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260624.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 Wednesday, June 24, 2026, Vol. 29, No. 125 Headlines A U S T R A L I A 88 QUEEN: First Creditors' Meeting Set for June 29 ADSLOT TECHNOLOGIES: First Creditors' Meeting Set for June 30 BERMAN CAPITAL: First Creditors' Meeting Set for July 1 CLEAR SAFETY: First Creditors' Meeting Set for June 29 DAVID JONES: Appoints Erica Berchtold as New CEO ORION RESOURCES: First Creditors' Meeting Set for June 26 REDZED TRUST 2024-3: Fitch Affirms 'BB-sf' Rating on Class F Notes C H I N A YANGZHOU ECON: Moody's Withdraws 'Ba1' Corporate Family Rating H O N G K O N G FUTURE FINTECH: Acquires 20% Stake in China AI Firm for $6.46-Mil. I N D I A AADIK MINES: CRISIL Lowers Rating on INR3cr Cash Loan to B ANNAPURNA AGRO-INDIA: CRISIL Cuts Rating on INR20cr Loan to B BHATIA WINE: CRISIL Lowers Rating on INR23cr Cash Loan to B BOMBAY CRIMPERS: CRISIL Lowers Rating on INR4.62cr LT Loan to B BUXA DOOARS CRISIL Lowers Long/Short Term Ratings to D EDUGUIDE OVERSEAS: CRISIL Keeps B Debt Rating in Not Cooperating GAJRAULA ROLLER: CRISIL Lowers Rating on INR12cr Cash Loan to B GOEL INDUSTRIES: CRISIL Lowers Rating on INR6cr Cash Loan to B GOKUL GINNING: CRISIL Lowers Rating on INR6cr Cash Loan to B GRANITE ZONE: CRISIL Lowers Rating on INR2cr Cash Loan to B MASTER MINDS: CRISIL Keeps B Debt Ratings in Not Cooperating MULCHAND PHULCHAND: CRISIL Keeps B Ratings in Not Cooperating NARESH CLOTH: CRISIL Keeps B Debt Ratings in Not Cooperating NIRMALA OFFSET: CRISIL Keeps B Debt Ratings in Not Cooperating NUTECH POLYMERS: CRISIL Keeps B Debt Ratings in Not Cooperating PATEL INCORPORATION: CRISIL Keeps B Rating in Not Cooperating POWERCON CEMENT: CRISIL Lowers Rating on INR4.5cr Cash Loan to B PRABHUKRUPA RICE: CRISIL Keeps B Debt Ratings in Not Cooperating PRIME AUTOMOBILES: CRISIL Keeps B Debt Ratings in Not Cooperating SANDHU AUTOMOBILES: CRISIL Keeps B Ratings in Not Cooperating SETHU DISTRIBUTION: CRISIL Keeps B Ratings in Not Cooperating SHUBHI DEVI: CRISIL Keeps B Debt Ratings in Not Cooperating SONU MARKETING: CRISIL Keeps B Debt Rating in Not Cooperating WELGA FOODS: CRISIL Lowers Rating on INR14.5cr Cash Loan to B J A P A N GODIVA JAPAN: To Seek Extension on US$464MM Leveraged Buyout Loan NISSAN MOTOR: Shareholders Vote Out Influential Director at Meeting NISSAN MOTOR: Stops Work on EV Version of European Best-Seller YUBARI CITY: Bankruptcy-Induced Salary Cuts for City Workers to End M A L A Y S I A PRG HOLDINGS: Unit Hit With Payment Demand Over Contract Works M O N G O L I A DEVELOPMENT BANK: Moody's Rates USD Senior Unsecured Notes 'B1' N E W Z E A L A N D ALPINE CARRIERS: Creditors' Proofs of Debt Due on Aug. 28 BLONDIE'S ALL: Court to Hear Wind-Up Petition on July 8 M A BRUCE: Court to Hear Wind-Up Petition on June 29 NATIONAL DISTILLERY: Creditors' Proofs of Debt Due on July 15 NEW-KOR EXPORTS: Creditors' Proofs of Debt Due on July 13 S I N G A P O R E ASIAPAC CONTRACTS: Court Enters Wind-Up Order ENVY GROUP: Ex-Employees Lose Appeal Against SGD38MM Clawback Order INDIAN OCEAN: Creditors' Proofs of Debt Due on July 19 LANERIDGE PTE: Creditors' Proofs of Debt Due on July 20 STARKER INTERNATIONAL: Creditors' Proofs of Debt Due on July 20 UNITED OCEAN: Creditors' Proofs of Debt Due on July 20 S O U T H K O R E A HOMEPLUS CO: Court Orders Chain to Submit Funding Plan by Next Week - - - - - ================= A U S T R A L I A ================= 88 QUEEN: First Creditors' Meeting Set for June 29 -------------------------------------------------- A first meeting of the creditors in the proceedings of 88 Queen Street Pty Limited will be held on June 29, 2026, at 10:30 a.m. via videoconference facilities only. Richard Albarran and John Vouris of Hall Chadwick were appointed as administrators of the company on June 17, 2026. ADSLOT TECHNOLOGIES: First Creditors' Meeting Set for June 30 ------------------------------------------------------------- A first meeting of the creditors in the proceedings of Adslot Technologies Pty Ltd will be held on June 30, 2026, at 8:30 a.m. via Zoom Video Conferencing only. Shabnam Amirbeaggi of Crouch Amirbeaggi was appointed as administrator of the company on June 18, 2026. BERMAN CAPITAL: First Creditors' Meeting Set for July 1 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Berman Capital Pty Ltd will be held on July 1, 2026, at 10:00 a.m. via Microsoft Teams Meeting. Stephen Dixon of Hamilton Murphy Advisory was appointed as administrator of the company on June 19, 2026. CLEAR SAFETY: First Creditors' Meeting Set for June 29 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Clear Safety Solutions Pty. Ltd. will be held on June 29, 2026, at 11:00 a.m. at the offices of Mackay Goodwin, at Level 12, 20 Bridge Street, in Sydney, NSW and via Microsoft Teams video conference Facilities. Nelson Huang and Mitchell Ball of Mackay Goodwin were appointed as administrators of the company on June 18, 2026. DAVID JONES: Appoints Erica Berchtold as New CEO ------------------------------------------------ Ragtrader reports that department store David Jones has confirmed that Erica Berchtold is the retailer's new chief executive officer, effective immediately, taking over the reins from Scott Fyfe. According to Ragtrader, Ms. Berchtold has served as chief commercial officer at the department store since mid-2025. She previously grew The Iconic into a major online retailer in Australia and New Zealand and served as managing director of Rebel Sport. She is the first female CEO in David Jones' 188-year history. According to David Jones, Ms. Berchtold's top priority is sharpening and accelerating the execution of the company's five-year 'INSPIRE30' transformation plan, Ragtrader relays. This includes operating model improvements for greater cost efficiency and capability, enhancing the commercial portfolio for better margins and brand strength, and lifting the David Jones brand through its customer offering and store network. Ragtrader says David Jones also announced on June 22 the completion of a new three-year, asset-backed lending facility with Hilco. The department store noted that this will improve its balance sheet and support its growth initiatives and supplier partnerships. David Jones' owner, Anchorage Capital Partners, thanked Scott Fyfe for his significant contribution over the last six years. "Scott led the sale of the Company to Anchorage Capital Partners in 2022, the separation from Woolworths Holding of South Africa and the first phase of the transformation program," Anchorage shared. "We are fully appreciative of his efforts during complex times and wish him all the best in his future endeavours." Ms. Berchtold is currently a member of the Australia Post / NORA Consumer Advisory Group. She has also held numerous industry positions, having previously been a councillor on the board of the Australian Retailers Association, president of the Australian Sporting Goods Association and board member of the Sydney FC A-League club. "It is a tremendous honour to be appointed CEO of David Jones, one of Australia's most iconic retail brands with a proud 188-year history," Ragtrader quotes Ms. Berchtold as saying. "The refinancing allows us to stabilise and reset the business with a strong focus on growing our strategic core and modernising our technology and digital platforms. "My aim is to further improve customer experience by curating our brand so that our strategy is aligned with our core values and the needs of our customers. "I plan to lead our incredible team of people with decisive and results-oriented action." Hilco Capital – the company that currently owns Cue Clothing Co – shared that it was "delighted" to have formed a long-term relationship with the 188-year-old department store. "David Jones is well-positioned for a new growth phase and will be well led by incoming chief executive officer Erica Berchtold," Hilco managing director and head of capital solutions (ANZ) Lewis McMenamin said. A spokesman for Anchorage Capital Partners said the company appreciated the support of Gordon Brothers and Nomura through Horizon One of its investment in David Jones. "The ABL facility supported Anchorage through this initial phase. We are pleased to be working with Hilco under a different capital structure to support the next phase." Ragtrader adds that Mr. Fyfe said he and the board had agreed to conclude his tenure as part of a planned leadership transition. "The board of David Jones and I have reached a mutual agreement to conclude my tenure as chief executive officer of David Jones as part of a management succession plan," Fyfe said. "Over the past five and a half years, it has been an honour to lead the business through some of the most challenging times, starting with COVID, through a change of ownership and significant transformation across the business, delivering growth. I am proud of the culture and values that we have established and all of our achievements." About David Jones David Jones Pty Limited is an Australian upmarket department store. As reported in the Troubled Company Reporter-Asia Pacific in mid-June 2025, Anchorage Capital Partners is considering ways of providing financial support to ailing retailer David Jones as the department store slides into a deep loss and warns of challenging conditions. Anchorage acquired David Jones in 2022 from Woolworths Holdings, the South African retailer which also owns Country Road Group. Filings with the corporate regulator revealed the group slid to a pre-tax loss of AUD95.5 million in the year to June 29, 2025, widening from a loss of AUD74.1 million in the year prior. Sales fell 8.7 per cent to AUD2 billion last year, according to the Australian Financial Review. ORION RESOURCES: First Creditors' Meeting Set for June 26 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Orion Resources Pty Ltd will be held on June 26, 2026, at 9:00 a.m. via online video conference. Jack James and Paula Smith of Rodgers Reidy were appointed as administrators of the company on June 26, 2026. REDZED TRUST 2024-3: Fitch Affirms 'BB-sf' Rating on Class F Notes ------------------------------------------------------------------ Fitch Ratings has affirmed seven note classes from RedZed Trust Series 2024-3 and revised the Outlook on the class B, C and D notes to Stable from Positive. The Outlook on the class A, E and F notes remains Stable. The Outlook revision reflects its expectation that performance will deteriorate, despite increased credit enhancement, given borrowers' sensitivity to higher interest rates. The transaction is backed by a pool of first-ranking Australian conforming and non-conforming residential full- and low-documentation mortgage loans originated by RedZed Lending Solutions Pty Ltd. The notes were issued by Perpetual Trustee Company Limited in its capacity as trustee of RedZed 2024-3. Entity/Debt Rating Prior ----------- ------ ----- RedZed Trust Series 2024-3 A-1-L AU3FN0092532 LT AAAsf Affirmed AAAsf A-2 AU3FN0092540 LT AAAsf Affirmed AAAsf B AU3FN0092557 LT AAsf Affirmed AAsf C AU3FN0092565 LT Asf Affirmed Asf D AU3FN0092573 LT BBBsf Affirmed BBBsf E AU3FN0092581 LT BBsf Affirmed BBsf F AU3FN0092599 LT BB-sf Affirmed BB-sf KEY RATING DRIVERS Deteriorating Asset Performance: The 30+ day and 90+ day arrears for RedZed 2024-3 were 8.3% and 3.3%, respectively at end-May 2026, both tracking above Fitch's 4Q25 Non-Conforming RMBS Performance Monitor of 4.71% and 1.99%, respectively. The portfolio has amortised to 48.4% (end-May 2026) of its original balance, but arrears have increased in absolute dollar terms and as a percentage of the portfolio, indicating that the rise in arrears as a percentage is not solely due to the shrinking denominator. High arrears were driven by borrowers' sensitivity to interest rates, as well as by loans in hardship or in the enforcement process that were 90+ days in arrears. The 'AAAsf' weighted-average (WA) foreclosure frequency of 22.9% is driven by the foreclosure frequency floor applied to loans in arrears, the WA unindexed current loan-to-value ratio (LVR) of 65.3%, self-employed borrowers making up 94.1% of the pool, low-documentation loans constituting 90.1% and, under Fitch's methodology, investment loans comprising 35.9% of the pool. The 'AAAsf' WA recovery rate of 58.4% is driven by the portfolio's WA indexed scheduled LVR of 59.7%. The transaction incurred a loss in April 2026 of AUD183,687, which was fully absorbed by excess spread within the same period. Credit Enhancement Supports Ratings: The transaction has built up credit enhancement through sequential principal repayment since closing, which has offset elevated arrears, supporting the current ratings in the cash flow model. The transaction is currently paying principal sequentially, building up credit enhancement, and will switch to pro rata when the principal step-down test is satisfied, which Fitch expects to be in October 2026, subject to performance. Liquidity Risk Mitigated: Payment interruption risk is mitigated by a liquidity facility, sized at 1.5% of the aggregated invested note balance (excluding class G) with a floored limit of AUD900,000. Other structural features include the amortisation and retention amounts that redirect excess spread to reduce the principal balance of the notes. The transaction has built up AUD500,000 of overcollateralisation through the retention ledger, which provides further credit enhancement. Low Operational and Servicing Risk: RedZed is an experienced lender catering to self-employed borrowers and has been in operations since 2006. An operational review was undertaken by Fitch and evaluates that the operations of the servicer are comparable with market standards. Tight Labor Market Supports Outlook: Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 2.5% for the year to March 2026 and unemployment was 4.5% in April 2026. Fitch forecasts GDP growth of 2.2% in 2026 and 2.0% in 2027, with unemployment at 4.4% and 4.5%, respectively. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Transaction performance may be adversely affected by deterioration in market conditions or the broader economic environment. Weakening asset performance is closely correlated with rising delinquencies and defaults, which could erode the credit enhancement available to the notes. Unanticipated increases in the frequency of defaults or loss severity could produce losses exceeding Fitch's base case, resulting in a decline in credit enhancement and remaining loss-coverage levels. A reduction in credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of the decline. Fitch conducts sensitivity analysis by stressing the transaction's base-case assumptions to assess this risk. Notes: A-1-L / A-2 / B / C / D / E / F Rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / BB-sf Increase defaults by 15%: AAAsf / AAAsf / AA-sf / Asf / BBBsf / BB-sf / Bsf Increase defaults by 30%: AAAsf / AAAsf / AA-sf / A-sf / BBB-sf / B+sf / Less than Bsf Decrease recoveries by 15%: AAAsf / AAAsf / A+sf / BBB+sf / BBsf / Bsf / Less than Bsf Decrease recoveries by 30%: AAAsf / AAAsf / Asf / BB+sf / Bsf / Less than Bsf / Less than Bsf Increase defaults by 15% and reduce recoveries by 15%: AAAsf / AAAsf / A+sf / BBBsf / BB-sf / Less than Bsf / Less than Bsf Increase defaults by 30% and reduce recoveries by 30%: AAAsf / AA+sf / BBB+sf / B+sf / Less than Bsf / Less than 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. Upgrade sensitivities are not relevant for the 'AAAsf' rated notes, as they are the highest level on Fitch's scale and cannot be upgraded. Notes: B / C / D / E / F Rating: AAsf / Asf / BBBsf / BBsf / BB-sf Reduce defaults by 15% and increase recoveries by 15%: AAAsf / AAsf / A+sf / BBB+sf / BBBsf USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pools and the transactions. Fitch has not reviewed the results of any third-party assessment of the asset portfolio information as part of its ongoing monitoring. Prior to the transactions closing, Fitch sought to receive a third-party assessment conducted on the asset portfolio information, but none was made available to Fitch for these transactions. 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. ========= C H I N A ========= YANGZHOU ECON: Moody's Withdraws 'Ba1' Corporate Family Rating -------------------------------------------------------------- Moody's Ratings has assigned a Baa3 issuer rating to Yangzhou Econ and Tech Dev Zone Dev (Gp) Co (YETDC) and has upgraded the senior unsecured rating on the USD bonds issued by YETDC to Baa3 from Ba1. At the same time, Moody's have withdrawn YETDC's Ba1 Corporate Family Rating. The outlook remains stable. "The upgrade reflects proven improvements in Yangzhou city government's propensity to support YETDC, demonstrated by the company's improving funding access, the company's continued dominant role in development local infrastructure projects in Yangzhou Economic and Technological Development Zone and its established record of government payments," says Ralph Ng, a Moody's Ratings Vice President and Senior Credit Officer. "The stable outlook on YETDC's ratings reflects the stable outlook on China's sovereign rating, the likelihood that the Yangzhou government's capacity to provide support will remain stable and Moody's views that YETDC's strategic importance to and close links with the Yangzhou government are unlikely to change over the next 12-18 months," adds Ng. RATINGS RATIONALE YETDC's Baa3 issuer rating is based on the Yangzhou government's government capacity to support (GCS) score of baa2 and Moody's assessments of how the YETDC's characteristics affect the Yangzhou government's propensity to support, which results in a one-notch downward adjustment from the GCS, reflecting the company's moderate debt growth and high contingent risk exposure. The rating upgrade reflects proven improvements in Yangzhou city government's propensity to support YETDC. YETDC's access to funding has strengthened over the past 12 months, as evidenced by increased onshore issuances at relatively low funding costs. In 2025, the company's average funding cost declined to 4.3% from 4.5% in 2024, while the majority of its debt remains long-term. In addition, the company has maintained limited exposure to shadow banking debt for several years. Overall, its funding profile is comparable to those of peers with strong market access. Moody's expects YETDC to maintain its credit profile amid an evolving regulatory environment, supported by its strong linkage with the Yangzhou city government and its critical role in implementing public policy projects. The company is the dominant platform to develop Yangzhou Economic and Technological Development Zone (the Development Zone in Yangzhou city, which contributes to around 10% of the Yangzhou's GDP and is an important manufacturing base for photoelectric, smart power grid, automobile and advanced equipment industries. This strong government linkage underpins the company's continued access to bank refinancing, bond markets, and policy support. YETDC benefits from a track record of stable and predictable government payments. The company has consistently received government funding—including procurement payments, equity injections, subsidies, and allocations of debt swap and special purpose bond proceeds—to support its public projects and development. In total, YETDC received around RMB9 billion in government funds during 2023–2025. Moody's expects the company will receive around RMB3 billion per year from the government over the next two to three years. However, YETDC continues to face high contingent liability risks arising from external guarantees and third-party lending provided to SOEs in Yangzhou, amounting to around 122% of total equity as of end-2025, down slightly from 133% as of end-2024. Moody's estimates that these exposures will remain at a high level by end-2026. The persistently high contingent risks is the key factor underpinning the notching adjustment in the company's issuer rating. These risks are partly mitigated by the fact that such guarantees and loans are extended under government guidance to support local development, and the overall exposure is closely monitored by the local government. The company's commercial activities remain largely ancillary to the industrial development of the Development Zone. Moody's do not expect the business transition to materially affect its public policy role in the city, and Moody's anticipates that the company will adopt a measured approach to related investments. Notably, the company's overall debt growth moderated to 6% year-on-year in 2025, down from double-digit levels in previous years. Based on its investment plans, Moody's expects annual debt growth to be at low double-digit levels in 2026 to 2027. Moody's assessments of the Yangzhou government's baa2 GCS score reflects Yangzhou's status as a prefectural-level government in Jiangsu province, one of the strongest provinces in China in terms of economic and fiscal strengths; its positioning at a relatively lower administrative level in Moody's assessments of the hierarchy of the regional and local governments (RLGs) in China (A1 stable); and high state-owned enterprise (SOE) liabilities relative to fiscal revenue, which present contingent liability risks. ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS The rating also considers the following environmental, social and governance (ESG) factors. YETDC bears high social risks as it implements public policy initiatives by building public infrastructure in the Development Zone of Yangzhou city. Demographic changes, public awareness and social priorities shape the company's development targets and ultimately affect the Yangzhou city government's propensity to support the company. The company's governance risk is mainly driven by its financial strategy and risk management related to the high contingent risk exposure arising from external guarantees and third-party lending provided to other SOEs. The company also has risk exposure to board structure, policies and procedures, reflecting the common nature of local government financing vehicles (LGFVs). FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade the ratings of YETDC if China's sovereign rating is upgraded; the Yangzhou government's capacity to support improves as a result of a significant strengthening in Yangzhou economic or fiscal profile, or its ability to coordinate timely support; or its characteristics changes in a way that enhances the Yangzhou government's propensity to support on a sustained basis, such as: -- there is a substantial reduction in loans, guarantees, or other credit exposures to external parties from the current level, or; -- a significant increase in government cash payments and better debt management; -- further elevated business position in Yangzhou city. Moody's could downgrade the ratings if (1) China's sovereign rating is downgraded; (2) the Yangzhou city government's capacity to support weakens as a result of a significant weakening in Yangzhou city's economic or fiscal profile, or its ability to coordinate timely support; (3) changes occur in the Chinese government's policies that prohibit RLGs from providing financial support to LGFVs; or (4) its characteristics change in a way that weaken the Yangzhou city government's propensity to support for a prolonged period, such as: -- significant changes in YETDC's core businesses as the major platform undertaking infrastructure construction projects in the Development Zone of Yangzhou city; -- significant adverse changes in the government support mechanism that weaken the adequacy and timeliness of government payments on a sustained basis; -- a rapid increase in its debt and leverage without a corresponding rise in government payments; -- weakened access to funding and capital structure, for example, reliance on high-cost financing and nonstandard channels, substantial increase in its loans, guarantees or other credit exposures to external parties. The principal methodology used in these ratings was Local Government Financing Vehicles in China published in August 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Yangzhou Econ and Tech Dev Zone Dev (Gp) Co (YETDC) was established in 1992 and is the sole provider of public services, including shantytown redevelopment, social housing construction, and primary land and infrastructure development in the Development Zone. YETDC is ultimately owned by the Yangzhou government via an intermediate owner, Yangzhou Industrial Investment State-owned Holding (Group) Co., Ltd., which is a state-owned capital management and investment platform. The Yangzhou government is still the ultimate controller of YETDC, and the company's assets, personnel, organization, finance and operations remain independent from its intermediate owner. As of December 2025, YETDC reported total assets of RMB97 billion. ================= H O N G K O N G ================= FUTURE FINTECH: Acquires 20% Stake in China AI Firm for $6.46-Mil. ------------------------------------------------------------------ Future FinTech Group Inc. announced in a regulatory filing that the Company, through its wholly-owned subsidiary, Future Commercial Group Limited, entered into a Share Purchase Agreement with Zhang Shuge. Pursuant to the SPA, the Buyer agreed to acquire from the Seller a 20% equity interest in Xi'an Changshida Information Technology Co., Ltd., a company organized under the laws of the People's Republic of China. Changshida is committed to implementing artificial intelligence technologies in practical application scenarios across the healthcare and smart city sectors. The company has built up independent R&D capabilities in underlying technologies, including machine vision and natural language processing. It has completed the development and commercial deployment of AI technologies covering facial recognition, OCR, image recognition, video understanding, natural language processing, and knowledge graph construction. Through partnerships with medical and healthcare institutions, as well as universities, the company has incubated a full suite of proprietary AI products. The aggregate purchase price for the acquisition is RMB 44,000,000 (approximately US$6.46 million), consisting of: (i) RMB 40,000,000 payable in cash; and (ii) 493,062 shares of the Company's common stock, par value $0.001 per share, having an agreed value of RMB 4,000,000. The cash consideration and share consideration are payable within ten (10) days following completion of the transfer of the 20% equity interest in Changshida and completion of the applicable registration and filing procedures in the PRC. The shares to be issued as consideration will be issued in a private transaction in reliance upon the exemption from registration provided by Regulation S under the Securities Act of 1933, as amended. The closing of the acquisition remains subject to customary closing conditions, including completion of the transfer of the equity interest and satisfaction or waiver of the conditions set forth in the SPA. A full text of copy of the SPA is available at https://tinyurl.com/6h53z4d6 About Future FinTech Future FinTech Group Inc., headquartered in Causeway Bay, Hong Kong and incorporated in Florida, is a holding company that provides financial technology-related services, including supply-chain financing and trading in China. Originally engaged in fruit juice production and distribution in China, the company has shifted its business model toward fintech, while previously operating in asset management, cross-border payments, brokerage and cryptocurrency mining. It has divested several subsidiaries and discontinued certain operations in recent years as it refocused on its core supply-chain financing and trading activities. Garden Grove, California-based Fortune CPA, Inc., the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 18, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has suffered losses from operations. Therefore, the Company has stated substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2025, the Company had $53.29 million in total assets and $9.33 million in total liabilities, with stockholders' equity of $43.96 million. ========= I N D I A ========= AADIK MINES: CRISIL Lowers Rating on INR3cr Cash Loan to B ---------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Aadik Mines Private Limited (AMPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL B/Stable (Issuer Not Cooperating; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with AMPL 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 AMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AMPL revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. Incorporated in 2017, Telangana-based AMPL trades in granite. Operation is currently managed by Mr Narahari and his family. ANNAPURNA AGRO-INDIA: CRISIL Cuts Rating on INR20cr Loan to B ------------------------------------------------------------- Crisil Ratings has migrated the rating on bank facilities of Annapurna Agro-India Private Limited (AAIPL) to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB-/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 20 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB-/Stable') Proposed Fund- 4.77 Crisil B/Stable (ISSUER NOT Based Bank Limits COOPERATING; Migrated from 'Crisil BB-/Stable') Term Loan 10.23 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB-/Stable') Crisil Ratings has been consistently following up with AAIPL for obtaining information through letter and email dated May 27, 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 AAIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AAIPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of AAIPL to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB-/Stable'. Incorporated in 2020 and owned and managed by Mr Bhuneshwar Nath Tiwari and his family, AAIPL mills, polishes and sorts non-basmati rice at its facility in Mirzapur, Uttar Pradesh, which has installed capacity of 36 tonne per hour. BHATIA WINE: CRISIL Lowers Rating on INR23cr Cash Loan to B ----------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Bhatia Wine Merchants Private Limited (BWMPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 23 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Cash Credit 2 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Term Loan 17 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Term Loan 20 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Term Loan 8 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with BWMPL 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 BWMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BWMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BWMPL revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. Incorporated in 1997 and promoted by Mr. Bhupendra Pal Singh Bhatia and family, BWMPL manufactures extra neutral alcohol (ENA), Indian made foreign liquor (IMFL), and country liquor (CL). The company sells IMFL under its own brand, Bhatia, and also undertakes bottling on jobwork basis for Pernod Richard India Pvt Ltd and Radico Khaitan Ltd. BOMBAY CRIMPERS: CRISIL Lowers Rating on INR4.62cr LT Loan to B --------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Bombay Crimpers Private Limited (BCPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Long Term Loan 4.62 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Proposed Long Term 1.88 Crisil B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with BCPL 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 BCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BCPL revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. BCPL, incorporated in 1967, is promoted by Mr Vinod Khetarpal and his son Mr Abhirup Khetarpal. The company processes polyester and polyester cotton fabric on jobwork basis. Its facility is at Bhiwandi in Maharashtra, and has capacity of 0.16 million metre per day. BCPL is setting up a plant with capacity 0.1 million metre per day. BUXA DOOARS CRISIL Lowers Long/Short Term Ratings to D ------------------------------------------------------ CRISIL Ratings has revised the ratings on certain bank facilities of Buxa Dooars Tea Co. (India) Limited (TBDTC; previously known as The Buxa Dooars Tea Co. India Limited), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from Crisil B/Stable ISSUER NOT COOPERATING') Short Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from Crisil A4 ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with TBDTC for obtaining information through letter and email dated July 15, 2025 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 TBDTC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TBDTC is consistent with 'Assessing Information Adequacy Risk'. Crisil Ratings has downgraded its ratings on the bank facilities of TBDTC to 'Crisil D/Crisil D Issuer not cooperating' from 'Crisil B/Stable/Crisil A4 Issuer not cooperating' as the company is in insolvency resolution process under the provisions of Insolvency and Bankruptcy Code, 2016 (IBC) by order of National Company Law Tribunal (NCLT) dated June 12, 2026. TBDTC, incorporated in 1975, owns two tea gardens, Raimatang and Kalchini, near Siliguri (West Bengal). The operations are managed by Mr Roshanlal Agarwal. EDUGUIDE OVERSEAS: CRISIL Keeps B Debt Rating in Not Cooperating ---------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Eduguide Overseas Studies Private Limited (EOS) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 7 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with EOS 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 EOS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on EOS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of EOS continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2021, EOS is engaged in the business if providing consultancy services for overseas education. The company has its domestic presence in the states of Maharashtra and Gujrat and is promoted by Mr Ramzan Hasani and Ms Zeenat Hasani. GAJRAULA ROLLER: CRISIL Lowers Rating on INR12cr Cash Loan to B --------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Gajraula Roller Flour Mills Private Limited (GRFMPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Term Loan 4 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with GRFMPL 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 GRFMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GRFMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GRFMPL revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. The company, promoted by Mr. Anil Kumar Jain, Mr Sunil Kumar Jain and Mr. Narendra Kumar Jain in 2011 , processes wheat to produce maida, suji, atta and bran. The processing unit, located at Gajraula (Uttar Pradesh), has daily capacity of 200 tonnes. Daily operations are overseen by Mr. Anil Kumar Jain. GOEL INDUSTRIES: CRISIL Lowers Rating on INR6cr Cash Loan to B -------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Goel Industries - Bahraich (GIB), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Proposed Cash 2 Crisil B/Stable (ISSUER NOT Credit Limit COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Proposed Long Term 0.59 Crisil B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Term Loan 2.1 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Term Loan 0.51 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Term Loan 0.98 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with GIB 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 GIB, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GIB is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GIB revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. GIB was formed as a sole proprietary concern in 2000. The firm operates a paddy processing unit in Bahraich district in Uttar Pradesh. It sources paddy from various sources including local mandis and directly from farmers, and converts it to rice and bran. Proceeds are sold to customers in India and Nepal. The firm has an operating capacity of 4 tonnes per hour. GOKUL GINNING: CRISIL Lowers Rating on INR6cr Cash Loan to B ------------------------------------------------------------ CRISIL Ratings has revised the ratings on certain bank facilities of Gokul Ginning and Oil Industries (GGOI), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with GGOI 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 GGOI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GGOI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GGOI revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. GGOI is an Amreli, Gujarat-based partnership firm established in 2008. It manufactures cotton bales and kapasia, cotton oil, and deoiled cakes. Mr Aminali K Gangani, Mr Siraj P Keshwani, and Mr Sahejad B Gangani are key partners in the firm. GRANITE ZONE: CRISIL Lowers Rating on INR2cr Cash Loan to B ----------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Granite Zone India Private Limited (GZPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Long Term Loan 4 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with GZPL 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 GZPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GZPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GZPL revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. Set up in 2007, GZPL processes rough granite blocks into granite slabs and tiles. The company is promoted by Mr Rameshwar Lal Bhutra and Mr Devendra Kumar Soni. MASTER MINDS: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ Crisil Ratings said the ratings on bank facilities of Master Minds (MM) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 5 Crisil B/Stable (Issuer Not Cooperating) Long Term Loan 1 Crisil B/Stable (Issuer Not Cooperating) Overdraft Facility 5 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MM 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 MM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MM continues to be 'Crisil B/Stable Issuer not cooperating'. MM, located in Guntur (Andhra Pradesh), was established in 2002 by Mr. M Siva Prasad. The firm offers preparatory courses for chartered accountancy (CA), Institute of cost and work accountants of India (ICWA) and other commerce related courses. MULCHAND PHULCHAND: CRISIL Keeps B Ratings in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Mulchand Phulchand Krishi Udyog Private Limited (MPKUPL; a part of the Mulchand group) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10.50 Crisil B/Stable (Issuer Not Cooperating) Proposed Long Term 4.44 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Working Capital 2.31 Crisil B/Stable (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with MPKUPL 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 MPKUPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MPKUPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MPKUPL continues to be 'Crisil B/Stable Issuer not cooperating'. MFPL was incorporated in 2012 by Mr Ashok Phulchand Agrawal and Ms Chaya Ashok Agrawal. This Jalna (Maharashtra)-based company undertakes cotton ginning, de-linting of cotton seeds, and oil extraction. MPKUPL, established in 2003 by Mr Ashok Agrawal, is a Jalna-based company that undertakes ginning of cotton. NARESH CLOTH: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ Crisil Ratings said the ratings on bank facilities of Naresh Cloth Store (NCS) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 Crisil B/Stable (Issuer Not Cooperating) Proposed Long Term Bank Loan Facility 6.5 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with NCS 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 NCS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NCS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NCS continues to be 'Crisil B/Stable Issuer not cooperating'. NCS was established as a proprietorship firm by Mr Naresh Kumar in 2000. It trades in fabric manufactured by Raymond Ltd. The corporate office is in Sangrur (Punjab). NIRMALA OFFSET: CRISIL Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Nirmala Offset Printers (NOP) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 Crisil B/Stable (Issuer Not Cooperating) Proposed Long Term 7 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 2 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with NOP 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 NOP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NOP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NOP continues to be 'Crisil B/Stable Issuer not cooperating'. NOP was set up in 1984 as a proprietary firm by Mr Rajan Verghese. The firm undertakes commercial printing on files, calendars, and pamphlets, at its printing unit in Kerala. NUTECH POLYMERS: CRISIL Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Nutech Polymers Private Limited (NPPL) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 Crisil B/Stable (Issuer Not Cooperating) Working Capital 1 Crisil B/Stable (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with NPPL 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 NPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NPPL continues to be 'Crisil B/Stable Issuer not cooperating'. NPPL was incorporated in 1985; operations are managed by Mr Kavish Karanpuria and Ms Meena Karanpuria. The company manufactures High-density polyethylene (HDPE)/ Polypropylene (PP) woven sacks, and caters to various industries such as cement, textile and fertilisers. It is based in Udaipur, Rajasthan. PATEL INCORPORATION: CRISIL Keeps B Rating in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Patel Incorporation (PI) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 7.4 Crisil B/Stable (Issuer Not Cooperating) Proposed Long Term 0.1 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with PI 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 PI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PI continues to be 'Crisil B/Stable Issuer not cooperating'. PI was established in 2006 as a proprietorship firm by Mr Ritesh Patel, The Kanpur-based firm trades in iron and steel products (flats, coils, scrap, and others). It has also started manufacturing plastic products such as bucket, tubs and other household items since the past two fiscals. POWERCON CEMENT: CRISIL Lowers Rating on INR4.5cr Cash Loan to B ---------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Powercon Cement Private Limited (PCL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.5 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Term Loan 7.25 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with PCL 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 PCL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PCL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PCL revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. PCL was incorporated in 2012, promoted and managed by Mr. Vishnu Kant Agrawal, Mr. Vikram Chaudhary, and Mr. Subhash Chand Tulsyan. The company manufactures cement at its facility in Varanasi, with a capacity of 180,000 tonne per annum. It started production from March 2014. PRABHUKRUPA RICE: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Prabhukrupa Rice Mill (PRM) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 Crisil B/Stable (Issuer Not Cooperating) Standby Fund 1 Crisil B/Stable (Issuer Not Based Working Cooperating) Capital Crisil Ratings has been consistently following up with PRM 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 PRM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PRM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PRM continues to be 'Crisil B/Stable Issuer not cooperating'. PRM was established in 1990, promoted by Mr Niraj Mohata and his family members. The firm mills, processes, and trades in non-basmati rice. The manufacturing unit is in Bramhapuri, Maharashtra. PRIME AUTOMOBILES: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Prime Automobiles Private Limited (PAPL) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 13 Crisil B/Stable (Issuer Not Cooperating) Proposed Long Term 9.25 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with PAPL 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 PAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PAPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2010, PAPL is an authorised dealer for passenger and commercial vehicles of M&M for Faridabad, operates a service station and also offers spare parts. It has two showrooms, one for passenger vehicles and the other for commercial vehicles. The third outlet at Palwal, Haryana, began operations in August 2017. The company is promoted by Mr Ramesh Singh. SANDHU AUTOMOBILES: CRISIL Keeps B Ratings in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Sandhu Automobiles Private Limited (SAPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12 Crisil B/Stable (Issuer Not Cooperating) Standby Line 1 Crisil B/Stable (Issuer Not of Credit Cooperating) Crisil Ratings has been consistently following up with SAPL 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 SAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SAPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 1996, SAPL is an authorised dealer for MSIL. It has fifteen showrooms (6 showrooms and 9 extension counters) mainly in Ludhiana, Jagraon, Machhiwara, Raikot, Samrala, Khanna etc. all in Ludhiana district of Punjab. The company is promoted by Mr. Arun Pal Sandhu and Mr. Karam Pal Sandhu. SETHU DISTRIBUTION: CRISIL Keeps B Ratings in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Sethu Distribution Agency (SDA) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 Crisil B/Stable (Issuer Not Cooperating) Proposed Cash 1 Crisil B/Stable (Issuer Not Credit Limit Cooperating) Crisil Ratings has been consistently following up with SDA 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 SDA, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SDA is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SDA continues to be 'Crisil B/Stable Issuer not cooperating'. SDA was formed as a partnership firm in 1978. The firm trades in pharmaceutical formulations across Tamil Nadu for wholesalers. Operations are managed by Mr A Ramanathan. SHUBHI DEVI: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shubhi Devi Higher Education Shiksha Samiti (SHESS) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 5.85 Crisil B/Stable (Issuer Not Cooperating) Overdraft Facility 2.15 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SHESS 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 SHESS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SHESS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SHESS continues to be 'Crisil B/Stable Issuer not cooperating'. SHESS, is a trust based in Basti, Uttar Pradesh. It provides educational services at seven institutes: Subhi Devi Mahila Mahavidyalaya (BA, BSc, BEd), Chandrawati Devi Mahavidyalaya (BA, MA), Pt Ambika Pratap Marayana Mahila Mahavidyalay (BA, BSc, BEd), GPS BTC College (BTC), Purvanchal Inter College (classes 9-12), Surya International Academy (playschool-class 12) and GPS Balika Inter College (classes 9-12). SONU MARKETING: CRISIL Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the rating on non-convertible debentures of Sonu Marketing Private Limited (SMPL) continues to be 'Crisil B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Non Convertible 50.0 CRISIL B/Stable (Issuer not Debentures-LT Cooperating) Crisil Ratings has been consistently following up with SMPL for getting information. Crisil Ratings requested cooperation and information from the issuer through letter dated April 27, 2026 apart from telephonic and email communication. The entity did not provide the No Default Statements (NDS) for the month of May 2026. Hence, the issuer has continued to be non-cooperative and the ratings on Non-Convertible Debentures of SMPL continues to be 'Crisil B/Stable Issuer Not Cooperating'. '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 firm. Such non-co-operations by a rated entity may be a result of deterioration in its credit risk profile. The rating with 'issuer not cooperating' suffix lacks 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 SMPL which restricts the ability of Crisil Ratings to take a forward-looking view on the entity's credit quality. Crisil Ratings believes that the rating action on SMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last-available information, the rating on non convertible debentures of SMPL continues to be 'Crisil B/Stable Issuer Not Cooperating'. SMPL, an RBI Registered NBFC, specializes in offering personal loans. In India, NBFCs constitute the fastest-growing sector within the financial and banking landscape. In response to the escalating demand for personal loans, the company has developed tailor-made solutions aimed at enhancing credit scores and providing swift access to funds for individuals in need. WELGA FOODS: CRISIL Lowers Rating on INR14.5cr Cash Loan to B ------------------------------------------------------------- Crisil Ratings has migrated the rating on bank facilities of Welga Foods Limited (WFL) to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 14.5 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil B+/Stable') Long Term Loan 0.57 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil B+/Stable') Working Capital 1.19 Crisil B/Stable (ISSUER NOT Demand Loan COOPERATING; Migrated from 'Crisil B+/Stable') Working Capital 2.08 Crisil B/Stable (ISSUER NOT Demand Loan COOPERATING; Migrated from 'Crisil B+/Stable') Crisil Ratings has been consistently following up with WFL for obtaining information through letter and email dated May 29, 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 WFL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on WFL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of WFL to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable'. WFL manufactures and sells frozen peas and other vegetables under its brand, Welga's. Its processing plant is in Badaun (Uttar Pradesh). ========= J A P A N ========= GODIVA JAPAN: To Seek Extension on US$464MM Leveraged Buyout Loan ----------------------------------------------------------------- The Japan Times reports that Godiva Japan is in talks with its banking group to extend the repayment deadline on leveraged buyout financing as the chocolate-maker struggles in the major Asian market, according to people familiar with the matter. The Japan Times relates that the operator of the Belgian luxury chocolate brand in Japan, which was taken over by Asian private equity fund MBK Partners in 2019, owes about JPY75 billion ($464 million) by the end of this month, said the people, who asked not to be identified discussing confidential matters. The lending group comprising 25 banks is considering lengthening the maturity of the existing loans by nine months, while Mitsubishi UFJ Financial Group's banking unit is looking to provide an additional JPY5 billion in financing that would be repaid ahead of existing debt in credit events like a default, said the people. According to The Japan Times, Godiva Japan's debt woes are a reminder of the risks of leveraged buyout funds often used to finance big acquisitions. If the funding helps the target company restructure its operations and bolster its earnings, that may lead to higher returns for investors, but the loans also tend to have a higher risk of losses compared with normal debt. The Japan Times says chocolate-makers have been challenged by developments in Japan's sweets market as well, with obligatory chocolate gift-giving to colleagues in the workplace during events like Valentine's Day becoming less common, while the entry of more high-end brands from abroad intensifies competitive pressure. Godiva Japan posted a net loss of about JPY30 billion in 2025, while its equity ratio fell to around 7%, far below readings of around 40% or higher for typical Japanese companies, the people said. Godiva Japan's total borrowings of about JPY75 billion at the end of last year included around JPY60.5 billion of senior loans, and about JPY14 billion of mezzanine loans that sit between debt and equity, The Japan Times discloses. MUFG Bank held about JPY25 billion of the senior loans, while Sumitomo Mitsui Banking had around JPY19 billion. When MBK acquired the business in 2019, Mitsubishi UFJ and Sumitomo Mitsui initially provided the entire loan amount, and later distributed smaller portions to regional banks and other lenders, The Japan Times notes. Many participating financial institutions hold less than JPY1 billion. Whether the large number of banks involved will continue to be able to agree on additional financing and maturity extension will be closely watched, the people familiar with the matter said, adds The Japan Times. NISSAN MOTOR: Shareholders Vote Out Influential Director at Meeting ------------------------------------------------------------------- The Japan Times reports that Nissan Motor shareholders rejected the reappointment of Motoo Nagai to the board, ending the tenure of an influential outside director after he lost the support of key stakeholder Renault, following a rare public standoff at Japan's typically staid annual meetings. According to The Japan Times, CEO Ivan Espinosa announced the results at Nissan's annual meeting on June 23 and confirmed that 11 other directors had reached the majority needed to be appointed, or reappointed. Renault, which holds 15% of voting rights, had planned to abstain from voting for Nagai, people with knowledge of its plans had said. Nagai, a former banker, played a pivotal role during the 2018 ouster of former Chairperson Carlos Ghosn and the subsequent appointment of executives, The Japan Times relays. Nagai, 72, supported the ultimately unsuccessful merger talks between Nissan and Honda Motor in early 2025 and spent his career at Mizuho Financial Group, Nissan's top creditor. He's the only director serving on the nomination, compensation and audit committees, giving him sway over the appointment of executives at Nissan. The ex-banker's ouster represents Renault's biggest power move at Nissan since ceding much of its influence over the Japanese carmaker in 2023. The Japan Times relates that Renault's concerns over Nagai also focused on whether he could be considered an independent director, given his long association with Nissan, as he joined as statutory auditor in 2014 and became a board member in 2019. New nominee Junichi Shinbo, also a former Mizuho banker, was voted in by shareholders at the meeting, The Japan Times says. Renault had also planned to abstain voting for him, according to the people, who asked not to be identified discussing internal matters. Their links to the bank, as well as Nagai's long tenure at Nissan, brought their independence into question, they added. Renault owns roughly 36% of Nissan's stock but exercises fewer voting rights following a renegotiated alliance agreement between the companies in 2023, The Japan Times states. Renault became a major stakeholder when it saved the carmaker from bankruptcy more than a quarter century ago, sending in Ghosn, who eventually became CEO of both companies. Several disgruntled shareholders voiced their disapproval at this year's meeting, taking jabs at Nissan's executives, pointing to the dismal performance of its share price and a lack of compelling models, according to The Japan Times. Nissan's stock is down 44% since the end of 2023. One investor openly questioned the independence of Nagai and Shinbo, and opposed the reappointment of Mr. Espinosa in a motion that was ultimately denied on legal grounds. "The biggest issue for shareholders attending this meeting is the stock price," the shareholder said. "Most shareholders here are extremely unhappy." Nissan has been struggling to regain its footing, having posted net losses for the past two fiscal years, although it is forecasting a return to profit for the current period through March 2027. Sales declined 4.9% to JPY12 trillion ($74.3 billion) in the latest year as the carmaker seeks to refresh its aging lineup. The carmaker has JPY4.4 trillion in debt, and rating agencies have cut its creditworthiness status to junk. The Japan Times says BYD and other Chinese carmakers have erased Nissan's early lead in affordable electric vehicles, while Toyota Motor's hybrid strategy is leaving Nissan and its rival Honda even farther behind. The two smaller car companies almost merged last year but abandoned talks after failing to agree on a structure. A total of 12 board members, including Mr. Espinosa, were up for a vote at the annual meeting, including three new directors. Two long-serving members stepped down, adds The Japan Times. About Nissan Motor Japan-based Nissan Motor Co., Ltd. manufactures and distributes automobiles and related parts. The Company produces luxury cars, sports cars, commercial vehicles, and more. Nissan Motor markets its products worldwide. Fitch Ratings, on April 15, 2026, affirmed Nissan Motor Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BB'. The Outlook remains Negative. Fitch has also affirmed Nissan's senior unsecured rating at 'BB' and its Short-Term Foreign- and Local-Currency IDRs at 'B'. S&P Global Ratings, in November 2025, lowered its long-term ratings on Nissan Motor and its overseas subsidiaries to 'BB-' from 'BB' and affirmed its short-term ratings at 'B'. The negative outlook reflects S&P's view that prolonged weak profitability and negative FOCF may further deteriorate the company's creditworthiness. Moody's Ratings, in February 2025, also downgraded to Ba1 from Baa3 the senior unsecured rating for Nissan Motor Co., Ltd. At the same time, Moody's have assigned a Ba1 corporate family rating and withdrawn the company's Baa3 issuer rating. Moody's have also maintained the negative rating outlook. DBRS Ratings GmbH (Morningstar DBRS), on May 22, 2026, confirmed Nissan Motor Co., Ltd.'s Issuer Rating at BB and confirmed the instrument credit rating on Nissan's Senior Unsecured Debt at BB, with a recovery rating of RR4. Concurrently, Morningstar DBRS confirmed Nissan Canada Inc.'s Senior Unsecured Debt credit rating at BB, with a recovery rating of RR4. The trends on all credit ratings remain Negative. NISSAN MOTOR: Stops Work on EV Version of European Best-Seller -------------------------------------------------------------- Reuters reports that Nissan Motor has stopped work on an electric version of its top-selling model in Europe, six sources with knowledge of the matter said, as the Japanese automaker trims its lineup and cuts costs. Reuters relates that the move to quietly halt development of a fully electric Qashqai comes as traditional rivals and new Chinese entrants flood Europe with affordable alternatives. While shelving the project will save money, Nissan may not be able to bring the car to market until early next decade if it has a rethink, likely leaving it trailing peers in a key market segment. According to Reuters, Nissan in 2023 committed to building an EV version of its Qashqai SUV at Sunderland, Britain's largest car plant, a plan that was hailed by the UK government at the time as cementing its position as a global EV manufacturing hub. The company at the time did not specify a timeline to deliver the EV variant. The automaker has since embarked on ⁠a major global restructuring, however, and is currently in talks with London about securing financial support for an updated roadmap for the plant expected in coming months, Reuters exclusively reported last week. That announcement is expected to clarify its latest plans for the electric Qashqai, development of which was halted early last year, according to the sources, who spoke on condition of anonymity due to the sensitivity of the matter, Reuters relays. It already makes the electric compact Leaf at the plant and in April unveiled an electric crossover SUV Juke to be built there. Even if Nissan restarts the Qashqai EV project, it would not come to market until the early 2030s, two of the sources said. In a statement, Nissan did not address its plans for a fully electric Qashqai, but said it remained committed to expanding its "electrified" line-up, which includes hybrid models, according to Reuters. The company added that the European market had experienced "significant volatility" in EV demand and that it was pursuing a "balanced" electrification strategy. A UK government spokesperson declined to comment on Nissan's commercial decisions. About Nissan Motor Japan-based Nissan Motor Co., Ltd. manufactures and distributes automobiles and related parts. The Company produces luxury cars, sports cars, commercial vehicles, and more. Nissan Motor markets its products worldwide. Fitch Ratings, on April 15, 2026, affirmed Nissan Motor Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BB'. The Outlook remains Negative. Fitch has also affirmed Nissan's senior unsecured rating at 'BB' and its Short-Term Foreign- and Local-Currency IDRs at 'B'. S&P Global Ratings, in November 2025, lowered its long-term ratings on Nissan Motor and its overseas subsidiaries to 'BB-' from 'BB' and affirmed its short-term ratings at 'B'. The negative outlook reflects S&P's view that prolonged weak profitability and negative FOCF may further deteriorate the company's creditworthiness. Moody's Ratings, in February 2025, also downgraded to Ba1 from Baa3 the senior unsecured rating for Nissan Motor Co., Ltd. At the same time, Moody's have assigned a Ba1 corporate family rating and withdrawn the company's Baa3 issuer rating. Moody's have also maintained the negative rating outlook. DBRS Ratings GmbH (Morningstar DBRS), on May 22, 2026, confirmed Nissan Motor Co., Ltd.'s Issuer Rating at BB and confirmed the instrument credit rating on Nissan's Senior Unsecured Debt at BB, with a recovery rating of RR4. Concurrently, Morningstar DBRS confirmed Nissan Canada Inc.'s Senior Unsecured Debt credit rating at BB, with a recovery rating of RR4. The trends on all credit ratings remain Negative. YUBARI CITY: Bankruptcy-Induced Salary Cuts for City Workers to End ------------------------------------------------------------------- The Japan Times reports that the mayor of Yubari, Hokkaido, said on June 20 that pay cuts for city government employees, which have been in place ever since the city fell into insolvency 20 years ago, will be scrapped at the end of the current fiscal year. The Japan Times relates that Mayor Tsukasa Atsuya said that the salaries of city employees will return to their original levels from next April, as the city is expected to complete its repayment of special fiscal rehabilitation bonds by the end of fiscal 2026. His statements came during a meeting with internal affairs minister Yoshimasa Hayashi and Hokkaido Gov. Naomichi Suzuki in Yubari on June 20, the 20th anniversary of the city's declaration of financial collapse, The Japan Times relays. Hayashi said that he "respects" the city's decision. Once flourishing from coal mining, Yubari suffered from a string of coal mine closures due to changes in the country's energy policy. According to The Japan Times, the city incurred a deficit of JPY35.3 billion in fiscal 2006 due to overinvestment in tourism facilities and inappropriate accounting. Then on June 20 of the same year, the mayor announced that the city would enter "fiscal reconstruction entity" status, under which it would work to pay off accumulated debts under central government supervision. It was later designated as such an entity, the only one in Japan, following the enactment of a new law. At the beginning of the reconstruction process, the monthly salary of city government employees was reduced by an average of about 30%. The size of the pay cuts has been gradually reduced, with such employees now taking a uniform 5% cut, The Japan Times notes. =============== M A L A Y S I A =============== PRG HOLDINGS: Unit Hit With Payment Demand Over Contract Works -------------------------------------------------------------- The Malaysian Reserve reports that PRG Holdings Bhd has disclosed that its subsidiary, Premier Construction (International) Sdn Bhd (PCI), has received statutory demands totalling MYR633,197.57 from three sub-contractors over unpaid works at the Picasso Residence Project in Kuala Lumpur. The Malaysian Reserve relates that the demands, issued on June 19, 2026, give PCI 21 days to settle the outstanding sums or risk winding-up proceedings. The claims relate to completed works at the project, including air-conditioning and ventilation systems (RM519,640.10), granite works (MYR57,162.24), and drainage installations (RM56,395.23). The immediate issue is part of a broader financial dispute involving PCI and developer Premier De Muara Sdn Bhd, where PCI is seeking MYR64.24 million in unpaid certified works. According to The Malaysian Reserve, PRG had previously attempted a debt settlement involving luxury condominium units worth MYR13.73 million, but the arrangement was terminated in May 2026 following alleged undisclosed information and related-party concerns. PCI has since escalated recovery efforts through a statutory demand against the developer, which has in turn contributed to cash flow strain affecting payments to sub-contractors. PRG maintains that the MYR0.63 million claims are already accounted for as liabilities and are not expected to have a material impact on the group, The Malaysian Reserve relays. The Malaysian Reserve adds that the company said it is currently reviewing the claims while engaging sub-contractors to pursue an amicable resolution. Based in Malaysia, PRG Holdings Berhad, an investment holding company, manufactures, markets, and sells rubber strips, yarn, webbing, and metal components. =============== M O N G O L I A =============== DEVELOPMENT BANK: Moody's Rates USD Senior Unsecured Notes 'B1' --------------------------------------------------------------- Moody's Ratings has assigned a B1 foreign currency senior unsecured rating to Development Bank of Mongolia LLC (DBM)'s USD-denominated 5-year fixed-rate senior unsecured notes. The rating outlook on the notes is stable, in line with the outlook on the bank's long-term issuer rating. The bank intends to use a portion of the proceeds to repurchase its outstanding 8.5% senior unsecured notes due 2028 and to pay certain costs and expenses related to the tender offer. The proceeds will also be used to refinance other existing indebtedness to optimize its debt stock by lowering its cost of funding and extending the debt maturity profile. The assigned rating is subject to receipt of final documentation, the terms and conditions of which are not expected to change materially from the draft reviewed. RATINGS RATIONALE The assigned rating is aligned with the bank's long-term issuer rating and reflects the structure of the issuance. The notes will constitute direct, unconditional, unsubordinated, and unsecured obligations of DBM, ranking pari passu with all other unsecured and unsubordinated obligations of the bank. DBM's B1 foreign-currency long-term issuer rating is three notches above the bank's caa1 Baseline Credit Assessment (BCA) and adjusted BCA, reflecting Moody's assessments that DBM is a government-backed entity, given its role as Mongolia's sole policy and export-import bank, full government ownership, and legal basis of government support under the DBM Law. DBM's BCA and adjusted BCA are both caa1, as no affiliate support is incorporated. The bank is domiciled in Mongolia, which Moody's do not consider as having an operational resolution regime (ORR). Moody's apply Moody's basic Loss Given Failure (LGF) analysis, resulting in a preliminary rating assessment for DBM's deposits in line with its Adjusted BCA, before government support considerations. Moody's assessments that DBM is a government-owned policy bank established under the DBM Law, with ongoing government support for its critical policy-oriented role in the Mongolian economy, results in a three-notch uplift to its long-term issuer rating. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The notes' rating is in line with DBM's long-term issuer rating. Therefore, an upgrade or downgrade of DBM's long-term issuer rating would lead to a similar rating action on the notes' rating. DBM's rating is at the same level as the sovereign rating of Mongolia, and a positive rating action is unlikely in the absence of an upgrade of the sovereign rating. Moody's could upgrade DBM's BCA upon receipt of planned equity injections and progress in addressing its legacy asset quality issues. Moody's could downgrade DBM's rating if the sovereign rating is downgraded; the government's support for DBM weakens; or the bank's strategic role and importance to Mongolia weaken. DBM's BCA could be downgraded if its capitalization and liquidity deteriorate without significant government intervention. PRINCIPAL METHODOLOGY The principal methodology used in this rating was Banks published in November 2025. DBM is headquartered in Ulaanbaatar, with assets totaling MNT2.9 trillion (USD821.4 million) and shareholders' equity of MNT123.9 billion (USD35.0 million) as of year-end 2025. The bank is wholly owned by the Mongolian government and operates as the country's statutory policy bank under the DBM Law. ===================== N E W Z E A L A N D ===================== ALPINE CARRIERS: Creditors' Proofs of Debt Due on Aug. 28 --------------------------------------------------------- Creditors of Alpine Carriers Limited are required to file their proofs of debt by Aug. 28, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 4, 2026. The company's liquidators are: Wendy Somerville Malcolm Hollis PwC PwC Waikato PO Box 191 Hamilton 3240 BLONDIE'S ALL: Court to Hear Wind-Up Petition on July 8 ------------------------------------------------------- A petition to wind up the operations of Blondie's All Day Cafe, Bar & Restaurant Limited will be heard before the High Court at Auckland on July 8, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on May 21, 2026. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 M A BRUCE: Court to Hear Wind-Up Petition on June 29 ---------------------------------------------------- A petition to wind up the operations of M A Bruce Limited will be heard before the High Court at Timaru on June 29, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on April 20, 2026. The Petitioner's solicitor is: Kelly King Inland Revenue 663 Colombo Street Christchurch Central Christchurch NATIONAL DISTILLERY: Creditors' Proofs of Debt Due on July 15 ------------------------------------------------------------- Creditors of The National Distillery Company Limited are required to file their proofs of debt by July 15, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 15, 2026. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 NEW-KOR EXPORTS: Creditors' Proofs of Debt Due on July 13 --------------------------------------------------------- Creditors of New-Kor Exports 2006 Limited (formerly New-Kor Exports Limited) are required to file their proofs of debt by July 13, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 12, 2026. The company's liquidator is: Robin Crimp RAC Insolvency Limited PO Box 1477 Christchurch 8140 ================= S I N G A P O R E ================= ASIAPAC CONTRACTS: Court Enters Wind-Up Order --------------------------------------------- The High Court of Singapore entered an order on June 12, 2026, to wind up the operations of Asiapac Contracts Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Mr. Gary Loh Weng Fatt Mr. Dev Kumar Harish Nandwani c/o BDO Advisory Pte. Ltd. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ENVY GROUP: Ex-Employees Lose Appeal Against SGD38MM Clawback Order ------------------------------------------------------------------- The Business Times reports that the Court of Appeal has rejected the appeals almost in entirety by four former employees of the insolvent Envy group of companies over the clawback of commissions, profit-sharing payments and referral fees amounting to about SGD38 million. Envy is at the centre of a SGD1.5 billion nickel-trading Ponzi scheme that Ng Yu Zhi allegedly perpetrated. According to BT, the only payments the three-judge court ruled that need not be returned were those calculated purely as a percentage of the amount invested by the referred investors. Anything dependent on profits generated by trading nickel would have to be clawed back. BT relates that the apex court, in a judgment published on June 22, dismissed the appeals of Lau Lee Sheng, Benjamin Teo Wei Wen and Shen Xuhuai. Koh Hong Jie's appeal was allowed only for the SGD49,600 referral fees that were paid based on the investment amount he referred to Envy. Lau and Teo were sales directors, Koh was a sales associate, and Shen was a financial accountant employed by companies in the Envy group. These four, together with another four employees previously engaged by Envy, were sued by the group's liquidators to claw back payments including commissions, profit-sharing bonuses and referral fees made to them, according to BT. Six of them were ordered by the High Court last year to repay the sums, subject to deductions for any excess income tax payments that they had made, BT recalls. Lau, Teo, Shen and Koh appealed against the judgment, while the other two with SGD3 million in total claims between them did not. Another two defendants had settled the claims with the liquidators. All these former employees were acting in good faith as they were unaware that the scheme was fraudulent, BT relays. At stakes in the appeal were about SGD17 million for Lau, SGD9.9 million for Teo, SGD6.1 million for Shen and SGD5 million for Koh. While the appellants argued that they were contractually entitled to the commissions and profit-sharing payments because the term "profits" in their employment contracts should be interpreted as "declared profits", the Court of Appeal held that "profits" must mean actual profits, according to BT. Since no actual nickel trading took place and no real profits were generated, the Envy group had no contractual obligation to make these payments, ruled the court comprising Justices Steven Chong, Kannan Ramesh and Judith Prakash, BT relates. BT adds that Shen argued that about SGD900,000 of her commissions and profit-sharing payments should not be clawed back because she never received the money but had reinvested it into the purported trading scheme. The court rejected this, finding that the company had in effect made a payment to her by internally redirecting the funds at her request to be reinvested into the scheme. The Ponzi scheme had the veneer of a highly profitable business of purchasing and reselling nickel operated by the Envy group. Investors were offered the opportunity to participate in the business by investing significant sums which were to be used to purchase nickel in exchange for lucrative returns from the profits made upon resale. But the purported profits that were paid out to investors were recycled from funds invested by others, to keep the Ponzi scheme alive. Shook Lin & Bok acted for the liquidators in the appeal, BT notes. About Envy Group Envy Global Trading Pte Ltd was a Singapore-based commodities firm at the center of a massive SGD1.5 billion Ponzi scheme. Directed by Ng Yu Zhi, the company falsely claimed to offer lucrative, discounted investments in physical nickel trading with Australian mining company Poseidon Nickel. The High Court of Singapore entered an order on Aug. 16, 2021, to wind up the operations of Envy Global Trading (EGT), Envy Asset Management (EAM) and Envy Management Holdings. The company's liquidators are: Mr. Bob Yap Cheng Ghee Mr. Tay Puay Cheng Ms. Toh Ai Ling c/o KPMG Services Pte. Ltd. 16 Raffles Quay #22-00 Hong Leong Building Singapore 048581 INDIAN OCEAN: Creditors' Proofs of Debt Due on July 19 ------------------------------------------------------ Creditors of Indian Ocean Rare Metals Pte. Ltd. are required to file their proofs of debt by July 19, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 12, 2026. The company's liquidators are: Lim Loo Khoon Tan Wei Cheong 6 Shenton Way OUE Downtown 2, #33-00 Singapore 068809 LANERIDGE PTE: Creditors' Proofs of Debt Due on July 20 ------------------------------------------------------- Creditors of Laneridge Pte. Ltd, Laneview Pte. Ltd., and Lview Pte. Ltd. are required to file their proofs of debt by July 20, 2026, to be included in the dividend distribution. The companies commenced wind-up proceedings on June 10, 2026. The company's liquidator is: Vera Setia Pratama c/o IQ EQ Consultants (Singapore) 8 Cross Street #20-01 Manulife Tower Singapore 048424 STARKER INTERNATIONAL: Creditors' Proofs of Debt Due on July 20 --------------------------------------------------------------- Creditors of Starker International Pte Ltd are required to file their proofs of debt by July 20, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 12, 2026. The company's liquidators are: Marie Lee Khor Boon Hong C/o Baker Tilly 600 North Bridge Road #05-01 Parkview Square Singapore 188778 UNITED OCEAN: Creditors' Proofs of Debt Due on July 20 ------------------------------------------------------ Creditors of United Ocean Ship Management Pte. Ltd. are required to file their proofs of debt by July 20, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 12, 2026. The company's liquidator is: Muk Siew Peng c/o ClearView Associates 133 New Bridge Road #08-01 Chinatown Point Singapore 059413 ===================== S O U T H K O R E A ===================== HOMEPLUS CO: Court Orders Chain to Submit Funding Plan by Next Week ------------------------------------------------------------------- Yonhap News Agency reports that a Seoul court has ordered hypermarket chain Homeplus to submit a plan to secure about KRW200 billion (US$130.1 million) in funding by next week as part of its court-led restructuring process, industry sources said June 23. The Seoul Bankruptcy Court recently sent an official notice to Homeplus, its creditors and labor union, requesting a funding plan by June 30, just days before the July 3 deadline for court approval of the retailer's rehabilitation plan, according to sources familiar with the issue, Yonhap relays. Private equity firm MBK Partners acquired a 100 percent stake in Homeplus from British retailer Tesco Plc for KRW7.2 trillion in 2015. However, the retailer entered court-led rehabilitation proceedings in March 2025 after facing mounting financial difficulties amid a prolonged downturn in the hypermarket sector. In December last year, Homeplus submitted a rehabilitation plan that included debtor-in-possession (DIP) financing and asset sales. According to Yonhap, the plan's approval deadline was initially set for March, but was later extended to May and again to July as the court sought additional time to review the progress of asset sales and funding efforts. A key challenge remains the retailer's efforts to secure emergency operating funds for its remaining stores, Yonhap notes. Yonhap relates that Homeplus has requested a 200 billion-won DIP loan from Meritz Financial Group, its largest creditor. However, Meritz has offered KRW100 billion in financing on certain conditions, including legally binding guarantees and additional financial support from MBK Partners. About Homeplus Co Homeplus Co. operates discount store chain in South Korea. It currently operates 126 stores nationwide. Homeplus entered court-led rehabilitation process on March 4, 2025, after a Seoul court approved the request by MBK Partners, the private equity fund that owns the discount store chain. The decision came after Korea Investors Service and Korea Ratings Inc. downgraded the company's rating, citing the company's lack of efforts to improve its financial health. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***