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260622.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Monday, June 22, 2026, Vol. 29, No. 123 Headlines A U S T R A L I A ACCESS MERCANTILE: Second Creditors' Meeting Set for June 26 BREWTOWN NEWTOWN: Second Creditors' Meeting Set for June 23 ENI INDUSTRIES: First Creditors' Meeting Set for June 25 FLEXICOMMERCIAL ABS 2025-1: Fitch Affirms 'B+sf' Rating on F Notes GFG ALLIANCE: Workers Given Hope as Mine Sold to Consortium LIBERTY OZ: First Creditors' Meeting Set for June 24 METIGY PTY: Former CEO Sentenced to Nine Years' Imprisonment MURDOCK EARLY: First Creditors' Meeting Set for June 25 NETWORK RV: Enters Voluntary Administration Owing AUD30 Million VITRINITE PTY: Ithaca Snaps Up Bankrupt Queensland Coal Miner I N D I A AARCOT CERAMIC: CRISIL Keeps D Debt Ratings in Not Cooperating AGRIBASE COMMODITIES: CRISIL Keeps D Ratings in Not Cooperating AKSHAR SPINTEX: CARE Keeps D Debt Ratings in Not Cooperating ARMAAX AUTO: CRISIL Keeps D Ratings in Not Cooperating Category BHOPAL GARAGE: CARE Keeps B- Debt Ratings in Not Cooperating COCHIN GLASS: CRISIL Keeps D Debt Rating in Not Cooperating ELITE INFRAPROJECTS: CARE Keeps D Debt Ratings in Not Cooperating GOVIND AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating HAPPY ACOUSTICS: CRISIL Keeps D Debt Ratings in Not Cooperating JANASHREE MICROFIN: CARE Keeps B- Issuer Rating in Not Cooperating KEDARNATH COMMOTRADE: CARE Keeps D Debt Ratings in Not Cooperating LAZULINE BIOTECH: CRISIL Keeps D Debt Ratings in Not Cooperating MACRO VENTURES: CARE Keeps D Debt Rating in Not Cooperating NAKODA TECHNOFIBE: CARE Keeps D Debt Rating in Not Cooperating ORIENTAL EDUMED: CARE Lowers Rating on INR27.18cr LT Loan to C OSWAL OVERSEAS: Insolvency Resolution Process Case Summary P.G. ICE: CARE Keeps D Debt Rating in Not Cooperating Category SAIBABA SALES: CARE Keeps B- Debt Rating in Not Cooperating SAISONS TRADE: CARE Keeps D Debt Rating in Not Cooperating SARALSCF TECHNOLOGIES: Voluntary Liquidation Process Case Summary SK INTERNATIONAL: Reports Qualified Audit, Going Concern Doubts SKI AND SNOW: Insolvency Resolution Process Case Summary SWASTIK PANELS: CRISIL Keeps D Debt Ratings in Not Cooperating T.C. AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating T.R. CHEMICALS: CRISIL Keeps D Debt Ratings in Not Cooperating TILAK RAM: CARE Keeps B- Debt Rating in Not Cooperating Category VAMSADHARA GINNING: CRISIL Keeps D Ratings in Not Cooperating VELOHAR INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating VIGNESHWARA DEVELOPERS: Insolvency Resolution Process Case Summary M A L A Y S I A MAJU HOLDINGS: Creditor Withdraws Judicial Management Application M O N G O L I A DEVELOPMENT BANK: S&P Rates New USD-Denom. Sr. Unsec. Notes 'BB-' N E W Z E A L A N D CASSINY LIMITED: Court to Hear Wind-Up Petition on June 25 FINLAY ELECTRICAL: Creditors' Proofs of Debt Due on July 9 FRIENDS CUISINE: Creditors' Proofs of Debt Due on July 24 HIRA HOMESTEAD: Nelson Man Must Pay NZD13k After Ex-Partner Ousted KP BUILDERS: Court to Hear Wind-Up Petition on July 3 QUALITY LABELS: Rodewald Consulting Appointed as Receivers WELLINGTON ZOO: Warns of 'Going Concern' Risk as New CEO Starts S I N G A P O R E ACROMION PTE: Commences Wind-Up Proceedings ACTIVE RENO: Court to Hear Wind-Up Petition on July 3 CEONA PTE: Commences Wind-Up Proceedings TELEDATA TECHNOLOGIES: Court to Hear Wind-Up Petition on July 3 TRADEPAC SYSTEMS: Court to Hear Wind-Up Petition on June 26 VALUEMAX GROUP: Fitch Assigns 'BB' Long-Term IDR, Outlook Stable - - - - - ================= A U S T R A L I A ================= ACCESS MERCANTILE: Second Creditors' Meeting Set for June 26 ------------------------------------------------------------ A second meeting of creditors in the proceedings of Access Mercantile Services Contingency Debt Collections Pty Ltd has been set for June 26, 2026, at 10:00 a.m. via video conference. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by June 24, 2026 at 5:00 p.m. Rachel Burdett and Barry Wight of Cor Cordis were appointed as administrators of the company on May 21, 2026. BREWTOWN NEWTOWN: Second Creditors' Meeting Set for June 23 ----------------------------------------------------------- A second meeting of creditors in the proceedings of Brewtown Newtown Pty Ltd, Urban Cafe Store Pty Ltd and PSR Projects Pty Ltd has been set for June 23, 2026, at 3:00 p.m. at the offices of HLB Mann Judd, at Level 5, 10 Shelley Street, in Sydney, NSW, and via virtual meeting technology. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by June 22, 2026 at 5:00 p.m. Todd Gammel and Matthew Levesque-Hocking of HLB Mann Judd were appointed as administrators of the company on May 18, 2026. ENI INDUSTRIES: First Creditors' Meeting Set for June 25 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Eni Industries Pty Ltd (trading as AH Fabrications) will be held on June 25, 2026, at 10:00 a.m. via teleconference. John Vouris and Kathleen Vouris of Hall Chadwick were appointed as administrators of the company on June 16, 2026. FLEXICOMMERCIAL ABS 2025-1: Fitch Affirms 'B+sf' Rating on F Notes ------------------------------------------------------------------ Fitch Ratings has affirmed six note classes from flexicommercial ABS Trust 2025-1 with Stable Outlooks. The notes are backed by a pool of first-ranking Australian secured commercial auto and equipment finance receivables extended to SME borrowers. The receivables are originated by Flexirent Capital Pty Limited and flexicommercial Pty Ltd (together, flexicommercial), each a wholly owned subsidiary of Humm Group Limited. The notes were issued by Perpetual Corporate Trust Limited as trustee for flexicommercial ABS Trust 2025-1. Entity/Debt Rating Prior ----------- ------ ----- flexicommercial ABS Trust 2025-1 A AU3FN0099511 LT AAAsf Affirmed AAAsf B AU3FN0099529 LT AAsf Affirmed AAsf C AU3FN0099537 LT Asf Affirmed Asf D AU3FN0099545 LT BBBsf Affirmed BBBsf E AU3FN0099552 LT BB+sf Affirmed BB+sf F AU3FN0099560 LT B+sf Affirmed B+sf Transaction Summary The collateral pool has amortised to AUD460.2 million as of the 30 April 2026 pool cut date from AUD625.4 million at closing. The pool comprises 5,286 fixed-rate, fully amortising principal-and-interest loan and lease receivables, down from 5,901 at closing, with an average balance of AUD87,076, compared with AUD105,982 at closing. The weighted-average remaining term has decreased to 37.5 months from 48.2 months at closing. KEY RATING DRIVERS Stable Asset Performance: The performance of the underlying assets has remained stable. As of end-April 2026, 30+ and 60+ day arrears were 1.7% and 1.3%, respectively, both above Fitch's 4Q25 Auto ABS Performance Monitor benchmarks of 1.5% and 0.7%, respectively. In the absence of an equipment-specific index, Fitch uses the Auto ABS index as a reference, given the similarities between the asset classes. The underlying assets are performing in line with the base-case expectations set at closing. As of end-April 2026, the transaction has paid down to 73.6% of its original balance, and cumulative defaults and losses were 0.6% and 0.5%, respectively, compared with lifetime base-case default and loss assumptions at closing of 3.6% and 2.3%, respectively. The transaction level one-year default probability and base-case recovery assumptions remain unchanged from closing at 1.6% and 42.5%, respectively, while the 'AAAsf' portfolio loss has decreased to 18.6% from 20.7% at closing, driven primarily by the lower weighted-average life of the assets. Granular Portfolio: The securitised portfolios are highly granular, with the largest single obligor accounting for no more than 0.3%, unchanged since closing, of the portfolio balance, whereas the 10-largest obligors account for 2.1%, up from 2.0% at the closing. The portfolio continues to be diversified across regions and industries. All receivables are amortising. Tight Labour Market to Support Outlook: Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 2.5% for the year to March 2026 and unemployment was 4.5% in April 2026. Fitch forecasts GDP growth of 2.2% 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 Unanticipated increases in the frequency of defaults and loss severity on defaulted receivables could produce loss levels higher than Fitch's base case, and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions. Notes: A / B / C / D / E / F Rating: AAAsf / AAsf / Asf / BBBsf / BB+sf / B+sf Increase in mean rating default rate (RDR) by 25%: AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf Increase in mean RDR by 50%: AAAsf / AA-sf / A-sf / BBB-sf / BB-sf / Less than Bsf Reduce recovery rates by 25%: AAAsf / AA-sf / A-sf / BBBsf / BBsf / Bsf Reduce recovery rates by 50%: AA+sf / A+sf / BBB+sf / BBB-sf / BB-sf / Less than Bsf Increase the mean RDR by 25% and reduce recovery rates by 25%: AAAsf / A+sf / A-sf / BBB-sf / BB-sf / Less than Bsf Increase the mean RDR by 50% and reduce recovery rates by 50%: AA-sf / Asf / BBB+sf / BB+sf / Bsf / Less than Bsf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade could result from macroeconomic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. The class A ratings are at the highest level on Fitch's scale and cannot be upgraded. Prepayments to the loans with the largest obligor exposure, which result in the notes passing Fitch's concentration test, could lead to positive rating action for the notes, all else being equal. Notes: B / C / D / E / F Rating: AAsf / Asf / BBBsf / BB+sf / B+sf Decrease the mean RDR by 25% and increase recovery rates by 25%: AAAsf / A+sf / A-sf / BBB-sf / BBsf USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Prior to the transactions 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. GFG ALLIANCE: Workers Given Hope as Mine Sold to Consortium ----------------------------------------------------------- ABC News reports that Tahmoor Colliery has been sold to a consortium comprising of Singapore-based Golden Energy and Resources (GEAR) and Australian mining company M Resources. The ABC relates that the sale of the mine south west of Sydney remains subject to state and federal government approvals, but the Mining and Energy Union (MEU) said it is the clearest sign yet that mining operations and hundreds of local jobs could soon return. In March, 238 permanent workers lost their jobs after liquidators moved to make the workforce redundant, the ABC discloses. It came after the loss of more than 250 contractor jobs in November last year. The ABC notes that the mine had been placed into liquidation by the NSW Supreme Court after accumulating more than AUD430 million in claims, including about AUD250 million in related-party debt linked to former owner Sanjeev Gupta's GFG Alliance. At the time, long-serving employees described leaving the mine for the final time as devastating, with some forced to seek work hundreds of kilometres from home. According to the ABC, MEU South Western District secretary Andy Davey said the greatest impact would be felt by workers who had spent months travelling or living away from home in Mudgee, Newcastle and Queensland to maintain employment after the collapse of Tahmoor. He said the sale was "absolutely brilliant" news for workers, creditors and the broader community. "Tahmoor is a great asset. There's nine years, 10 years on the current lease," he said. The ABC relates that Mr. Davey said there had been significant interest in the mine during the sale process, with as many as 20 parties expressing interest. He said the union had been concerned about the prospect of an inexperienced overseas owner acquiring the operation but was confident the successful consortium had the experience and financial backing needed to restart the mine. GEAR is the majority owner of Stanmore Resources Ltd and GM3, and is involved in the production of gold in Australia through its 50 per cent interest in Ravenswood Gold. M Resources is an Australian mining investment and coal marketing company specialising in metallurgical coal used in steelmaking. It operates globally and is wholly owned by Brisbane-based mining executive Matt Latimore. The venture is not the first time Mr. Latimore has partnered with GEAR, which is majority owned by the wealthy Indonesian Widjaja family. Through its GM3 joint venture, the consortium took over the Appin and Dendrobium coal mines in the nearby Illawarra region in 2024. The consortium was also recently named among the final bidders for the Whyalla Steelworks sale process. According to the liquidators, the successful bidder intends to re-engage with former employees and prioritise rehiring suitably qualified members of the previous workforce as part of any restart plan, the ABC relays. The ABC adds that Mr. Davey said M Resources and its GM3 consortium team had reached out to the MEU about their interest in the mine and what they were prepared to offer workers. About GFG Alliance GFG Alliance is a global group of businesses in industries including steel, aluminium, and energy. GFG Alliance has had significant operations in Australia, including the Whyalla Steelworks in South Australia run by OneSteel Manufacturing Pty Limited, Tahmoor Coal in New South Wales, and Liberty Bell Bay in Tasmania. On Feb. 19, 2025, KordaMentha partners Mark Mentha, Sebastian Hams, Michael Korda and Lara Wiggins were appointed voluntary administrators of OneSteel Manufacturing. The appointment was made by the South Australian Government. The state government took the decision to place OneSteel in administration, after losing confidence in the financial capability of GFG Alliance to pay its bills as and when they fall due, and in GFG's ability to secure funding needed for the ongoing operation of the steelworks, according to Department for Energy and Mining. Liberty Primary Metals Australia (LPMA) is the holding entity for GFG's Australian steel and mining businesses, including Tahmoor. On Nov. 3, 2025, Michael Brereton, Rashnyl Prasad and Sean Wengel of William Buck were appointed as administrators of LPMA. On Feb. 9, 2026, Joseph Hayes and Christopher Johnson of Wexted Advisors were appointed as administrators of Tahmoor Coal Pty Ltd (trading as Tahmoor Colliery). The company entered liquidation on March 6, 2026, resulting in 238 job losses. On March 23, 2026, Morgan John Kelly, Robyn Louise Duggan and Samuel John Freeman of Ernst & Young were appointed as administrators of Liberty Bell Bay Pty Ltd. LIBERTY OZ: First Creditors' Meeting Set for June 24 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Liberty Oz Pty Ltd (trading as My Little House & Container Domes and Shelters) will be held on June 24, 2026, at 11:00 a.m. via Microsoft Teams. James Taplin of BRI Ferrier was appointed as administrator of the company on June 15, 2026. METIGY PTY: Former CEO Sentenced to Nine Years' Imprisonment ------------------------------------------------------------ The Federal Court has sentenced the former CEO of AI marketing company Metigy Pty Ltd, David Fairfull, to nine years' imprisonment following an ASIC investigation into misleading conduct and the misuse of company funds. After pleading guilty in November 2025, the Federal Court on June 19 convicted Mr. Fairfull on one count each of making false and misleading statements to investors and dishonestly using his position as a director for personal gain. Mr. Fairfull was sentenced to seven years and six months' imprisonment for making false or misleading statements to investors and three years' imprisonment for using his position as a director dishonestly. 18 months of the sentence was ordered to be served concurrently. As a result, the total sentence imposed by the court was nine years imprisonment with a non-parole period of five years and four months. ASIC Chair Sarah Court said the investigation and prosecution of misconduct related to directors' duties is an enduring enforcement priority. 'Mr. Fairfull's actions were a breach of the integrity and honesty expected of directors, and his imprisonment reflects the seriousness of his crime. 'Mr. Fairfull fed investors false statements about the company's financial performance and misused company funds for his own personal benefit. 'ASIC will continue its focus on director misconduct, and we will not hesitate to take action in response to serious governance failures,' the Chair said. The offending related to multiple capital raising activities between 2018 and 2021 during which investors contributed significant funds to Metigy based on false representations about the company's financial performance, including: * three capital raisings between October 2018 and October 2020, which raised approximately AUD23.4 million, * a secondary share sale in July 2021, which raised approximately AUD15.7 million, and * a proposed capital raising of AUD50 million. In total, investors paid just over AUD39 million based on Mr. Fairfull's sustained and repeated misleading statements. In November 2021, Mr. Fairfull also dishonestly used his position as a director to cause AUD7.7 million to be lent by Metigy to fund the purchase of residential real estate for his personal benefit. In sentencing Mr Fairfull, Justice Abraham said his acts were 'deliberate, premeditated, sophisticated and rational ones to achieve a purpose.' 'They were dishonest acts designed for personal gain,' Her Honour found. Her Honour referred to a statement provided to the court by one of the investors and noted that it was '. . . illustrative of the type of loss that Mr. Fairfull's offending has caused for the investors and purchasers of shares, who relied upon the false information he provided. This included "hard working Australians saving for retirement and wanting to back Australian businesses".' Her Honour went on to observe however that 'victims of these types of crimes are not confined to those who directly suffered through loss of their funds, but extend to the investing public at large.' Her Honour held that offending of this type 'undermines the integrity of Australia's financial markets and system of corporate regulation and erodes the confidence of participants in the commercial world.' The matter was prosecuted by the Office of the Director of Public Prosecutions (Cth) (CDPP) following an investigation by ASIC. Between 2018 and 2021, the Metigy group developed software marketed as using artificial intelligence to support small and medium businesses with digital marketing strategies. Mr. Fairfull pleaded guilty to: * one count of making false and misleading statements, contrary to ss 1041E(1) and 1311(1) of the Corporations Act 2001, and * one count of dishonestly using his position as a director to gain an advantage, contrary to s 184(2) of the Corporations Act 2001. ASIC's investigation found that Mr. Fairfull provided false information about the company's revenue and income to investors and misused company funds for personal benefit. Mr. Fairfull first appeared in the Downing Centre Local Court on Nov. 8, 2024. About Metigy Founded in 2015 by David Fairfull and Johnson Lin, Sydney-based Metigy provided an all-in-one marketing platform tailored for the needs of SMEs. The Metigy platform includes video creation and image editing systems, a live ad creation tool, and a 'marketing command center' providing "recommendations tailored to your brand". Simon Cathro and Andrew Blundell of Cathro Partners were appointed as administrators of the company on July 29, 2022. MURDOCK EARLY: First Creditors' Meeting Set for June 25 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Murdock Early Education Schools Pty Ltd (trading as 'Young Explorers Early Learning - Coogee Campus) will be held on June 25, 2026, at 11:00 a.m. at the offices of RSM at Level 32 Exchange Tower, 2 The Esplanade, in Perth, WA. Philip Michael Davie and Jerome Hall Mohen of RSM were appointed as administrators of the company on June 15, 2026. NETWORK RV: Enters Voluntary Administration Owing AUD30 Million --------------------------------------------------------------- Sky News Australia reports that a popular Australian vehicle company has collapsed while holding a multi-million-dollar debt. News Corp revealed on June 19 the staggering debt left by Network RV, a leading Australian caravan group, was AUD30 million, Sky News relates. The company has become the latest in a line of caravan producers being forced to liquidate or enter voluntary administration. Network RV owns Vancraft, Nextgen, and Victory brands, and also has three Fair Dinkum Caravan dealerships across the country, which are now all looking to be sold. Of the debt, AUD10 million is owed to a financier, AUD12 million to trade creditors and AUD3 million to the ATO, Sky News discloses. Employee entitlements are valued at AUD1.5 million too, with potential redundancies also coming to a further AUD1.5 million for the company. The group hold 129 completed vans and 19 more still in production. Administrators told News Corp that there has been strong interest in the sale of the company. Sky News relates that SV Partners administrator David Stimpson said that he is "confident such a sale will ensure a continuity in the supply of the Network, Victory, Styline and Vancraft caravan brands to dealers". "There is strong interest in the business and we are in the midst of a marketing campaign to key players in the industry," he added. The administrator pointed to a drop in demand for caravans, caused by hard economic conditions, global unrest and wider cost of living challenges, Sky News relays. A senior management change also caused further issues for the company. VITRINITE PTY: Ithaca Snaps Up Bankrupt Queensland Coal Miner ------------------------------------------------------------- The Australian Financial Review reports that a bankrupt Queensland coal miner that collapsed owing AUD400 million has been acquired by an Indonesian rival for more than AUD200 million. Brisbane-headquartered Vitrinite filed for administration earlier this year when a creditor, Singaporean commodities trading house Trafigura, sought repayment for AUD177 million it was owed. The privately owned company owed another AUD265.9 million to other creditors, including AUD16 million to employees and AUD2.2 million to Isaac regional council for unpaid haulage fees. Vitrinite operated the Vulcan coal mine in central Queensland's Bowen Basin, which was placed into care and maintenance in February, causing staff to be stood down. Indonesia's Ithaca Resources has agreed to buy the miner out of administration, saving jobs at its operations south-west of Mackay, according to people briefed on the matter who requested anonymity to speak freely, the Financial Review relays. Ithaca intends to restart operations as soon as possible, with secured creditor Trafigura was expected to be repaid in full. Vitrinite was founded by Nick Williams and Ryan Welker, a former non-executive director at ASX-listed mining giant Mineral Resources. The company bought Vulcan in 2018 and started production three years later. It planned to extract coking coal from three separate open-cut pits, with an expected mine life of seven years. "The thesis is straightforward: scarce, high-quality metallurgical coal, responsibly operated, generates durable returns through every part of the cycle," Mr. Welker wrote on LinkedIn of Vitrinite's business plan. In 2023, the company bought the Callan Coking Coal project – an asset once known as Picardy that was previously owned by BHP. The Financial Review notes that Vitrinite's collapse came amid a tough period for the state's coal miners, who have faced weaker commodity prices, prompting the likes of BHP, Anglo American and QCoal to cut 1200 jobs. KordaMentha's Richard Tucker and David Johnstone acted as Vitrinite's receivers. About Vitrinite Vitrinite operates a coal mine known as the Vulcan Coal Mine located approximately 35 kilometres south of Moranbah in the Bowen Basin in Queensland. The Vitrinite group of companies entered voluntary administration on Feb. 22, 2026. Thomas Birch and Jeremy Nipps of Cor Cordis have been appointed as administrators of Vitrinite Pty Ltd, Queensland Coking Coal Pty Ltd, Callan Coking Coal Pty Ltd, Togara South Pty Ltd and Qld Coal Aust No. 1 Pty Ltd. KordaMentha's Richard Tucker and David Johnstone were appointed as Receivers and Managers of Vitrinite and related entities on March 4, 2026. ========= I N D I A ========= AARCOT CERAMIC: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Aarcot Ceramic Private Limited (ACPL) 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 2.5 CRISIL D (Issuer Not Cooperating) Cash Term Loan 4.6 CRISIL D (Issuer Not Cooperating) Proposed Long Term Bank Loan Facility 4.4 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ACPL 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 ACPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ACPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ACPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. ACPL, incorporated in Morbi (Gujarat) in 2013, is promoted by Mr. Jitendra Lavjibhai Dekavadiya and Mr. Lakhmanbhai Madhavbhai Zalariya. The company has set up a factory to manufacture digital wall tiles and started commercial operation in November 2014. AGRIBASE COMMODITIES: CRISIL Keeps D Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Agribase Commodities (ABC) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.85 CRISIL D (Issuer Not Cooperating) Foreign Exchange 0.33 CRISIL D (Issuer Not Forward Cooperating) Term Loan 0.16 CRISIL D (Issuer Not Cooperating) Warehouse Receipts 1.15 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ABC 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 ABC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ABC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ABC continues to be 'Crisil D/Crisil D Issuer not cooperating'. Set up as a partnership firm in 1997, ABC is engaged in the processing and sale of cashew kernels. The firm operates through a processing facility located near Mangalore (Karnataka) and is managed by Mr. Umesh Kamath, the managing partner. AKSHAR SPINTEX: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Akshar Spintex Limited (ASL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 16.92 CARE D; ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term 1.35 CARE D; ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 2, 2025, placed the rating(s) of ASL under the 'issuer non-cooperating' category as ASL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ASL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 16, 2026, February 26, 2026, March 8, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Jamnagar, Gujarat based, Akshar Spintex Limited (ASL) was incorporated as a private limited company in June 2013 by Mr. Amit Gadhiya and Mr. Ashok Bhalala. Then in December 2017, the company converted into a public limited company and got listed on BSE in the same year. ASL manufactures carded, combed and compact cotton yarn of finer quality ranging between 16s to 44s counts having 24,480 spindles with an installed capacity of 6,000 Metric Tons Per Annum (MTPA) as on March 31, 2024, and operates from its sole manufacturing facility located at Haripar, Jamnagar, Gujarat. ARMAAX AUTO: CRISIL Keeps D Ratings in Not Cooperating Category --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Armaax Auto Private Limited (AAPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1.36 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 1.84 CRISIL D (Issuer Not Cooperating) Working Capital 4.15 CRISIL D (Issuer Not Demand Loan Cooperating) Working Capital 2.65 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with AAPL 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 AAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AAPL continues to be 'Crisil D Issuer not cooperating'. AAPL manufactures tractor components, primary for Mahindra and Mahindra Ltd ('Crisil AAA/Stable/Crisil A1+'). The firm was established in by Mr. R S Kamble in Mumbai. BHOPAL GARAGE: CARE Keeps B- Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Bhopal Garage and Service Station (BGSS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.09 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 12, 2025, placed the rating(s) of BGSS under the 'issuer non-cooperating' category as BGSS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BGSS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 28, 2026, April 7, 2026, April 17, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable BGSS was established in 2008 as an authorized dealer and as an authorized service centre for Honda Motorcycle and Scooters India (HMSI) Pvt. Ltd. The firm owns one sales showroom cum service centre of 2000sq feet with capacity of 1200 vehicles and three more branches on rent in Bhopal. From 1978 to 2007, BGSS was dealer of Bajaj vehicles and 2008 onwards started dealership of HMSI. COCHIN GLASS: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Cochin Glass House Private Limited (CGPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with CGPL 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 CGPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CGPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CGPL continues to be 'Crisil D Issuer not cooperating'. CGPL, established in 2010, trades in glass and plywood. Operations of the Cochin-based company are managed by Mr. Shajen K R. ELITE INFRAPROJECTS: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Elite Infraprojects Private Limited (EIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 6.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 19, 2025, placed the rating(s) of EIPL under the 'issuer non-cooperating' category as EIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. EIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 4, 2026, April 14, 2026, April 24, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable EIPL was incorporated in the year 2009 by Mr. B Narsimha Reddy and Mr. B Nagi Reddy. The company is engaged in the execution of civil construction works such as laying of roads, canal irrigation works and other civil works for both government and private organisations. EIPL mainly undertakes projects for government and private organisations. GOVIND AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Govind Agro Foods (GAF) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 25 CRISIL D (ISSUER NOT COOPERATING) Cash Credit 5 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with GAF 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 GAF, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GAF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GAF continues to be 'Crisil D Issuer not cooperating'. Set up in July 2009 as a partnership firm by Mr. Subhash Chand and his son, Mr. Neeraj Kumar, GAF processes basmati rice and sells to domestic players, which export it to the Middle East. HAPPY ACOUSTICS: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Happy Acoustics Private Limited (HAPL; part of the Five Core group) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 11 CRISIL D (Issuer Not Cooperating) Bill Discounting 5 CRISIL D (Issuer Not Cooperating) Bill Discounting 19 CRISIL D (Issuer Not Cooperating) Bill Discounting 4 CRISIL D (Issuer Not Cooperating) Cash Credit 1.5 CRISIL D (Issuer Not Cooperating) Packing Credit 5 CRISIL D (Issuer Not Cooperating) Packing Credit 6.5 CRISIL D (Issuer Not in Foreign Currency Cooperating) Crisil Ratings has been consistently following up with HAPL 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 HAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of HAPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. FCEL is a part of the Five Core group that manufactures electronic equipment, including public address systems, speakers, amplifiers, microphones, woofers; and electrical accessories under the 5 Core brand. The group exports products to 56 countries. Mr. Amarjit Kalra and his family manage the operations. Incorporated in 2002, FCEL is listed on the NSE Emerge platform since May 2018, and has manufacturing units in Delhi and Bhiwadi, Rajasthan. Set up in 2008 as a partnership firm, EMS has a facility in Kashipur, Uttarakhand. Visual is a limited liability partnership firm set up in 2008, with a unit in Mundka, Delhi. Neha was set up as a proprietorship firm in 2009, and has a unit at Daruhera, Gurugram. Set up in 2010, 2011, and 2012, IAPL, Digi, and HAPL are private limited companies with units in Noida, Bhiwadi, and Delhi, respectively. 5Core, set up in 2012, has a unit in Bhiwadi. JANASHREE MICROFIN: CARE Keeps B- Issuer Rating in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Janashree Microfin Limited (JMFL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Issuer rating - CARE B-; Stable; ISSUER NOT COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 5, 2022, placed the rating of JMFL under the 'issuer non-cooperating' category as Janashree Microfin Limited had failed to provide information for monitoring of the rating. Janashree Microfin Limited continues to be non-cooperative despite repeated requests for submission of information through phone calls and emails dated February 21, 2026, March 3, 2026, and March 13, 2026. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The rating assigned to the issuer rating of JMFL is constrained by its small scale of operations with geographical concentration of Loan Portfolio, Weak Asset Quality and Absence of diversification of funding. The rating considers the experienced management profile and adequate capitalisation profile with low capital base. Analytical approach: Standalone Outlook: Stable Detailed description of key rating drivers: At the time of last rating on April 4, 2025, the following were the rating strengths and weaknesses. Key weaknesses * Small scale of operations with geographical concentration of loan portfolio: The company was started in 2010 and started operating as an NBFC-MFI from April 2017 and entire operations is limited to Kerala with 11 branches. The portfolio has remained relatively small and the company has been witnessing degrowth in loan portfolio for the last three years. The loan portfolio stood at INR3.22 crore as on March 31, 2021, as against INR4.90 crore as on March 31, 2018. * Weak Asset Quality: GNPA and NNPA stood at 14.73% and 14.21% as on March 31, 2020, as against 1.88% and 0.90% as on March 31, 2019. During transition from NBFC to NBFC-MFI there were transfer of accounts between Janashree Mutual benefit Trusts (JMBT's) and JMFL and there was impact on asset quality due to the same. Subsequently, the asset quality was affected by the Kerala floods and following that COVID-19 pandemic also had a significant impact on the asset quality. Going forward, the improvement in asset quality remains a key rating factor. * Absence of diversification in funding: The company funds the loan portfolio from its capital and going forward the company needs to find other sources of funding and diversify the funding sources. * Weak Profitability: The company has been reporting loses in the last four years. In FY20, the company had a net loss of INR0.57 crore compared to a net loss of INR0.17 crore during March 31, 2019. During FY21 net loss has increased to INR0.92 crore. The losses are mainly on account of smaller scale of operations with high operating cost and amortisation of expenses incurred due to a failed ECB transaction. Going forward, improvement in profitability in on sustained basis remains a key rating sensitivity. Key strengths * Experienced Management: The Directors of the company and the senior management team have good experience in the business. The directors are all coming from a social worker background. Janashree Microfin Limited is part of the Janashree initiative headed by Mr. M.M Hassan and then an NGO Janashree Sustainable Development Mission was launched in 2006-07. The Janashree initiative began with 20 members and grew up to 50,000 plus members throughout Kerala. Janashree Microfin Limited was started as an extension of this initiative, which works as per the guidelines and directives issued by the Reserve Bank of India Adequate capitalisation profile but capital base remains low CAR and Tier - I CAR stood at 130.33% and 129.08% as on March 31, 2020. Overall gearing remains at Nil as on March 31, 2020 and March 31, 2021. The company funds the loan portfolio entirely from its capital. As on March 31, 2020, the net worth stood at INR5.07 crore and loan portfolio stood at INR3.75 crore. As per March 31, 2021, the net worth stood at INR5.00 crore and loan portfolio stood at INR3.22 crore. Janashree Microfin Limited (JMFL) is a NBFC-MFI registered with Reserve Bank of India. The company was initially registered as non-deposit accepting NBFC and later converted into NBFC-MFI in April 2017. The company is engaged in microfinancing activities with an objective to give ultimate benefit to poor/woman/men groups/individuals for enhancement of their livelihood in a financially viable manner. And provide financial support to these groups through community-based livelihood mutual benefit funds trust organizations (private livelihood mutual benefit trust known as Janashree Mutual Benefit Trusts (JMBT)) constituted by such groups. These community-based organizations hold majority of share capital of the company. Mr. M.M Hassan (Minister for Information, Parliamentary Affairs & Non- Resident Keralites Affairs (NORKA) from 2001 to 2004) is a founder and MD of Janashree Microfin Limited. JMFL operates in the state of Kerala with 11 branches and is headquartered in Trivandrum, Kerala. As on March 31, 2021, the company has an AUM of INR3.22 crore. KEDARNATH COMMOTRADE: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Kedarnath Commotrade Private Limited (KCPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 19.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 25.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 7, 2025, placed the rating(s) of KCPL under the 'issuer non-cooperating' category as KCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 23, 2026, April 2, 2026, April 12, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Kedarnath Commotrade Private Limited (KCPL) was incorporated in February 2009 and commenced the commercial operations in December 2015. The company is promoted by Mr Kishanlal Choudhary who has more than 3 decades of experience in the Iron and Steel Industry. He is supported by his son Mr. Sunil Choudhary, who is the managing director and chief executive officer with an overall experience of 20 years. LAZULINE BIOTECH: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Lazuline Biotech Private Limited (LBPL) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.07 CRISIL D (ISSUER NOT COOPERATING) Cash Credit 6.93 CRISIL D (ISSUER NOT COOPERATING) Rupee Term Loan 4.95 CRISIL D (ISSUER NOT COOPERATING) Rupee Term Loan 17 CRISIL D (ISSUER NOT COOPERATING) Rupee Term Loan 30 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with LBPL 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 LBPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on LBPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of LBPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2011, LBPL is setting up a unit for manufacturing of biosimilars. The products proposed are antigens, industrial enzymes and therapeutic and reagent biotech products. Promoters of the company are Ramireddy Tummuru, Satya Latha Kandimalla, Kumar Venkata Naga Prasad Kandimalla, Sriram Prasad Papani. MACRO VENTURES: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Macro Ventures Private Limited (MVPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 12, 2025, placed the rating(s) of MVPL under the 'issuer non-cooperating' category as MVPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MVPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 28, 2026, April 7, 2026, April 17, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in 2011, Macro Ventures Private Limited (MVPL) is a part of the Macro Group and started its commercial operations in February-2013. The company is an authorized dealer of Tata Motors Ltd for its passenger cars, spares & accessories in Mohali and Ropar, Punjab. MVPL is promoted by Mr. Deepak Chopra and Ms. Sonia Chopra, who have extensive experience in the trading/distribution business, as the group is already operating several dealerships including Honda, Castrol Lubricants etc. under Macro Group Pvt Ltd, M/s Macro Linkers (ML), M/s Vinayak Enterprises (VE) and M/s Pioneer Sales Network (PSN). NAKODA TECHNOFIBE: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Nakoda Technofibe Private Limited (NTPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 8.48 CARE D; ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 25, 2025, placed the rating(s) of NTPL under the 'issuer non-cooperating' category as NTPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 11, 2026, March 21, 2026, June 11, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Indore (Madhya Pradesh) based Nakoda Technofibe Private Limited (NTPL) was incorporated in 2014 as Private Limited company. NTPL is engaged in the business of cotton ginning, pressing activities and trading of cotton seeds and bales. Company is also engaged in the business of chana processing. The processing plant of the company is located at Indore and has total production capacity of 75 bales per day. ORIENTAL EDUMED: CARE Lowers Rating on INR27.18cr LT Loan to C -------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Oriental Edumed Private Limited (OEPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 27.18 CARE C; Stable; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Long Term/ 37.82 CARE C; Stable/ CARE A4; Short Term ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category and LT rating downgraded from CARE B; Stable and ST rating reaffirmed Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated March 26, 2026, placed the rating(s) of OEPL under the 'issuer non-cooperating' category as OEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. OEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 8, 2026, June 9, 2026, June 10, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to bank facilities of OEPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Incorporated in March 2011, Oriental Edumed Private Limited (OEPL) is primarily engaged in the manufacturing of sanitary napkins. Its manufacturing plant is located at Alwar, Rajasthan with an annual manufacturing capacity of ~90 crore pieces per year in 230 MM, 240 MM and 280 MM sizes. It also has two established feminine care brands 'BeMe' and 'DateCare'. OEPL is promoted by Mr. Sanjay Kumar Sharma, Mr. Tanay Vashistha, and Mr. Vinay Vashistha. OSWAL OVERSEAS: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Oswal Overseas Limited Registered Office: 98A, 2nd Floor, Namberdar Estate, Taimoor Nagar, NFC, New Delhi, India, 110065 Factory Address: Khasra No. 204, 205 Village Aurangabad, Tehsil-Nawabganj, Bareilly, Uttar Pradesh, India - 243407 Insolvency Commencement Date: June 8, 2026 Court: National Company Law Tribunal, New Delhi Bench-IV Estimated date of closure of insolvency resolution process: December 5, 2026 Insolvency professional: Mansij Arya Interim Resolution Professional: Mansij Arya B-182, Surajmal Vihar, East Delhi, Near Sanatan Dharam Mandir, East Delhi - 110092 Email: pcsmansij@gmail.com cirp.oswaloverseas@gmail.com Last date for submission of claims: June 24, 2026 P.G. ICE: CARE Keeps D Debt Rating in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of P.G. Ice and Cold Storage Private Limited (PICSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.19 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 12, 2025, placed the rating(s) of PICSPL under the 'issuer non-cooperating' category as PICSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PICSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 28, 2026, April 7, 2026, April 17, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Uttar Pradesh based P.G. Ice and Cold Storage Private Limited (PICSPL) (CIN No. U15435UP2015PTC070434) was incorporated in April, 2015 and started its commercial operations from February, 2017. The company is currently managed by Mr. Mohan Datt & Mr. Ram Gopal. The company is engaged in renting of its cold storage facility for potatoes to the local farmers in Uttar Pradesh. SAIBABA SALES: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Saibaba Sales Private Limited (SSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 17.08 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated June 3, 2025, placed the rating(s) of SSPL under the 'issuer non-cooperating' category as SSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 19, 2026, April 29, 2026, May 9, 2026, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable SSPL is a Pune based company which was incorporated in the year 2000 and has diversified its operations in two divisions viz; real estate development of residential complexes within Pune since 2009, auto dealership for two wheelers TVS Motor Company Limited and four wheelers Chevrolet Sales India Private Limited since 2008 and October 2012 respectively. SAISONS TRADE: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Saisons Trade & Industry Private Limited (STIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 35.00 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.00 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain Under ISSUER NOT COOPERATING Category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 28, 2025, placed the rating(s) of STIPL under the 'issuer non-cooperating' category as STIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. STIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 14, 2026, March 24, 2026, April 3, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable STIPL incorporated in 1999, by Mr. Siddharth Shah, is engaged in manufacturing of various electrical and engineering products like electrical panel, fire panel & accessories, wire harness, accessories for telecom tower and fabrication of various products. SARALSCF TECHNOLOGIES: Voluntary Liquidation Process Case Summary ----------------------------------------------------------------- Debtor: Saralscf Technologies Private Limited Registered Office: 1203, Floor 12, Plot-453, Lodha Supremus Senpati Bapat Marg, Lower Parel, Delisle Road, Mumbai - 400013, Maharashtra, India Principal Office: 1st Floor, Unit No. 105, Park Centra, NH - 8, Sector 30, Gurugram 122001, Haryana Liquidation Commencement Date: June 11, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Vivek G. Gaggar B-1101, Evoke, Arkade Art, Vinay Nagar, Mira Road East, Thane - 401107 Tel: +91 80975 66838 Email: vivek.gaggar@nvrandco.com saralvolliq@gmail.com Last date for submission of claims: July 11, 2026 SK INTERNATIONAL: Reports Qualified Audit, Going Concern Doubts --------------------------------------------------------------- ScanX reports that SK International Export Ltd reported a net loss of INR29.67 lakh for the financial year ended March 31, 2026, as total income declined to INR226.90 lakh from INR528.02 lakh in the previous year. The company's statutory auditors, SDA & Associates, issued a qualified opinion on the financial results, highlighting material uncertainty regarding the entity's ability to continue as a going concern due to the absence of substantial operational business activities and a dependency on gains from speculative trading in equity, F&O, and commodity markets. ScanX relates that the auditor's report identified multiple significant issues, including the inability to verify balances for trade payables, trade receivables, and short-term loans due to a lack of confirmations. The auditors noted that fixed asset records were incomplete and that certain assets were not physically available, leading to a write-off of INR13.14 lakh. Additionally, the company wrote off non-saleable raw material and inventory amounting to INR95.31 lakh. The auditors also pointed out that loans and advances aggregating to INR160.75 lakh were granted without adequate supporting documentation, raising doubts about their genuineness and recoverability. According to ScanX, the company's financial results for FY26 show a sharp deterioration compared to the prior year. Revenue from operations dropped to INR14.93 lakh from INR281.39 lakh in FY25. Other income, which includes gains from investments and trading activities, stood at INR211.97 lakh, down from INR246.63 lakh in the previous year. Total expenditure for the year was INR244.10 lakh. Consequently, the company reported a basic and diluted loss per share of INR0.40 for FY26, compared to an earnings per share of INR2.95 in FY25. Beyond the going concern doubts, the auditors flagged several accounting irregularities, ScanX states. Interest income was recognized only on a receipt basis rather than an accrual basis, which is not in compliance with the Companies Act, 2013. The auditors also expressed an inability to determine the extent of inadmissible or personal expenses charged to the statement of profit and loss under heads such as business promotion, travelling, and fuel. Furthermore, the valuation of finished goods inventory could not be verified due to the absence of regular sales and reliable net realizable value evidence. As of March 31, 2026, the company's total assets stood at INR671.96 lakh, a decrease from INR713.89 lakh in the previous year, ScanX discloses. Shareholders' funds were recorded at INR665.55 lakh, comprising share capital of INR733.20 lakh and a negative reserve and surplus of INR67.65 lakh. The balance sheet reflects a significant reduction in tangible fixed assets to INR31.52 lakh from INR114.19 lakh, following the write-offs. Cash and cash equivalents increased to INR361.01 lakh, while short-term loans and advances rose to INR226.82 lakh. SK International Export Limited is a Mumbai-based manufacturer and exporter of scarves, beachwear, fashion accessories, and apparel. SKI AND SNOW: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Ski and Snow Resorts Private Limited Station Road Ramnagar, Uttarakhand, 244715 Insolvency Commencement Date: June 10, 2026 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: December 8, 2026 Insolvency professional: Anil Matta Interim Resolution Professional: Anil Matta 308 RG Trade Tower, Plot No. B-7, Netaji Subhash Place, Pitampura, Delhi - 110034 Email: mattaassociates@gmail.com cirp.skiandsnowresortspvtltd@gmail.com Last date for submission of claims: June 26, 2026 SWASTIK PANELS: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Swastik Panels Private Limited (SPPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL D (Issuer Not Cooperating) Letter of Credit 3 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SPPL 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 SPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SPPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2002, SPPL is promoted by Mr. Ashok Jain (managing director). The company manufactures veneer and trades in timber. Its manufacturing facility is in Jaipur. T.C. AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of T.C. Agro Food Industries (TC Agro) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 14 CRISIL D (ISSUER NOT COOPERATING) Cash Credit 31 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with TC Agro for obtaining information through letter and email dated May 21, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of TC Agro, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TC Agro is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of TC Agro continues to be 'Crisil D Issuer not cooperating'. TC Agro was established as a partnership firm in 1995 with Mr. Ram Gopal Singla and Mr. Rajendra Kumar as partners. In 2002, the partnership firm was reconstituted as a proprietorship firm where Mr. Ram Gopal Singla is a proprietor. The firm is engaged in milling and sorting of basmati rice. The firm has a manufacturing unit in Karnal (Haryana) with a milling capacity of 14 tph and sorting capacity of 8 tph. The firm derives about 5-7 per cent of its revenues through exports mainly to Gulf Countries and the balance from the domestic market. T.R. CHEMICALS: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of T.R. Chemicals Limited (TRCL) 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 9 CRISIL D (Issuer Not Cooperating) Funded Interest 0.86 CRISIL D (Issuer Not Term Loan Cooperating) Proposed Long Term 2.88 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 1.91 CRISIL D (Issuer Not Cooperating) Working Capital 1.35 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with TRCL 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 TRCL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TRCL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of TRCL continues to be 'Crisil D/Crisil D Issuer not cooperating'. TRCL was established as a private limited company in 1997, promoted by Mr. Sanjeev Kapoor and Mr. Mukesh Kumar Agarwal. It was subsequently reconstituted as a closely held limited company. TRCL manufactures sponge iron and phenolic resins at its facilities in Barpali (Orissa). TILAK RAM: CARE Keeps B- Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Tilak Ram Babu Ram Private Limited (TRBRPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 12, 2025, placed the rating(s) of TRBRPL under the 'issuer non-cooperating' category as TRBRPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TRBRPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 28, 2026, April 7, 2026, April 17, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable TRBRPL is an ISO 9001:2008 certified company, incorporated in May 2012 and promoted by Mr. Raj Kumar Garg and Mrs. Dimple Garg. TRBRPL is primarily engaged in trading of cotton bales (income from trading constituted ~70% of the total operating income in FY16). The company also undertakes cotton ginning & pressing at its processing facility located in Tohana, Haryana. The cotton bales are further sold to spinning mills through commission agents based in northern and central India. VAMSADHARA GINNING: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Vamsadhara Ginning and Pressing Industries (VGPI) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12 CRISIL D (Issuer Not Cooperating) Long Term Loan 2.69 CRISIL D (Issuer Not Cooperating) Proposed Long Term 2.31 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with VGPI 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 VGPI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VGPI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VGPI continues to be 'Crisil D Issuer not cooperating'. Established in 2017, VGPI is into ginning of cotton. The firm, located in Guntur (Andhra Pradesh), commenced commercial operation in February 2017 and fiscal 2018 is the first full year of operations. Operations are managed by Mr. Sontineni Venkateswara Rao. VELOHAR INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Velohar Infra Private Limited (Velohar) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 5 CRISIL D (Issuer Not Cooperating) Cash Credit 3 CRISIL D (Issuer Not Cooperating) Proposed Long Term 2 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with Velohar 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 Velohar, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Velohar is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Velohar continues to be 'Crisil D/Crisil D Issuer not cooperating'. Velohar, incorporated in 2009 and promoted by Mr. G Thiyagu and Ms. S Vijayalakshmi, is an engineering, procurement, and construction (EPC) contractor in the infrastructure segment. VIGNESHWARA DEVELOPERS: Insolvency Resolution Process Case Summary ------------------------------------------------------------------ Debtor: Vigneshwara Developers Private Limited Registered Office: D-16/C, Bhagwati House, Hauz Khas, New Delhi - 110049 Other Office: GF-14, Agustha Point, Sector-53, Golf Link Road, Gurgaon - 122002 Insolvency Commencement Date: May 21, 2026 Court: National Company Law Tribunal, Principal Bench Estimated date of closure of insolvency resolution process: November 17, 2026 Insolvency professional: Ritu Rastogi Interim Resolution Professional: Ritu Rastogi D-1B, Flat No. 9A, Janakpuri D Block, New Delhi - 110058 Email: ritu_rastogi1@yahoo.co.in cirp.vdpl@gmail.com Classes of creditors: Real Estate- Home Buyers Authorized Representatives of creditors in a class: 1. Sunil Kumar 2. Rajiv Bajaj 3. Aman Vijay Last date for submission of claims: June 4, 2026 =============== M A L A Y S I A =============== MAJU HOLDINGS: Creditor Withdraws Judicial Management Application ----------------------------------------------------------------- theedgemalaysia.com reports that a creditor on June 18 withdrew its application to place MEX highway concessionaire Maju Holdings Sdn Bhd under judicial management (JM). According to theedgemalaysia.com, High Court judge Jamhirah Ali allowed the striking out of the application by design and build firm Pembinaan Melima (M) Sdn Bhd, and also ruled that any such bids in respect of Maju Holdings in future shall not be made without first obtaining leave from the court. theedgemalaysia.com relates that Judge Jamhirah ordered Pembinaan Melima to pay MYR3,000 in costs to Bridgex Sdn Bhd, and another MYR3,000 to 14 other respondents including Credit Guarantee Corporation Malaysia Bhd. The court also ordered Pembinaan Melima to pay MYR1,000 costs to Maju Holdings and the proposed intervener Maybank Islamic Bhd. Bridgex along with the 14 other respondents had objected to Maju Holdings being placed under JM, theedgemalaysia.com says. This is despite Bridgex and the other creditors earlier supporting Pembinaan Melima's application for Maju Holdings to be placed under interim JM in December 2025. Maju Holdings itself had earlier applied to undergo JM but this was dismissed by the High Court in November last year, theedgemalaysia.com recalls. This then resulted in Maju Holdings facing winding-up petitions from Bridgex and the others. In June 18's proceedings, counsel Umesh Nerwin Nair appeared for Pembinaan Melima, while Bridgex was represented by Ivanpal Singh Grewal. Counsel Noor Syakirah Khalil represented Maju Holdings, while Mervyn Lai and Kaviscyna Balakrishnan appeared for the 14 other respondents, and Anson Liow for Maybank Islamic. The court fixed June 24 for case management of the winding-up application, theedgemalaysia.com adds. According to The Exchange Asia, project concessionaire MEX II Sdn Bhd has been under receivership since May 2022 after defaulting on payments for its sukuk facility. MEX II Sdn Bhd is owned by Maju Holdings Sdn Bhd, which also controls Maju Expressway Sdn Bhd, operator of the existing 26km Maju Expressway linking Kuala Lumpur to Putrajaya and Cyberjaya. Maju Holdings has come under increased scrutiny recently after its owner Tan Sri Abu Sahid Mohamed and former director Datuk Yap Wee Leong were separately charged with criminal breach of trust and money laundering offences related to the MEX II project, The Exchange Asia reported. =============== M O N G O L I A =============== DEVELOPMENT BANK: S&P Rates New USD-Denom. Sr. Unsec. Notes 'BB-' ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' long-term foreign currency issue rating to U.S. dollar-denominated senior unsecured notes that Development Bank of Mongolia LLC (DBM) proposes to issue. The rating is subject to our review of the final terms and conditions. S&P equalizes the issue rating on the proposed notes with the long-term issuer credit rating on DBM (BB-/Stable/B). This is because the notes will constitute direct, unsecured, and unsubordinated obligations of the bank. They will rank equally with all its other unsecured and unsubordinated obligations. S&P said, "The ratings on DBM reflect our view that the bank will continue to play a critical public policy role as Mongolia's only policy bank with export-import and development bank functions. We also expect it to maintain its integral link with the government, its sole owner. We therefore equalize the ratings on DBM with those on the sovereign. "A recent capital injection underscores the commitment of the Mongolian government to DBM, in our view. On June 11, 2026, the bank's shareholders' capital increased by Mongolian tugrik (MNT) 1.0 trillion after a new share issuance to state-owned Erdenes Mongol LLC in exchange for its receivables. The amount was substantial, at about 8.1x of the bank's shareholders' equity as of end-2025. "We expect DBM to continue its policy lending, targeting sectors such as energy, industrial, green transition, logistics, and digital infrastructure. This is in line with the government's five-year development guidelines for 2026-2030. The bank recently resumed its policy lending after focusing on asset recovery in the past few years. It approved a loan in May 2026 for a 143 kilometer railway project in Mongolia, co-financed with International Finance Corp." DBM intends to use net proceeds from the proposed note issuance to fund ordinary business operations such as lending and partially repurchase its existing U$500 million senior unsecured notes through a tender offer. These notes will mature on July 3, 2028. S&P said, "We consider the debt repurchase as proactive liability management. DBM would be able to meet its debt obligations even without the transaction given its financial buffer, in our view. The bank will likely repurchase the existing bonds at prevailing market prices. The offer is voluntary and fully payable in cash." ===================== N E W Z E A L A N D ===================== CASSINY LIMITED: Court to Hear Wind-Up Petition on June 25 ---------------------------------------------------------- A petition to wind up the operations of Cassiny Limited will be heard before the High Court at Auckland on June 25, 2026, at 10:00 a.m. Babich Rd Limited filed the petition against the company on May 6, 2026. The Petitioner's solicitor is: Kelly Cocks Waterstone, 16 Piermark Drive Albany, Auckland FINLAY ELECTRICAL: Creditors' Proofs of Debt Due on July 9 ---------------------------------------------------------- Creditors of Finlay Electrical Limited are required to file their proofs of debt by July 9, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 10, 2026. The company's liquidator is: Hamish Pryde CS Insolvency c/o Coombe Smith (PN) Limited 168 Broadway Avenue PO Box 788 Palmerston North FRIENDS CUISINE: Creditors' Proofs of Debt Due on July 24 --------------------------------------------------------- Creditors of Friends Cuisine Of India Limited, Mafi Electrical Limited, Traffic Plans (Australasia) Limited, Traffic People Limited, Pmg Joinery Limited (trading as Absolute Kitchens) and Premier Masonry Limited are required to file their proofs of debt by July 24, 2026, to be included in the company's dividend distribution. Friends Cuisine of India commenced wind-up proceedings on June 5, 2026. Mafi Electrical commenced wind-up proceedings on June 8, 2026. Traffic Plans (Australasia) and Traffic People commenced wind-up proceedings on June 10, 2026. Pmg Joinery commenced wind-up proceedings on June 11, 2026. The company's liquidators are: Derek Ah Sam Paul Vlasic Rodgers Reidy (NZ) PO Box 45220 Te Atatu Auckland 0651 HIRA HOMESTEAD: Nelson Man Must Pay NZD13k After Ex-Partner Ousted ------------------------------------------------------------------ The Press reports that a Nelson man who removed his former partner as a director and shareholder of their jointly owned company, cut off her access to its bank, and transferred funds to another business he controlled has been ordered to pay nearly NZD13,000 in legal costs. The Press relates that the High Court found urgent intervention was needed in the dispute following the breakdown of the couple's relationship and the operation of Hira-based Abbeyblyth Animal Boarding. Nicole Taber successfully applied to place the company, Hira Homestead Ltd, into interim liquidation early this year, a move her former partner Nathan Palmer unsuccessfully opposed, according to The Press. Hira Homestead operated as a combined family home and pet care business known as Abbeyblyth Animal Boarding. KP BUILDERS: Court to Hear Wind-Up Petition on July 3 ----------------------------------------------------- A petition to wind up the operations of KP Builders (2017) Limited will be heard before the High Court at Gisborne on July 3, 2026, at 10:00 a.m. Dig Eastland Civil Limited filed the petition against the company on April 22, 2026. The Petitioner's solicitor is: Henry Thorrington Gellert Ivanson Lawyers First Floor, 20 St Heliers Bay Road St Heliers, Auckland 1071 QUALITY LABELS: Rodewald Consulting Appointed as Receivers ---------------------------------------------------------- Thomas Lee Rodewald of Rodewald Consulting Limited on June 15, 2026, were appointed as receivers and managers of Quality Labels Limited. The Receiver and Manager can be reached at: Thomas Lee Rodewald C/o Rodewald Consulting Limited Level 1, The Hub 525 Cameron Road, PO Box 15543 Tauranga 3144 WELLINGTON ZOO: Warns of 'Going Concern' Risk as New CEO Starts --------------------------------------------------------------- Tom Hunt at The Post reports that Wellington Zoo's new chief executive began on June 15 just as news emerged that the zoo may no longer be a "going concern" as early as June next year – though closure is not being contemplated. According to The Post, the news about the 120-year-old zoo appears in papers for the Wellington City Council's Te Hoe Matua City Strategy and Delivery Committee, which met on June 18. The report sites "advice from the zoo's auditors that, without improved stability between revenue and expenses, the zoo may not be a going concern as early as 30 June 2027," The Post relays. ================= S I N G A P O R E ================= ACROMION PTE: Commences Wind-Up Proceedings ------------------------------------------- Members of Acromion Pte. Ltd. on June 12, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Ellyn Tan Huixian Forvis Mazars Consulting 135 Cecil Street #10-01 Philippine Airlines Building Singapore 069536 ACTIVE RENO: Court to Hear Wind-Up Petition on July 3 ----------------------------------------------------- A petition to wind up the operations of Active Reno & Construction Pte. Ltd. will be heard before the High Court of Singapore on July 3, 2026, at 10:00 a.m. The Petitioner's solicitors are: Jireh Law LLC 18 Cross Street, #02-101 Singapore 048423 CEONA PTE: Commences Wind-Up Proceedings ---------------------------------------- Members of Ceona Pte. Ltd. on June 5, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are Mr. Bernard Juay and Shirley Lim. TELEDATA TECHNOLOGIES: Court to Hear Wind-Up Petition on July 3 --------------------------------------------------------------- A petition to wind up the operations of Teledata Technologies Pte. Ltd. will be heard before the High Court of Singapore on July 3, 2026, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on June 9, 2026. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 TRADEPAC SYSTEMS: Court to Hear Wind-Up Petition on June 26 ----------------------------------------------------------- A petition to wind up the operations of Tradepac Systems Pte. Ltd. will be heard before the High Court of Singapore on June 26, 2026, at 10:00 a.m. FS Capital Pte Ltd filed the petition against the company on June 2, 2026. The Petitioner's solicitors are: Kelvin Chia Partnership 1 Harbourfront Avenue #14-01, Keppel Bay Tower Singapore 098632 VALUEMAX GROUP: Fitch Assigns 'BB' Long-Term IDR, Outlook Stable ---------------------------------------------------------------- Fitch Ratings has assigned Singapore-based ValueMax Group Limited (VMG) a Long-Term Issuer Default Rating (IDR) of 'BB'. The Outlook is Stable. VMG is a holding company with subsidiaries engaged in pawnbroking, moneylending, and the retail and trading of jewellery and gold. It was founded as a single pawnshop in 1988 and has grown into one of Singapore's largest pawnbrokers. VMG has been listed on the mainboard of the Singapore Exchange since 2013. The founding Yeah family remains the holding company's majority shareholder, with an ownership stake of above 80% at end-2025. Key Rating Drivers Consolidated Profile Drives Rating: VMG's Long-Term IDR is based on its consolidated credit profile, supported by its established pawnbroking franchise, benign credit losses, sound profitability and moderate leverage. Its jewellery retail and gold trading operations provide some diversification to the business model. These strengths are balanced against VMG's non-prime borrower exposures, earnings sensitivity to gold prices, concentration and recovery risks in the growing property-backed lending business, and high reliance on secured, short-tenor funding relative to receivables. The rating also reflects Singapore's healthy and stable operating environment, particularly the property sector and funding market, which helps mitigate some of the risks associated with VMG's business model and funding strategy. Leading Local Pawnbroker: VMG is one of Singapore's three largest pawnbrokers by branch presence, accounting for an estimated 20% of total sector outlets. Its pawnbroking operations are supplemented by complementary jewellery retailing and gold trading that help monetise unredeemed pledges and generate additional profits. Growing Property-Backed Moneylending: The group's expansion into property-backed and other moneylending since 2014 diversifies the business and reduces its profit sensitivity to gold prices. This portfolio has grown to comprise roughly half of VMG's total assets. However, the moneylending segment's larger ticket sizes, greater customer concentration and non-prime borrower mix expose VMG to greater delinquency risk and a lengthier recovery process, notwithstanding the limited credit losses thus far. Established Pawnbroking Performance Record: VMG's risk controls in pawnbroking are adequate, as evident from its satisfactory operating record through past gold-price downcycles. The underwriting and valuation process is fairly simple, similar to that of other gold-backed lenders in the region. Its collateral buffers can be affected by gold-price fluctuations. However, internal loan-to-collateral valuation buffers, disciplined operational security measures and effective liquidation procedures through its jewellery retail and trading network help reduce this risk. Property Loans Raise Concentration Risk: VMG's property-backed loans mainly serve customers that fall outside the lending appetite of banks. It mitigates higher borrower repayment risk through collateral-focused underwriting, an approach that has kept its credit losses minimal so far. Aggregate credit-cost ratios have remained below 0.5% over the past decade, reflecting broadly adequate recoveries on both pawnbroking and moneylending portfolios. Nevertheless, Fitch notes that recovery times can be longer for larger-ticket and less liquid properties, depending on the health of Singapore's property market and buyers' appetite. Higher Profitability, Gold-Price Volatility: VMG's earnings profile reflects the higher yields on its non-prime lending portfolio, as well as its sensitivity to gold-price fluctuations. Pretax return on average assets (ROAA) - measured as profit/average assets - increased to 8.4% in 2024 and 8.8% in 2025 (2020-2023: 5.9%-7.1%) as rising gold prices boosted gross margins in the retail and trading operations. Fitch expects profitability to moderate this year as the sharp gold-price increases over the past two years may not recur. Still, Fitch expects consolidated pretax ROAA to remain above 6%. Leverage to Stay Low: VMG's debt/tangible equity ratio edged up to 1.5x at end-2025 (end-2024: 1.3x, end-2023: 1.4x) amid stronger loan growth (2025: 26%; 2024: 15%). Fitch expects leverage to remain broadly stable and below that of domestic and regional peers, but Fitch believes the business model has lower leverage tolerance due to concentration risk from larger-ticket property lending. Short-Tenor Funding, Stable Bank Relationships: VMG's higher usage of short-term bank funding creates an asset-liability tenor mismatch, in light of its significant longer-tenor property-backed lending portfolio. This exposes its funding and liquidity profile to high refinancing and repricing risks. However, these risks are partly mitigated by Singapore's stable and liquid banking system, and VMG's longstanding relationships with multiple major local and regional banks. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Sustained increase in credit delinquencies or impairment losses, potentially stemming from weaker performance in the property-backed moneylending portfolio, a severe property-market downturn or a prolonged adverse trend in gold prices, could lead to negative rating action. Downward rating pressure could be exacerbated if asset-quality deterioration results in significantly lower profitability, a reduced capital buffer, or heightened funding and liquidity pressure due to tighter funding conditions or weaker lender confidence. Debt/tangible equity ratio rising towards 2.0x that reduces the risk buffer could put pressure on VMG's credit profile. A material increase in the double leverage ratio to above 120% (end-2025: significantly below 100%) on a sustained basis could be negative for the IDR. Fitch defines double leverage as equity investments in subsidiaries plus holding company intangibles and subordinated loans to subsidiaries, divided by holding company equity. Adverse changes in product-pricing regulations, a prolonged and severe operating environment downturn, or significant operational events that weaken VMG's franchise and long-term business prospects could also trigger a negative rating action. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade A material reduction in delinquency and concentration risk in the property-backed lending business, with tighter underwriting and an impaired loan ratio sustained below 8.0%, a meaningful improvement in the asset-liability maturity profile and liquidity coverage ratio, and a strengthening of the franchise as reflected in higher net operating revenue, could lead to positive rating action. Positive rating action would also depend on the operating environment remaining robust and VMG continuing to maintain low credit costs, adequate profitability and debt/tangible equity below 1.7x on a sustained basis. Date of Relevant Committee 26-May-2026 ESG Considerations VMG has an ESG Relevance Score of '3' for Customer Welfare, against a standard score of '2' for the non-bank financial institutions sector. VMG's retail-focused operation exposes it to risks around fair lending practices, pricing transparency, repossession, foreclosure and collection practices, as aggressive practices in these areas may subject the company to legal or regulatory and reputation risk that may damage its credit profile. The score of '3' reflects its view that such risks are adequately managed and have a low impact on the company's credit profile. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. 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