative free cash flows and has stated that substantial doubt exists about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $186.31 million in total assets, $507.96 million in total liabilities, and $21.65 million in net deficit. NAN CHUAN: Commences Wind-Up Proceedings ---------------------------------------- Members of Nan Chuan Maritime (Pte.) Ltd on June 3, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Mr. Paresh Tribhovan Jotangia Ms. Ho May Kee Grant Thornton Singapore 8 Marina View #40-04/05 Asia Square Tower 1 Singapore 018960 SUNBIRD BIO: Commences Wind-Up Proceedings ------------------------------------------ Members of Sunbird Bio Pte. Ltd. on June 2, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Abuthahir Abdul Gafoor Yessica Budiman c/o 11 Collyer Quay #07-02 The Arcade Singapore 049317 VEGA DC: Creditors' Proofs of Debt Due on July 11 ------------------------------------------------- Creditors of Vega DC Pte. Ltd. are required to file their proofs of debt by July 11, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 3, 2026. The company's liquidator is: Mr. Liew Khee Soon 60 Paya Lebar Road #04-51, Paya Lebar Square Singapore 409051 ===================== S O U T H K O R E A ===================== HOMEPLUS CO: Fair Trade Watchdog OKs NS Shopping's Takeover of Unit ------------------------------------------------------------------- Yonhap News Agency reports that South Korea's antitrust watchdog on June 12 approved NS Shopping Co.'s takeover of the compact-format supermarket chain Homeplus Express, saying the deal is unlikely to hinder fair competition in the market. According to Yonhap, the Fair Trade Commission (FTC) made the ruling after NS Shopping, an affiliate of Harim Co., South Korea's largest poultry-processing company, announced its plan to acquire Homeplus Express from Homeplus Co. in a deal estimated at KRW120.6 billion (US$79.3 million). Homeplus Express is the super supermarket (SSM) brand of Homeplus. Yonhap relates that the FTC said it had reviewed the deal as involving 11 vertical mergers and two conglomerate mergers. A vertical merger occurs when companies operate at different stages of the same supply chain within an industry, while a conglomerate merger occurs between businesses in different industries. The watchdog said it had determined that concerns over the merger's impact on competition remain limited, given Homeplus Express' relatively small market presence, Yonhap relays. "In terms of chicken products, Homeplus Express' share of the SSM market remains low, at around 2 percent," the FTC said. "It is unlikely that other poultry-processing companies will be excluded from the market, or that other retailers will be placed at a disadvantage due to a lack of access to poultry products supplied by Harim," it added. Yonhap recalls that private equity firm MBK Partners acquired a 100 percent stake in Homeplus in 2015 from British retailer Tesco Plc for KRW7.2 trillion. The retailer, however, became financially strapped due to a slump in the discount store industry and eventually entered court-led rehabilitation proceedings in March last year. Homeplus signed an agreement to hand over the Homeplus Express business to NS Shopping in May. About Homeplus Co Homeplus Co. operates discount store chain in South Korea. It currently operates 126 stores nationwide. Homeplus entered court-led rehabilitation process on March 4, 2025, after a Seoul court approved the request by MBK Partners, the private equity fund that owns the discount store chain. The decision came after Korea Investors Service and Korea Ratings Inc. downgraded the company's rating, citing the company's lack of efforts to improve its financial health. =============== X X X X X X X X =============== BANK OF MALDIVES: Fitch Assigns 'CCC-' LongTerm IDR, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has assigned the Bank of Maldives PLC (BML) a Long-Term Issuer Default Rating (IDR) of 'CCC-' and Long-Term Local-Currency IDR of 'CCC+'. The Outlook is Stable. The agency has also assigned a Viability Rating (VR) of 'ccc-', Short-Term IDR of 'C' and Government Support Rating (GSR) of 'no support'. Key Rating Drivers Ratings Capped by Sovereign: BML's Long-Term IDR is driven by its VR and both ratings are constrained by the Maldives' sovereign rating of 'CCC-'. Fitch believes BML's standalone profile faces significant funding and liquidity pressure as a result of the structural foreign-currency shortage in the Maldives. This is notwithstanding recent improvements, as reflected in the upgrade of the sovereign rating on 3 June 2026. The VR is two notches lower than the implied VR of 'ccc+' because funding and liquidity are a drag on the rating. External Vulnerabilities Loom over OE: Fitch has assigned the banking system an operating environment (OE) score of 'ccc' to reflect the persistent risks that the sovereign's weak external balance poses to the system. The economy's structural twin deficits have prevented foreign-exchange buffers from recovering sustainably. Foreign-currency liquidity strains, a grey-market exchange rate deviating from the official peg and potential currency or capital restrictions pose elevated policy, credit and market risks in the banking system. Market-Leading Business Profile: BML has a dominant business franchise in the Maldives and its competitive advantages are likely to endure for the foreseeable future, in its view. This is counterbalanced by the bank's business model concentration on borrowers in a small and undiversified economy, notwithstanding its efforts to maintain above-average capital buffers. The business profile score of 'ccc+' reflects these risks, but the score remains a notch above the OE score to reflect the competitive advantage BML wields over local peers. Rising Asset-Quality Risks: BML's impaired-loan ratio rose to 7.8% on a consolidated basis by end-2025, from 6.9% at end-2024, driven in part by its acquisition of SME Development Finance Corporation in July 2025. Fitch believes the bank's appetite for risks has increased over the past two years, with loan growth accelerating to 22.8% in 2025 (2024: 3.7%) and likely to remain high in the near term. The loan portfolio is also concentrated in the tourism, construction and transport sectors, which have exhibited significant cyclicality historically. These factors weigh on the asset-quality score of 'ccc'. Profitability Declines but Remains High: The bank's operating profit/risk-weighted asset ratio declined to 10.1% in 2025 from 12% in 2024, pressured by lower average asset yields that compressed the net interest margin. Fitch expect further declines over the next few years, especially if interest expenses increase due to a planned US dollar sukuk issuance. The bank has adequate earnings headroom to absorb the higher interest cost, but the earnings and profitability score is below the implied score in the 'bb' category to reflect the risks of its lack of revenue diversification. Capitalisation a Strength: The common equity Tier 1 (CET1) ratio was steady at 45.1% at end-2025 (end-2024: 45.5%) despite rapid balance-sheet growth, reflecting the bank's robust internal capital generation and measured dividend policy. Fitch projects capital buffers to decline only modestly as organic earnings support brisk risk-weighted asset growth. The capitalisation and leverage score is below the implied score in the 'bb' category as Fitch believes the bank's business model and credit concentration in the Maldives make it prone to cyclical swings. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A downgrade of the sovereign rating is very likely to lead to a downgrade of the Long-Term IDR and VR. Fitch is unlikely to rate the VR above the sovereign rating as any sovereign funding challenges are likely to result in tighter funding conditions for the banking system and for BML due to a close sovereign-banking nexus, particularly in US dollars. The Long-Term Local-Currency IDR is two notches above the sovereign rating but may be downgraded if the sovereign rating is downgraded, or if material stress in the bank's local-currency liquidity emerges, which is not its base case. The Short-Term IDR is already at 'C' and will be downgraded only if the bank defaults on its commitments. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade BML's Long-Term IDR and VR are constrained by the sovereign rating and are likely to be upgraded if the sovereign is upgraded. This assumes that there is no material deterioration in the bank's standalone credit profile. The Long-Term Local-Currency IDR is two notches above the sovereign rating and is likely to be upgraded only if the sovereign is upgraded. BML has very high systemic importance as the largest bank in the country, constituting more than half of total system deposits. It is also majority owned by the state. Therefore, Fitch believes the government's propensity to provide extraordinary support to BML is high, but its ability to provide timely support is constrained by its low foreign reserves relative to the bank's foreign-currency liabilities. Therefore, Fitch has not assumed any extraordinary state support would be forthcoming. The GSR assumes no support from the sovereign and cannot be downgraded. The GSR is constrained by the sovereign rating. An upgrade will require evidence that the sovereign's ability to provide extraordinary support has improved materially and sustainably. Fitch does not anticipate this to occur in the near term. VR ADJUSTMENTS The operating environment score of 'ccc' is below the 'b' category implied score due to the following adjustment reason: sovereign rating (negative). The earnings and profitability score of 'b' is below the 'bb' category implied score due to the following adjustment reason: revenue diversification (negative). The capitalisation and leverage score of 'b' is below the 'bb' category implied score due to the following adjustment reason: risk profile and business model (negative). The 'ccc-' VR is below the 'ccc+' implied VR due to the following adjustment reason: weakest link - funding and liquidity (negative). Date of Relevant Committee 04 June 2026 ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ Bank of Maldives PLC LT IDR CCC- New Rating ST IDR C New Rating LC LT IDR CCC+ New Rating Viability ccc- New Rating Government Support ns New Rating ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. 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