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260619.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, June 19, 2026, Vol. 29, No. 122 Headlines A U S T R A L I A FAIR DINKUM: First Creditors' Meeting Set for June 23 FIELDY'S SITE: First Creditors' Meeting Set for June 24 LINCRAFT AUSTRALIA: Shuts Last Stores as Retailer Goes Online-Only ORION RESOURCES: Rodgers Reidy Appointed as Administrators PORT MELBOURNE: First Creditors' Meeting Set for June 24 REDZED TRUST 2026-2: Fitch Assigns 'B(EXP)sf' Rating to Cl. F Notes SONG COMPANY: To Wind Up Operations After More Than 40 Years SPHERE INSURANCE: AR Network Enters Liquidation TECHNOLOGY PEOPLE: First Creditors' Meeting Set for June 23 ZONE RV: ASIC Launches Criminal Probe as New Allegations Emerge C H I N A FINGERMOTION INC: Signs MOU With BlueFlare for Edge AI Network RETO ECO-SOLUTIONS: Streeterville Exits Beneficial Ownership I N D I A AA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating Category ALDER BIOCHEM: CRISIL Keeps C Debt Ratings in Not Cooperating ANAND TECHNOMARKETING: CRISIL Keeps D Ratings in Not Cooperating ANITHA DAIRY: CRISIL Keeps D Debt Ratings in Not Cooperating ATTHARV SAI: Insolvency Resolution Process Case Summary BLACKBERRY OVERSEAS: Insolvency Resolution Process Case Summary BLD METAL: Insolvency Resolution Process Case Summary C P SPONGE: CRISIL Keeps D Debt Rating in Not Cooperating Category C. BRIJESH: CRISIL Keeps D Debt Ratings in Not Cooperating CENTRO PROJECTS: CRISIL Keeps D Debt Rating in Not Cooperating CLAYMINE MICRONS: CRISIL Keeps D Debt Ratings in Not Cooperating CONCEPT BIKES: CRISIL Keeps D Debt Ratings in Not Cooperating GOLCONDA TEXTILES: CRISIL Keeps D Debt Ratings in Not Cooperating GRECCY KNIT: CRISIL Keeps D Debt Ratings in Not Cooperating GREEN TEAK: CRISIL Keeps D Debt Ratings in Not Cooperating Category GVR KHANDAPHOD: CRISIL Keeps D Debt Ratings in Not Cooperating HALDIA NIRMAN: CRISIL Keeps D Debt Ratings in Not Cooperating HELIOS AND MATHESON: CRISIL Keeps D Ratings in Not Cooperating INODAYA FOODS: Insolvency Resolution Process Case Summary JAISHRIRAM SUGAR: CRISIL Keeps D Debt Ratings in Not Cooperating M L INDUSTRIAL : Voluntary Liquidation Process Case Summary PRIMEZONE DEVELOPERS: Insolvency Resolution Process Case Summary SCALEUP SYSTEMS: Voluntary Liquidation Process Case Summary SHIEL AUTOS: CRISIL Keeps D Debt Ratings in Not Cooperating SMPRIMAL PROCESS: CRISIL Reaffirms D Rating on INR80cr Term Loan SWASTIK PLYBOARD: CRISIL Keeps D Debt Ratings in Not Cooperating T.K. ENGINEERING: Insolvency Resolution Process Case Summary THEME EXPORT: CRISIL Keeps D Debt Ratings in Not Cooperating TMSS VENTURES: Voluntary Liquidation Process Case Summary VAMSADHARA COTTON: CRISIL Keeps D Debt Rating in Not Cooperating VEDANTA RESOURCES: Fitch Hikes LongTerm IDR to 'BB', Outlook Stable VENKATESHWARA ENT: CRISIL Keeps D Debt Ratings in Not Cooperating VIBRANT FASHIONS: CRISIL Keeps D Debt Ratings in Not Cooperating VIJAY IRON: CRISIL Keeps D Debt Rating in Not Cooperating Category ZENITH STRIPS: CRISIL Keeps D Debt Ratings in Not Cooperating J A P A N [] JAPAN: FTC Raids Ice Cream Giants in Cartel Investigation N E W Z E A L A N D AM MEDIA: Court to Hear Wind-Up Petition on June 25 AMBIT AI: Creditors' Proofs of Debt Due on July 6 BURGER BURGER: Goes Into Receivership After 12 Years COASTLINE ENTERPRISES: Creditors' Proofs of Debt Due on July 16 ISADOR LIMITED: Creditors' Proofs of Debt Due on June 26 PHIL CLARKE: Director Charged Over NZD800k of Missing Tax THOMSON ELECTRICAL: Court to Hear Wind-Up Petition on June 22 S I N G A P O R E ALCHIMIA PTE: Court Enters Wind-Up Order CURRY HUT: Court Enters Wind-Up Order DNDTS PTE: Commences Wind-Up Proceedings DOWNER SINGAPORE: Creditors' Proofs of Debt Due on July 6 QI TECK: Court Enters Wind-Up Order S O U T H K O R E A HOMEPLUS CO: Meritz Approves US$66 Million Emergency Funding - - - - - ================= A U S T R A L I A ================= FAIR DINKUM: First Creditors' Meeting Set for June 23 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Fair Dinkum Caravans Pty. Ltd., Network RV Pty Ltd, and Network Engineering Pty. Ltd. will be held on June 23, 2026, at 11:00 a.m. at the offices of SV Partners Melbourne, Level 17, 200 Queen Street, Melbourne Victoria, 3000 or by way of teleconference facilities (Microsoft Teams). Fabian Kane Micheletto and David Michael Stimpson of SV Partners were appointed as administrators of the company on June 11, 2026. FIELDY'S SITE: First Creditors' Meeting Set for June 24 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Fieldy's Site Services Pty Ltd (formerly known as Fieldy's Investments Pty Ltd) (trading as Fieldy's Heavy Equipment Services) will be held on June 24, 2026, at 11:00 a.m. via videoconference technology. Cameron Shaw and Brent Kijurina of Hall Chadwick were appointed as administrators of the company on June 12, 2026. LINCRAFT AUSTRALIA: Shuts Last Stores as Retailer Goes Online-Only ------------------------------------------------------------------ ABC News reports that retailer Lincraft will close the remainder of its shopfronts after more than 80 years of providing fabric, materials and homewares to Aussie crafters. According to the ABC, the company is the latest to shift its business model entirely online as customer behaviors change. About 300 staff will be affected by the move, with guarantees from Lincraft that all entitlements will be paid, the ABC says. It comes after a prolonged period of challenging retail conditions, the company said in a statement announcing the move on June 16. Changing consumer behavior, increased operating costs, and growing pressure from low-cost overseas competitors were listed as factors in the decision. Lincraft has 30 stores still in operation, mostly across Australia's eastern states and territories, with plans to close the majority of the stores within six months, according to the ABC. The company began as a market stall in Melbourne in 1938, before being taken over by current owners John Maguire and Brian Swersky as Lincraft Australia in 2005. The ABC relates that Mr. Maguire said the decision to close the stores was a difficult one. "This has been an extremely difficult decision, particularly because of the impact on our team members, many of whom have given years of loyal service to the business. "Our priority is to support our team members through this transition and to communicate with them as clearly and respectfully as possible." Lincraft Australia is a retail chain that specializes in the sale of homewares, including crafts, material, and patterns. ORION RESOURCES: Rodgers Reidy Appointed as Administrators ---------------------------------------------------------- Jack James and Paula Smith of Rodgers Reidy on June 16, 2026, were appointed as administrators of Orion Resources Pty Ltd. The Administrators may be reached at: Jack James Paula Smith Rodgers Reidy 22 Lindsay Street Perth, WA 600 PORT MELBOURNE: First Creditors' Meeting Set for June 24 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Port Melbourne Land Custodians Pty Ltd and Villa Emilia Pty Ltd will be held on June 24, 2026, at 10:00 a.m. via teleconference only. David Ross and David Ingram of I & R Advisory were appointed as administrators of the company on June 12, 2026. REDZED TRUST 2026-2: Fitch Assigns 'B(EXP)sf' Rating to Cl. F Notes ------------------------------------------------------------------- Fitch Ratings has assigned expected ratings to RedZed Trust STC Series 2026-2's mortgage-backed pass-through floating-rate notes. The issuance consists of notes backed by a pool of first-ranking Australian conforming and non-conforming residential full- and low-documentation mortgage loans as well as small-ticket commercial (STC) loans originated by RedZed Lending Solutions Pty Limited. The notes will be issued by Perpetual Trustee Company Limited in its capacity as trustee of RedZed Trust STC Series 2026-2. This is a separate and distinct series created under a master trust deed. Entity/Debt Rating ----------- ------ RedZed Trust STC Series 2026-2 A-1-L LT AAA(EXP)sf Expected Rating A-1-S LT AAA(EXP)sf Expected Rating A-2 LT AAA(EXP)sf Expected Rating B LT AA(EXP)sf Expected Rating C LT A(EXP)sf Expected Rating D LT BBB(EXP)sf Expected Rating E LT BB(EXP)sf Expected Rating F LT B(EXP)sf Expected Rating G1 LT NR(EXP)sf Expected Rating G2 LT NR(EXP)sf Expected Rating Transaction Summary The collateral pool totalled AUD500 million and consisted of 634 obligors at the 30 April 2026 cut-off date. KEY RATING DRIVERS Sufficient Credit Enhancement: The class A-1-S, A-1-L, A-2, B, C, D, E and F notes benefit from credit enhancement of 25.0%, 25.0%, 16.3%, 10.2%, 7.1%, 4.3%, 2.8% and 1.0%, respectively. The transaction is backed by residential loans, which form 80.0% of the pool, and STC loans, which form the remaining 20.0%. The combined 'AAAsf' portfolio loss is 14.4% (residential 8.8%, STC 36.7%), against 13.0% (residential 8.2%, STC 32.3%) for the previous STC transaction, RedZed Trust STC Series 2025-3. The residential portfolio loss increase is due to a higher share of loans with current loan/value ratios (LVR) equal to or greater than 80% in the pool, and under Fitch's methodology, a higher share of non-conforming loans and low-documentation loans. The higher STC portfolio loss is due to a larger share of top-10 obligors and higher concentration in the building and materials industry. STC Borrower Credit Risk: Historical data analysis for the STC portion of the pool was performed to derive a one-year probability of default (PD) assumption of 1.7%, based on the underlying portfolio's annual average historical 90 days past due. This is the same as that in RedZed STC 2025-3. Fitch added the PD assumption to its proprietary Portfolio Credit Model (PCM), which also considers other key variables, such as portfolio amortisation profile, obligor concentration and industry distribution. Empirical data show that not all loans that become 90 days past due will end in foreclosure. Fitch has analysed the cure rate for RedZed's STC portfolio for loans that entered 90 days past due and concluded that around 41% of these loans were cured. In line with the SME Balance Sheet Securitisation Rating Criteria, Fitch has capped the base expected cure rate assumption at 40% and tiered it for higher rating scenarios. The cure rates are then applied to the PD from the PCM. STC Recovery Rate Lower than for Residential: Fitch applied collateral haircuts for the STC portion of the pool that are in line with the SME Balance Sheet Securitisation Rating Criteria. The 'AAAsf' weighted-average recovery rate (WARR) for the STC portion of 35.1% is lower than the 51.5% 'AAAsf' WARR for the residential portion. Exposure to Obligor Concentration: Its PCM modelling, which stresses default probability, correlation and recovery assumptions for large groups of obligors, found that the pool's largest obligor and the top-10 obligors account for 4.4% and 23.0%, respectively, of the STC asset balance. Limited Liquidity Risk: Fitch's payment interruption risk is mitigated by a liquidity facility sized at 1.5% of the invested note balance (excluding class G1 and G2 notes), with a floor of AUD750,000. Other structural features include retention amounts that redirect excess available income to repay note principal in reverse sequential order (excluding class G1 and G2 notes) with a limit of AUD500,000, and post-call amortisation amounts that redirect after-tax excess income to repay note principal through the principal priority of payments waterfall. Low Operational and Servicing Risk: RedZed, established in 2006, is an experienced specialist lender for self-employed borrowers. Fitch undertook an operational review and found that the operations of the originator and servicer were comparable with the market. Tight Labour Market to Support Outlook: Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 2.6% for 2025 and unemployment was 4.5% in April 2026. Fitch forecasts GDP growth of 2.2% in 2026 and 2.0% in 2027, with unemployment at 4.4% and 4.5%, respectively. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A downgrade could stem from portfolio composition migrating towards STC loans, as the STC loans attract a higher portfolio loss than residential loans. Portfolio migration may occur if residential loans were to have a higher prepayment rate, increasing the concentration of STC loans. Transaction performance may also be affected by changes in market conditions and the economic environment. Downgrade Sensitivities Unanticipated deterioration in the frequency of defaults and recoveries could produce loss levels higher than Fitch's base case and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions. Note: A-1-S / A-1-L / A2 / B / C / D / E / F Expected ratings: AAAsf / AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf Increase defaults by 15%: AAAsf / AAAsf / AA+sf / A+sf / A-sf / BBB-sf / BBsf / Bsf Increase defaults by 30%: AAAsf / AA+sf / AA+sf / A+sf / BBB+sf / BB+sf / BB-sf / less than Bsf Reduce recoveries by 15%: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf / BB+sf / B+sf / less than Bsf Reduce recoveries by 30%: AAAsf / AA+sf / AA+sf / Asf / BBBsf / BB-sf / less than Bsf / less than Bsf Increase defaults by 15% and reduce recoveries by 15%: AAAsf / AA+sf / AA+sf / Asf / BBBsf / BBsf / Bsf / less than Bsf Increase defaults by 30% and reduce recoveries by 30%: AAAsf / AAsf / A+sf / BBB+sf / BB+sf / B+sf / less than Bsf / less than Bsf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade could result from economic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. Upgrade Sensitivities The class A notes' ratings are at the highest level on Fitch's scale and cannot be upgraded. Note: B / C / D / E / F Expected ratings: AAsf / Asf / BBBsf / BBsf / Bsf Reduce defaults by 15% and increase recoveries by 15%: AA+sf / A+sf / BBB+sf / BBBsf / BB+sf Upgrades of the class C and D notes are constrained by two and one notches, respectively, due to the pro rata amortisation concentration test as per the SME Balance Sheet Securitisation Rating Criteria. CRITERIA VARIATION The transaction features a threshold rate mechanism. This is a common feature in Australian RMBS and is therefore contemplated under the APAC Residential Mortgage Rating Criteria. However, 20% of the pool consisted of STC loans, respectively, which were analysed under the SME Balance Sheet Securitisation Rating Criteria, which do not contemplate the concept of a threshold rate and, instead, WA margin compression is generally modelled. Fitch has applied the threshold rate for both the residential and STC portions of the pool. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Prior to the transaction closing, Fitch sought to receive a third-party assessment conducted on the asset portfolio information, but none was made available for this transaction. As part of its ongoing monitoring, Fitch conducted a review of a small, targeted sample of the originator's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. SONG COMPANY: To Wind Up Operations After More Than 40 Years ------------------------------------------------------------ Helen Musa at CityNews reports that the Sydney-based board of The Song Company has announced that it will appoint a liquidator, bringing to an end more than 40 years of activity by the nation's leading professional vocal ensemble. CityNews notes that the announcement came only weeks after the ensemble appeared in Canberra. On May 23, under the baton of its former long-time artistic director Roland Peelman, The Song Company performed Heinrich Schutz's Der Schwanengesang at St Paul's Cathedral, Manuka. Reviewing the concert for CityNews, Graham McDonald praised its "moments of spine-tingling beauty". Founded in 1984 by conductor Charles Colman under the auspices of Sydney Philharmonia as an eight-voice octet, The Song Company grew to become Australia's premier full-time professional vocal ensemble, performing repertoire ranging from Renaissance polyphony to avant-garde contemporary music. In a formal statement, the board thanked supporters and acknowledged the impact of the decision, CityNews relays. "We recognise this news will be deeply disappointing, particularly for those who have a long and personal connection with The Song Company," the statement said. "Your support has enabled extraordinary artistic work and lasting cultural impact, and this outcome does not diminish that legacy. "This decision was not made lightly. Every effort was made to explore alternative pathways; however, liquidation is now the most responsible course of action." CityNews adds that the board said all future concerts and projects are expected not to proceed. Once appointed, the liquidator will manage all enquiries relating to the organisation. SPHERE INSURANCE: AR Network Enters Liquidation ----------------------------------------------- insuranceNEWS.com.au reports that authorised representative network Sphere Insurance Group has entered liquidation, according to the corporate regulator. A meeting on June 5 resolved that the company would be wound up, with Tracy Lee Knight from WCT Insolvency and Restructuring appointed as liquidator, insuranceNEWS.com.au relates. According to insuranceNEWS.com.au, the Australian Securities and Investments Commission website shows 31 authorised representatives are "ceased", effective last Tuesday [June 2], while 45 are listed as current. Sphere, headquartered in Mount Lofty, Queensland, was founded in 2015. The predecessor organisation was Marten Green Insurance Services. Peter Robert Lionel Marten is listed in an ASIC company extract as director and secretary of Sphere, as well as the major shareholder. The Sphere website, which says it is "undergoing scheduled maintenance", previously said the network's leadership team held more than "100 years of combined insurance experience". Some ARs have been looking at other networks as problems have become apparent, but the sudden shutdown of Sphere has "blindsided" many of those affected, sources have told insuranceNEWS.com.au. A Metrix Connect spokesperson said four ARs are migrating over – with one in contact since June 5 – and in the past two years 11 have moved across. insuranceNEWS.com.au has contacted Mr Marten and Sphere seeking further comment. TECHNOLOGY PEOPLE: First Creditors' Meeting Set for June 23 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Technology People Queensland Pty Ltd (trading as TechForce Recruitment) will be held on June 23, 2026, at 10:00 a.m. via Microsoft Teams. James Taplin of BRI Ferrier was appointed as administrator of the company on June 12, 2026. ZONE RV: ASIC Launches Criminal Probe as New Allegations Emerge --------------------------------------------------------------- ABC News reports that the corporate regulator has launched a criminal investigation into a failed Queensland luxury caravan company amid fresh allegations the former director illegally paid dividends to shareholders. Zone RV collapsed in December owing AUD42 million to creditors before the Sunshine Coast business was wound up in January. More than 100 customers, many of them retirees, collectively paid millions of dollars in progress payments for caravans that were never built. These customers will not receive a cent from the liquidation process, the liquidator Cor Cordis confirmed, according to the ABC. A new owner purchased Zone RV's assets in April to continue the brand but the majority of creditors were left empty-handed. The ABC says a Cor Cordis report alleged Zone RV's founder and sole director David Biggar knowingly traded the company long after it was insolvent, accumulating huge financial losses. After sustained public pressure ASIC has now opened a formal probe into the company's affairs, the ABC relates. ASIC is investigating "suspected contraventions" of multiple sections of the Corporations Act, including criminal offences of a director acting recklessly or dishonestly, according to the letter ASIC sent to people required to give evidence. The letter stated the investigation spans a period of more than four years from July 2021 to December 2025 when the company collapsed. Mr. Biggar has not responded to repeated requests for comment since December, the ABC notes. An ASIC spokesperson confirmed the watchdog's probe but declined to answer specific questions about it. "We understand these are difficult circumstances for creditors, including those who had paid for caravans that were not completed," the ABC quotes the spokesperson as saying. According to the ABC, the investigation hinges on when Zone RV became insolvent and whether Mr. Biggar acted dishonestly by incurring more debts when the company was failing. The company's former chief financial officer Kim Hodgkins warned senior management in late 2023 that the company was insolvent, according to emails seen by the ABC. "As previously discussed, our current [cash] position is we have AUD527,000," Ms. Hodgkins wrote. "We have AUD2.1 million of payments that are currently overdue." Ms. Hodgkins was forced out of Zone RV after escalating her financial concerns to shareholders, according to her subsequent WorkCover claim. In November 2023, Mr. Biggar left a voicemail for Ms. Hodgkins after directing her to take leave. Ms. Hodgkins told the ABC the phone message proved Mr. Biggar was aware of Zone RV's financial woes that she repeatedly warned him about. About Zone RV Headquartered in Coolum, Queensland, Zone Manufacturing Pty Ltd (trading as Zone RV) designs and manufactures premium off-road caravans. Rahul Goyal, Kate Conneely and Stephen Earel of restructuring advisory firm Cor Cordis have been appointed administrators of Zone Manufacturing Pty Ltd and Zone RV Holdings Pty Ltd on Dec. 1, 2025. Zone RV was placed into liquidation in January 2026. ========= C H I N A ========= FINGERMOTION INC: Signs MOU With BlueFlare for Edge AI Network -------------------------------------------------------------- FingerMotion, Inc. announced in a regulatory filing that it has entered into a Memorandum of Understanding with BlueFlare Energy Solutions Inc., an Alberta-based developer, engineer and constructor of behind-the-meter energy and high-performance compute infrastructure, to jointly develop a distributed network of micro-scale edge AI inference compute sites across Western Canada. In conjunction with the MOU, the Company and BlueFlare will also consider a non-binding Commercial Term Sheet, with the first behind-the-meter project to be advanced under the collaboration, a site located in Alberta, Canada and designated PR1. The draft non-binding LOI reflects the parties' agreement to proceed and has not been executed. A Distributed Edge AI Inference Network for Western Canada The MOU establishes BlueFlare as FingerMotion's exclusive partner within the Canadian provinces of Alberta, British Columbia and Saskatchewan for the origination, design, engineering, construction and ongoing support of co-located AI inference compute sites and bitcoin mining sites. The collaboration is built around BlueFlare's "From Wellhead to Workload" platform and its proprietary BALA(TM) (BlueFlare Adaptive Load Architecture(TM)) load-following technology. FingerMotion intends to use the collaboration to build a distributed network of micro-scale edge AI inference compute sites, each typically in the 0.5 megawatt to 2 MW range, sited directly behind the meter at producing or recently-producing natural gas fields in Western Canada. The Company believes that, compared to centralized hyperscale data centers, a distributed edge compute model may offer differentiated advantages across the following dimensions: * Energy economics. Direct, BTM access to low-cost on-site natural gas, with electricity generated and consumed without traversing the transmission grid. * Latency. Geographic proximity to regional users and devices, which is particularly relevant for AI inference workloads compared to bulk AI training. * Speed of deployment. Standardized, containerized infrastructure designed for rapid build-out, in contrast to the multi-year build cycles typical of large-scale data centers. * Capital efficiency. Modular site economics that the Company believes can be financed and replicated incrementally across the network. * Resilience. A distributed footprint that is intended to reduce single-site concentration risk relative to centralized facilities. The Role of BlueFlare's BALA(TM) Platform BALA(TM) (BlueFlare Adaptive Load Architecture(TM)) is BlueFlare's proprietary load-following platform. It is designed to dynamically balance, at each site and in real time, AI inference compute workloads with co-located bitcoin mining loads, with the bitcoin mining load functioning as a load-balancing and gas-continuity mechanism rather than a primary use case. At a network level, BALA(TM) is designed to allow each site to: * absorb available natural gas generation capacity at all times by flexing the bitcoin mining load up or down as inference compute demand varies; * maintain steady operating temperatures and gas burn profiles regardless of compute load, supporting equipment longevity and emissions performance; and * preserve the economic case for the site even during periods of lower inference demand, by continuing to convert generated electricity into bitcoin mining revenue. FingerMotion believes that BALA(TM) is a key differentiator of the proposed network, as it is designed to make small-scale, distributed edge compute sites economically viable in a manner that traditional standalone designs have struggled to achieve. PR1 - First Project Under the Collaboration FingerMotion will look at the existing behind-the-meter Bitcoin mining infrastructure and mining hardware at the PR1 site, together with ongoing host-operated energy and operational services to be provided by BlueFlare, subject to satisfactory due diligence, the negotiation and execution of definitive agreements, and other customary closing conditions. Thus, the proposed scope of the LOI will include: * Bitcoin Mining Infrastructure. A 1.0 MW air-cooled Bitcoin mining container (manufactured by TNDS), including container-level electrical distribution, busbar and power distribution, cooling, ventilation and environmental control systems. * Mining Hardware. 120 active Bitmain Antminer S21 Pro 234T ASICs (supplied with a 5% dead-on-arrival buffer of 6 additional units, for 126 units delivered in total), representing aggregate nameplate hashrate of approximately 28.08 PH/s, intended to operate as the BALA(TM)-managed load-balancing layer for the site. * Behind-the-Meter Power Supply. BlueFlare to retain ownership of the on-site natural gas generation equipment and to deliver electricity behind-the-meter to the Company's hardware. The generation equipment is retained by BlueFlare and would not form part of any acquisition. * Host-Operated Services. Energy supply, power-generation operations and maintenance, and 24/7 network operations centre (NOC) monitoring, provided by BlueFlare on a host-operated basis at a fixed, all-in rate of US$0.03 per kWh delivered for an initial three-year term, with a 3% annual escalation thereafter. * First Inference Compute Build. Subsequent construction by BlueFlare of a 500 kW containerized AI inference compute data center adjacent to the existing infrastructure, which is intended to be the Company's first operational edge AI inference site under the collaboration. BlueFlare is expected to act as the developer, designer, engineer and construction partner for the inference compute build and the broader site integration, including the deployment of BALA(TM) across the natural gas generation, mining and inference compute layers. Network Build-Out Strategy PR1 is intended to serve as the prototype site for a broader rollout of distributed edge compute infrastructure across Alberta, British Columbia and Saskatchewan. Additional initial project sites currently under evaluation by the parties include two sites which are expected to be advanced under a separate Commercial Term Sheet and associated definitive agreement(s). The pace and scale of the network build-out will depend on a number of factors, including the successful completion of the PR1 Project, capital availability, site origination, regulatory approvals, and other customary considerations. "This collaboration represents an important milestone in our strategy to establish a scalable presence in the rapidly growing AI inference infrastructure market," said Martin Shen, CEO of FingerMotion. "By collaborating with BlueFlare, we gain access to a highly differentiated platform that combines low-cost behind-the-meter energy, modular compute deployment, and proprietary load-balancing technology designed to maximize asset utilization. If successfully executed, this approach has the potential to accelerate our entry into the edge AI sector, improve capital efficiency, create new revenue opportunities, and enhance long-term shareholder value through exposure to one of the most dynamic segments of the digital infrastructure market." "Western Canada offers a rare combination of low-cost natural gas, mature energy infrastructure and a regulatory framework that supports BTM compute at scale," said Landon Ruszkowski, Chief Executive Officer of BlueFlare Energy Solutions Inc. "Our 'From Wellhead to Workload' platform is purpose-built for exactly this kind of distributed deployment, and BALA(TM) is what makes the per-site economics work. We are pleased to be working with FingerMotion as it plans to enter the Canadian edge compute market, and we believe the PR1 Project will demonstrate the model that the broader network is intended to scale." Important Information Regarding the MOU and LOI The MOU and the anticipated LOI are non-binding (other than certain customary provisions of the MOU, including those relating to exclusivity, confidentiality, public disclosure, governing law and general provisions). Neither the MOU nor the LOI obligates either party to enter into any definitive agreement. The closing of the PR1 Project and any other transaction described in this press release is subject to, among other things, the negotiation and execution of definitive agreements, the completion of satisfactory due diligence, the receipt of any applicable regulatory or third-party approvals, and the satisfaction of other customary closing conditions. There can be no assurance that any such definitive agreement will be reached, that the PR1 Project or any other project described herein will be completed on the terms described or at all, or that the broader network build-out contemplated herein will proceed as currently anticipated. About FingerMotion Inc. Singapore-based FingerMotion Inc. is an evolving technology company with a core competency in mobile payment and recharge platform solutions in China. As the user base of its primary business continues to grow, the Company is developing additional value-added technologies to market to its users. The vision of the Company is to rapidly grow the user base through organic means and have this growth develop into an ecosystem of users with high engagement rates utilizing its innovative applications. Developing a highly engaged ecosystem of users would strategically position the Company to onboard larger customer bases. FingerMotion eventually hopes to serve over 1 billion users in the China market and eventually expand the model to other regional markets. As of February 28, 2026, the Company had $60.85 million in total assets, $45.70 million in total liabilities, and $15.15 million in total stockholders' equity. San Francisco, California-based CT International LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated May 29, 2026, attached to the Company's Annual Report on Form 10-K for the year ended February 28, 2026, citing that the Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. RETO ECO-SOLUTIONS: Streeterville Exits Beneficial Ownership ------------------------------------------------------------ Streeterville Capital LLC, together with Streeterville Management, LLC and John M. Fife, disclosed in a Schedule 13G (Amendment No. 2) filed with the U.S. Securities and Exchange Commission that as of June 10, 2026, they no longer beneficially own shares of ReTo Eco-Solutions, Inc.'s Class A Shares. This amendment reflects the complete disposition of their previous holdings, bringing beneficial ownership below 5%. Streeterville Capital LLC may be reached through: John Fife (President) 300 East Randolph Street Suite 40.150 Chicago, IL 60601 Tel: 312-297-7000 A full-text copy of Streeterville Capital LLC's SEC report is available at: https://tinyurl.com/4k4bmw5r 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. ========= I N D I A ========= AA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of AA Agro Energy Private Limited (AAE) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 CRISIL D (Issuer Not Cooperating) Long Term Loan 9 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AAE 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 AAE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AAE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AAE continues to be 'Crisil D Issuer not cooperating'. AAE, incorporated in 1983 by Mr Ashok Kumar Agarwal, was earlier a manufacturer of sewage pipe and bricks, and subsequently set up its rice unit in fiscal 2014. The plant at Banur, Mohali (Punjab) processes basmati rice, with total milling and sorting capacity of 12 tonnes per hour. ALDER BIOCHEM: CRISIL Keeps C Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Alder Biochem Private Limited (ABPL) continue to be 'CRISIL C Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 CRISIL C (Issuer Not Cooperating) Long Term Loan 4.82 CRISIL C (Issuer Not Cooperating) Long Term Loan 22.07 CRISIL C (Issuer Not Cooperating) Working Capital 1.65 CRISIL C (Issuer Not Term Loan Cooperating) Working Capital 0.46 CRISIL C (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with ABPL for obtaining information through letter and email dated May 21, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ABPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ABPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ABPL continues to be 'Crisil C Issuer not cooperating'. Incorporated in 2016 by Mr Rajneesh Singhal, ABPL started commercial operations in April 2022. The company manufactures soft gelatin capsules and has capacity of 5 crore capsules per month at its unit in Dehradun, Uttarakhand. ANAND TECHNOMARKETING: CRISIL Keeps D Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Anand Technomarketing Private Limited (ATPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1 CRISIL D (Issuer Not Cooperating) Cash Credit 5 CRISIL D (Issuer Not Cooperating) Letter of Credit 0.65 CRISIL D (Issuer Not Cooperating) Term Loan 2.8 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ATPL 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 ATPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ATPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ATPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. ATPL, incorporated in 2010 and based in Nagpur, is promoted by Mr Hemant Jawade and his family members. The company trades in engineering goods such as special slurry pumps, motors, gear boxes, and variable frequency drives, and Sandvik's surface drill machine and crushers. The company set up a showroom for luxury passenger vehicles of Jaguar and Land Rover in October 2017 ANITHA DAIRY: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Anitha Dairy Products (ADP) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 0.6 CRISIL D (Issuer Not Cooperating) Term Loan 2.97 CRISIL D (Issuer Not Cooperating) Term Loan 2.4 CRISIL D (Issuer Not Cooperating) Term Loan 3.03 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ADP 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 ADP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ADP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ADP continues to be 'Crisil D/Crisil D Issuer not cooperating'. Established in 2015 by Mr Sama Anitha, based out of Hyderabad, ADP is engaged in processing of milk and manufacturing of milk products. ATTHARV SAI: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Attharv Sai Flexipack Private Limited Site No. 302, Thandya Industrial Area, Opposite Balaji Granites, Nanjangud Taluk, Mysore, Mysuru, Karnataka, India, 571301 Insolvency Commencement Date: June 4, 2026 Court: National Company Law Tribunal, Bengaluru Bench Estimated date of closure of insolvency resolution process: December 1, 2026 Insolvency professional: Nilesh Rajendra Kothari Interim Resolution Professional: Nilesh Rajendra Kothari A-703, Iskon Riverside, Near Shelaleikh Society, Shahibaug, Ahmadabad, Gujarat, 380004 Email: ip.nkothari@gmail.com 410, 4th Floor, Bluerose Industrial Estate, Near Metro Mall and Tata Power Petrol Pump, Western Express Highway, Borivali East - 400066 Mumbai Email: ibc.asfpl@gmail.com Last date for submission of claims: June 18, 2026 BLACKBERRY OVERSEAS: Insolvency Resolution Process Case Summary --------------------------------------------------------------- Debtor: Blackberry Overseas Private Limited G-11, North Square Mall, Netaji, Subhash Place, North West Delhi, Delhi, India - 110034 Insolvency Commencement Date: June 3, 2026 Court: National Company Law Tribunal, New Delhi Bench-VI Estimated date of closure of insolvency resolution process: December 2, 2026 Insolvency professional: Bhavna Bansal Interim Resolution Professional: Bhavna Bansal A/19-B, DDA Flats, Munirka, Delhi - 110067 Email: bhavnabansalus@yahoo.com E-9/23, LGF, Vasant Vihar, Delhi - 110057 Email: cirp.blackberry@gmail.com Last date for submission of claims: June 19, 2026 BLD METAL: Insolvency Resolution Process Case Summary ----------------------------------------------------- Debtor: BLD Metal and Alloys Private Limited Khasra No.-781/3, Gali No.-04, Mundka Industrial Area, West Delhi, New Delhi, Delhi, India, 110041 Insolvency Commencement Date: June 3, 2026 Court: National Company Law Tribunal, New Delhi Bench-VI Estimated date of closure of insolvency resolution process: November 30, 2026 Insolvency professional: Sumit Shukla Interim Resolution Professional: Sumit Shukla B-4/702, Krishna Apra Gardens, Plot No. 7, Vaibhav Khand, Indirapuram, Ghaziabad - 201014 Email: sumit_shukla@rediffmail.com Office No. 401, Tower-C, I-Thum, Plot No. A-40, Sector-62, Noida, 201301 Email: cirp.bld@gmail.com Last date for submission of claims: June 17, 2026 C P SPONGE: CRISIL Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of C P Sponge Iron Private Limited (CPSIPL) continues to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 25 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with CPSIPL 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 CPSIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CPSIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CPSIPL continues to be 'Crisil D Issuer not cooperating'. CPSIPL, which was set up in 2002, manufactures sponge iron. Its facility at Durgapur, West Bengal, has an installed capacity of 60,000 metric tonnes per annum (MTPA). C. BRIJESH: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of C. Brijesh Reddy (CBR) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 2.5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 7.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with CBR 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 CBR, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CBR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CBR continues to be 'Crisil D Issuer not cooperating'. Set up in 1993, CBR is a proprietorship firm that develops and sells plots and sites in Hosakote (Karnataka) and Bangalore. Operations are managed by Mr. C. Brijesh Reddy. CENTRO PROJECTS: CRISIL Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Centro Projects and Marketing (CPM) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 7 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with CPM 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 CPM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CPM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CPM continues to be 'Crisil D Issuer not cooperating'. CPM, set up in 2014, operates Centro Mall at Kodungallur in Kerala. Spread over 100,000 square feet, the mall became operational in February 2016. The firm is promoted by Mr Basheer and his wife Ms Haseena. CLAYMINE MICRONS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Claymine Microns LLP (CML) continue to be â€˜CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.19 CRISIL D (Issuer Not Cooperating) Cash Credit 4 CRISIL D (Issuer Not Cooperating) Term Loan 13.8 CRISIL D (Issuer Not Cooperating) Term Loan 1.01 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with CML 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 CML, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CML is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of CML continues to be 'Crisil D/Crisil D Issuer not cooperating'. CML is a limited liability partnership formed in 2017. The firm set up a manufacturing unit for purification of potash and sodium feldspar, which are key raw materials in the ceramic industry. The unit has production capacity of 150,000 MT per annum and is located at Wankaner, in the Morbi district of Gujarat. CONCEPT BIKES: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Concept Bikes (CONBIK) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Inventory 3 Crisil D (Issuer Not Funding Facility Cooperating) Inventory 3 Crisil D (Issuer Not Funding Facility Cooperating) Inventory 1 Crisil D (Issuer Not Funding Facility Cooperating) Overdraft Facility 2 Crisil D (Issuer Not Cooperating) Term Loan 1 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with CONBIK 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 CONBIK, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CONBIK is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of CONBIK continues to be 'Crisil D/Crisil D Issuer not cooperating'. CONBIK (a part of the Concept group of companies) is a proprietary concern set up by Mr Firozkhan Abdullatheef in September 2013.The firm is an authorised dealer for two wheelers (Royal Enfield) with four showrooms in Thiruvananthapuram. GOLCONDA TEXTILES: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Golconda Textiles Private Limited (GTPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.55 CRISIL D (ISSUER NOT COOPERATING) Cash Credit 11 CRISIL D (ISSUER NOT COOPERATING) Proposed Long Term 0.45 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING) Term Loan 4 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with GTPL 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 GTPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GTPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. GTPL was set up by Mr. Mahmood Alam Khan in 1995. The company manufactures combed and carded cotton yarn. Its manufacturing facility is in Vikarabad (Andhra Pradesh). GRECCY KNIT: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Greccy Knit (GK) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.75 CRISIL D (Issuer Not Cooperating) Term Loan 5.43 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GK 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 GK, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GK is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GK continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2014, GK is a partnership firm, which is setting up a unit to manufacture grey fabrics, to be used in sarees and other garments. It is being promoted by Mr. Bharat Zalavadiya and his son Mr. Gaurang Zalavadiya. GREEN TEAK: CRISIL Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Green Teak (India) Private Limited (GTPL) 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 4.75 CRISIL D (Issuer Not Cooperating) Proposed Term Loan 0.78 CRISIL D (Issuer Not Cooperating) SME Gold Card 0.47 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GTPL 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 GTPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GTPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 1990 and promoted by Mr Sumer Chand Jain, GTPL manufactures wooden doors (flush, wire ness doors) and trades in timber. The company's manufacturing facility is in Jaipur. GVR KHANDAPHOD: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of GVR Khandaphod Bijwad Road Project Private Limited (GVR-KBPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 148 CRISIL D (Issuer Not Cooperating) Long Term Loan 52 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GVR-KBPL 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 GVR-KBPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GVR-KBPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GVR-KBPL continues to be 'Crisil D Issuer not cooperating'. Established in 2011, GVR-KBPL is a special purpose vehicle promoted by GVR Infra Projects Ltd to design, develop, construct, operate, and maintain the 136-kilometre stretch of road between Khandaphod-Nachalbhor and BijwadKushmaniya-Haran-Deepgaon. The project has been awarded by MPRDC on an annuity basis. HALDIA NIRMAN: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Haldia Nirman Projects Private Limited (HNPPL) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3.85 Crisil D (Issuer Not Cooperating) Cash Credit 5.65 Crisil D (Issuer Not Cooperating) Proposed Short Term 0.50 Crisil D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with HNPPL 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 HNPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HNPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of HNPPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2004 and promoted by Kolkata-based Mr Sourav Kumar Bera, HNPPL is engaged in the civil construction and structural fabrication business. The company has undertaken projects such as reservoir construction, civil foundation, housing, and land development. HNPPL also does fabrication and erection of structure and equipment, piling, and piping. It undertakes work for government and private companies. HELIOS AND MATHESON: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Helios and Matheson Information Technology Limited (Helios) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 30 CRISIL D (ISSUER NOT COOPERATING) Cash Credit 33 CRISIL D (ISSUER NOT COOPERATING) Cash Credit 47 CRISIL D (ISSUER NOT COOPERATING) Cash Credit 46 CRISIL D (ISSUER NOT COOPERATING) Long Term Loan 15 CRISIL D (ISSUER NOT COOPERATING) Long Term Loan 24 CRISIL D (ISSUER NOT COOPERATING) Long Term Loan 5 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with Helios 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 Helios, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Helios is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Helios continues to be 'Crisil D Issuer not cooperating'. The Helios group was set up by Mr G K Muralikrishna and Mr V Ramachandran in 1991. It offers IT services, including application and development, application validation, consulting and package implementation, and related services. INODAYA FOODS: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Inodaya Foods Private Limited H.B. 364, Pipli Ladwa Road, VPO Mathana, Thesil Thanesar, Kurukshetra, - 136131, Haryana Insolvency Commencement Date: June 5, 2026 Court: National Company Law Tribunal, Chandigarh Bench-I Estimated date of closure of insolvency resolution process: December 2, 2026 Insolvency professional: Ashok Kumar Gupta Interim Resolution Professional: Ashok Kumar Gupta Ld-46, Pitampura, Delhi - 110034 Email: cmaashokgupt@gmail.com Plot No. 6, 1st Floor, State Bank Nagar, Outer Ring Road, Paschim Vihar, New Delhi - 110063 Email: cirp.inodayafoods@gmail.com Last date for submission of claims: June 19, 2026 JAISHRIRAM SUGAR: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Jaishriram Sugar and Agro Products Limited (JSAPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.35 CRISIL D (Issuer Not Cooperating) Funded Interest 0.69 CRISIL D (Issuer Not Term Loan Cooperating) Funded Interest 0.13 CRISIL D (Issuer Not Term Loan Cooperating) Sugar Pledge 29.15 CRISIL D (Issuer Not Cash Credit Cooperating) Term Loan 0.5 CRISIL D (Issuer Not Cooperating) Term Loan 5.29 CRISIL D (Issuer Not Cooperating) Term Loan 1.93 CRISIL D (Issuer Not Cooperating) Term Loan 0.02 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with JSAPL 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 JSAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JSAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JSAPL continues to be 'Crisil D Issuer not cooperating'. JSAPL, incorporated in February 2006, has a sugar plant with capacity to crush 1,600 tonne of cane per day, and a 5-megawatt co-generation plant. The plants, at Halgaon in Ahmednagar, Maharashtra, commenced commercial operations in fiscal 2013. M L INDUSTRIAL : Voluntary Liquidation Process Case Summary ----------------------------------------------------------- Debtor: M L Industrial and Agricultural Products Private Limited Maddi Lakshmaias Bungalow, Chirala Road, Chillakaluripet, Andhra Pradesh, India, 522616 Liquidation Commencement Date: May 15, 2026 Court: National Company Law Tribunal, Hyderabad Bench Liquidator: Sandhya Tadla EzResolve LLP 1st Floor, Golden Heights Plot No. 9, Opposite Raheja IT Mindspace, HUDA Techno Enclave, Madhapur, Hyderabad, Telangana - 500081, India Tel: 98665 59557 Email: Sandhya@EzResolve.in Last date for submission of claims: June 15, 2026 PRIMEZONE DEVELOPERS: Insolvency Resolution Process Case Summary ---------------------------------------------------------------- Debtor: Primezone Developers Private Limited 109-110, Main Market Sector-8, Urban Estate, Karnal, Haryana - 132001, Insolvency Commencement Date: June 5, 2026 Court: National Company Law Tribunal, Chandigarh Bench Estimated date of closure of insolvency resolution process: December 1, 2026 Insolvency professional: Hemanshu Jetley Interim Resolution Professional: Hemanshu Jetley SCO-818, 1st Floor, NAC, Manimajra, Chandigarh - 160101 Tel: 90417-00000/98759-21490 Email: hejetley@gmail.com cirp.primezonedevelopers@gmail.com Classes of creditors: Homebuyers Authorized Representatives of creditors in a class: 1. Deepankur Sharma Email: deepankursharma@yahoo.com 2. Khushvinder Singhal Email: kvsinghal@gmail.com 3. Rajiv Khurana Email: ip.rajivkhurana@gmail.com Last date for submission of claims: June 19, 2026 SCALEUP SYSTEMS: Voluntary Liquidation Process Case Summary ----------------------------------------------------------- Debtor: Scaleup Systems India Private Limited Amar Hill, Sakivihar Road, Powai, Near Santogen Mills, Mumbai, Maharashtra - 400072 Liquidation Commencement Date: June 5, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Liquidator: Ravi Kapoor 402, Shaival Plaza, Near Gujarat College, Ellisbridge, Ahmedabad - 380006 Tel: 98250 63147 Email: ravi@ravics.com Last date for submission of claims: July 5, 2026 SHIEL AUTOS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shiel Autos (Shiel; part of the Shiel group) continues to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.95 Crisil D (Issuer Not Cooperating) Cash Credit 7.5 Crisil D (Issuer Not Cooperating) Overdraft Facility 4.5 Crisil D (Issuer Not Cooperating) Proposed Long Term 1.05 Crisil D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with Shiel 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 Shiel, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Shiel is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Shiel continues to be 'Crisil D/Crisil D Issuer not cooperating'. Based in Agra (Uttar Pradesh), Shiel has been engaged in dealership for Bajaj brand twowheelers for the past 24 years. The firm has five showroom cum workshop (Sales Services and Spares) and two showrooms, all of which are based in and around Agra, Uttar Pradesh. The firm also has around 15 sales points in rural areas in and around Agra. The firm's day to day transactions are managed by the two partners, Mr. Rajeev Rattan, and his brother, Mr. Sanjeev Rattan. SMPRIMAL PROCESS: CRISIL Reaffirms D Rating on INR80cr Term Loan ---------------------------------------------------------------- CRISIL Ratings has reaffirmed its 'Crisil D' rating on the long-term bank facility of SMPRIMAL Process Private Limited (SPPL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 11 Crisil D (Reaffirmed) Term Loan 80 Crisil D (Reaffirmed) The rating continues to reflect delay by SPPL in debt servicing. The company is in nascent stage and is likely to be highly leveraged due to reliance on external debt. However, it will benefit from the strong expertise of the promoters in the ethanol industry. Analytical approach Crisil Ratings has evaluated the standalone business and financial risk profiles of SPPL. Unsecured loan of INR15.74 crore as on March 31, 2026, has been treated as 75% equity and 25% as it is expected to stay in the business. Key rating drivers - Weaknesses * Nascent stage of operations: SPPL has set up a grain-based distillery to produce ethanol with capacity of 60 kilolitre per day (KLPD), which commenced operations in September 2025. The company's revenue is estimated at INR14 crore in fiscal 2026. Exposure to intense competition could limit scalability. Hence, scale-up of operations with increased production will remain monitorable. * Leverage financial risk profile: The company has a leveraged capital structure, as indicated by estimated gearing of 22.4 times and total outside liabilities to tangible networth (TOLTNW) ratio of 23.6 times as on March 31, 2026. This is due to huge term debt contracted for setting up the plant. Debt protection metrics remain below average with interest coverage estimated at 0.6 time for fiscal 2026. Key rating drivers - Strengths * Strong domain expertise of the promoters: Extensive experience of the promoters (as part of a larger group) across multiple industries and their strong understanding of the ethanol industry have resulted in successful execution of SPPL's project. The plant commenced operations in September 2025. Liquidity Poor Bank limit utilisation was high at 90.78% on average for the 10 months through April 2026. Expected annual net cash accrual of INR6–11 crore should suffice to meet yearly debt obligation of INR9–10 crore over the medium term. The promoters are likely to extend unsecured loans to meet debt obligation and liquidity requirements. Rating sensitivity factors Upward factors: * Timely track record of debt servicing for at least 90 days * Ramp-up in operations, leading to revenue of over INR50 crore with healthy profitability, resulting in healthy cash accrual * Significant improvement in the cushion between net cash accrual and term debt obligation SPPL was incorporated in July 2021 and has set up an 60-KLPD ethanol unit, along with a co-generation plant of 2 MW, in Shahdol, Madhya Pradesh. The unit commenced operations in September 2025. Sanjay Kumar Madhwani and Manoj Singh Parihar are the promoters. SWASTIK PLYBOARD: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Swastik Plyboard Limited (SPL) 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 3 CRISIL D (Issuer Not Cooperating) Letter of Credit 1.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SPL 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 SPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 1996, SPL is promoted by Mr Sumer Chand Jain. The company manufactures plyboard, block boards, and flush doors, and also trades in timber. Its manufacturing facility is in Jaipur. T.K. ENGINEERING: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: T.K. Engineering Consortium Private Limited Model Village, Naharlagun, Arunachal Pradesh, India, 791110 Insolvency Commencement Date: April 30, 2026 Court: National Company Law Tribunal, Guwahati Bench Estimated date of closure of insolvency resolution process: October 27, 2026 Insolvency professional: Anup Kumar Singh Interim Resolution Professional: Anup Kumar Singh Stellar Insolvency Professionals LLP - IPE 22/28/A, Manoharpukur Road, Kolkata, West Bengal, India, 700029 Email: anup_singh@stellarinsolvency.com/ info@stellarinsolvency.com Suite 1B, 1st Floor, 22/28A, Manoharpukur Road, Deshopriya Park, Kolkata - 700029 Email: tkengineering.sipl@gmail.com Last date for submission of claims: May 14, 2026 THEME EXPORT: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Theme Export Private Limited (TEPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Foreign Bill 11 CRISIL D (ISSUER NOT Discounting COOPERATING) Packing Credit 12 CRISIL D (ISSUER NOT COOPERATING) Proposed Long Term 2.4 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING) Standby Export 4.6 CRISIL D (ISSUER NOT Packing Credit COOPERATING) Crisil Ratings has been consistently following up with TEPL 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 TEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of TEPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. TEPL was incorporated in 1997, promoted by Ms Nandini Singh and Ms Ratna Singh. The company manufactures embroidery-based, designer, high-end fashion products such as garments and accessories, primarily for export. The manufacturing facility is at Okhla, New Delhi. TMSS VENTURES: Voluntary Liquidation Process Case Summary --------------------------------------------------------- Debtor: TMSS Ventures Private Limited Pink Bungalow, Opposite Vaibhav Apartment, Behind Natubhai Centre, Off Gotri Road, PO. Racecourse, District Vadodara, Gujarat, 390007 Liquidation Commencement Date: June 8, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Liquidator: Devesh A. Pathak 1st Floor, 51, Udyognagar Society, Near Ayurvedic College, Outside Panigate, Vadodara - 390019 Tel: 0265-2562175/58 Email: maildeveshpathak@rediffmail.com Last date for submission of claims: July 8, 2026 VAMSADHARA COTTON: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Vamsadhara Cotton Industries (VCI) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with VCI 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 VCI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VCI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VCI continues to be 'Crisil D Issuer not cooperating'. Established in 2013, VCI is a partnership firm based in Guntur, Andhra Pradesh - is engaged in ginning cotton. VEDANTA RESOURCES: Fitch Hikes LongTerm IDR to 'BB', Outlook Stable ------------------------------------------------------------------- Fitch Ratings has upgraded UK-based Vedanta Resources Limited's (VRL) Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'BB' from 'BB-'. The Outlook is Stable. Fitch has also upgraded VRL's senior unsecured rating to 'BB' from 'BB-', and the ratings on the US dollar bonds issued by VRL's subsidiary Vedanta Resources Finance II Plc (VRF2), and unconditionally and irrevocably guaranteed by VRL, to 'BB' from 'BB-'. The upgrade reflects Fitch's expectation that higher expected commodity prices, healthy volumes and lower cost of debt will result in robust EBITDA and improvement in VRL's financial profile. The Stable Outlook reflects its expectation that VRL's proportionately consolidated credit metrics and holding company (holdco) capital structure, with the holdco comprising VRL and other offshore investment holding companies owned by VRL, will remain consistent with the rating over the next few years. The rating incorporates VRL's large, diversified, market-leading and low-cost positions in some of its key segments, balanced by a moderate financial profile and a one-notch impact from governance and group structure risks. Management's commitment to reduce holdco debt also supports the rating. Key Rating Drivers Higher EBITDA From Increased Prices: Fitch expects VRL's fully consolidated EBITDA to rise and average around USD8 billion over the financial year ending March 2027 (FY27) and FY28 (FY26E: USD6.8 billion), which is 18% above its previous estimates and driven by higher aluminium, zinc and silver prices. Higher EBITDA is also aided by healthy demand for VRL's key commodities, including value-added products, and lower costs. Better-than-expected cost reduction via increasing backward integration in aluminium and higher renewable power use in zinc could provide upside to the EBITDA estimates. Lower Leverage, Higher Coverage: Fitch expects VRL's proportionately consolidated EBITDA net leverage to fall to about 2.1x in FY27 and FY28 (FY26E: 2.9x), compared with its previous forecast of 2.7x and 2.6x, respectively, and its revised negative sensitivity of 2.5x. Fitch also expects EBITDA interest coverage to improve to 4.5x (FY26E: 3.6x), aided by robust EBITDA, lower gross debt and its expectation of lower debt funding cost. However, lower- than-expected commodity prices or higher-than-expected cost inflation could delay deleveraging. Lower Debt Funding Cost: Fitch expects VRL's average interest rate, on a consolidated basis, to fall to below 9% over FY27 and FY28 (FY26E: 10.5%), which will reduce its cash interest expenses to around USD1.1 billion from USD1.6 billion in FY26. Material reduction in debt funding cost is driven by VRL's plans to refinance its higher-cost US dollar notes. On 9 June 2026, VRL announced a tender and consent solicitation on USD2.1 billion of its outstanding US dollar notes that mature between 2030 to 2033. Improved Strategic and Financial Discipline: Fitch believes VRL has demonstrated a record of improved strategic and proactive refinancing, smoother debt maturities and lower borrowing costs at the holdco. VRL also aims to extend its holdco's debt maturity schedule. Fitch expects brand fees and operating companies (opco) dividends to cover USD0.8 billion-1.0 billion of annual holdco debt service in FY26-FY29. Fitch expects holdco debt to gradually reduce to around USD4.5 billion in FY29 from USD5.2 billion in FY26. Governance and Group Structure Risks: Fitch's governance assessment leads to a one-notch negative impact on VRL's rating. Two of the small three-member board are from the same family, which may limit independent oversight and creditor protection. The group structure is also complex with structurally subordinated cash flows, opcos held through multi-jurisdiction intermediate subsidiaries, and limited clarity on contagion risk from other shareholder-owned businesses. Adverse regulatory rulings, including restrictions on brand fee payments due to adverse findings or penalties from regulatory investigations like recent searches by ED and crystallisation of material contingent liabilities are event risks. High Capex and Dividends: Fitch expects VRL's capex to rise to about USD2.4 billion a year in FY27-FY28 (FY26E: INR2.6 billion), and dividends to increase to USD250 million from FY27 (FY26E: USD50 million; FY19-FY22 average: USD236 million; dividends in recent years not significant). This will be aided by an improved credit profile. Fitch expects any additional investing or financing cash outflows to be within the scope of VRL's deleveraging plans. Significant deviation from these assumptions, particularly if it coincides with weaker EBITDA, could present credit risks. Strong Business Profile; Cyclical Industry: VRL's rating benefits from its large scale, leading position in some segments, and commodity diversification, with zinc, aluminium, and oil and gas contributing around 40%, 40% and 7%, respectively, to FY26 EBITDA. However, the prices of most of these minerals tend to move sharply and in the same direction. The rating also reflects benefits from the generally low-cost position of VRL's zinc mining assets in India. The assets have a modest weighted-average reserve mine life of around 10 years. Peer Analysis VRL's is rated a notch higher than that of Capstone Copper Corp. (BB-/Stable) and Hudbay Minerals Inc. (BB-/Stable). VRL has a larger EBITDA scale and broader commodity diversification than Capstone, which is largely concentrated in copper and operates four mines. Hudbay's EBITDA scale is also smaller, and its diversification across copper and gold remains weaker than VRL's. VRL's mining assets—mostly held through Vedanta Limited —also benefit from an attractive cost position, with most in the first or second quartile of their respective cost curves. Capstone's cost position is higher, though improving, while Hudbay's low-cost profile is broadly comparable to VRL's. This along with its expectation of improvement in VRL's EBITDA net leverage to around 2.1x and reduction in its debt funding cost results in one notch higher rating, despite VRL's higher governance risks. Fitch’s Key Rating-Case Assumptions - London Metal Exchange prices for zinc of USD3,200/tonne, USD2,825/tonne and USD2,613/tonne in FY27, FY28 and FY29, respectively. Aluminium prices of USD3,300/tonne, USD2,900/tonne and USD2,600/tonne in FY27, FY28 and FY29 respectively. - Brent crude oil prices of USD81.5/barrel in FY27, USD63.8/barrel in FY28 and USD60/barrel in FY29, respectively. - Capex of USD2.3 billion-2.4 billion per year over FY27-FY29. - Volume growth across various segments based on capex-led new capacity ramping up. - Dividends received by VRL from opcos' profit of around USD0.7 billion per year over FY27-FY29. Common dividend payments by VRL of USD0.25 billion per year from FY27. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bb+', moderate), sector characteristics ('bb+', moderate), market and competitive positioning ('bbb', moderate), diversification and asset quality ('bbb-', higher), company operational characteristics ('bbb', moderate), profitability ('bb+', moderate), financial structure ('bb+', higher), and financial flexibility ('bb-', moderate). Assessments of the quantitative financial subfactors include bespoke calculations. The governance assessment of 'some deficiencies' results in an adjustment of -1 notch(es). The operating environment assessment of 'bbb-' has no impact. The SCP is 'bb'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'BB'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade VRL's proportionately consolidated EBITDA net leverage increases above 2.5x for a sustained period. Signs of weakening financial discipline, liquidity, and/or funding access. Adverse regulatory action including restrictions on brand fee payments and/or materialisation of contingent liabilities. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade VRL's proportionately consolidated EBITDA net leverage decreases below 1.5x for a sustained period, driven by both EBITDA growth and gross debt reduction. The credit metrics represent proportionate consolidation of VRL's opcos Vedanta Limited (effective ownership 56.4%), Hindustan Zinc Limited (34.2%), and Bharat Aluminium Corporation Limited (28.8%). Liquidity and Debt Structure Fitch believes VRL's liquidity is comfortable. It had around USD2.6 billion in ready cash and USD4 billion of unutilised term loans and working capital lines as of FYE26, against USD4.6 billion debt maturing in FY27. The maturity includes factoring of USD1.3 billion and short-term working capital debt of USD0.5 billion, which Fitch expects will be rolled over, given VRL's strong business profile. Its forecast of USD2.2 billion in free cash flows in FY27, and potential capex flexibility and stake sales in operating entities provide additional buffer. Issuer Profile UK-based VRL acts as a group financing vehicle and a holding company for diversified metal and mining businesses held under its 56.4% stake in Vedanta Limited. Zinc, aluminium, and oil and gas segments contributed almost 90% of VRL's Fitch-adjusted consolidated EBITDA of USD6.8 billion in FY26. REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING VRL's 66% parent, Vedanta Inc, is a private company for which Fitch does not have financial information. Therefore, Fitch is unable to assess risk of support from VRL for Vedanta Inc, in case of financial difficulty. VRL has not paid any substantial dividends to Vedanta Inc and instead focused on debt reduction. Nonetheless, Fitch assumes higher dividends, which Fitch thinks reasonably incorporates the risk of higher payouts. This has enabled us to rate VRL despite the lack of detailed information on the parent. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for VRL. ESG Considerations VRL has an ESG Relevance Score of '4' for Group Structure due to its complex group organisation, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. VRL has an ESG Relevance Score of '4' for Governance Structure due to its smaller board of directors than peers, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Vedanta Resources Finance II Plc senior unsecured LT BB New Rating senior unsecured LT BB Upgrade BB- Vedanta Resources Limited LT IDR BB Upgrade BB- senior unsecured LT BB Upgrade BB- VENKATESHWARA ENT: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sree Venkateshwara Enterprises (SVE; part of the SV Group) continues to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1 Crisil D (Issuer Not Cooperating) Cash Credit 4 Crisil D (Issuer Not Cooperating) Letter of Credit 4.5 Crisil D (Issuer Not Cooperating) Letter of Credit 1.5 Crisil D (Issuer Not Cooperating) Letter of Credit 3 Crisil D (Issuer Not Cooperating) Letter of Credit 0.5 Crisil D (Issuer Not Cooperating) Proposed Cash 0.5 Crisil D (Issuer Not Credit Limit Cooperating) Crisil Ratings has been consistently following up with SVE 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 SVE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SVE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SVE continues to be 'Crisil D/Crisil D Issuer not cooperating'. SLA was established in 1993, as a partnership firm by Mrs. T Jaypal and her sister, Mrs. Selva Sundari. The firm is the exclusive distributor of ITC Ltd.'s cigarettes and fast-moving consumer goods in Tiruvallur, and also trades in pulses, particularly urad dal. SVE, set up in 2010, is the exclusive distributor of ITC's cigarettes and fast-moving consumer goods in the Kanchipuram district of Tamil Nadu. The firm also trades in pulses, particularly urad dal. Operations are managed by Mr. Raj Kumar and his brother, Mr. Ramesh Kumar. VIBRANT FASHIONS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Vibrant Fashions Private Limited (VFPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1 CRISIL D (Issuer Not Cooperating) Packing Credit 9 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with VFPL 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 VFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of VFPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2011, VFPL is engaged into trading of fabric, garments, footwear and cloth piece. The day to day operations are managed by Mr. Desai. VIJAY IRON: CRISIL Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of Vijay Iron and Steel Co. (VISC) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with VISC 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 VISC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VISC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VISC continues to be 'Crisil D Issuer not cooperating'. Established in 1972 in Jalandhar, Punjab, as a proprietorship firm by Mr Ramniwas Bansal, VISC trades in steel products such as hot-rolled coils, sheets, and plates. ZENITH STRIPS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Zenith Strips Limited (ZSL) continue to be CRISIL D Issuer Not Cooperating. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Cash Credit 10 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Zenith Strips Limited (ZSL) 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 ZSL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ZSL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ZSL continues to be 'Crisil D Issuer not cooperating'. Established as a proprietorship firm in 1998, ZSL was reconstituted as a public-limited company with its current name in 2009. Promoted by Mr. Arjun Karsawara and Mr. Rajesh Karsawara, ZSL manufactures and trades in SS tubes and pipes of various types, which find application in the sugar, petrochemicals, oil and gas, pharmaceuticals, and chemicals and fertilizers industries. Its manufacturing facility in Santej, Gujarat, has manufacturing capacity to produce 800 tonne per month of SS pipes and tubes. ========= J A P A N ========= [] JAPAN: FTC Raids Ice Cream Giants in Cartel Investigation ------------------------------------------------------------ The New York Times reports that Japan's Fair Trade Commission said this week that it had raided the offices of six leading ice cream manufacturers on suspicion that they were operating a cartel. According to The New York Times, the authorities said the companies had colluded to raise prices beyond an increase in the costs of raw materials, and that their actions had harmed customers. The companies - Akagi Nyugyo, Ezaki Glico, Lotte, Meiji, Morinaga Milk Industry and Morinaga & Co. - declined to comment beyond brief statements saying they would cooperate with the investigation. The New York Times relates relates that the case threatens to undermine the reputations of some of the largest food companies operating in Japan. The ice cream industry has boomed in recent years and was valued at more than $4 billion last year, up about 3 percent from 2024. Convenience stores, supermarkets and vending machines are stocked with favorites like soda-flavored Popsicles, frozen wafer sandwiches and red bean ice cream. Ice cream bars typically sell for around 100 yen, or about 62 cents. Some companies have apologized in recent years for raising the price of trademark products. Akagi, one of the companies whose offices were raided, had apologized on its website for raising the price of its GariGarikun Soda bar in recent years, citing rising costs. The authorities said the companies had worked together to repeatedly raise prices by 10 yen, or about 6 cents, The New York Times relays. Japanese news outlets reported that senior executives at the companies faced accusations that they privately coordinated the timing and size of the price increases. Rising prices have stoked public anger recently in Japan, which is grappling with inflation for the first time in decades. The Bank of Japan on Tuesday joined other global central banks in raising interest rates to head off an expected spike in inflation fueled by higher energy costs from the war in the Middle East. The New York Times adds that the authorities said the price increases by the ice cream manufacturers went beyond standard inflation. Tetsuji Yokote, director of the investigation bureau at the Fair Trade Commission, declined to comment in detail about the case. ===================== N E W Z E A L A N D ===================== AM MEDIA: Court to Hear Wind-Up Petition on June 25 --------------------------------------------------- A petition to wind up the operations of AM Media Corporation Limited will be heard before the High Court at Auckland on June 25, 2026, at 10:45 a.m. The Petitioner's solicitor is: Richard James Gordon MinterEllisonRuddWatts BNZ Place Level 5 1 Whitmore Street Wellington 6011 AMBIT AI: Creditors' Proofs of Debt Due on July 6 ------------------------------------------------- Creditors of Ambit AI Limited and Ambit AI Nominees Limited are required to file their proofs of debt by July 6, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 8, 2026. The company's liquidators are: Adele Irene Hicks Stephanie Beth Jeffreys Grant Thornton New Zealand Limited PO Box 1961 Auckland BURGER BURGER: Goes Into Receivership After 12 Years ---------------------------------------------------- Stuff.co.nz reports that gourmet burger chain Burger Burger has announced they have gone into receivership after 12 years in business. Burger Burger began in 2014 with a store in Auckland before expanding with five further stores, including in Hamilton and Mount Maunganui. As reported by the NZ Herald on June 18, the burger chain, which employs 90 people, owes around NZD1.8 million, with the receivership triggered by a landlord calling in a loan and rent arrears. According to Stuff, Burger Burger Holdings director Mimi Gilmour said she was still fighting to save the business, but admitted the company started struggling in 2025. "It was last year really that the crunch started - the cost of living crisis, and we kind of recovered at the beginning of this year, and then the war started." Stuff relates that Ms. Gilmour said a combination of higher wages and a 70% increase in meat prices over 18 months had made life difficult for the business. "We just suddenly overnight went from making money to like losing 20 grand a week, and you can't just close the doors and stop . . . I should have diversified. Taken the assets we had and diversified faster," she told the Herald. Damien Grant and Adam Botterill of Waterstone have been appointed receivers to Burger Burger Holdings, Stuff discloses. In a statement to Stuff, Mr. Botterill said it was early in their investigations and they remain "hopeful" that a resolution can be reached and the debt repaid to their appointer. "We are working with the director and appointor to find a way forward to minimise the disruption to the business, he said. Stuff relates that Mr. Botterill said the stores remain open, to his knowledge, and continue to trade as normal. In 2016, Burger Burger was crowned the best burger in New Zealand by Metro Magazine. COASTLINE ENTERPRISES: Creditors' Proofs of Debt Due on July 16 --------------------------------------------------------------- Creditors of Coastline Enterprises Limited and 28Build Limited are required to file their proofs of debt by July 16, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 9, 2026. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 ISADOR LIMITED: Creditors' Proofs of Debt Due on June 26 -------------------------------------------------------- Creditors of Isador Limited are required to file their proofs of debt by June 26, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 26, 2026. The company's liquidator is: Yunus Ahmed Musa, TFS Chartered Accountants Chartered Accountant 214 Main Road, Tawa Wellington 5028 Email: yunus@tfs.co PHIL CLARKE: Director Charged Over NZD800k of Missing Tax --------------------------------------------------------- The Press reports that Inland Revenue has charged the boss of a Canterbury painting company with helping his business spend almost NZD800,000 of tax deductions elsewhere for more than two years. Phil Clarke & Son was placed into voluntary liquidation owing more than NZD2 million on July 8 last year. The same day, owner-operator Daniel Clarke registered a new company with a similar name. He told the liquidator a major customer's reduced spending led the business to become uneconomical and fall behind on tax, The Press relays. THOMSON ELECTRICAL: Court to Hear Wind-Up Petition on June 22 ------------------------------------------------------------- A petition to wind up the operations of Thomson Electrical Limited will be heard before the High Court at Whangarei/Whangarei-terenga-paraoa on June 22, 2026, at 10:00 a.m. Bizcap NZ Limited filed the petition against the company on March 27, 2026. The Petitioner's solicitor is: James Cochrane Lane Neave Lawyers Level 8, Vero Centre 48 Shortland Street Auckland ================= S I N G A P O R E ================= ALCHIMIA PTE: Court Enters Wind-Up Order ---------------------------------------- The High Court of Singapore entered an order on June 5, 2026, to wind up the operations of Alchimia Pte. Ltd. National Health Insurance Fund filed the petition against the company. The company's liquidators are: Ng Kian Kiat Goh Wee Teck c/o RSM SG Corporate Advisory 8 Wilkie Road #03-08, Wilkie Edge Singapore 228095 CURRY HUT: Court Enters Wind-Up Order ------------------------------------- The High Court of Singapore entered an order on June 5, 2026, to wind up the operations of The Curry Hut 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 600 North Bridge Road #23-01 Parkview Square Singapore 188778 DNDTS PTE: Commences Wind-Up Proceedings ---------------------------------------- Members of DNDTS Pte. Ltd. on June 9, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Ms. Muk Siew Peng c/o ClearView Associates 133 New Bridge Road #08-01 Chinatown Point Singapore 059413 DOWNER SINGAPORE: Creditors' Proofs of Debt Due on July 6 --------------------------------------------------------- Creditors of Downer Singapore Pte. Ltd. are required to file their proofs of debt by July 6, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 5, 2026. The company's liquidators are: Mr. Purandar Janampalli Rao Ms. Ee Meng Yen Angela EY Corporate Advisors c/o One Raffles Quay North Tower 18th Floor Singapore 048583 QI TECK: Court Enters Wind-Up Order ----------------------------------- The High Court of Singapore entered an order on June 5, 2026, to wind up the operations of Qi Teck Electrical Engineering 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 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ===================== S O U T H K O R E A ===================== HOMEPLUS CO: Meritz Approves US$66 Million Emergency Funding ------------------------------------------------------------ The Korea Times reports that Meritz Financial Group has approved KRW100 billion ($66 million) in emergency financing for Homeplus, the struggling retailer currently undergoing court-led rehabilitation, the company said June 18. The Korea Times says the approval, however, falls short of the KRW200 billion sought by Homeplus. Meritz also stipulated that the funds can only be drawn if MBK Partners, the private equity firm that controls the retailer, and MBK Chairman Michael ByungJu Kim provide legally valid and enforceable joint guarantees, casting doubt on whether the financing will ultimately be disbursed. The Korea Times relates that the conditions have heightened concerns over Homeplus' restructuring prospects, with industry observers warning that the retailer could face bankruptcy if it fails to secure sufficient funding before a key court deadline in July. According to The Korea Times, Meritz said its board approved the KRW100 billion debtor-in-possession (DIP) loan at a meeting on June 17. Rather than being disbursed immediately, the funds will be placed in an escrow account. Homeplus will be able to access the money only after meeting the additional conditions set by the lender. The Korea Times relates that Meritz said it imposed the requirement amid growing shareholder opposition to providing further financial support to Homeplus and because of legal obligations under the revised Commercial Act, including directors' duty to act in the best interest of shareholders. "The approved funding will be released as soon as the guarantees provided by MBK Partners and its chairman are confirmed to be legally valid and binding," a Meritz official said. "MBK Partners, as Homeplus' controlling shareholder and the party ultimately responsible for its management, should demonstrate its commitment by providing an additional 100 billion won and taking meaningful steps to support the retailer's turnaround." Meritz, which extended KRW1.2 trillion in loans to Homeplus in 2024, is the retailer's largest creditor. The company said the additional financing was intended to fulfill its social responsibility as a financial institution by supporting the rehabilitation of the country's second-largest supermarket chain. Still, the latest decision has added fresh pressure to Homeplus' restructuring efforts, The Korea Times relays. Under the revised rehabilitation plan, the retailer needs at least KRW200 billion to extend the rehabilitation process and continue operating independently. The Korea Times notes that Meritz's decision means it will provide only KRW100 billion, within the scope of guarantees offered by MBK, leaving the remaining KRW100 billion to be raised directly by the private equity firm through loans or other funding sources. Industry observers said Meritz's request could prove difficult for MBK to accommodate, given that the private equity firm has already injected about KRW500 billion into Homeplus through a combination of corporate guarantees, personal guarantees from Kim and direct lending, The Korea Times relays. They also noted that MBK has limited flexibility to commit additional capital since investor funds are largely locked into existing private equity structures. According to The Korea Times, Homeplus faces a July 3 deadline to obtain court approval for its rehabilitation plan. Failure to secure the full KRW200 billion in DIP financing by then can significantly diminish the retailer's chances of obtaining an extension of the rehabilitation process. "The court could conclude that Homeplus has little prospect of raising the required funds and may therefore move toward bankruptcy proceedings rather than grant additional time for rehabilitation," an investment banking industry official said. Homeplus reiterated its request for KRW200 billion in DIP financing, saying the funding is critical to its court-led restructuring. The Korea Times adds that the retailer said its recovery prospects would improve significantly if its restructuring plan centered on 67 key stores is carried out successfully. "Securing 200 billion won in emergency operating funds is essential, as the success of the rehabilitation process ultimately hinges on the successful sale of the remaining business operations," a Homeplus official said. About Homeplus Co Homeplus Co. operates discount store chain in South Korea. It currently operates 126 stores nationwide. Homeplus entered court-led rehabilitation process on March 4, 2025, after a Seoul court approved the request by MBK Partners, the private equity fund that owns the discount store chain. The decision came after Korea Investors Service and Korea Ratings Inc. downgraded the company's rating, citing the company's lack of efforts to improve its financial health. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***