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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Wednesday, June 17, 2026, Vol. 29, No. 120

                           Headlines



A U S T R A L I A

AVG TRAVELS: Travelers Urge Consumer Protection Overhaul
BARBEQUES GALORE: To Close All Stores in Receivership
FIRSTMAC MORTGAGE 2026-2: S&P Assigns B (sf) Rating to Cl. F Notes
GAMCON PLANT: First Creditors' Meeting Set for June 24
KANN FINCH: First Creditors' Meeting Set for June 22

LIBERTY BELL: Gets Reprieve as Preferred Buyer Talks Continue
MS FRANKIE: First Creditors' Meeting Set for June 24
PUBLIC HOSPITALITY: Moves Closer to Resolution as Sale Finalized
SB FUNCTIONAL: First Creditors' Meeting Set for June 24
TOP ONE: First Creditors' Meeting Set for June 23



C H I N A

CHINA EVERGRANDE: Liquidator Challenges PwC Compensation Deal
RETO ECO-SOLUTIONS: Appoints Assentsure PAC as New Auditor


I N D I A

ANAND PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating
ANMOL FERRO: CRISIL Keeps D Debt Ratings in Not Cooperating
ARCHIES LIMITED: ICRA Lowers Rating on INR23.10cr LT Loan to B+
ARQUBE INDUSTRIES: ICRA Withdraws B+ Rating on INR20cr LT Loan
BK THRESHERS: ICRA Withdraws D Rating on INR120cr LT Cash Credit

FRANK LIFECARE: ICRA Withdraws B+ Rating on INR14.40cr LT Loan
GR PROJECTS: CRISIL Keeps D Debt Rating in Not Cooperating
HARYANA OILS: CRISIL Keeps D Debt Ratings in Not Cooperating
KHEDUT COTEX: ICRA Keeps D Debt Ratings in Not Cooperating Category
M V SHIPTRADE: ICRA Withdraws B+ Rating on INR5.0cr LT Loan

MALAYALAM VEHICLES: CRISIL Keeps D Ratings in Not Cooperating
MOBILE TELECOM: CRISIL Keeps D Debt Rating in Not Cooperating
NOIDA METRO: NCLT Rejects Insolvency Plea Filed by Empire Transport
POLARIS LIQUOR: ICRA Withdraws B+ Rating on INR32.50cr LT Loan
RAS POLYTEX: ICRA Withdraws B+ Rating on INR6.5cr LT Cash Credit

RAVI NAIR: CRISIL Lowers Rating on INR8.49cr Term Loan to C
RIDLEY LIFE: ICRA Lowers Rating on INR5.50cr LT Loan to D
SARVODYA HOSPITAL: CRISIL Keeps D Debt Rating in Not Cooperating
SEPAL TILES: ICRA Keeps B- Debt Ratings in Not Cooperating Category
SS INNOVATIONS: Registers 30MM Shares for 2026 Incentive Stock Plan

THAMPURAN CASHEWS: CRISIL Keeps D Debt Ratings in Not Cooperating
VAISHNOVI INFRATECH: CRISIL Keeps D Ratings in Not Cooperating
VAMSADHARA RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
VENKATASAI SOLVENT: CRISIL Keeps D Ratings in Not Cooperating
VENKATESWARA RICE: ICRA Keeps D Debt Ratings in Not Cooperating

VENKY HI: ICRA Keeps D Debt Ratings in Not Cooperating Category


J A P A N

MARELLI AUTOMOTIVE: Seeks to Amend DIP Loan Agreements
NISSAN MOTOR: Halves Vehicle Development Time Amid Restructuring


M A L A Y S I A

VANTRIS ENERGY: Returns to Black With MYR145.8 Million 1Q Profit


N E W   Z E A L A N D

AB FOOD: Court to Hear Wind-Up Petition on July 8
BUILDING PLASTERBOARD: Court to Hear Wind-Up Petition on July 3
IPG CAPITAL: Calibre Partners Appointed as Receivers
OLIVE LINEN: Creditors' Proofs of Debt Due on July 8
SPECIALIST LININGS: Creditors' Proofs of Debt Due on July 20



P H I L I P P I N E S

ABS-CBN CORP: SEC Forms Committee for Lopez Group Case


S I N G A P O R E

CANCITO PTE: Creditors' Proofs of Debt Due on June 25
DIH PTE: Commences Wind-Up Proceedings
LUNA SG: Court Enters Wind-Up Order
SINCHAI INNOVATION: Placed in Liquidation
WATER + PLANTS: Commences Wind-Up Proceedings


                           - - - - -


=================
A U S T R A L I A
=================

AVG TRAVELS: Travelers Urge Consumer Protection Overhaul
--------------------------------------------------------
ABC News reports that Australian travellers who collectively lost
millions of dollars after their travel agency collapsed are calling
on the federal government to overhaul consumer protections in the
travel sector.

Melbourne-based agency AVG Travels, which sold discounted
international tour packages to Asia, Europe and Africa, was placed
into liquidation in May.

New documents lodged with ASIC show the company owes AUD4.3 million
to nearly 800 creditors - including customers, employees and
suppliers - while holding just AUD83,000 in assets, the ABC
discloses.

Liquidator McGrathNicol told those affected that AVG Travels was
unable to provide refunds.

According to the ABC, the collapse has prompted a petition with
more than 1,000 signatures calling for stronger safeguards for
those who book through travel agencies.

Among the signatories are AVG Travels customers who are urging the
federal government to reinstate a national consumer protection
scheme for travel bookings, known as the Travel Compensation Fund
(TCF), the ABC relays.

The scheme, once mandatory for licensed travel agents, would have
compensated travellers for insolvency, but was abolished in 2014 to
cut red tape.

The petition was launched by Arun Jhunjhunwala, whose extended
family group of 45 people across 15 families lost their holiday to
China in March next year, after AVG Travels collapsed.

The group is AUD60,000 out of pocket.

"There was no prior warning, no communication about their
deteriorating financial position and no offer of refunds or
alternative arrangements," the ABC quotes Mr. Jhunjhunwala as
saying.

The company's membership with the sector's peak body, the
Australian Travel Industry Association (ATIA), was cancelled in
August 2022 for failing to meet required "financial and ethical
standards".

In a statement, ATIA said it was now up to government regulators to
investigate and hold "accountable any individuals found to have
operated a business below legally acceptable standards," the ABC
relays.

Another Australian agency, Traveldream, also collapsed just over a
year ago, leaving travellers stranded overseas and out of pocket.

"When these companies collapse, people are left as unsecured
creditors with little to no chance of recovering their funds."

AVG Travels Pty Ltd is owned by Duc Tiem Dao, a Vietnamese national
living in Melbourne, according to records from ASIC.


BARBEQUES GALORE: To Close All Stores in Receivership
-----------------------------------------------------
Troy de Ruyter of Perth Now reports that the future of Barbeques
Galore, a household name in Australia's outdoor living retail
sector, has come to an end after the company entered receivership
and abandoned plans for a rescue transaction. The failure will lead
to the closure of all 62 company-owned stores across the country,
including 14 in Western Australia, while placing about 500 jobs in
jeopardy.

Only weeks ago, receivers had backed a proposal from Gordon
Brothers that would have allowed the retailer to continue
operating. The plan included a $5 million investment, the waiver of
secured debt, and a recovery for unsecured creditors estimated at
between 7 cents and 15 cents on the dollar for claims totaling
approximately $30 million, the report states.

However, the restructuring effort collapsed after negotiations with
suppliers failed to produce acceptable commercial terms. Receivers
subsequently concluded that the company could no longer continue
trading, making store closures unavoidable.

The retailer originally sought protection through voluntary
administration in February after facing significant liquidity
challenges. As operations wind down, customers have until June 30
to use gift cards, though redemption is subject to a requirement
that consumers spend twice the card value in additional cash
purchases, according to report.

               About Barbeques Galore

Barbeques Galore is considered to be Australia's largest barbecue
and outdoor furniture retailer. It specialises in barbecues,
heaters and other related products, and stocks brands including
Ziegler and Brown, Kamado Joe, Prosmoke, Traeger, Beefeater and
Saxon.

FIRSTMAC MORTGAGE 2026-2: S&P Assigns B (sf) Rating to Cl. F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to seven of the eight
classes of prime residential mortgage-backed securities (RMBS)
issued by Firstmac Fiduciary Services Pty Ltd. as trustee for
Firstmac Mortgage Funding Trust No.4 Series 2026-2.

Since the issuance of S&P's preliminary ratings on May 27, 2026,
class A1-Y was removed from the transaction's capital structure.

The ratings reflect the following factors.

S&P has assessed that the credit risk of the underlying collateral
portfolio and the credit support provided to each class of notes
are commensurate with the ratings assigned. The credit support
provided to the rated notes is sufficient to cover the assumed
losses at the applicable rating stress. S&P's assessment of credit
risk takes into account Firstmac Ltd.'s (Firstmac) underwriting
standards and approval processes, which are consistent with
industry-wide practices, the strong servicing quality of Firstmac,
and the support provided by the LMI policies on 8.4% of the loan
portfolio.

The notes can meet timely payment of interest--excluding the
residual interest (if applicable) due on the class B, class C,
class D, class E, and class F notes--and ultimate repayment of
principal under the rating stresses. Key rating factors considered
include the level of subordination provided, the interest-rate
swap, the principal draw function, the provision of a liquidity
reserve funded by note over-issuance, and the provision of an
extraordinary expense reserve. S&P's analysis is on the basis that
the notes are fully redeemed by their legal final maturity date,
and S&P does not assume the notes are called at or beyond the call
date.

S&P said, "We have also considered the transaction's counterparty
exposure. National Australia Bank Ltd. will provide a fixed-rate
swap to hedge the mismatch between receipts from any fixed-rate
mortgage loans and the variable-rate RMBS. Westpac Banking Corp. is
the bank account provider. The transaction documents include
downgrade remedy language for the swaps and bank account that is
consistent with our counterparty criteria.

"Our ratings also take into account the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness."

  Ratings Assigned

  Firstmac Mortgage Funding Trust No.4 Series 2026-2

  Class A1-A, A$1,800.00 million: AAA (sf)
  Class A2, A$80.00 million: AAA (sf)
  Class B, A$56.00 million: AA (sf)
  Class C, A$32.00 million: A (sf)
  Class D, A$12.80 million: BBB (sf)
  Class E, A$9.60 million: BB (sf)
  Class F, A$2.90 million: B (sf)
  Class G, A$6.70 million: Not rated


GAMCON PLANT: First Creditors' Meeting Set for June 24
------------------------------------------------------
A first meeting of the creditors in the proceedings of Gamcon Plant
Pty. Ltd. will be held on June 24, 2026, at 2:00 p.m. via video
conference.

Nicholas Wollinski of Hall Chadwick was appointed as administrator
of the company on June 12, 2026.


KANN FINCH: First Creditors' Meeting Set for June 22
----------------------------------------------------
A first meeting of the creditors in the proceedings of Kann Finch
Redstone Pty Ltd (formerly known as Redstone Design Pty Ltd) will
be held on June 22, 2026, at 3:00 p.m. at the offices of
Restructuring Works Pty Ltd, at Level 8, 80 Clarence St, in Sydney,
NSW, and via virtual meeting technology.

Geoffrey Peter Granger of Restructuring Works was appointed as
administrator of the company on June 10, 2026.


LIBERTY BELL: Gets Reprieve as Preferred Buyer Talks Continue
-------------------------------------------------------------
ABC News reports that Liberty Bell Bay has been given another
reprieve, with administrators for the mothballed Tasmanian smelter
continuing to engage with the consortium designated as its
preferred buyer.

It was revealed on June 12 that Adroit Capital had withdrawn from
the consortium, with workers informed of a June 15 deadline to
secure a new source of funding, the ABC relates.

Now, following a closed-door stakeholder meeting, the ABC
understands no final decision has been made about the smelter's
future, and workers will maintain their jobs for the time being.

The ABC understands administrator EY Parthenon is continuing to
engage with the consortium.

It is unclear if a new party has been considered as part of the
negotiations.

The manganese smelter, which employs more than 200 workers, has
received more than AUD9 million in government assistance since
entering voluntary administration in March.

According to the ABC, Robert Flanagan from the Australian Workers
Union said a six-week funding commitment had been struck, with
hopes remaining that a sale could be reached.

"There is a level of certainty for the next six weeks . . . during
the next six weeks, the administration process will be funded," the
ABC quotes Mr. Flanagan as saying.

He said the funding would come from a consortium "which has the
intention of purchasing the business", though he could not provide
specific details.

The ABC relates that Mr. Flanagan said the update was welcomed by
Liberty Bell Bay workers, who had been bracing for news that they
would lose their jobs today.

"It means that again there is a pathway forward, potentially.

"To have some certainty for the next six weeks is something really
valued by the workforce."

Mr. Flanagan said workers would meet with the administrators again
on June 11, the ABC relays.

"There are a lot of questions workers have around some of the
details," he said.

In a statement, Industry Minister Felix Ellis welcomed the funding
commitment, saying it was "pleasing to see there's been some
movement".

He said supporting the smelter workers and their families continued
to be a priority.

The ABC adds that Mr. Flanagan said having a consortium willing to
fund administration costs until the end of July - which he
estimated were about half a million dollars per week - was a good
sign.

"The fact the consortium is prepared to keep funding the
administration means there is a level of confidence that a sale
process is likely to happen," he said.

                         About GFG Alliance

GFG Alliance is a global group of businesses in industries
including steel, aluminium, and energy. GFG Alliance has had
significant operations in Australia, including the Whyalla
Steelworks in South Australia run by OneSteel Manufacturing Pty
Limited, Tahmoor Coal in New South Wales, and Liberty Bell Bay in
Tasmania.

On Feb. 19, 2025, KordaMentha partners Mark Mentha, Sebastian Hams,
Michael Korda and Lara Wiggins were appointed voluntary
administrators of OneSteel Manufacturing. The appointment was made
by the South Australian Government. The state government took the
decision to place OneSteel in administration, after losing
confidence in the financial capability of GFG Alliance to pay its
bills as and when they fall due, and in GFG's ability to secure
funding needed for the ongoing operation of the steelworks,
according to Department for Energy and Mining.

Liberty Primary Metals Australia (LPMA) is the holding entity for
GFG's Australian steel and mining businesses, including Tahmoor.

On Nov. 3, 2025, Michael Brereton, Rashnyl Prasad and Sean Wengel
of William Buck were appointed as administrators of LPMA.

On Feb. 9, 2026, Joseph Hayes and Christopher Johnson of Wexted
Advisors were appointed as administrators of Tahmoor Coal Pty Ltd
(trading as Tahmoor Colliery). The company entered liquidation on
March 6, 2026, resulting in 238 job losses.

On March 23, 2026, Morgan John Kelly, Robyn Louise Duggan and
Samuel John Freeman of Ernst & Young were appointed as
administrators of Liberty Bell Bay Pty Ltd.

MS FRANKIE: First Creditors' Meeting Set for June 24
----------------------------------------------------
A first meeting of the creditors in the proceedings of The Ms
Frankie Group Pty Ltd will be held on June 24, 2026, at 4:00 p.m.
via virtual meeting only.

Manuel Hanna of Romanis Cant was appointed as administrator of the
company on June 12, 2026.


PUBLIC HOSPITALITY: Moves Closer to Resolution as Sale Finalized
----------------------------------------------------------------
The Greek Herald reports that two Sydney hospitality venues
formerly controlled by bankrupt publican Jon Adgemis have been sold
for about AUD80 million, marking another step in the winding down
of his collapsed pub empire.

According to The Greek Herald, the South Bondi Hotel (formerly
Noah's Backpackers) in Bondi Beach and the Empire Hotel in
Annandale have been acquired by ASX-listed Clime Asset Management
and Singapore-based Vantage Point Asset Management in a deal worth
about AUD60 million and AUD20 million respectively, plus costs.

The transaction follows the collapse of a previously proposed
AUD101.5 million deal with Millinium Capital boss Tom Wallace, a
long-time associate of Mr. Adgemis, which included the same two
assets along with the Hotel Diplomat.

When Mr. Wallace failed to complete that deal, the Hotel Diplomat
was instead acquired by Oscars Group last month, leaving the
remaining two venues to be sold in the latest transaction.

McGrathNicol was appointed receiver over five properties in
Adgemis' Public Hospitality portfolio in October last year after
the former dealmaker accumulated AUD1.8 billion in debts linked
largely to personal guarantees tied to his hospitality expansion,
The Greek Herald discloses. He was subsequently declared bankrupt.

The remaining assets under receivership included the South Bondi
Hotel, Empire Hotel, The Exchange Hotel in Balmain, Claridge House
in Darlinghurst and Hotel Diplomat in Potts Point.

The latest buyers, Clime Asset Management and Vantage Point Asset
Management, said there is no ongoing involvement from Mr. Wallace
in the purchase, The Greek Herald relays.

According to the ABC, Paul Thomas of Vantage Point said, "Michael
and I, Clime and Vantage, are the investors. Tom is not involved
whatsoever. [We won't] be working with Tom going forward."

Clime managing director Michael Baragwanath said the firms would
now consider how best to reposition the assets.

"We are in a sort of stagflation economy, and the types of assets
[that] are going to do well in that space are differentiated, high
quality, not super luxury but just reliable, good assets," The
Greek Herald quotes Mr. Baragwanath as saying.

"Bondi is an exceptional location, complex heritage, beautiful
stories . . . Empire is a good pair because it generates cash flow
and real income now, while we work through exactly how to get the
best outcome with Noah's."

The South Bondi Hotel was originally purchased by Adgemis for AUD68
million in 2022, with plans to convert the former 260-bed hostel
into a hotel. The site already has approval for 53 rooms and
multiple bar areas.

The deal also reflects a broader investment partnership between
Clime and Vantage Point, which are jointly backing major property
projects including the AUD400 million Keystone tower in Adelaide
and The Cliffs golf course on Kangaroo Island.

The ABC adds that Mr. Adgemis' former pub portfolio has been
progressively unwound under receivership, with the final remaining
assets either sold or under separate agreements as creditors
continue to recover funds from the collapsed Public Hospitality
group.

                      About Public Hospitality

Public Hospitality Group is an Australian hospitality company that
focused on operating a large portfolio of pubs, hotels, and bars
across Sydney and Melbourne

As reported in the Troubled Company Reporter-Asia Pacific in
September 2024, pub baron Jon Adgemis' embattled Public Hospitality
Group has taken another hit with receivers and external managers
appointed at five of his Sydney hotels, including Oxford House and
The Strand Hotel.

Insolvency specialist FTI Consulting has stepped in as receivers
and managers to operate Public's hip Redfern pub The Norfolk,
Oxford House in Paddington and Darlinghurst's The Strand Hotel, as
well as Alexandria's Camelia Grove Hotel and The Exchange Hotel,
also in Darlinghurst, Good Food said. The pubs will be sold as soon
as possible.

Duncan Club and Andrew Sallway of BDO were appointed Voluntary
Administrators on Sept. 13, 2024, of Public Lifestyle Management
Pty Ltd; 146 Henderson Street Pty Ltd and Camelia Grove Operations
Pty Ltd.


SB FUNCTIONAL: First Creditors' Meeting Set for June 24
-------------------------------------------------------
A first meeting of the creditors in the proceedings of SB
Functional Health Group Pty Ltd will be held on June 24, 2026, at
11:30 a.m. at the offices of Worrells, at Level 15 300 Queen
Street, in Brisbane, QLD and via Microsoft Teams.

Christopher Richard Cook of Worrells was appointed as administrator
of the company on June 12, 2026.



TOP ONE: First Creditors' Meeting Set for June 23
-------------------------------------------------
A first meeting of the creditors in the proceedings of Top One
Fashion Wholesale Pty Ltd will be held on June 23, 2026, at 10:00
a.m. via video conference.

Nicholas Wollinski of Hall Chadwick was appointed as administrator
of the company on June 11, 2026.




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C H I N A
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CHINA EVERGRANDE: Liquidator Challenges PwC Compensation Deal
-------------------------------------------------------------
The Standard reports that China Evergrande's liquidator has filed a
judicial review against the Securities and Futures Commission's
HK$1 billion shareholder compensation agreement with PwC.

The Standard relates that the failed developer, now in liquidation,
believes that the securities watchdog lacks the statutory authority
to settle a market misconduct claim against a non-regulated entity
like the auditor.

According to a court document, Evergrande argued that the
Accounting and Financial Reporting Council is the regulator
responsible for registering, inspecting, and disciplining public
interest entity auditors such as PwC.

The SFC has no "freestanding power" to reach an agreement with PwC,
it said, The Standard relays.

In April, PwC HK agreed to set aside HK$1 billion in compensation
to independent minority shareholders over audits of Evergrande
without admission of liability, The Standard recalls. The AFRC also
imposed a HK$300 million fine and a six-month practice limitation
on PwC.

The agreement was unfairly prejudiced against the applicant and
"effectively deprived" it for its interests to be considered, it
said.

Evergrande asked the SFC not to take any further steps pursuant to
the deal, especially not to distribute the compensation until after
the final resolution of its claims at court, but was rejected by
the regulator, it added.

                       About China Evergrande

China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.

China Evergrande Group, the second largest real estate developer in
China, and certain of its affiliates sought creditor protection in
the United States under Chapter 15 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023.

Evergrande, widely known as the most leveraged company in the
world, and its affiliates are asking the U.S. Bankruptcy Court for
the Southern District of New York for recognition of foreign
proceedings as "foreign main" proceeding under Chapter 15.

Evergrande is in the midst of a highly complex restructuring of
around $20 billion in offshore debt.  In total, the Company has
more than $300 billion in liabilities.

Evergrande is incorporated in the Cayman Islands as an exempted
company with limited liability, with its principal place of
business located at 15th Floor, YF Life Centre, 38 Gloucester Road,
Wanchai, Hong Kong.  It is subject to a restructuring proceeding
entitled In the Matter of China Evergrande Group, concerning a
scheme of arrangement between Evergrande and certain Scheme
Creditors pursuant to the relevant provisions of the Hong Kong
Companies Ordinance (Chapter 622 of the Laws of Hong Kong),
currently pending before the High Court of Hong Kong (Case Number
HCMP 1091/2023.

Affiliate Tianji Holding Limited is incorporated in Hong Kong as a
limited liability company, with its principal place of business
located at 17th Floor, One Island East, Taikoo Place, 18 Westlands
Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring
proceeding entitled In the Matter of Tianji Holding Limited,
concerning a scheme of arrangement between Tianji and certain
Scheme Creditors, pursuant to the relevant provisions of the Hong
Kong Companies Ordinance and currently pending before the Hong Kong
Court (Case Number HCMP 1090/2023).

Affiliate Scenery Journey Limited is incorporated in the British
Virgin Islands as a limited liability company, with its principal
place of business located at 2nd Floor Water's Edge Building,
Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is
subject to a restructuring proceeding entitled In the Matter of
Scenery Journey Limited, concerning a scheme of arrangement between
Scenery Journey and certain Scheme Creditors, pursuant to section
179A of the BVI Business Companies Act, 2004, and currently pending
before the High Court of the Eastern Caribbean Supreme Court (Case
sNumber BVIHCOM 2023/0076).

U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15
proceedings.

Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji.
Maples BVI is the British Virgin Island Counsel to Scenery
Journey.

On Jan. 29, 2024, a Hong Kong court ordered the liquidation of
China Evergrande Group.


RETO ECO-SOLUTIONS: Appoints Assentsure PAC as New Auditor
----------------------------------------------------------
Reto Eco-Solutions, Inc. announced in a regulatory filing that the
Audit Committee of the Board of Directors of approved the dismissal
of YCM CPA INC. as the Company's independent registered public
accounting firm, effective immediately.

During the fiscal years ended December 31, 2025 and 2024, and
during the subsequent interim period through the Dismissal Date,
the reports of YCM on the Company's financial statements did not
contain any adverse opinion or disclaimer of opinion, and such
reports were not qualified or modified as to uncertainty, audit
scope, or accounting principles.

During the fiscal years ended December 31, 2025 and 2024, and
during the subsequent interim period through the Dismissal Date:

     (i) there were no disagreements (as defined in Item
16F(a)(1)(iv) of Form 20-F and the related instructions) between
the Company and YCM on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope or
procedure, which disagreement, if not resolved to the satisfaction
of YCM, would have caused it to make reference to the subject
matter of such disagreement in connection with its audit reports on
the Company's financial statements, and

    (ii) there were no "reportable events" (as described in Item
16F(a)(1)(v) of Form 20-F).

The Company provided YCM with a copy of the disclosures in this
report and requested that YCM furnish a letter addressed to the
Securities and Exchange Commission stating whether it agrees with
the statements, or if not, stating the respects in which it does
not agree. A copy of such letter is available at
https://tinyurl.com/ycypdbwa

Appointment of New Independent Registered Public Accounting Firm

Following the dismissal of YCM CPA, the Audit Committee approved
the engagement of Assentsure PAC as the Company's new independent
registered public accounting firm, effective immediately.

During the two years ended December 31, 2025 and 2024, and during
the subsequent interim period through the Engagement Date, the
Company did not consult with Assentsure regarding:

     (i) the application of accounting principles to a specific
completed or contemplated transaction, or the type of audit opinion
that might be rendered on the Company's financial statements, and
no written or oral advice was provided by Assentsure that was an
important factor considered by the Company in reaching a decision
as to accounting, auditing or financial reporting issues, or

    (ii) any matter that was either the subject of a disagreement
(as defined in Item 16F(a)(1)(iv) of Form 20-F and the related
instructions) or any "reportable event" (as described in Item
16F(a)(1)(v) of Form 20-F).

                     About Reto Eco-Solutions

Reto Eco-Solutions, Inc., through its operating subsidiaries in
China, is engaged in the manufacture and distribution of
eco-friendly construction materials (aggregates, bricks, pavers and
tiles), made from mining waste (iron tailings), as well as
equipment used for the production of these eco-friendly
construction materials. Headquartered in Beijing, Peoples Republic
of China, the Company also provides consultation, design, project
implementation and construction of urban ecological protection
projects through its operating subsidiaries in China. It also
provides parts, engineering support, consulting, technical advice
and service, and other project-related solutions for its
manufacturing equipment and environmental protection projects.

Irvine, California-based YCM CPA INC., the Company's auditor since
2021, issued a going concern qualification in its report dated May
1, 2026, attached to the Company's Annual Report on Form 20-F for
the year ended December 31, 2025, citing that the Company incurred
recurring losses from operations and has an accumulated deficit,
which raises substantial doubt about its ability to continue as a
going concern.

As of December 31, 2025, the Company had $31.8 million in total
assets, $7.1 million in total liabilities, and $24.7 million in
total shareholders' equity.



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ANAND PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Anand
Projects & Engineering Consultancy Private Limited (APECL) continue
to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          2         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             4         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit        1         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Cash           0.5       CRISIL D (Issuer Not
   Credit Limit                      Cooperating)

Crisil Ratings has been consistently following up with APECL 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 APECL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on APECL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
APECL continues to be 'Crisil D/Crisil D Issuer not cooperating'.


APECL, incorporated in 2011, is promoted by Mr. Hemant Jawade and
his family. The company engaged in operation and maintenance of
heavy equipment's of open cast and underground mines, skilled
manpower supply, erection and commissioning of HT/LT lines for
MSEDCL in Vidharbha region.


ANMOL FERRO: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Anmol Ferro
Impex Private Limited (AFIPL) continue to be 'Crisil D Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit/          5.04        CRISIL D (ISSUER NOT
   Overdraft                         COOPERATING)
   facility                          

   Proposed              4.96        CRISIL D (ISSUER NOT
   Overdraft                         COOPERATING)
   Facility                           

Crisil Ratings has been consistently following up with AFIPL 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 AFIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on AFIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
AFIPL continues to be 'Crisil D Issuer not cooperating'.  

AFIPL is engaged in trading of various ferrous and non-ferrous
metals, marbles, granites, fabric, pulses dry fruits, electricals
and electronics, handicraft etc. The company was established in
2007 and is promoted by Mr Sanjay Sharma and Ms Poonam Sharma.


ARCHIES LIMITED: ICRA Lowers Rating on INR23.10cr LT Loan to B+
---------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Archies
Limited (Archies), as:

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         23.10        [ICRA]B+ (Stable); downgraded
   Fund Based-                     from [ICRA]BB- (Stable)
   Cash Credit                     

   Long-term-          1.00        [ICRA]B+ (Stable); downgraded  
   Non-fund based                  from [ICRA]BB- (Stable)

Rationale

The rating action for the bank facilities of Archies factors in the
sustained decline in sales adversely impacting its operating
profits resulting in weak debt protection metrics. Further, the
high working capital intensity due to elevated inventory days
continues to result in a stretched liquidity. ICRA expects the
company's revenue to remain modest at INR55-58 crore in FY2027 (PY:
reduction of 19.5% at INR56.1 crore) affected by lower export
orders owing to change in US tariff rates and the ongoing West Asia
conflict, amid the structural shift in the gifting and greeting
industry towards the digital medium. Archies reported a moderate
operating margin of around 3.1% in FY2026 (PY: 10.4%). This was
attributable to raw material expenses incurred for fulfilling an
export order in Q2 FY2026, which eventually got cancelled because
of change in US tariff rates. The operating margin is estimated to
moderate further in FY2027. Consequently, the leverage levels are
expected to remain high with weak debt coverage metrics. The rating
is constrained by the exposure of the company's operations to
consumer spending trends and threat from alternative communication
media. The rating notes the declining trend in the number of
company-owned and operated stores in the recent past, which has
impacted the penetration level and sales.

The rating, however, favourably factors in Archies' experienced
promoters and its proven operational track record in the organised
social expressions market in India, which enabled it to build an
established brand presence. The company has a pan-India
distribution network of 54 owned and operated stores as of
September 2025. Nevertheless, it generates a major share of
revenues from its stores in the North Indian states (~82% in H1
FY2026), which makes its business critically dependent on consumer
spending and macroeconomic factors impacting the region. The rating
draws comfort from the continuation of financial support extended
by the promoters, in the past, in the form of unsecured loans of
INR5.1 crore as of March 2026.

The Stable outlook on the long-term rating reflects ICRA's opinion
that the company's sales and margins will be supported by its
established distribution network and brand presence. Further, ICRA
expects continued financial support from the promoters through the
infusion of unsecured loans to bridge any funding gaps.

Key rating drivers and their description

Credit strengths

* Established brand presence in domestic market: Archies has a
successful operational track record in the organised social
expressions market in India, which enabled it to build an
established brand presence. The company has a pan-India
distribution network of 54 owned and operated stores as of
September 2025. However, it generates a major share of revenues
from its stores in the North Indian states (~82% in H1 FY2026),
which makes its business critically dependent on consumer spending
and macroeconomic factors impacting the region.

* Experienced promoters with established track record in the
organised social expression industry: Archies and its promoters
have been involved in the social expressions industry for more than
four decades. The promoters' long presence in the industry has
aided the company to establish a strong foothold in the domestic
organised social expressions market, which supported its business
growth in the past. The brothers, Mr. Anil Moolchandani and Mr.
Jagdish Moolchandani, hold key positions and are supported by a
professional team. The rating draws comfort from the continuation
of financial support extended by the promoters, in the past, in the
form of unsecured loans of INR5.1 crore as of September 2025.
Credit challenges

* Environmental and social risks: Environmental considerations:
PVC, polypropylene and plywood remain the key raw materials for the
gifting and stationery manufacturing industry. These are some of
the environmentally damaging plastics and are non-biodegradable
petroleum-based products. Hence, the company is exposed to the risk
of tightening regulations on environment and safety, which can have
a potential bearing on the cost structure. However, it is
mitigating the environmental concerns by reducing dependence on
plywood and trying to minimise wood wastage.

* Social considerations: Changing consumer behaviour towards
environmentally sustainable products amid the increasing shift
towards online sales and the company's limited presence in online
channels could impact the demand of its products. Overall, its
exposure to environment and social risks remains moderate.

Liquidity position: Stretched

Archies' liquidity position is stretched, reflected by limited cash
generation and moderate cash and bank balance of INR0.2 crore as on
March 31, 2026. The company has a high average working capital
utilisation of around 91-93% during the past 12 months ending March
2026. Further, in the past, the promoters have infused funds in the
form of unsecured loans in the company, which is expected to
continue as and when need arises.

Rating sensitivities

Positive factors – ICRA could upgrade the rating if there is a
material improvement in the scale and profitability, along with
improvement in debt coverage metrics and liquidity profile, on a
sustained basis.

Negative factors – Pressure could emerge on the rating if a
significant decline in sales and profitability results in
moderation in credit metrics. Further, any material write-off of
inventory or buildup of working capital can exert pressure on the
rating.

Archies Greetings & Gifts was promoted by Mr. Anil Moolchandani and
Mr. Jagdish Moolchandani in 1979 as a partnership firm. In 1995, it
was converted into a public limited company. In November 2002, it
was renamed Archies Limited. The company has an established
presence in the social expressions industry in India and is a
renowned retailer of greeting cards, gifts and stationery items.
Its selling and distribution network across India comprises 54
company-owned and operated stores as of September 2025, apart from
distributors, franchisees and retailers. Its manufacturing facility
is in Manesar, Haryana.


ARQUBE INDUSTRIES: ICRA Withdraws B+ Rating on INR20cr LT Loan
--------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Arqube Industries (India) Limited in accordance with ICRA's rating
withdrawal policy, following the closure of the rated facilities.
This is evidenced by the No Due Certificates (NDCs) issued by the
respective lenders. Based on the NDCs, ICRA is of the view that
there are no outstanding dues payable by the company in respect of
the bank facilities rated by ICRA.

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         20.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Withdrawn
   Cash Credit                      

   Long Term          10.50        [ICRA]B+ (Stable); ISSUER NOT
   Unallocated                     COOPERATING; Withdrawn

   Long Term-          1.50        [ICRA]B+ (Stable); ISSUER NOT
   Non-Fund                        COOPERATING; Withdrawn
   Based-Others                    

The Key Rating Drivers and their description, Liquidity Position,
Rating Sensitivities, and Key Financial Indicators have not been
presented, as the rated instruments have been withdrawn.

Arqube Industries (India) Limited (AIIL) was incorporated as a
limited company to take over an existing company "M/s. Venna Impex"
in FY2006. The firm was liquidated and all the assets and
liabilities were taken over by the company. AIIL is primarily
engaged in the export (trading) of human hair, both remy (tonsured
hair) & non-remy variety (fallen hair). The entity procures fallen
human hair and tonsured hair. After processing, these are exported
to manufacturers of hair extensions, wigs, toupees, hair pieces and
hair weavings abroad. The company largely exports to china
accounting for more than 90% of the total sales in the last few
years.


BK THRESHERS: ICRA Withdraws D Rating on INR120cr LT Cash Credit
----------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
B.K. Threshers Pvt. Ltd in accordance with ICRA's rating withdrawal
policy, following the closure of the rated facilities. This is
evidenced by the No Due Certificates (NDCs) issued by the
respective lenders. Based on the NDCs, ICRA is of the view that
there are no outstanding dues payable by the company in respect of
the bank facilities rated by ICRA.

                      Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-        120.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Withdrawn
   Cash Credit                  

   Long-term-        110.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Withdrawn
   Term Loan                     

   Long Term-         4.00       [ICRA]D ISSUER NOT COOPERATING;
   Non Fund Based                Withdrawn
   Others                       

   Short Term-        1.00       [ICRA]D ISSUER NOT COOPERATING;
   Non Fund Based                Withdrawn
   Others                       

   Unallocated        5.00       [ICRA]D; ISSUER NOT COOPERATING;
   Limits                        Withdrawn

The Key Rating Drivers and their description, Liquidity Position,
Rating Sensitivities, and Key Financial Indicators have not been
presented, as the rated instruments have been withdrawn.

Incorporated in 2009, BKTPL is promoted by Mr. Bellam Kotaiah and
is involved in threshing and re-drying of tobacco in addition to
carrying tobacco exports. The Company setup a 12 TPH (tons per
hour) threshing plant at Kalikivai, near Tangutur, Andhra Pradesh
and the plant commenced operations from April 2012. The company
purchases various types of tobacco (Flue Cured Virginia (FCV) and
non-Virginia tobacco) from Andhra Pradesh and Karnataka tobacco
auction platforms (conducted by Government of India), processes and
sells it to domestic/overseas clients.


FRANK LIFECARE: ICRA Withdraws B+ Rating on INR14.40cr LT Loan
--------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Frank Lifecare Private Limited in accordance with its withdrawal
policy and closure of the rated facilities, as evidenced by the No
Due Certificate issued by the lender. Consequently, there are no
dues pending from Frank Lifecare Private Limited towards the rated
bank facilities, and the withdrawal is based on the confirmation
received from the lenders regarding the same. The Key Rating
Drivers and their Description, Liquidity Position,
Rating Sensitivities, Key financial indicators have not been
captured as the rated instruments are being withdrawn.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         14.40       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Withdrawn
   Term Loan                       

   Long Term-          0.60       [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                    COOPERATING; Withdrawn
                                  
Incorporated in 1993 in the name of Frank Pharmaceutical Private
Limited, the company was earlier engaged in the manufacturing of
High-Density Polypropylene and High-Density Polyethylene bags.
Later, the promoters decided to set up a hospital by the name of
Frank Institute of Medical Sciences in the Sonipat district of
Haryana. Subsequent to the decision to construct a hospital, the
promoters divested the packaging business of the company in 2014.
The construction of the proposed hospital was finished in March
2015 and the hospital commenced operations in April 2015 as per the
scheduled timeline.


GR PROJECTS: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of GR Projects -
Chennai (GR) continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             10        CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with GR 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 GR, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on GR is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of GR
continues to be 'Crisil D Issuer not cooperating'.  

GR was established as a proprietary firm by Mr Viswanathan in
October 2017. The firm undertakes civil construction works in Tamil
Nadu.


HARYANA OILS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Haryana Oils
and Soya Limited (HOSL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Letter of Credit       95         CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility      4         CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with HOSL 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 HOSL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on HOSL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HOSL continues to be 'Crisil D/Crisil D Issuer not cooperating'.  

Based in Delhi, HOSL is primarily into trading of edible oil, de
oiled cakes and other agricultural commodities and is managed by Mr
Laxmi Chand Aggarwal, Mr Sanjeev Aggarwal, and Mr Rajesh Aggarwal.
Previously, HOSL involved in the production of rice bran oil and
de-oiled cake (DOC) and was taken over by the current promoters in
1994.


KHEDUT COTEX: ICRA Keeps D Debt Ratings in Not Cooperating Category
-------------------------------------------------------------------
ICRA has kept the Long-Term of Khedut Cotex Pvt. Ltd. in the
'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         6.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-         2.77      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Khedut Cotex Pvt.
Ltd.'s performance and hence the uncertainty around its credit
risk. ICRA assesses whether the information available about the
entity is commensurate with its rating and reviews the same as per
its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

As part of its process and in accordance with its rating agreement
with Khedut Cotex Pvt. Ltd., ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Incorporated in 2015 as a private limited company, Khedut Cotex
Private Limited (KCPL) is engaged in ginning and pressing of raw
cotton. The company's manufacturing unit, located at Jafrabad,
Amreli, is equipped with 48 ginning machines and 1 pressing machine
with an intake capacity of 216 MT per day (considering 22 hours of
operations per day). The commercial operations commenced in
February 2016. The promoters have extensive experience in cotton
industry.


M V SHIPTRADE: ICRA Withdraws B+ Rating on INR5.0cr LT Loan
-----------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of M
V Shiptrade Private Limited in accordance with its withdrawal
policy and closure of the rated facilities, as evidenced by the No
Due Certificate issued by the lender. Consequently, there are no
dues pending from M V Shiptrade Private Limited towards the rated
bank facilities, and the withdrawal is based on the confirmation
received from the lenders regarding the same. The Key Rating
Drivers and their Description, Liquidity Position, Rating
Sensitivities, Key financial indicators have not been captured as
the rated instruments are being withdrawn.

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          5.00        [ICRA]B+ (Stable); ISSUER NOT
   Fund Based-                     COOPERATING; Withdrawn
   Cash Credit                     

   Short Term-        30.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Withdrawn
   Others                          

Incorporated in 2003, M.V. Shiptrade Private Limited (MVSPL) is
involved in shipbreaking activities and operates from Plot No. 136
at the Alang Ship breaking Yard, Bhavnagar. MVSPL is promoted by
the Varteji family, which has other group companies such as Mahek
Agro Mineral Private Limited and M.V. Agro Mineral Industries
(minerals manufacturers and traders); Gujarat Mobil Private Limited
(recycles and trades paraffin wax and base oil); Ishan Distributors
Private Limited (importer of bitumen) and Vibrant Industrial Park
(real estate developer). In FY2019, the company reported a net
profit of INR0.06 crore on an operating income of INR28.12 crore
compared to a net loss of INR0.38 crore on an operating income of
INR6.84 crore in FY2018.


MALAYALAM VEHICLES: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Malayalam
Vehicles India Private Limited (MVIPL) continues to be 'Crisil D
Issuer not cooperating'.  

                          Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Inventory                8          Crisil D (Issuer Not
   Funding Facility                    Cooperating)

   Inventory                1          Crisil D (Issuer Not
   Funding Facility                    Cooperating)

   Inventory               10          Crisil D (Issuer Not
   Funding Facility                    Cooperating)

   Inventory                2          Crisil D (Issuer Not
   Funding Facility                    Cooperating)

   Inventory                1          Crisil D (Issuer Not
   Funding Facility                    Cooperating)
  
   Proposed Long Term       7.2        Crisil D (Issuer Not
   Bank Loan Facility                  Cooperating)

Crisil Ratings has been consistently following up with MVIPL 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 MVIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on MVIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
MVIPL continues to be 'Crisil D Issuer not cooperating'.  

MVIPL, incorporated in April 2017 and based out of Ernakulam
(Kerala), is an authorized dealer for passenger vehicles of Tata
Motors Limited. The company is promoted by Mr Rajwanth Ben and Mr
Shamier Marickar.


MOBILE TELECOM: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Mobile
Telecommunications Limited (MTL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Overdraft Facility     14         CRISIL D (ISSUER NOT
                                     COOPERATING)

Crisil Ratings has been consistently following up with MTL 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 MTL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on MTL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
MTL continues to be 'Crisil D Issuer not cooperating'.  

Established in 1995 by Mr Anil Ved Mehta, MTL manufactures and
trades in electronic hardware. It is listed on the Bombay Stock
Exchange.


NOIDA METRO: NCLT Rejects Insolvency Plea Filed by Empire Transport
-------------------------------------------------------------------
The Economic Times reports that the National Company Law Tribunal
(NCLT) has dismissed an insolvency petition filed by Empire
Transport Services Ltd (ETSL) against Noida Metro Rail Corporation
observing that there were 'genuine' pre-existing disputes between
the parties over service quality, contractual obligations and
payment deductions.

ET relates that the Allahabad Bench of NCLT rejected ETSL's plea
seeking initiation of Corporate Insolvency Resolution Process
(CIRP) against Noida Metro Rail Corporation (NMRC) under Section 9
of the Insolvency and Bankruptcy Code (IBC).

ETSL had approached the tribunal claiming operational dues of about
INR7.09 crore arising from a bus operators agreement signed with
NMRC on Jan. 15, 2016.

As per the agreement, ETSL was to provide day-to-day running of 100
low-floor AC CNG buses in Noida, Greater Noida and the
Noida-Greater Noida connectivity routes. However, only 50 buses
were put in service instead of the agreed 100 buses.

According to ET, ETSL had approached NMRC for plying of the rest 50
buses, but there was no response. Moreover, as per the terms and
conditions of the agreement, NMRC was supposed to clear 50 per cent
of the invoices within a week and balance in next 15 days from the
date of receipt of invoice by NMRC.

The agreement provided that in case of a delay in payment, NMRC
would be liable to pay compound interest at the rate of 9 per cent
per day.

ET relates that ETSL alleged it raised invoices between April 25,
2019 to March 16, 2020; however, no payment was released. Following
this, it issued a notice under Section 8 of the IBC, claiming
default and subsequently filed a petition against NMRC as an
operational creditor.

This was defended by NMRC's counsel, Senior Advocate Sunil
Fernandes and advocates Abhishek Prasad and Kaushlendra Nath Singh,
before NCLT who argued that no payment default had occurred under
the IBC.

Noida Metro Rail Corporation (NMRC), a state-owned corporation,
built and owns the Noida Metro rapid transit system.


POLARIS LIQUOR: ICRA Withdraws B+ Rating on INR32.50cr LT Loan
--------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Polaris Liquor Private Limited in accordance with ICRA's rating
withdrawal policy, following the closure of the rated facilities.
This is evidenced by the No Due Certificates (NDCs) issued by the
respective lenders. Based on the NDCs, ICRA is of the view that
there are no outstanding dues payable by the company in respect of
the bank facilities rated by ICRA.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         32.50       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; withdrawn
   Cash Credit                     

The Key Rating Drivers and their description, Liquidity Position,
Rating Sensitivities, and Key Financial Indicators have not been
presented, as the rated instruments have been withdrawn.

Polaris Liquor Private Limited is a part of the N. R. group of
companies promoted by Mr. Neeraj Rawal and it is engaged in
distributorship of IMFL & Beer especially of UB Group in
Maharashtra & Andhra Pradesh. PLPL is engaged in distributorship of
the brands of United Breweries Limited (UBL) and United Spirits
Limited (USL). Barring 3 brands viz. Signature, DSP Blue &
Antiquity, PLPL has distributorship rights for all the brands of
UBL and USL in specified areas of Pune. The company also sells
imported wine, Beer and Liquor among others. PLPL was also a Sole
Selling Agent (Baramati) earlier and had distribution rights to
entire Maharashtra except Mumbai, though this business has been
discontinued since beginning of FY14.


RAS POLYTEX: ICRA Withdraws B+ Rating on INR6.5cr LT Cash Credit
----------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
RAS Polytex Private Limited in accordance with ICRA's rating
withdrawal policy, following the closure of the rated facilities.
This is evidenced by the No Due Certificates (NDCs) issued by the
respective lenders. Based on the NDCs, ICRA is of the view that
there are no outstanding dues payable by the company in respect of
the bank facilities rated by ICRA.

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Unallocated         5.97        [ICRA]B+(Stable)/[ICRA]A4;
   Limits                          ISSUER NOT COOPERATING;
                                   Withdrawn

   Long Term-          6.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Withdrawn
   Cash Credit     
                 
The Key Rating Drivers and their description, Liquidity Position,
Rating Sensitivities, and Key Financial Indicators have not been
presented, as the rated instruments have been withdrawn.

RPPL is a private limited company and was incorporated in 1999. The
company is a part of the Ganga Group of companies and is promoted
by Mr. R.K. Chaudhary. RPPL manufactures polypropylene (PP) bags
primarily for the UP-based cement industry. The company was
established in Varanasi (U.P.) to cater to the demand of the cement
industries in that region.


RAVI NAIR: CRISIL Lowers Rating on INR8.49cr Term Loan to C
-----------------------------------------------------------
Crisil Ratings has downgraded its rating on the long-term bank
facilities of Ravi Nair Hospitals Private Limited (RNHPL) to
'Crisil C' from 'Crisil BB-/Stable'.

                          Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Cash Credit             7.25        Crisil C (Downgraded from
                                       'Crisil BB-/Stable')

   Drop Line               3.2         Crisil C (Downgraded from
   Overdraft Facility                  'Crisil BB-/Stable')

   Rupee Term Loan         8.49        Crisil C (Downgraded from
                                       'Crisil BB-/Stable')

The downgrade reflects delays by RNHPL of 2-3 days in meeting its
repayments obligations on vehicle loans, facilities which are
unrated by Crisil Ratings. The company shared No Default Statements
(NDS) stating all repayments were timely with Crisil Ratings during
the period, thus misstating the facts about the delays on these
vehicle loans.

The rating continues to reflect the modest scale of operations and
large working capital requirements. These weaknesses are partially
offset by the established market position of the company in the
healthcare industry in Nagpur, Maharashtra, and its moderate
financial risk profile.

Analytical Approach

Crisil Ratings has evaluated the standalone business and financial
risk profiles of RNHPL.

Key Rating Drivers - Weaknesses

* Delays in meeting debt obligation for the unrated facilities:
RNHPL has delayed the repayments on its vehicle loans, facilities
which were not rated by Crisil Ratings, by 2-3 days in fiscal 2025
(dues of July 2024 and March 2025), as per details available in the
audited financial statements of the company. These delays happened
due to liquidity mismatches.

* Modest scale of operations: Operating income has been modest at
INR25-32 crore for the past three fiscals and was INR31 crore in
fiscal 2025. This is mainly due to the increased competition in
nearby areas, which may continue to constrain scalability, pricing
power and profitability. RNHPL, being a 25-year-old hospital, is
yet to update its services and infrastructure, leading to lower
footfall. However, the company may continue to benefit from its
established position in Nagpur and neighboring districts.

* Large working capital requirements: The working capital cycle is
likely to remain stretched and will be closely monitored. Gross
current assets were sizeable at 331 days as on March 31, 2025,
driven by receivables of 250 days. Receivables are expected to be
high on account of stretched payments from insurance corporations
and corporate tie-ups. Large receivables and limited internal cash
accrual further lead to high dependence on the bank limit.

Key Rating Drivers - Strengths

* Established market position: The company has been operating for
22 years in the healthcare industry, with steady capacity addition
and healthy occupancy of around 80%. The hospital has tied up with
more than 50 corporate entities and government departments and
caters to Nagpur and adjoining districts in Maharashtra. Sustenance
of revenue despite increasing competition will remain a key
monitorable.

Liquidity Poor

The company's weak liquidity is reflected in the delays in meeting
debt obligations.

Rating sensitivity factors

Upward factors:

* Track record of timely debt servicing for 90 days
* Improvement in operating performance, with adequate cash accrual
and improvement in liquidity

Downward factors:

* Continuous deterioration in account conduct
* Further stretch in the working capital cycle with GCA of more
than 400 days or large, debt-funded capital expenditure or
weakening of financial performance

The Nair family ventured into the healthcare industry in 1996, when
Mr Udaybhaskar Nair (chairman of the Nairsons group) acquired Neet
Hospitals Pvt Ltd. This company was renamed as RNHPL. It operates a
150-bed multispecialty, secondary care hospital, Orange City
Hospital & Research Institute, in Nagpur.


RIDLEY LIFE: ICRA Lowers Rating on INR5.50cr LT Loan to D
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Ridley
Life Science Private Limited, as:

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-         5.50       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating downgraded from
   Cash Credit                   [ICRA]B+(Stable); ISSUER NOT
                                 COOPERATING and continues to
                                 remain under 'Issuer Not
                                 Cooperating' category

   Short Term-        2.00       [ICRA]D ISSUER NOT COOPERATING;
   Non Fund Based                Rating downgraded from [ICRA]A4;
   Others                        ISSUER NOT COOPERATING and
                                 continues to remain under 'Issuer

                                 Not Cooperating' category

Rationale

* Material event: The rating downgrade reflects Public Announcement
for Corporate Insolvency as mentioned in publicly available
sources.

* Impact of material event: The rating is based on limited
information on the entity's performance since the time it was last
rated in November 2025. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Ridley Life Science Private Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance.
. Further, ICRA has been sending repeated reminders to the entity
for payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Established in 1995, Ridley Life Science Private Limited was
initially a partnership firm run by Mr. Rajesh Bansal and family.
In 2009, it was converted into a private limited company and
renamed Ridley Life Science Private Limited (RLPL). Its current
directors are Mr. Rajesh Bansal and Mr. Rakesh Bansal. The company
manufactures pharmaceutical formulations such as antibiotics,
antacids, painkillers, syrups, creams, ointments, veterinary
injections and tablets and other types of medicines at its
manufacturing facilities at Narela on the outskirts of Delhi. The
company is ISO 9001:2000 certified and complies with the Schedule
M.


SARVODYA HOSPITAL: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sarvodya
Hospital (SH) continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan               19        CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with SH 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 SH, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SH is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of SH
continues to be 'Crisil D Issuer not cooperating'.  

Established in 2011, SH is a 110-bed multispecialty hospital at
Jalandhar, with departments such as general medicine, cardiology,
neurology, nephrology, gastroenterology, urology, and so on.


SEPAL TILES: ICRA Keeps B- Debt Ratings in Not Cooperating Category
-------------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Sepal Tiles Private Limited in accordance with its withdrawal
policy and closure of the rated facilities, as evidenced by the No
Due Certificate issued by the lenders. Consequently, there are no
dues pending from Sepal Tiles Private Limited towards the rated
bank facilities, and the withdrawal is based on the confirmation
received from the lenders regarding the same. The Key Rating
Drivers and their Description, Liquidity Position, Rating
Sensitivities, Key financial indicators have not been captured as
the rated instruments are being withdrawn.  

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Interchangeble      (1.00)      [ICRA]B- (Stable); ISSUER NOT
   Limits                          COOPERATING; Withdrawn

   Long-term-           3.00       [ICRA]B- (Stable); ISSUER NOT
   Fund Based-                     COOPERATING; Withdrawn
   Cash credit                     
                                   
   Long-term-           4.04       [ICRA]B- (Stable); ISSUER NOT
   Fund Based-                     COOPERATING; Withdrawn
   Term Loan                     

   Short-term-          1.25       [ICRA]A4; ISSUER NOT
   Non Fund based-                 COOPERATING; Withdrawn
   Others              
                                   
Sepal Tiles Private Limited (STPL) was incorporated in November
2011 by Mr. Lalit Patel along with other family members and
relatives. Since the promoters have been already engaged in tiles
manufacturing through other concerns namely Sepal Ceramic (ceramic
wall tiles) and Pal Marketing, they decided to venture into
manufacturing of wall tiles in order to expand the product
portfolio of the group in the tiles segment .The company commenced
its commercial operations in August 2012 and is currently engaged
in manufacturing of multiple sizes of digitally printed ceramic
wall tiles. The plant of the company is located in Morbi, Gujarat.


SS INNOVATIONS: Registers 30MM Shares for 2026 Incentive Stock Plan
-------------------------------------------------------------------
SS Innovations International, Inc. filed a registration statement
on Form S-8 with the U.S. Securities and Exchange Commission. The
registration statement covers up to 30,000,000 shares of common
stock, par value $0.0001 per share, of SS Innovations
International, Inc., which may be offered under the Company's 2026
Incentive Stock Plan.

A full text copy of the registration statement is available at
https://tinyurl.com/548v9tja

                About SS Innovations International

SS Innovations International, Inc. (OTC: SSII) is a developer of
innovative surgical robotic technologies headquartered in Gurugram,
Haryana, India. The company's vision is to make robotic surgery
benefits more affordable and accessible globally. SSII's product
range includes its proprietary "SSi Mantra" surgical robotic system
and "SSi Mudra," a broad array of surgical instruments for various
procedures, including robotic cardiac surgery. The company plans to
expand its presence with technologically advanced, user friendly,
and cost-effective surgical robotic solutions.

BDO India Services Private Limited (predecessor Firm BDO India
LLP), the Company's independent registered public accounting firm
since 2024, included an explanatory paragraph in its audit report
dated March 10, 2026, expressing substantial doubt about the
Company's ability to continue as a going concern. The auditor cited
that the Company has suffered recurring losses from operations and
has negative cash flows from operating activities during the year
ended December 31, 2025. The Company is dependent on furtherfunding
to meet its obligations to sustain its operations. These conditions
raise substantial doubt about the Company's ability to continue as
a going concern.

As of March 31, 2026, the Company had $90.55 million in total
assets, $36.02 million in total liabilities, and $54.53 million in
total stockholders' equity.

THAMPURAN CASHEWS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Thampuran
Cashews (TC) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             10        CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit           5        CRISIL D (Issuer Not
   in Foreign Currency               Cooperating)

Crisil Ratings has been consistently following up with TC 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 TC, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on TC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of TC
continues to be 'Crisil D/Crisil D Issuer not cooperating'.  

Set up as a proprietorship concern in 2007 by Mr. Pepsin Raj, TC
processes raw cashew nuts. The firm is based in Kollam (Kerala).


VAISHNOVI INFRATECH: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vaishnovi
Infratech Limited (VIL) continues to be 'Crisil D/Crisil D Issuer
not cooperating'.  

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         30         Crisil D (Issuer Not
                                     Cooperating)

   Bank Guarantee         25         Crisil D (Issuer Not
                                     Cooperating)

   Cash Credit            16         Crisil D (Issuer Not
                                     Cooperating)

   Cash Credit             9         Crisil D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with VIL 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 VIL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on VIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VIL continues to be 'Crisil D/Crisil D Issuer not cooperating'.  

VIL, set up in 2006 by Mr T Ganagadhar Rao and his family members,
undertakes civil construction, and irrigation and road works. It is
based in Hyderabad.


VAMSADHARA RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vamsadhara
Rice Industries (VRI) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            5          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     2          CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

Crisil Ratings has been consistently following up with VRI 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 VRI, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on VRI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
VRI continues to be 'Crisil D Issuer not cooperating'.  

VRI was started in 2006 as a partnership firm. It is engaged in
milling and processing of paddy into rice, rice bran and broken
rice. It is managed by partners Mr. Venkateshwara Rao and his
family members. Its processing facilities are located in Janapadu,
Andhra, and has an installed capacity to process about 4 tonnes per
hour (tph).


VENKATASAI SOLVENT: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Venkatasai
Solvent India Private Limited (VSIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            5          CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         1.41       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     3.59       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

Crisil Ratings has been consistently following up with VSIPL 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 VSIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on VSIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
VSIPL continues to be 'Crisil D Issuer not cooperating'.  

Established as a private limited company in April, 2012, VSIPL is
engaged in extraction of edible rice bran oil (RBO) and de-oiled
rice bran (DORB) cake. The company has its manufacturing facility
located in Nalgonda district of Telangana. The company is promoted
and managed by Mr. Vinjam Sridhar.


VENKATESWARA RICE: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term of Sri Venkateswara Rice Industries
Private Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        70.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-         0.30      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long Term-         4.70      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Sri Venkateswara
Rice Industries Private Limited's performance and hence the
uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.

As part of its process and in accordance with its rating agreement
with Sri Venkateswara Rice Industries Private Limited, ICRA has
been trying to seek information from the entity so as to monitor
its performance.  Further, ICRA has been sending repeated reminders
to the entity for payment of surveillance fee that became due.
Despite multiple requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Founded in 2005, Sri Venkateswara Rice Industries (SVRI) is engaged
in the milling of paddy and produces raw and boiled rice. In
September 2015, company has been reconstituted as private limited
company and is named Sri Venkateswara Rice Industries Private
Limited (SVRIPL). The milling unit is located at Kodada village of
Nalgonda district, Andhra Pradesh with milling capacity of 24 tons
per hour (TPH). The company has four 4 plants with 250 drying
capacity and 1MW captive power plant.


VENKY HI: ICRA Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Venky Hi Tech Ispat Ltd in accordance with its withdrawal policy
and closure of the rated facilities, as evidenced by the No Due
Certificate issued by the lenders. Consequently, there are no dues
pending from Venky Hi Tech Ispat Ltd towards the rated bank
facilities, and the withdrawal is based on the confirmation
received from the lenders regarding the same. The Key Rating
Drivers and their Description, Liquidity Position, Rating
Sensitivities, Key financial indicators have not been captured as
the rated instruments are being withdrawn.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          24.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based-                    Withdrawn
   Cash Credit                    
          
   Short-term-           1.50     [ICRA]D; ISSUER NOT COOPERATING;
                        
   Non fund based-                Withdrawn
   Others               

   Unallocated         4.50       [ICRA]D/[ICRA]D ISSUER NOT
   Limits                         Withdrawn

Venky Hi Tech Ispat Ltd was incorporated in December 2003 and
currently has 36,000 tons per annum (tpa) ingot and 84,000 tpa
thermo-mechanically treated manufacturing facility at Durgapur,
West Bengal. The company also started manufacturing billets from
February 2015.




=========
J A P A N
=========

MARELLI AUTOMOTIVE: Seeks to Amend DIP Loan Agreements
------------------------------------------------------
Marelli Automotive Lighting USA LLC and its affiliates ask the U.S.
Bankruptcy Court for the District of Delaware to approve amendments
to their existing debtor-in-possession credit agreements.

The requested relief aims to extend loan maturities through the end
of the year and secure $300 million in incremental liquidity to
fund ongoing operations and restructuring efforts through the
remainder of their Chapter 11 cases.

Since their Chapter 11 protection filing, they have  focused on
stabilizing business operations, minimizing disruptions to their
20,000 vendors, and deferring prepetition trade payments through
roughly 800 negotiated trade agreements.

The proposed restructuring transforms the initial $1.1 billion DIP
facility into an upsized, multi-tranche credit arrangement with an
extended maturity date of December 31, 2026 (with provisions for an
automatic extension to March 31, 2027, under specific regulatory
and exit-financing conditions). The restructured facility
introduces a new $900 million Amended Senior DIP Facility, which
consists of rolled-over existing Tranche A loans and new-money
Tranche A loans. Deutsche Bank AG, London Branch (along with its
affiliates or related funds) serves as the primary lender for these
New Tranche A DIP Loans. These obligations will carry a non-default
interest rate of Term SOFR plus 8.00% per annum, payable in cash.

Simultaneously, the Amended Junior DIP Facility will be expanded
from approximately $242 million to up to $542 million by
introducing a Tranche A-1 DIP Facility of up to $300 million in
senior new-money term loans. The lenders for the Tranche A-1 loans
comprise each member of the Ad Hoc Group of Senior Lenders (and/or
their managed or advised investment funds, accounts, or
affiliates), who have committed to provide 100% of this facility on
a pro-rata basis aligned with their existing Tranche B Junior DIP
holdings. The Tranche A-1 loans will bear interest at Term SOFR
plus 10.00% per annum, payable in kind. In terms of priority, the
New Tranche A obligations remain senior in right of payment and
lien priority to the Tranche A-1 loans, prepetition secured debt,
and existing junior DIP loans.

The proceeds from the New Tranche A loans will be utilized to roll
over or repay existing super-senior obligations, with excess funds
allocated toward working capital, Chapter 11 administrative
expenses, bankruptcy plan distributions, and the designated
Carve-Out. The Tranche A-1 proceeds will similarly support working
capital and administrative costs in strict accordance with the
approved DIP budget and variance covenants. To secure these
commitments, the Debtors have agreed to a comprehensive fee
structure:

Tranche A Fees: Features a cash amendment fee of 1.00% for lenders
rolling 100% of their existing loans (0.50% for partial rolls), a
0.50% original issue discount (OID) on new-money loans, a 2.00%
cash exit fee, and a conditional interest make-whole provision if
repaid before December 1, 2026.

Tranche A-1 Fees: Includes a 2.00% cash exit fee, a 5.00%
commitment fee (payable in kind), a 4.00% funding fee (payable in
kind), and a 10.00% per annum ticking fee on outstanding daily
commitments (payable in kind).

To shield Prepetition Secured Parties from any potential diminution
in value of their interests in the prepetition collateral, the
Debtors propose to fully maintain the robust adequate protection
package previously established under the Final DIP Order. This
package encompasses Adequate Protection Liens, Adequate Protection
Claims, Reporting Obligations, Fees and Expenses, and Adequate
Protection Payments. All elements remain strictly subject to the
carve-out for statutory fees and allowed professional fees of the
Debtors and the Committee. The Debtors submit that this framework
is entirely fair, appropriate, and sufficient under the
circumstances to ensure that operations can be seamlessly funded
and administered in the ordinary course of business for the benefit
of all stakeholders.

The Debtors emphasize that the terms of these amended facilities
were thoroughly market-tested in April 2026 when their advisors
contacted eight potential third-party lender groups. Because the
existing DIP lenders submitted the only actionable proposal,
Marelli asserts that the commitments represent the best available
option under current market circumstances.

The Debtors maintain that finalizing post-emergence contractual
agreements with their complex network of global customers requires
additional time, making the maturity extension and liquidity
injection vital to preserving the company's going-concern value.

A copy of the motion is available at https://urlcurt.com/u?l=ka3Z8h
from PacerMonitor.com.

              About Marelli Automotive Lighting USA

Marelli Automotive Lighting USA, LLC is a global automotive parts
supplier based in Saitama, Japan. The company designs and
manufactures advanced technologies for leading automakers,
including lighting systems, electronic components, software
solutions, and interior products. Operating in 24 countries with a
workforce of over 46,000, Marelli also collaborates with
motorsports teams and industry partners on high-performance
component development.

Marelli and its affiliates sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11034) on
June 11, 2025. In its petition, Marelli reported between $1 billion
and $10 billion in assets and liabilities.

Judge Brendan Linehan Shannon handles the cases.

The Debtors are represented by Kirkland & Ellis LLP, Kirkland &
Ellis International LLP, and Pachulski Stang Ziehl & Jones LLP.
Alvarez & Marsal North America, LLC is the Debtors' restructuring
advisor. PJT Partners Inc. is the Debtors' investment banker.
Kurtzman Carson Consultants, LLC, doing business as Verita Global,
is the Debtors' notice and claims agent.

The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee tapped Paul Hastings, LLP and Morris James, LLP as legal
counsel and FTI Consulting, Inc. as its financial advisor.

NISSAN MOTOR: Halves Vehicle Development Time Amid Restructuring
----------------------------------------------------------------
Japan Today reports that Nissan Motor Co's top executive said the
carmaker has roughly halved vehicle development time as part of its
restructuring efforts, aiming at a faster rollout of new models.

Nissan has shortened the development period to 26 months, compared
with up to 55 months prior to the launch of the restructuring plan
and beating the plan's target of 30 months, Nissan President and
CEO Ivan Espinosa said, Japan Today relates.

"The achievement is remarkable," he said in a recent interview with
Kyodo News. "It's really about the spirit of being quicker and
expediting decision making and utilizing advanced technologies to
shrink the process."

The use of artificial intelligence made it possible to streamline
the process in testing, early design sketching and design review
among other areas, he said.

The struggling automaker posted a second straight year of red ink
in the year ended March 2026, as sales faltered due in part to
delays in launching new models, Japan Today notes. Shorter
development plays a part in speeding up the release of new models.

For example, the Skyline sport sedan, currently under development,
is on track to be completed in 26 months for unveiling this coming
winter, the CEO said.

Japan Today relates that Mr. Espinosa said that about 90 percent of
new models are expected to be developed under the new method, while
stressing that "speed doesn't mean compromising," and that safety,
quality, reliability and durability will all be maintained.

Nissan aims to return to profitability in the current business year
even as uncertainty increases over the Middle East conflict and
policy changes in the United States.

"The only way of making . . . fighting this adversity is by being
quicker and by being nimbler," he said.

Commenting on the Japanese market, Mr. Espinosa said the company
needs "to recover the trust of our customers," calling its home
market strategically important for sales, development, production
and exports. Nissan posted a 13.5 percent drop in domestic sales in
the year ended March, the largest fall among major markets.

Japan Today adds that Nissan and Honda Motor Co are discussing
possible tie-ups including on product and technology sharing and
battery sourcing, particularly in North America, the top executive
said.

The two carmakers previously sought to merge under a holding
company. But their merger talks, which would have created the
world's third-largest auto group by volume, fell through in
February 2025.

"For the moment, there is no discussions ongoing about integrating
the companies or having some share exchanges," Japan Today quotes
Mr. Espinosa as saying. "We are really focusing around creating
value together."

                         About Nissan Motor

Japan-based Nissan Motor Co., Ltd. manufactures and distributes
automobiles and related parts. The Company produces luxury cars,
sports cars, commercial vehicles, and more. Nissan Motor markets
its products worldwide.

Fitch Ratings, on April 15, 2026, affirmed Nissan Motor Co., Ltd.'s
Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs)
at 'BB'. The Outlook remains Negative. Fitch has also affirmed
Nissan's senior unsecured rating at 'BB' and its Short-Term
Foreign- and Local-Currency IDRs at 'B'.

S&P Global Ratings, in November 2025, lowered its long-term ratings
on Nissan Motor and its overseas subsidiaries to 'BB-' from 'BB'
and affirmed its short-term ratings at 'B'. The negative outlook
reflects S&P's view that prolonged weak profitability and negative
FOCF may further deteriorate the company's creditworthiness.

Moody's Ratings, in February 2025, also downgraded to Ba1 from Baa3
the senior unsecured rating for Nissan Motor Co., Ltd. At the same
time, Moody's have assigned a Ba1 corporate family rating and
withdrawn the company's Baa3 issuer rating. Moody's have also
maintained the negative rating outlook.

DBRS Ratings GmbH (Morningstar DBRS), on May 22, 2026, confirmed
Nissan Motor Co., Ltd.'s 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.



===============
M A L A Y S I A
===============

VANTRIS ENERGY: Returns to Black With MYR145.8 Million 1Q Profit
----------------------------------------------------------------
The Malaysian Reserve reports that Vantris Energy Bhd swung back
into the black with a net profit of RM145.79 million for the first
quarter of the financial year ended Jan 31, 2027 (FY27), compared
with a net loss of RM477.95 million a year earlier, supported by
lower project losses in Angola, an insurance claim, and reduced
finance costs following restructuring.

However, revenue declined to RM645.21 million from RM801.37
million, mainly due to weaker contributions from its engineering
and construction (E&C) segment as the group shifts towards
lower-risk, service-oriented contracts across Southeast Asia and
Australia, The Malaysian Reserve relays.

Activity in the operations and maintenance segment also eased due
to seasonal factors, partially offset by stronger drilling
performance on improved contract rates.

According to The Malaysian Reserve, Vantris said its E&C segment
remains resilient, backed by completed major projects and a RM2.3
billion order book alongside a healthy tender pipeline.

The group continues to focus on disciplined execution and
risk-managed growth in core regional markets.

The Malaysian Reserve adds that the company also reiterated its
near-term goal of exiting PN17 status by delivering two consecutive
quarters of profitability, noting it has already achieved profits
in 4Q26 and 1Q27.

                        About Vantris Energy

Vantris Energy Bhd, formerly known as Sapura Energy Berhad, engages
in investment holding and the provision of management services to
its subsidiaries. The Company's segments include Engineering and
Construction (E&C), Drilling, Energy and Corporate.

Vantris Energy announced on May 31, 2022, that it has been
classified as a PN17 listed issuer due to going concerns on its
shareholders' equity position less than 50% of its share capital.

The company has become an affected listed issuer under PN17 on the
basis that its shareholders' equity position of MYR85 million as at
Jan. 31, 2022 was less than 50% of its share capital of MYR10.9
billion.




=====================
N E W   Z E A L A N D
=====================

AB FOOD: Court to Hear Wind-Up Petition on July 8
-------------------------------------------------
A petition to wind up the operations of AB Food Service Limited
will be heard before the High Court at Auckland on July 8, 2026, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on May 19, 2026.

The Petitioner's solicitor is:

          Cloete Van Der Merwe
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


BUILDING PLASTERBOARD: Court to Hear Wind-Up Petition on July 3
---------------------------------------------------------------
A petition to wind up the operations of Building Plasterboard Group
Limited will be heard before the High Court at Auckland on July 3,
2026, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on May 12, 2026.

The Petitioner's solicitor is:

          Hosanna Tanielu
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104



IPG CAPITAL: Calibre Partners Appointed as Receivers
----------------------------------------------------
Daniel Stoneman and Neale Jackson of Calibre Partners on June 10,
2026, were appointed as receivers and managers of IPG Capital
Limited.

The receivers and managers may be reached at:

          Calibre Partners
          Level 21
          88 Shortland Street
          Auckland


OLIVE LINEN: Creditors' Proofs of Debt Due on July 8
----------------------------------------------------
Creditors of Olive Linen Limited are required to file their proofs
of debt by July 8, 2026, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 5, 2026.

The company's liquidators are:

          Steven Khov
          Kieran Jones
          Brenton Hunt
          Khov Jones Limited
          PO Box 302261
          North Harbour
          Auckland 0751


SPECIALIST LININGS: Creditors' Proofs of Debt Due on July 20
------------------------------------------------------------
Creditors of Specialist Linings 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 8, 2026.

The company's liquidators are:

          Tony Maginness
          Jared Booth
          Baker Tilly Staples Rodway Auckland Limited
          PO Box 3899
          Auckland 1140




=====================
P H I L I P P I N E S
=====================

ABS-CBN CORP: SEC Forms Committee for Lopez Group Case
------------------------------------------------------
Richmond Mercurio at The Philippine Star reports that the
Securities and Exchange Commission (SEC) has started its
investigation on the complaints and concerns surrounding the
ongoing Lopez family feud as well as the corporations embroiled in
the controversies, including ABS-CBN Corp.

As first reported by The STAR, SEC chairperson Francis Lim earlier
said a special ad-hoc committee would be formed by the commission
"to address all Lopez-related matters."

In a stock exchange filing on June 15, ABS-CBN Corp. said it
received summons from the SEC, which indicated that an ad hoc
committee has been formed to investigate on the matters concerning
the Lopez Group of Companies.

The STAR relates that the SEC has ordered ABS-CBN, some of its key
officers and a subsidiary corporation to file their verified answer
within 30 days from receipt of the summons.

According to The STAR, Federico "Piki" Lopez filed on May 6 a
complaint to the SEC against ABS-CBN, The Big Dipper Digital
Content & Design Inc., chairman Martin Lopez, president Karlo
Katigbak and treasurer and group chief financial officer Ricardo
Tan Jr.

The STAR relates that the complaint seeks for an urgent
investigation for the alleged "systemic fraud, misrepresentation
and unabated dissipation" of assets by the company's top
management.

Piki has asked the commission to audit ABS-CBN and investigate its
top management for allegedly "squandering tens of billions of pesos
of the losing media company's resources" as well as for violations
of the Revised Corporation Code and the Securities Regulation
Code."

"The respondents will respond to the complaint through the proper
legal channels in accordance with the applicable laws and rules, in
due course," ABS-CBN said.

Piki earlier claimed that his removal as president of Lopez Inc.
was allegedly due to his refusal to infuse PHP2 billion in reserve
funds from Lopez Inc. as fresh capital for the ailing ABS-CBN, The
STAR states.

The Lopez family majority voted to remove Piki as president and CEO
of Lopez Inc. last February in a five-two board vote, for cause and
loss of trust after he allegedly entered into PHP125 billion deals
without any authority from the majority.

The Lopez majority later on issued a statement indicating their
openness to a ceasefire, with the board of holding company Lopez
Inc. withdrawing its Feb. 27 resolution removing Piki as president
and CEO, The STAR relays.

According to The STAR, the majority said the withdrawal presents an
opportunity for the whole family to step back, re-consider their
adversarial positions and look for options that are least injurious
to the family, the Lopez group and the investing public.

In response, Piki welcomed what appeared to be an olive branch
extended by the Lopez family majority, saying that he views the
gesture as a possible first step for all parties to finally resolve
the issues dividing the family.

Hopes of a potential resolution of the Lopez family feud, however,
was short-lived as the family majority last week accused Piki of
committing "a horrible deal" after agreeing to pay Prime
Infrastructure PHP50 billion as transaction premium and PHP25
billion as construction equity in First Gen's PHP75-billion deal to
buy 40 percent of Prime's hydropower business.

The 71 percent majority said it found out about the premium, which
it dubbed as "scandalous," only recently from board documents.

In a statement over the weekend, the Lopez family majority again
slammed Piki for "filing case while talking peace."

The majority, representing three branches of the clan, claimed that
Piki welcomed peace with his cousins on the same day he filed
complaints of indirect contempt against them.

"What he says and what he does are two different things," they
said.

                           About ABS-CBN

ABS-CBN Broadcasting operated a network of TV & radio stations in
the Philippines. The Company produced entertainment and news
programs for basic and cable channels.

On May 5, 2020, the National Telecommunications Commission (NTC)
issued a cease-and-desist order (CDO) against ABS-CBN, immediately
directing it to stop broadcast operations in radio and television.
The order followed the expiration of ABS-CBN's broadcast franchise
on May 4, 2020.

On July 10, 2020, members of the House of Representatives denied
ABS-CBN's renewal franchise application, citing several issues on
the network's prior 25-year franchise.

The network has now rebranded itself as a mass content company and
produced television programs, films and other entertainment content
through partnerships with independent production companies and
broadcasters.

ABS-CBN Corp.'s net loss widened to PHP9.76 billion in 2023 from
PHP2.46 billion in 2022. ABS-CBN posted PHP4.37 billion net losses
in 2024 and PHP4.72 billion in 2025.



=================
S I N G A P O R E
=================

CANCITO PTE: Creditors' Proofs of Debt Due on June 25
-----------------------------------------------------
Creditors of Cancito Pte. Ltd. are required to file their proofs of
debt by June 25, 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:

          Mr. Tian Wei Chin
          210A Clementi Avenue 6, #33-203
          Singapore 121210


DIH PTE: Commences Wind-Up Proceedings
--------------------------------------
Members of DIH Pte. Ltd. on June 3, 2026, passed a resolution to
voluntarily wind up the company's operations.

The company's liquidator is:

          Mr. Tan Eng Soon
          7500A Beach Road
          #05-303/304 The Plaza
          Singapore 19959


LUNA SG: Court Enters Wind-Up Order
-----------------------------------
The High Court of Singapore entered an order on June 5, 2026, to
wind up the operations of LUNA SG 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


SINCHAI INNOVATION: Placed in Liquidation
-----------------------------------------
Merish Gujadhur of Quantuma (BVI) Ltd and Wong Chi Kit of Quantuma
(HK) Limited on June 2, 2026, were appointed as liquidators of
SinChai Innovation Ltd.

The liquidators may be reached at:

          Merish Gujadhur
          Quantuma (BVI) Ltd
          Coastal Building, PO Box 4171
          Wickhams Cay II, Road Town
          Tortola, British Virgin Islands, VG1110

          Wong Chi Kit
          Quantuma (HK) Limited
          26/F, Prosperity Tower
          39 Queen's Road Central
          Central, Hong Kong


WATER + PLANTS: Commences Wind-Up Proceedings
---------------------------------------------
Members of Water + Plants Lab Pte. Ltd. on June 5, 2026, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

          Ong Shyue Wen
          Saw Meng Tee
          EA Consulting Pte Ltd
           (a subsidiary of EisnerAmper PAC)
          1 North Bridge Road
          #23-05 High Street Centre
          Singapore 179094



                           *********


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,
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Information contained herein is obtained from sources believed
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