260626.mbx

260626.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, June 26, 2026, Vol. 29, No. 127 Headlines A U S T R A L I A CHAMPION IRON: Fitch Affirms 'BB-' Long-Term IDR, Outlook Stable CHEAP AS CHIPS: Second Creditors' Meeting Set for June 29 FLEXICOMMERCIAL ABS: Moody's Raises Rating on Class D Notes to Ba2 HUDSON GLOBAL: HiTech Bids Up to AUD15MM for UpperGround Assets KFP PTY: First Creditors' Meeting Set for June 30 MINERAL RESOURCES: Axes 110 Jobs as ME War Hits Bottom Line MME PL 2025-1: Fitch Affirms 'Bsf' F Notes Rating, Outlook Now Pos. ORGANIC TECHNOLOGY: Second Creditors' Meeting Set for June 30 RESIMAC BASTILLE 2025-2NC: Moody's Ups Rating on Cl. E Notes to Ba1 RTM ENGINEERING: First Creditors' Meeting Set for July 1 STAX: Activewear Brand Enters Receivership STRATEGIC DEMOLITIONS: First Creditors' Meeting Set for July 1 C H I N A SHIMAO GROUP: Creditors Push to Sell 2 Hong Kong Hotels I N D I A APL METALS: Insolvency Resolution Process Case Summary ARELI COMMERCE: Insolvency Resolution Process Case Summary ASWATH WEAVING: CRISIL Lowers Rating on INR30cr Cash Loan to B AXIS BANK: S&P Assigned 'BB-' LT Rating to Additional Tier-1 Notes B K COAL: Liquidation Process Case Summary B. D. Agro: CRISIL Moves B Debt Ratings to Not Cooperating BYJU'S: NCLT Posts Byjus-Aakash Hearing for July 16 DECCAN HYDERABAD: CARE Keeps D Debt Rating in Not Cooperating DESERVE LABS: Voluntary Liquidation Process Case Summary DO-WELL OIL: Voluntary Liquidation Process Case Summary E.P. INDUSTRIAL: CARE Keeps D Debt Ratings in Not Cooperating ETERNALIA CREATIVE: Voluntary Liquidation Process Case Summary FORAM AGRI: CRISIL Moves B Ratings to Not Cooperating Category FUJIN WIND: CARE Keeps D Debt Rating in Not Cooperating Category GNYANA MANDIR: CRISIL Lowers Rating on INR2.50cr Loan to C GOOD MEDIA: CARE Keeps C Debt Rating in Not Cooperating Category GRD FOODS: CARE Keeps D Debt Rating in Not Cooperating Category GREENOLIVE TECHNOLOGIES: Voluntary Liquidation Process Case Summary HILL-ROM INDIA: Voluntary Liquidation Process Case Summary MA SHANTIMOYEE: CRISIL Moves D Debt Ratings to Not Cooperating MACKINTOSH BURN: CRISIL Lowers Rating on INR40cr Cash Loan to B MASOOD AHMED: CRISIL Moves B/A4 Debt Ratings to Not Cooperating MOGUIRE VIRAGO: Insolvency Resolution Process Case Summary NAGARJUNA STEEL: CARE Keeps B- Debt Rating in Not Cooperating NATIONAL AUTO: CRISIL Keeps D Debt Ratings in Not Cooperating OM PAPER: CRISIL Keeps B Debt Ratings in Not Cooperating PARCO INSTITUTE: CARE Keeps D Debt Ratings in Not Cooperating PSION SYSTEMS: Voluntary Liquidation Process Case Summary PURBANCHAL PAPER: CRISIL Lowers Rating on INR16.24cr Loan to B RBP ENERGY: CRISIL Lowers Rating on INR30cr New Loan to B REKHA INDUSTRIES: CRISIL Moves B Debt Ratings to Not Cooperating RSG FOODS: CARE Keeps B- Debt Rating in Not Cooperating Category SANTOSH LIMITED: CRISIL Moves B Debt Rating to Not Cooperating SAPTAGIR LABORATORIES: CARE Keeps C Debt Rating in Not Cooperating SLB ETHANOL: CARE Lowers Rating on INR229cr LT Loan to B+ VUDDANDA SOLAR: CARE Keeps D Debt Rating in Not Cooperating M A L A Y S I A ECOBUILT HOLDINGS: Flags Possible Delay in FY26 Annual Report N E W Z E A L A N D AUCKLAND SPEEDFLOOR: Court to Hear Wind-Up Petition on July 2 CAPITAL CABINETS: Creditors' Proofs of Debt Due on July 31 GILL TECH: Creditors' Proofs of Debt Due on July 23 NANNY'S EATERY: Jamaican Restaurant Placed in Liquidation NEW ZEALAND: Fitch Affirms Then Withdraws 'BBsf' Rating on E Notes PACEY LOG: Creditors' Proofs of Debt Due on July 21 SPEIRS ABS 2025-1: Fitch Hikes Rating on Class F Notes to 'Bsf' WM TILING: Court to Hear Wind-Up Petition on July 8 S I N G A P O R E AVPIV WEST: Creditors' Proofs of Debt Due on July 24 OCEAN & CAPITAL: Creditors' Proofs of Debt Due on July 22 SIMPLE AS THAT: Court Enters Wind-Up Order YANG MING: Court Enters Wind-Up Order YOUADME PTE: Court Enters Wind-Up Order S O U T H K O R E A JOONGANG GROUP: Fate Split Between Court, Creditors - - - - - ================= A U S T R A L I A ================= CHAMPION IRON: Fitch Affirms 'BB-' Long-Term IDR, Outlook Stable ---------------------------------------------------------------- Fitch Ratings has affirmed Champion Iron Limited's (Champion) and Champion Iron Canada Inc.'s (Champion Canada) Long-Term Issuer Default Ratings (IDRs) at 'BB-'. The Rating Outlook is Stable. Fitch has also affirmed the 'BB-' rating with a Recovery Rating of 'RR4' of Champion Canada's USD500 million senior unsecured notes due 2032. The notes are guaranteed by Champion and most of the group's operating companies. The ratings reflect the company's conservative financial policy, stable business environment, margin improvement from iron ore premia, and healthy liquidity. Champion's ratings incorporate its third quartile position on Wood Mackenzie's Global Iron Ore Value-In-Use Total Cash Cost Curve and additional production from two sites of operations following the Rana Gruber ASA (Rana) acquisition. Key Rating Drivers Flotation Plant Lifts Margins: Fitch expects the margin-enhancing direct reduction pellet feed (DRPF) project to ramp up over FY27 with initial sellable production anticipated by the end of June 2026, with the first shipment over the summer. The project will enhance Champion's margins by increasing sale prices and reducing shipping costs. The flotation plant will have 7.5 million wet metric ton (wmt) capacity, which is half of Bloom Lake's total capacity. Fitch expects the direct reduction steelmaking process to have better growth prospects than the overall steel market. The project cost is estimated at CAD500 million, of which roughly CAD480 has already been invested at FY26. Limited Scale, Stable Environment: Fitch believes the Rana acquisition (completed April 2026) marginally improves geographical diversification and production scale. Fitch recognizes that both Norway and Canada are favorable jurisdictions for mining companies globally. Rana has significant resources providing long-term production optionality beyond the current 15-year mine life. Bloom Lake also benefits as one of the highest purity iron ore deposits in the world. Rana is also favorably positioned with short sailing distance to Central Europe and North Africa. Conservative Financial Policy: Champion's conservative leverage supports its rating. It had EBITDA leverage at 2.0x at FY26 (March 31, 2026). Champion increased absolute debt with the Rana acquisition, although leverage remains within Fitch's sensitivities throughout the forecast. Based on Fitch's midcycle iron ore price of USD75 per dry metric ton of 62% fines, Fitch's midcycle EBITDA is expected to be around CAD300 million and EBITDA leverage is expected to be approximately 3.3x at FY30. Freight Pushes Up Costs: Champion is currently in the third quartile of Wood Mackenzie's 2026 Global Iron Ore Mine Value-In-Use Total Cash Cost Curve driven by improved iron ore quality following the DRPF project along with shorter shipping distance from Bloom Lake complex. Historically, Champion sold most of its production volumes to East Asian countries. However, it expects to cut shipping costs as it switches to more pellet feed production which it plans to sell to EMEA. Freight rates are volatile but often have positive correlation with iron ore prices, which may lower the company's costs if prices decline. The Iran conflict has increased freight costs YTD2026. Railcars Ease Transportation Bottlenecks: Fitch expects inventory levels to normalize with the improved rail shipping and ramp-up of the DRPF project. Champion had 1.3 million wmt of iron ore inventory at FYE26, down from 2.6 million wmt at FYE25. The stockpiles had accumulated due to insufficient railway capacity and maintenance activities on the railroad. Additional railcars added by Champion and the rail operator should help normalize iron ore inventory and generate incremental EBITDA for the company during FY27. Sufficient Mine Life: Champion has approximately 15 years of mine life at both Bloom Lake complex and Rana, along with undeveloped iron ore resources at both sites. Bloom Lake consists of three open pits, two crushers and two mills. One of the pits is gradually depleting, and the company will substitute it with ore from the other two pits. According to management, the associated cost increase should be relatively small. In Norway, Champion has significant resources across open pit and underground operations which provides long-term production optionality beyond the current 15 years life of mine. Forecast Excludes Kami Project: Fitch does not expect Champion's Kami project to begin construction in the rating case. Kami is a greenfield project with an estimated iron ore production capacity of 9 million wmt per year. Champion has not taken a final investment decision (FID) on the project, with the completion of a definitive feasibility study expected to be completed by calendar YE26. Fitch expects the project to move forward only if iron ore prices increase above current levels and remain high, which is not Fitch's base case. The project partners, Nippon Steel and Sojitz, may fund Kami's pre-FID costs and thus obtain an equity stake in the project, according to the agreement. Mixed Iron Ore Market Dynamics: World consumption of iron ore pellets may increase by more than 8% over the next five years, according to Wood Mackenzie forecasts. At the same time, global demand for iron ore in general may slightly decline due to lower steel production in China, among other factors. Chinese demand for construction steel remains sluggish. Australia and Brazil will continue to dominate iron ore export volume growth before Simandou projects in Guinea materially ramp up in 2027. Fitch believes iron ore quality premia are currently subdued but may increase in the medium term. Peer Analysis The peer comparison is pro forma the Rana acquisition. Champion Iron operates at a slightly lower production scale than CAP S.A. (CAP; BB+/Stable), a Chile-based iron ore producer, and is expected to generate lower EBITDA at midcycle prices. CAP benefits from a higher-value product mix and lower average cash costs but has higher leverage. Champion's share of higher-value-added iron ore products in the asset mix is lower than CAP's, even if Champion's DRPF project is included. In addition, Champion has higher iron ore transportation costs than CAP. Champion is a pure-play iron ore producer, while CAP is diversified into steel solutions and infrastructure assets, although CAP's steelmaking operations were suspended in 2024. On the other hand, Champion is based in more favorable jurisdictions. Champion is also smaller than Mineral Resources Limited (MinRes; BB-/Stable), an Australian-based miner, in terms of both production and EBITDA and operates at lower margins. MinRes benefits from greater business diversification across mining services and lithium production, which partially reduces its exposure to commodity prices, though its leverage metrics are weaker than Champion's. Champion is substantially lower scale and weaker cost position compared to market leader Vale S.A. (Vale; BBB+/Stable). Samarco Mineracao S.A. em Recuperacao Judicial (Samarco; B/Positive) is larger than Champion and generates higher EBITDA, supported by lower-cost operations and a higher-value-added portfolio, but carries higher leverage and lower financial flexibility along with being burdened with dam collapse liabilities. Fitch’s Key Rating-Case Assumptions - Fitch's price assumptions (China import iron ore fines 62%, cost and freight) are at USD100 per dry metric tonne (dmt) for calendar 2026, USD90/dmt for 2027, USD80/dmt for 2028, and USD75/tonne for 2029 and midcycle; - USD and CAD average exchange rate at CAD1.35 per USD1.00 from FY26 to FY29; - Annual average sales of 15.6 million dmt between FY27 and FY30, supported by inventory destocking until FYE27; - Direct reduction pellet feed sales begin late June 2026, ramping up to 7.0 million dmt in FY28; - Operating expenses and freight costs positively correlated with iron ore prices. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): management (bbb, Lower), sector characteristics (bbb+, Lower), market and competitive positioning (b+, Higher), diversification and asset quality (b+, Moderate), company operational characteristics (bb, Moderate), profitability (bb-, Higher), financial structure (bb+, Lower), and financial flexibility (bb-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year FY26, 20% for the forecast year FY27, 20% for the forecast year FY28, 20% for the forecast year FY29, and 30% for the forecast year FY30. - The Governance assessment of 'good' has no impact. - The Operating Environment assessment of 'a' has no impact. - The SCP is 'bb-'. To derive the Long-Term IDR: - Fitch made no adjustments to the SCP, resulting in an IDR of 'BB-'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Midcycle EBITDA leverage exceeding 4.0x; - Significant delays or cost overruns during the DRPF facility construction and ramp-up; - New capital expenditure-intensive projects leading to weakening financial profile or liquidity. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Sustainable improvement in EBITDA scale and/or cost structure; - Midcycle EBITDA leverage below 3.0x. Liquidity and Debt Structure At FY26 (March 2026), Champion had cash on hand of CAD296.8 million, excluding restricted cash held by the Kami Partnership of CAD56.1 million. Debt of CAD971.1 million outstanding at FY26, which comprised of CAD697.0 million senior unsecured notes, IQ Loan of CAD44.8 million, FTQ Loan of CAD75.0 million, CAT financing of CAD89.9 million and railcar loans of CAD64.4 million. Champion had nearly all the CAD557.5 million (USD400 million) revolver available less letters of credit of CAD41.9 million. The senior credit facilities, FTQ Loan and the CAT financing are subject to operational and financial covenants, all of which have been met as of March 31, 2026. The undrawn portion of the senior credit facilities and the CAT financing is subject to standby commitment fees varying from 0.50% to 0.75%. On April 1, 2026, Champion refinanced the company's syndicated senior credit facilities to extend the revolvers maturity to April 2030, establish the new USD150 million term loan and amend the USD400 million senior secured revolving credit facility, including taking into account the Rana acquisition. Issuer Profile Iron ore producer Champion has operations in Canada and Norway. Its key Bloom Lake asset is in Quebec. In April 2026, it acquired Rana, an iron ore producer in Norway. Champion is registered in Australia and headquartered in Montreal, Canada. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Champion Iron Limited. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Champion Iron Limited LT IDR BB- Affirmed BB- Champion Iron Canada Inc. LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed RR4 BB- CHEAP AS CHIPS: Second Creditors' Meeting Set for June 29 --------------------------------------------------------- A second meeting of creditors in the proceedings of Cheap As Chips Discount Stores Pty Ltd has been set for June 29, 2026, at 11:00 a.m. at the offices of -. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by June 26, 2026 at 12:00 p.m. Glenn Livingstone and Benjamin Ho of WLP Restructuring were appointed as administrators of the company on May 28, 2026. FLEXICOMMERCIAL ABS: Moody's Raises Rating on Class D Notes to Ba2 ------------------------------------------------------------------ Moody's Ratings (Moody's) has upgraded the ratings on three classes of notes issued by flexicommercial ABS Inspire Trust. The affected ratings are as follows: Issuer: flexicommercial ABS Inspire Trust Class B Notes, Upgraded to A1 (sf); previously on Oct 29, 2025 Affirmed Baa2 (sf) Class C Notes, Upgraded to Baa2 (sf); previously on Oct 29, 2025 Affirmed Ba2 (sf) Class D Notes, Upgraded to Ba2 (sf); previously on Oct 29, 2025 Affirmed B1 (sf) RATINGS RATIONALE The upgrades were prompted by an increase in credit enhancement available for the affected notes and collateral performance to date. Following the May 2026 payment date, the note subordination available for the Class B, Class C, and Class D Notes has increased to 18.0%, 12.2% and 10.1%, respectively, from 13.6%, 8.7% and 6.9% at the time of the last rating action in October 2025. Principal collections have been distributed on a pro-rata basis across the Class A to Class D Notes since the February 2026 payment date. Current outstanding notes balance as a percentage of the total closing balance is 43.4%. As of end-April 2026, 1.8% of the outstanding pool was 30-plus days delinquent and 0.8% was 90-plus days delinquent. The deal has incurred 2.9% of net losses (as a percentage of closing pool balance plus replenishments) to date, which have been covered by excess spread. Based on the observed performance to date and loan attributes, Moody's have maintained Moody's expected default assumption at 6% and Moody's expected losses at 4.5%, both as a percentage of the outstanding pool balance, from the last rating action in October 2025. Moody's have lowered Moody's Aaa portfolio credit enhancement (PCE) assumption to 25.5% from 26% at the time of the last rating action. Moody's have considered sensitivity scenarios with higher default probability and PCE assumptions to evaluate the resiliency of the note ratings. The transaction is a securitisation of equipment and commercial auto loans and leases originated by Flexirent Capital Pty Limited and flexicommercial Pty Ltd, each a wholly owned subsidiary of Humm Group Limited, and serviced by flexicommercial Pty Ltd. The principal methodology used in these ratings was "Equipment Lease and Loan Securitizations" published in June 2025. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in credit enhancement available for the notes. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in credit enhancement available for the notes, and (3) a deterioration in the credit quality of the transaction counterparties. HUDSON GLOBAL: HiTech Bids Up to AUD15MM for UpperGround Assets --------------------------------------------------------------- TipRanks reports that HiTech Group Australia has submitted a proposal to acquire selected assets and employees of Hudson Global Resources' UpperGround business under a Deed of Company Arrangement, with total consideration of up to AUD15 million. The structure includes a non-refundable AUD4 million upfront payment if creditors approve, additional conditional payments of up to AUD11 million, and funding via a mix of debt and equity, all subject to regulatory, financing and creditor approvals. TipRanks relates that the contemplated acquisition is aligned with HiTech's growth strategy and is framed as a way to maximise shareholder value while providing continuity for UpperGround's operations, employees and customers. However, the company stresses there is no guarantee the transaction will complete, given multiple conditions and approvals, and has appointed Tenet Advisory & Investments and Gadens to advise while committing to keep the market informed of any material developments. About Hudson Global Hudson Global Resources Pty. Ltd. provides employment services. The Company offers permanent, contract and temporary recruitment, and payroll services. Hudson Global Resources operates globally. Glenn Livingstone, Nicholas Charlwood and Benjamin Ho of WLP Restructuring were appointed as administrators of Hudson Global Resources on April 22, 2026. In May 2026, the administrators reported that the company has total liabilities of approximately AUD48 million, including AUD12.5 million owed to secured creditors, AUD5.2 million in unpaid superannuation contributions, AUD2.3 million in other employee entitlements, and AUD27.6 million owed to 19 unsecured creditors, including approximately AUD19 million payable to the ATO. The administrators also advised that a draft Deed of Company Arrangement (DOCA) has been proposed by a consortium comprising Hudson's management and directors, with the aim of recapitalising the business. KFP PTY: First Creditors' Meeting Set for June 30 ------------------------------------------------- A first meeting of the creditors in the proceedings of KFP Pty Ltd will be held on June 30, 2026, at 11:00 a.m. at the offices of O'Brien Palmer, at Level 9, 66 Clarence Street, in Sydney, NSW and via Zoom teleconferencing. Daniel Frisken of O'Brien Palmer was appointed as administrator of the company on June 18, 2026. MINERAL RESOURCES: Axes 110 Jobs as ME War Hits Bottom Line ----------------------------------------------------------- News.com.au reports that one of Australia's largest miners has announced 110 Australians may lose their jobs, as the impacts of the Middle East war smashes the business's bottom line. In its latest market update, Mineral Resources said it was shutting down its Lucky Bay operation in Western Australia - after owning it for just a year - thanks to the "material impact" of rising fuel costs, news.com.au relays. According to news.com.au, MinRes said on June 25 garnet sales had been hit by the fighting in the Middle East, a big market for the Lucky Bay product. The company said this was compounded by materially higher diesel and shipping costs. The price of diesel has been extremely volatile in 2026, as it temporarily jumped above AUD3 per litre in March and April due to global supply chain disruptions from the Middle East conflict. As of late June, national average prices have settled closer to AUD1.89 per litre due to a peace deal signed between the US and Iran. But these costs are still significantly higher than before the conflict, news.com.au notes. According to news.com.au, Mineral Resources has flagged a AUD40 million non-cash impairment that will impact its full-year results following the decision to cease operations at Lucky Bay. The statement said about 110 employees would be impacted. News.com.au adds MinRes said it would offer redeployment opportunities to these employees where possible. The decision to shut down the West Australian project comes just months after MinRes acquired the site in September 2025. The miner will cease operations and transition the project into care and maintenance on July 1. About MinRes Based in Osborne Park, Australia, Mineral Resources Limited (ASX:MIN) -- https://www.mineralresources.com.au/ -- is an ASX-listed company operating across mining services, as well as mining of iron ore and lithium minerals. As reported in the Troubled Company Reporter-Asia Pacific in late April 2026, Fitch Ratings has assigned Mineral Resources Limited's (MinRes, BB-/Stable) proposed senior unsecured notes a rating of 'BB-'. The bonds are rated at the same level as MinRes' Long-Term Issuer Default Rating (IDR), as they constitute its unconditional, unsecured and unsubordinated obligations. In April 2026, Moody's Ratings assigned a Ba3 rating to Mineral Resources Limited's proposed AUD1.0 billion senior unsecured notes issuance. The notes, issued by MinRes, will be unconditionally and irrevocably guaranteed on a senior unsecured basis by all wholly-owned subsidiaries of the Company (other than any immaterial or unrestricted subsidiaries). The TCR-AP reported in November 2025 that Fitch Ratings has revised the Outlook on Mineral Resources Limited's Issuer Default Rating (IDR) to Stable from Negative. At the same time, Fitch has affirmed MinRes' IDR and the rating on its senior unsecured US dollar notes at 'BB-'. MME PL 2025-1: Fitch Affirms 'Bsf' F Notes Rating, Outlook Now Pos. ------------------------------------------------------------------- Fitch Ratings has upgraded two and affirmed four classes of asset-backed floating-rate notes from MME PL 2025-1 Trust. The transaction is backed by a pool of first-ranking Australian unsecured personal loans originated by MoneyMe Financial Group Pty Ltd. The notes were issued by Perpetual Corporate Trust Limited as trustee for the trust. The upgrades to the class B and C notes were driven by the build-up of credit enhancement (CE). The Outlook on the class B notes is Stable and that on class C is Positive. Fitch has also revised the Outlook on the class F notes to Positive from Stable. The Positive Outlook for the class C and F notes ratings reflects the potential for further upgrades based on expected transaction performance and the projected build-up of credit enhancement. The Outlook on the remaining ratings is Stable. Entity/Debt Rating Prior ----------- ------ ----- MME PL 2025-1 Trust A AU3FN0099818 LT AAAsf Affirmed AAAsf B AU3FN0099826 LT AAAsf Upgrade AA+sf C AU3FN0099834 LT A+sf Upgrade Asf D AU3FN0099842 LT BBB+sf Affirmed BBB+sf E AU3FN0099859 LT BB+sf Affirmed BB+sf F AU3FN0099867 LT Bsf Affirmed Bsf Transaction Summary The collateral pool has amortised to AUD123 million as of the 31 May 2026 pool cut date from AUD200 million at closing. The pool comprises 8,115 receivables that each have balance of over AUD0.10, with an average contract balance of AUD15,173, compared with 10,865 receivables at closing that had an average contract balance of AUD18,409. The weighted-average remaining term has decreased to 50 months from 57 months at closing. KEY RATING DRIVERS Stable Asset Performance: Obligor default risk is a key assumption in its quantitative analysis. As of end-May 2026, the transaction has paid down to 62% of its original balance and the 30+ and 60+ day arrears were 2.2% and 1.3%, respectively, with the underlying assets performing broadly in line with the base-case expectations set at closing. The cumulative gross defaults and losses were 1.30% and 1.25%, respectively, as of end-May 2026, compared with the lifetime base-case default and loss assumptions at closing of 7.4% and 5.7%, respectively. The lifetime base-case default and recovery assumptions remain unchanged from closing at 7.4% and 23.0% respectively, and the 'AAAsf' portfolio loss remains unchanged at 29.8%. Credit Enhancement Supports Ratings: Structural features include liquidity facilities sized at 2.0% of the invested amount of the notes, which is sufficient to mitigate Fitch's payment interruption risk. Updated cash flow analysis was performed and incorporated Fitch's default and recovery expectations, the updated prepayment assumption of 23.0%, compared with 17.0% at closing, portfolio compositions and the build-up of CE. The transaction is currently paying down principal sequentially until the stepdown criteria are met, which Fitch expects to occur in the third quarter of 2026. The class A to F notes will receive principal repayments pro rata upon satisfaction of the stepdown criteria. During the pro rata period, the percentage of CE provided by the G1 and G2 notes will increase as the A to F notes amortise. Once pro rata paydown is triggered, the transaction will continue amortising on a pro rata basis until either the call option date is reached or performance deteriorates such that the stepdown criteria are no longer satisfied. Excess Spread No Longer Constrained by Commission Note Repayment: The commission note was repaid in full in April 2026. As the uncollateralised note has now been fully redeemed, no further payments will be made to it under the interest waterfall. This removes the previous drag on excess spread and increases the amount of excess spread available to cover losses, as the commission note had ranked senior to the class B to F notes. Low Operational and Servicing Risk: All receivables were originated by MoneyMe, which demonstrated adequate capability as originator, underwriter and servicer. Servicer disruption risk is mitigated by standby servicing arrangements. The nominated back-up servicer is Perpetual Corporate Trust. Fitch undertook an operational review and found that the operations of the servicer were comparable with those of other non-bank lenders. Tight Labour Market Supports Outlook: Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 2.5% for the year to March 2026 and unemployment was 4.5% in April 2026. Fitch forecasts GDP growth of 2.2% in 2026 and 2.0% in 2027, with unemployment at 4.4% and 4.5%, respectively. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Transaction performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce the credit enhancement available to the notes. Unanticipated increases in the frequency of defaults and decreases in recoveries on defaulted receivables could produce loss levels higher than Fitch's base case, and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions; these include increasing weighted-average (WA) defaults and decreasing the WA recovery rate. Downgrade Sensitivities Notes: A / B / C / D / E / F Rating: AAAsf / AAAsf / A+sf / BBB+sf / BB+sf / Bsf 10% WAFF increase: AAAsf / AAAsf / A+sf / BBBsf / BBsf / less than Bsf 25% WAFF increase: AAAsf / AA+sf / Asf / BBB-sf / B+sf / less than Bsf 50% WAFF increase: AAAsf / AA-sf / BBB+sf / BB+sf / less than Bsf / less than Bsf 10% WARR decrease: AAAsf / AAAsf / A+sf / BBB+sf / BBsf / Bsf 25% WARR decrease: AAAsf / AAAsf / A+sf / BBB+sf / BBsf / less than Bsf 50% WARR decrease: AAAsf / AAAsf / A+sf / BBBsf / BBsf / less than Bsf 10% WAFF increase / 10% WARR decrease: AAAsf / AAAsf / Asf / BBBsf / BBsf / less than Bsf 25% WAFF increase / 25% WARR decrease: AAAsf / AA+sf / A-sf / BBB-sf / Bsf / less than Bsf 50% WAFF increase / 50% WARR decrease: AA+sf / AA-sf / BBBsf / BB+sf / less than Bsf / less than Bsf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade could result from economic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. The class A and B notes are rated 'AAAsf', which is the highest level on Fitch's scale and cannot be upgraded. Therefore, upgrade sensitivities for these notes are not relevant. Upgrade Sensitivities Notes: C / D / E / F Rating: A+sf / BBB+sf / BB+sf / Bsf 10% WAFF decrease / 10% WARR increase: AA-sf / A-sf / BB+sf / BB-sf USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. 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 transaction closing, Fitch sought to receive a third-party assessment conducted on the asset portfolio information, but none was made available to Fitch for this transaction. As part of its ongoing monitoring, Fitch reviewed a small, targeted sample of MoneyMe's origination files and found the file information 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. ORGANIC TECHNOLOGY: Second Creditors' Meeting Set for June 30 ------------------------------------------------------------- A second meeting of creditors in the proceedings of Organic Technology Holdings (Global) Pty Ltd has been set for June 30, 2026, at 11:30 a.m. at the offices of KPT Restructuring, at Suite 10.01, Level 10, 50 Pitt Street, in Sydney, NSW. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by June 29, 2026 at 4:00 p.m. Ozem Kassem and Ian Niccol of KPT Restructuring were appointed as administrators of the company on May 25, 2026. RESIMAC BASTILLE 2025-2NC: Moody's Ups Rating on Cl. E Notes to Ba1 ------------------------------------------------------------------- Moody's Ratings has upgraded ratings on four classes of notes issued by RESIMAC Bastille Trust in respect of the RESIMAC Series 2025-2NC. The affected ratings are as follows: Issuer: RESIMAC Bastille Trust in respect of the RESIMAC Series 2025-2NC Class B Notes, Upgraded to Aa1 (sf); previously on Sep 18, 2025 Definitive Rating Assigned Aa2 (sf) Class C Notes, Upgraded to A1 (sf); previously on Sep 18, 2025 Definitive Rating Assigned A2 (sf) Class D Notes, Upgraded to Baa1 (sf); previously on Sep 18, 2025 Definitive Rating Assigned Baa2 (sf) Class E Notes, Upgraded to Ba1 (sf); previously on Sep 18, 2025 Definitive Rating Assigned Ba2 (sf) A comprehensive review of all credit ratings for the respective transaction(s) has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by (1) an increase in subordination available to the affected notes and (2) the collateral performance to date. No action was taken on the remaining rated classes in the deal as their credit enhancement remains commensurate with the current rating for the respective notes. Following the May 2026 payment date, credit enhancement available for the Class B, Class C, Class D and Class E Notes has increased to 7.3%, 5.1%, 3.6% and 2.3% respectively, from 5.5%, 3.8%, 2.7% and 1.7% at closing. Principal collections have been distributed on a sequential basis starting from the Class A1 and Class A2 Notes. Current total outstanding note balance as a percentage of the total closing note balance was 74.8%. As of end-April 2026, 0.9% of the outstanding pool was 30-plus days delinquent and 0.1% was 90-plus days delinquent. The deal has not incurred any losses to date. Based on the observed performance to date and loan attributes, Moody's have maintained Moody's expected loss assumption at 1.1% of the original pool balance (equivalent to 1.47% of the current pool balance) and Moody's MILAN CE assumption at 8.4% since closing. The transaction is an Australian RMBS secured by a portfolio of residential mortgage loans, originated by Resimac Limited, an Australian non-bank mortgage lender. A portion of the portfolio consists of loans extended to borrowers with impaired credit histories or made on a limited documentation basis. The principal methodology used in these ratings was "Residential Mortgage-Backed Securitizations" published in October 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations and (2) an increase in credit enhancement available for the notes. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the credit enhancement available for the notes and (3) a deterioration in the credit quality of the transaction counterparties. RTM ENGINEERING: First Creditors' Meeting Set for July 1 -------------------------------------------------------- A first meeting of the creditors in the proceedings of RTM Engineering Pty Ltd will be held on July 1, 2026, at 10:30 a.m. via Virtual meeting only. Anthony Miskiewicz and Robert Hutson of KordaMentha were appointed as administrators of the company on June 19, 2026. STAX: Activewear Brand Enters Receivership ------------------------------------------ Inside Retail reports that Perth-founded activewear brand Stax has entered receivership after 12 years in business. The retailer, known for its inclusive sizing and celebrity backing, will trade as usual during its receivership. FTI Consulting's Joseph Hansell and Asjadi Hone have been appointed receivers and managers, effective June 24, Inside Retail discloses. "Stax is a well-known Australian brand with strong customer support. Stax has done something genuinely impressive proving that premium activewear does not have to choose between performance and style," Inside Retail quotes Joseph Hansell as saying. "The business is trading as usual while the Receivers undertake an urgent assessment of the company's operations." The online-first retailer will continue to run its two boutique stores in Sydney CBD and Liverpool, FTI said. Its website is currently advertising discounts up to 50 per cent off. Marketing itself as Australia's first activewear brand to stock sizes from women's sizes four to 24, Stax has frequently been worn by the likes of Jennifer Lopez, Lizzo, and Megan Fox, according to Inside Retail. Don Robertson originally founded the brand as a supplement company called Muscle Stax before the gym he sold his products in went bankrupt. After this, he began to sell the hoodies he made with the brand's logo. Mr. Robertson later met his now-wife, Matilda, who began to help him on the development of products for a female consumer base. The rebrand was made official in 2015, when Stax began to shift its focus exclusively to apparel. In an interview with Inside Retail, Mr. Robertson said that Stax was looking to grow its international presence in the US. At the time, Matilda and Don both said they were "not in a rush" and wanted to expand when the time was right. The brand's store count once stood at 12, most of which have now closed before Stax pivoted to its online model. STRATEGIC DEMOLITIONS: First Creditors' Meeting Set for July 1 -------------------------------------------------------------- A first meeting of the creditors in the proceedings of Strategic Demolitions Pty Ltd will be held on July 1, 2026, at 10:00 a.m. via Microsoft Teams Videoconferencing Facility. Richard Lawrence of Mackay Goodwin was appointed as administrator of the company on June 19, 2026. ========= C H I N A ========= SHIMAO GROUP: Creditors Push to Sell 2 Hong Kong Hotels ------------------------------------------------------- South China Morning Post reports that receivers and agents of the Sheraton Hong Kong Tung Chung Hotel and the Four Points by Sheraton have expressed confidence in finally finding a buyer for the dual-branded complex - which together make up Hong Kong's third-largest hotel by room count - as creditors move to dispose of the asset. According to the Post, sole agent Savills is holding a formal tender that is expected to close on August 31 for the 1,219-room property on Lantau Island, near the Tung Chung MTR station and the Hong Kong International Airport. The complex, operated by Marriott, was seized after mainland Chinese developer Shimao Group failed to sell it despite slashing the asking price to about HK$4.5 billion (US$574 million) in late 2024, from at least HK$6 billion a year earlier. "This is a genuinely rare offering - dual-branded with Marriott standards, all under one roof," the Post quotes Raymond Lee, CEO at Savills Greater China, as saying during a site visit on June 23. "During previous rounds of EOI [expressions of interest], the property attracted a number of serious, well-capitalised buyers, and we have been in substantive discussions with several of them," Mr. Lee said. "The receivership appointment of AlixPartners brings clarity and decisiveness to the process. With an asset of this calibre, I am expecting the transition of ownership will be confirmed very soon." The property, completed in 2020 and registering a gross floor area of around 610,000 sq ft, was estimated to cost more than HK$10,000 per square foot to develop. No floor price had been set for the tender, according to Savills. About Shimao Group China-based Shimao Group Holdings Ltd, formerly Shimao Property Holdings Ltd, is an investment holding company principally engaged in the sale of properties. The Company operates its business through four segments. The sales of Properties segment is mainly engaged in the development of residential real estate. The Property Management Income and Others is mainly engaged in property management. The Hotel Operation Income segment is mainly engaged in hotel operations. The Commercial Properties Operation Income segment is mainly engaged in the development, investment and operation of commercial, office and industrial park property projects. As reported in the Troubled Company Reporter-Asia Pacific, Shimao Group has missed the interest and principal payment of a US$1 billion offshore bond due on July 3, 2022. ========= I N D I A ========= APL METALS: Insolvency Resolution Process Case Summary ------------------------------------------------------ Debtor: APL Metals Limited Registered Office: 17 Lake Terrace, PS Sarovar & PO Sarat Bose Road, Lake Market, Kolkata, 700029 West Bengal, India Place of Business: a) Plot No. B4, B5 UPSIDC, Industrial Area, Malwan, Fatehpur, Pin 212664, Uttar Pradesh b) Kanakpur PO Naranda, Panskura, Midnapur, 721139, West Bengal, India c) 260 B T Road, Sukchar, North 24 Parganas, Pin 700115, West Bengal Insolvency Commencement Date: June 9, 2026 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: December 5, 2026 Insolvency professional: Santanu Brahma Interim Resolution Professional: Santanu Brahma AH-276, Salt Lake, Sector II, Kolkata, 700091, West Bengal Email: ip.santanubrahma@gmail.com apl.ibc1@gmail.com Last date for submission of claims: June 23, 2026 ARELI COMMERCE: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Areli Commerce Pvt. Ltd. 302, Aarohi Verve, Bopal Ambli Junction, S P Ring Road, Ambli, Ahmedabad, Gujarat - 380058 Insolvency Commencement Date: June 10, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Estimated date of closure of insolvency resolution process: December 7, 2026 Insolvency professional: Varun Anil Chopra Interim Resolution Professional: Varun Anil Chopra C-1002, Ashirvad Avenue, VIP Road, Opposite Shyam Baba Mandir, Althan, Surat, Gujarat, 395007 Email: ipvarunchopra@gmail.com 505, 21st Century Business Centre, Near World Trade Centre, Ring Road Surat -395002 Email: cirp.areli@gmail.com Last date for submission of claims: June 24, 2026 ASWATH WEAVING: CRISIL Lowers Rating on INR30cr Cash Loan to B -------------------------------------------------------------- Crisil Ratings has migrated the rating on bank facilities of Aswath Weaving Private Limited (AWPL) to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 30 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB/Stable') Proposed Long Term 0.05 Crisil B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Migrated from 'Crisil BB/Stable') Term Loan 9.95 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB/Stable') Crisil Ratings has been consistently following up with AWPL for obtaining information through letter and email dated June 2, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AWPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AWPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of AWPL to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB/Stable'. AWPL was incorporated in March 2004. It is engaged in weaving, knitting and processing of cotton grey fabric/power loom fabric. The company has four manufacturing facilities and are located at Coimbatore (Tamil Nadu). AWPL is owned & managed by Mr. S Murugesh and Mrs. S Saraswathi. AXIS BANK: S&P Assigned 'BB-' LT Rating to Additional Tier-1 Notes ------------------------------------------------------------------ S&P Global Ratings assigned its 'BB-' long-term issue rating to additional Tier-1 (AT1) notes that Axis Bank Ltd. (GIFT City Branch) proposes to issue under the US$5 billion global medium-term note (MTN) program of Axis Bank Ltd. (Axis; BBB/Stable/A-2; stand-alone credit profile: 'bbb+'). S&P already rates senior unsecured notes under the same MTN program. S&P also assigned its 'BB-' long-term issue rating to the proposed drawdown of U.S. dollar-denominated AT1 notes under the program. The issue ratings are subject to S&P's review of final issuance documentation. The rating on the AT1 notes is four notches lower than our 'BBB' issuer credit rating on Axis and reflects: -- One notch for subordination risk; -- Two notches because we expect the notes to have Tier 1 regulatory capital status and full discretion to cancel interest; and - -One notch because the notes contain a contractual write-down clause stipulating that a write-down would occur at point of non-viability. A write-down may also happen if the bank's common equity Tier-1 ratio falls below 6.125%, which S&P views as a nonviability trigger. Under the nonviability loss-absorbing feature, Axis must write off the securities when: -- The Reserve Bank of India informs Axis that it would become nonviable without such a write-off, or -- The central bank decides to make a public-sector injection of capital, without which Axis would become nonviable. S&P said, "Once the notes have been issued and are confirmed as part of Axis's Tier-1 capital, we expect to assess them as having intermediate equity content and will count them in our assessment of total adjusted capital for the bank. This reflects our view that the notes can absorb losses on a going-concern basis through discretionary coupon cancellation, are perpetual, and have no coupon step-up." Claims of holders of AT1 notes shall be subordinated to the claims of all senior creditors such as holders of senior notes and Tier-2 notes. B K COAL: Liquidation Process Case Summary ------------------------------------------ Debtor: BK Coal Fields Pvt Ltd. 10, Masjid Moth Greater Kailash - II, New Delhi - 110048 Liquidation Commencement Date: June 4, 2026 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Arun Gajwani B-572, Sainik Colony, Sector-49, Faridabad, Haryana - 121001 Email: arungaj572@gmail.com bkcoalfields.rp@gmail.com Last date for submission of claims: June 19, 2026 B. D. Agro: CRISIL Moves B Debt Ratings to Not Cooperating ---------------------------------------------------------- Crisil Ratings has migrated the rating on bank facilities of B. D. Agro Products Private Limited (BDAPPL) to 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 Crisil B/Stable (ISSUER NOT COOPERATING; Rating Migrated) Proposed Fund- 3 Crisil B/Stable (ISSUER NOT Based Bank Limits COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with BDAPPL for obtaining information through letter and email dated June 11, 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 BDAPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BDAPPL 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 BDAPPL to 'Crisil B/Stable Issuer not cooperating'. BDAPPL, incorporated in June 2009, is promoted by Mr Mahendra Agarwal and his brother, Mr Rajendra Agarwal. Based in Kolkata, the company began commercial operations in November 2009. Until March 2011, it traded in paddy and wheat. In fiscal 2010, it set up a rice mill with processing capacity of 104 tonne per day in Howrah, which started commercial operations at the end of March 2011. BYJU'S: NCLT Posts Byjus-Aakash Hearing for July 16 --------------------------------------------------- The Economic Times reports that Aakash Educational Services and Think & Learn's resolution professional on June 23 sought deferment of Aakash-related matters before the National Company Law Tribunal (NCLT), saying discussions to resolve the long-running shareholding dispute were at an advanced stage and the contours of a possible settlement were being worked out. "The parties are at an advanced stage of discussions," Shyam Sundar H.V, the counsel for Aakash, told the tribunal. According to ET, the Bengaluru bench of the NCLT posted the matter for July 16 saying said that it expected "some kind of solution" from the deliberations, and added that if the parties arrive at a settlement earlier, they could seek advancement of the hearing. The development comes a day after ET reported that settlement talks between Manipal Education and Medical Group and the GLAS Trust, which represents Byju's' US lenders, to resolve the Aakash dispute were at an advanced stage. ET says the applications before the NCLT include Aakash-related matters in Think & Learn's insolvency proceedings, and connected mismanagement proceedings involving Think & Learn, Aakash, and Manipal. The dispute is centred on how the value of Aakash, the crown jewel of the Byju's group, is divided among Manipal, Think & Learn's creditors, and entities linked to founder Byju Raveendran and his family, according to ET. ET relates that the proposed settlement is expected to address three sets of Aakash shares that have been at the centre of the dispute. Manipal, led by Ranjan Pai, is the largest shareholder in Aakash with about 58% stake. Byju's parent Think & Learn held 25.75% stake before Aakash initiated a Rs 240 crore rights issue that could have reduced its holding to about 5%, prompting objections from GLAS and the resolution professional. A separate block of 17,891,289 Aakash shares linked to Beeaar Investco, a Singapore entity connected to Raveendran, is relevant because of Qatar Investment Authority's claims. At the previous hearing on June 3, the counsel for Aakash had informed the NCLT that the parties had entered into a standstill agreement while things were still being finalised. The tribunal had adjourned the matter to June 23. ET notes that the rights issue became a flashpoint because GLAS and the resolution professional argued that any dilution of Think & Learn's Aakash stake would hurt creditor recoveries. Aakash and Manipal maintained that the coaching company needed capital, and the rights issue could not be stalled because one shareholder was undergoing insolvency. About Byju's Based in Bengaluru, Karnataka, India, Byju's operates an online learning platform intended to deliver engaging and accessible education. The company's platform makes use of original content, watch-and-learn videos, animations, and interactive simulations that make learning contextual, visual, and practical, enabling students to receive a personalized educational experience. As reported in the Troubled Company Reporter-Asia Pacific in July 2024, the National Company Law Tribunal (NCLT) on July 16 ordered insolvency proceedings against the company after a complaint by the Board of Control for Cricket in India (BCCI) for not paying US$19 million in dues. Pankaj Srivastava was appointed as the interim resolution professional. Reuters said Byju's has suffered numerous setbacks in recent years, including boardroom exits and a tussle with investors who accused CEO Byju Raveendran of corporate governance lapses, job cuts and a collapse in its valuation to less than US$3 billion. Byju's has denied any wrongdoing. The TCR-AP relayed that the National Company Law Appellate Tribunal (NCLAT) on Aug. 2, 2024, accepted the settlement between Byju Raveendran and the BCCI, thus removing Byju's parent Think and Learn from the insolvency resolution process. However, in October 2024, the Supreme Court quashed an earlier NCLAT ruling approving the settlement, according to The Economic Times. The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that foreign lenders, who collectively extended more than 85% of Byju's US$1.2 billion term loan, have filed an insolvency petition against the online tutor in India. Moneycontrol related that the bankruptcy petition was filed in January 2024 in the Bengaluru bench of the National Company Law Tribunal (NCLT), the people said, requesting anonymity. BYJU's Alpha, Inc., a U.S. unit of Byju's, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-10140) on Feb. 1, 2024. In the petition signed by Timothy R. Pohl, chief executive officer, the Debtor disclosed up to $1 billion in assets and up to $10 billion in liabilities. Alleged creditors of Epic! Creations, also a U.S. unit, sought involuntary petition under Chapter 11 of the the U.S. Bankruptcy Code against Epic! Creations (Bankr. D. Del. Case No. 24-11161) on June 5, 2024. DECCAN HYDERABAD: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Deccan Hyderabad Tradeimpex Private Limited (DHTPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 20, 2025, placed the rating(s) of DHTPL under the 'issuer non-cooperating' category as DHTPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DHTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 5, 2026, April 15, 2026, April 25, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Deccan Hyderabad Trade Impex Private Limited (DHTPL), incorporated in 2013, is promoted by Mr. Kristam Srinivasa Rani Rama Charan and Mr. Vanga Seshi Reddy. The company belongs to the Nandi group of Kurnool, Andhra Pradesh (A.P.). DHTPL commenced operation in May, 2013 and is into trading business of Poly vinly chloride (PVC) Resin. The company imports the PVC resins mainly from Taiwan and Korea and sells it to indigenous customers. DESERVE LABS: Voluntary Liquidation Process Case Summary -------------------------------------------------------- Debtor: Deserve Labs Private Limited Bldg. No. 20/20, S.No. 82A & 83A, Sakal Nagar, Baner Road, Pune, Maharashtra, India, 411007 Liquidation Commencement Date: June 5, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Anagha Anasingaraju Kanjmag & Co, 1-2 Aishwarya Sankul, G.A. Kulkarni Path, Pune, Maharashtra, 411038 Tel: 98811 29990 Email: rp.anagha@kanjcs.com Last date for submission of claims: July 5, 2026 DO-WELL OIL: Voluntary Liquidation Process Case Summary ------------------------------------------------------- Debtor: Do-Well Oil Plants Private Limited 306 Manish Commercial Centre, Dr A. B. Road, Worli, Mumbai, Maharashtra, India, 400025 Liquidation Commencement Date: June 11, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Anish Gupta Insolvency Professional 105 Lotus Business Park, Ram Baug Lane, Off S V Road, Malad (West), Mumbai - 400064 Tel: +91 98210 99720 Email: ipanishgupta@gmail.com Last date for submission of claims: July 11, 2026 E.P. INDUSTRIAL: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of E.P. Industrial & Agro Products Private Limited (EIAPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 9.25 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 20, 2025, placed the rating(s) of EIAPPL under the 'issuer non-cooperating' category as EIAPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. EIAPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 5, 2026, April 15, 2026, April 25, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Hyderabad based, E.P. Industrial & Agro Private Limited (EIAPPL) was incorporated in 1994 and promoted by Mr. Jatinder Kumar Arya and Ms. Chander Mohini Arya. The company is engaged into manufacturing of specialty chemicals covering a wide range of cellulose and starch-based specialty chemicals for various industrial applications i.e., oil well drilling, detergents, paper, textiles, cosmetics, ceramic, paint, drug and pharmaceuticals etc. Currently, the company has an aggregate capacity of 2400 MT per annum. The company purchases the raw material like Cellulose and Starch from local supplier SR Drugs and Intermediaries Private Limited, SR Enterprises, Gunjan Enterprises, Gayatri Bio organics Limited among others in India. ETERNALIA CREATIVE: Voluntary Liquidation Process Case Summary -------------------------------------------------------------- Debtor: Eternalia Creative & Merchandising Private Limited BH-175, Salt Lake, Kolkata, West Bengal, India, 700091 Liquidation Commencement Date: June 11, 2026 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Shivaganga Muralidhar Pramod No. 79/1, 4th Floor, Aishwarya Sampurna Apartment, Vanivilas Road, Basavangudi, Bangalore - 560004 Tel: +91-9845657072 Email: pramod@adyanta.co.in Last date for submission of claims: July 11, 2026 FORAM AGRI: CRISIL Moves B Ratings to Not Cooperating Category -------------------------------------------------------------- Crisil Ratings has migrated the rating on bank facilities of Foram Agri Export Private Limited (FAEPL) to 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.6 Crisil B/Stable (ISSUER NOT COOPERATING; Rating Migrated) Proposed Long Term 2.4 Crisil B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with FAEPL for obtaining information through letter and email dated June 2, 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 FAEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on FAEPL 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 FAEPL to 'Crisil B/Stable Issuer not cooperating'. FAEPL was set up as a proprietorship firm (Foram Agri Export) in 2019 and was reconstituted as a private limited company in 2023. Promoted by Foram Tanna and Bhavik Tanna, it trades in agricultural products such as wheat, bajra, chana, soyabean seeds, and sesame seeds under the Foram brand. FUJIN WIND: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Fujin Wind Parks Private Limited (FWPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 296.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 21, 2025, placed the rating(s) of FWPPL under the 'issuer non-cooperating' category as FWPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. FWPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 7, 2026, March 17, 2026, March 27, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in September 2011, Fujin Wind Parks Private Limited (FWPPL) is a wholly owned subsidiary of Ecoren One Wind Energy Private Limited (EOW) which is part of Ecoren Energy India Private Limited. EOW is a Joint Venture (JV) between Ecoren and GE Affiliate; Guayama P.R. Holdings BV (Guayama) in the ratio of 51:49. EOW was incorporated on July 1, 2015 and is an investment holding company for the Independent Power Producer (IPP) executed under the JV. Guayama is a 100% subsidiary of GE Capital International Holdings Limited whose ultimate holding company is General Electric Company (GE); New York. GNYANA MANDIR: CRISIL Lowers Rating on INR2.50cr Loan to C ---------------------------------------------------------- Crisil Ratings has migrated the ratings on bank facilities of GMT to 'Crisil C/Crisil A4 Issuer not cooperating' from 'Crisil BB+/Stable/Crisil A4+'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 2.50 Crisil C (ISSUER NOT COOPERATING; Migrated from 'Crisil BB+/Stable') Proposed Fund- 3.57 Crisil A4 (ISSUER NOT Based Bank Limits COOPERATING; Migrated from 'Crisil A4+') Term Loan 3.93 Crisil C (ISSUER NOT COOPERATING; Migrated from 'Crisil BB+/Stable') Crisil Ratings has been consistently following up with GMT for obtaining information through letter and email dated June 9, 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 GMT, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GMT is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the ratings on bank facilities of GMT to 'Crisil C/Crisil A4 Issuer not cooperating' from 'Crisil BB+/Stable/Crisil A4+'. GMT, founded in 1967, is involved in providing education from pre-nursery to pre-university. It is affiliated to CBSE, ICSE and state board. GMT has 2 campuses in Bangalore, Karnataka. It is managed by Mrs Hemaa Narayan, Mrs Shaila Anand and Mr Shyam Sundar. GOOD MEDIA: CARE Keeps C Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Good Media News Private Limited (GMNPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.58 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 13, 2025, placed the rating(s) of GMNPL under the 'issuer non-cooperating' category as GMNPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GMNPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 29, 2026, April 8, 2026, April 18, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Originally incorporated as a proprietorship firm with the name 'chee – Na – Telecom' on March 1992. In the year 2007, it converted into private limited company & the name changed to Bridge View Broadband Network Pvt. Ltd. Further, the name of the company was changed to Good Media News Private Limited (GMNPL) in 2013. The company is being currently managed by its directors i.e. Mr. Ashwani Thakur and Mr. Shekhar Mehta. GMNPL is engaged in cable business and Internet Service Provider (ISP) holder providing internet, broadband services, digital cable TV services, outdoor advertising etc. The company is operating a news channel with the name "City Channel" in Himachal Pradesh and also engaged in printing weekly newspaper 'Democracy Post' in Hindi language. The brand of GMNPL is 'City Channel. The company is having total 12 no. of branches in the state Himachal Pradesh. GRD FOODS: CARE Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of GRD Foods Private Limited (GFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.89 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 28, 2025, placed the rating(s) of GFPL under the 'issuer non-cooperating' category as GFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 14, 2026, March 24, 2026, April 3, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in 2012, GRD Foods Private Limited (GFPL) is engaged in the manufacturing of dairy products like ghee, whole milk powder (WMP), skimmed milk powder (SMP), dairy whitener, butter etc. The operations of GFPL started in April, 2014. The company has its milk processing unit in Kathua (Jammu and Kashmir) and sells its products under the brand name 'GRD' to wholesalers and institutional clients all over India. GREENOLIVE TECHNOLOGIES: Voluntary Liquidation Process Case Summary ------------------------------------------------------------------- Debtor: Greenolive Technologies Private Limited No. 198, CMH Road, 2nd Floor, Suite No. 458 Indiranagar, 2nd Stage, Bangalore, Karnataka - 560038 Liquidation Commencement Date: June 6, 2026 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Naveen Narang H-3/63, 1st Floor, Vikaspuri, New Delhi - 110018, Tel: +91 98180 225476/+91 11 45113039 Email: nnarang.associates@gmail.com Last date for submission of claims: July 5, 2026 HILL-ROM INDIA: Voluntary Liquidation Process Case Summary ---------------------------------------------------------- Debtor: Hill-Rom India Private Limited 05th Floor, Tower A, Building No. 9, DLF Cyber City, DLF Phase III, DLF QE, Gurgaon - 122002, Haryana Liquidation Commencement Date: June 10, 2026 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Monika Agarwal 205, Chopra Complex, 8, Preet Vihar Community Centre, New Delhi - 110092 Tel: 98739 24087 Email: cacsmonika.agarwal@gmail.com liquidation.hillrom@gmail.com Last date for submission of claims: July 10, 2026 MA SHANTIMOYEE: CRISIL Moves D Debt Ratings to Not Cooperating -------------------------------------------------------------- Crisil Ratings has migrated the ratings on bank facilities of Ma Shantimoyee Rice Mill Private Limited (MSRPL) to 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Short Term Rating - Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with MSRPL for obtaining information through letter and email dated May 28, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MSRPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MSRPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the ratings on bank facilities of MSRPL to 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2009 and promoted by Majumdar and Chunari families of Birbhum, West Bengal, MSRPL processes parboiled rice. Operations are managed by promoter-director, Mr Sanjib Majumdar, along with Mr Sukumar Majumdar, Mr Mintu Chunari, and Mr Mantu Chunari. MACKINTOSH BURN: CRISIL Lowers Rating on INR40cr Cash Loan to B --------------------------------------------------------------- Crisil Ratings has migrated the ratings on bank facilities of Mackintosh Burn Limited (MBL) to 'Crisil B/Stable/Crisil A4 Issuer not cooperating' from 'Crisil BBB-/Stable/Crisil A3'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 110 Crisil A4 (ISSUER NOT COOPERATING; Migrated from 'Crisil A3') Bank Guarantee 100 Crisil A4 (ISSUER NOT COOPERATING; Migrated from 'Crisil A3') Bank Guarantee 95 Crisil A4 (ISSUER NOT COOPERATING; Migrated from 'Crisil A3') Cash Credit 5 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BBB-/Stable') Cash Credit 40 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BBB-/Stable') Overdraft Facility 5 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BBB-/Stable') Proposed Non 5 Crisil B/Stable (ISSUER NOT Fund based limits COOPERATING; Migrated from 'Crisil BBB-/Stable') Crisil Ratings has been consistently following up with MBL for obtaining information through letter and email dated June 8, 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 (Audited Financials 2025), or strategic intent of MBL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MBL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the ratings on bank facilities of MBL to 'Crisil B/Stable/Crisil A4 Issuer not cooperating' from 'Crisil BBB-/Stable/Crisil A3'. MBL is a PSU engaged in civil engineering construction, structural fabrication and erection primarily for buildings, roads and bridges. It was set up as a partnership firm in Kolkata in 1834 and got converted into a public-limited company in 1913. The controlling stake (51%) of MBL is owned by GoWB. MASOOD AHMED: CRISIL Moves B/A4 Debt Ratings to Not Cooperating --------------------------------------------------------------- Crisil Ratings has migrated the ratings on bank facilities of Masood Ahmed Contractor (MAC) to 'Crisil B/Stable/Crisil A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 7 Crisil A4 (ISSUER NOT COOPERATING; Rating Migrated) Cash Credit 5 Crisil B/Stable (ISSUER NOT COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with MAC for obtaining information through letter and email dated May 22, 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 MAC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MAC is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the ratings on bank facilities of MAC to 'Crisil B/Stable/Crisil A4 Issuer not cooperating'. MAC was established as a partnership firm in 2022 before which it was constituted as a proprietorship firm. It undertakes civil construction works such as construction of roads, bridges, tunnels and other infrastructure work for government entities in Jammu and Kashmir. The firm is owned and managed by Mr. Masood Ahmed, Mr. Tahir Masood and Mr. Azhar Masood. MOGUIRE VIRAGO: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Moguire Virago Private Limited No. 314, Abhee Lake View, Serenity Layout, Sarjapur Road, Kaikondrahalli, Bengaluru, Karnataka - 560035 Insolvency Commencement Date: June 9, 2026 Court: National Company Law Tribunal, Bengaluru Bench Estimated date of closure of insolvency resolution process: December 6, 2026 Insolvency professional: Raghu Raja H. Interim Resolution Professional: Raghu Raja H. No. 199, 4th Main, Banashankari 5th Stage, Bengaluru - 560061 Email: hraghuraja@gmail.com moguirevirago.irp@gmail.com Last date for submission of claims: June 26, 2026 NAGARJUNA STEEL: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Nagarjuna Steel (NS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE B-; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 8, 2025, placed the rating(s) of NS under the 'issuer non-cooperating' category as NS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 24, 2026, April 3, 2026, April 14, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Hyderabad-based, Nagarjuna Steel (NS) was established in 2016, by Mr. P. Mahendar Reddy (Managing Partner) and Mr. P. Ravi Shankar Reddy. The firm initiated its business operations in July 2016 and is currently engaged in the trading of construction materials (TMT Steel bar and Cement). The firm is a Wholesale Dealer of Rashtriya Ispat Nigam Limited (Vizag Steel), Kamdhenu Ispat Limited, Jai Raj Ispat Limited, Kamini metalliks Private Limited and others in Telangana and Andhra Pradesh regions. The firm derives 70% of the revenue from the sale of TMT Steel bar and the balance 30% from the sale of cement. NATIONAL AUTO: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of National Auto Wheels Private Limited (NAWPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Electronic Dealer 5 CRISIL D (Issuer Not Financing Scheme Cooperating) (e-DFS) Proposed Long Term 7.5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with NAWPL 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 NAWPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NAWPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NAWPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in March 2011 by the Nagpal family members, NAWPL is an authorised dealer for passenger cars of Tata Motors Ltd in Pune, Maharashtra. The company also offers accessories and spare parts, service and car finance at its showroom. OM PAPER: CRISIL Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Om Paper Mill - Hosur (OPMH) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL B/Stable (ISSUER NOT COOPERATING) Long Term Loan 16 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with OPMH 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 OPMH, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on OPMH is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of OPMH continues to be 'Crisil B/Stable Issuer not cooperating'. OPMH was established as partnership firm in 2016. It has recently set up kraft paper manufacturing unit at Hosur-Tamil Nadu. OPMH has started its commercial operation from June 2020 and owned by Mr. Amruthlal Patel, Mr. Kantilal Patel, Mr. Ravj Patel, Mr. Jaiprakash D. Patel and Mrs. Daksha D. Patel. PARCO INSTITUTE: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Parco Institute of Medical Sciences Private Limited (PIOMSPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 87.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 7.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 19, 2025, placed the rating(s) of PIOMSPL under the 'issuer non-cooperating' category as PIOMSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PIOMSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 4, 2026, April 14, 2026, April 24, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Parco Institute of Medical Sciences Private Limited (PIOMSPL), incorporated in 2006, commenced its operation in Dec 2018 with a clinic at Kannur airport of Kerala. It started operating 'Parco Hospital' at Vadakara, Kozhikode from FY22 (i.e., Oct 15, 2021) as a multispecialty hospital with departments such as Obstetrics & Gynaecology, Orthopaedics, General Surgery, Emergency Medicine, Paediatrics, General Medicine, Neonatology, Internal Medicine & Diabetology etc. with 125 operating beds. PSION SYSTEMS: Voluntary Liquidation Process Case Summary --------------------------------------------------------- Debtor: Psion Systems India Private Limited 201 Prestige Sigma, 2nd Floor, No. 3, Vittal Mallya Road, Bangalore, Karnataka, India, 560001 Liquidation Commencement Date: June 9, 2026 Court: National Company Law Tribunal, Chandigarh Bench Liquidator: Kapil Bagadia 204, Antariksh Greens, Plot 8, Sector 45, Near Kanhal, Gurgaon, Haryana - 122003 Tel: 98107 550095 Email: bagadiakapil@gmail.com Last date for submission of claims: July 8, 2026 PURBANCHAL PAPER: CRISIL Lowers Rating on INR16.24cr Loan to B -------------------------------------------------------------- Crisil Ratings has migrated the rating on bank facilities of Purbanchal Paper Mill LLP (PPML) to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 8.76 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil B+/Stable') Term Loan 16.24 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil B+/Stable') Crisil Ratings has been consistently following up with PPML for obtaining information through letter and email dated May 28, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PPML, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PPML 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 PPML to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable'. PPML is a limited liability partnership firm formed under The Limited Liability Partnership Act, 2008. It was incorporated on January 11, 2021. The firm is promoted by Assam-based M P Agarwalla (Manab Agarwalla, Ajay Agarwalla and family) which undertakes works contracts for the Public Works Department, National Highways and Infrastructure Development Corporation Ltd (NHIDCL) and Water Resource Department among others. PPML manufactures, processes, imports, exports and deals in all kinds of paper, including kraft paper. PPML has set up a plant to manufacture kraft paper in Goalpara, Assam, with an installed capacity of 100 tonne per day. The plant is operational as on date. The partners of PPML include Ajay Agarwalla, Aditya Agarwalla, Manab Agarwalla, Santosh Devi Patwari, Venus Agarwalla, Shyam Patwari, Bikash Agarwalla and Raj Kumar Agarwalla. RBP ENERGY: CRISIL Lowers Rating on INR30cr New Loan to B --------------------------------------------------------- Crisil Ratings has migrated the ratings on bank facilities of RBP Energy (India) Private Limited (RBPEIPL; part of RBP group) to 'Crisil B/Stable/Crisil A4 Issuer not cooperating' from 'Crisil BBB/Stable/Crisil A3+'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 20 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BBB/Stable') Non-Fund Based Limit 2 Crisil A4 (ISSUER NOT COOPERATING; Migrated from 'Crisil A3+') Proposed Fund- 30 Crisil B/Stable (ISSUER NOT Based Bank Limits COOPERATING; Migrated from 'Crisil BBB/Stable') Proposed Non 8 Crisil A4 (ISSUER NOT Fund based limits COOPERATING; Migrated from 'Crisil A3+') Crisil Ratings has been consistently following up with RBPEIPL 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 RBPEIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RBPEIPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the ratings on bank facilities of RBPEIPL to 'Crisil B/Stable/Crisil A4 Issuer not cooperating' from 'Crisil BBB/Stable/Crisil A3+'. Incorporated in 1997, RBPEIPL is engaged in supply, installation and commissioning of solar energy solutions such as solar power plants, solar pumps, high masts, home lighting systems and street lighting for homeowners, businesses, schools, non-profit and government organisations. It is based in Raipur, Chhattisgarh. Incorporated in 2020, VRPL is a steel fabricator of the structures which are used in executing solar EPC contracts. The company serves to players which executes solar EPC contracts, including its group companies. Apart from steel fabrication, it also provides BOS materials (miscellaneous materials required for execution of contracts such as pumps, pipe, ropes and various types of consumables required in execution of solar EPC contracts). Incorporated in 2020, ORIPL is engaged in sales, installation and commissioning work of solar energy equipment. REIPL was incorporated in 2020 and is engaged in sales, maintenance, installation and commissioning work of solar energy equipment. The group is promoted by Raipur-based promoters Gaurav Jain and Jaikishan Bajaj. REKHA INDUSTRIES: CRISIL Moves B Debt Ratings to Not Cooperating ---------------------------------------------------------------- Crisil Ratings has migrated the rating on bank facilities of Rekha Industries (RI) to 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.25 Crisil B/Stable (ISSUER NOT COOPERATING; Rating Migrated) Long Term Loan 2.24 Crisil B/Stable (ISSUER NOT COOPERATING; Rating Migrated) Proposed Fund- 1.51 Crisil B/Stable (ISSUER NOT Based Bank Limits COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with RI for obtaining information through letter and email dated May 26, 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 RI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RI 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 RI to 'Crisil B/Stable Issuer not cooperating'. RI was established in 2009. RI is engaged in manufacturing of granite slabs such as green granite slabs, granite sawn slabs, zuprana granites slabs etc. RI manufacturing facility is located in Hassan, Karnataka. RI is owned & managed by Lokesh Gawda. RSG FOODS: CARE Keeps B- Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of RSG Foods Private Limited (RFPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 23.00 CARE B-; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 13, 2025, placed the rating(s) of RFPL under the 'issuer non-cooperating' category as RFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 29, 2026, April 8, 2026, April 18, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable RFPL was incorporated in November 1999 and is currently being managed by Mr Kamal Kishore and Mr Naresh Kumar. The company is engaged in the processing of paddy at its facility located at Ferozepur, Punjab. RFPL is also engaged in trading of rice. RFPL sells its products, ie, Basmati and Non-Basmati rice under the brand name of 'Jaikar' in the states of Maharashtra, Madhya Pradesh and Punjab through a network of commission agents. SANTOSH LIMITED: CRISIL Moves B Debt Rating to Not Cooperating -------------------------------------------------------------- Crisil Ratings has migrated the ratings on bank facilities of Santosh Limited (SL) to 'Crisil B/Stable/Crisil A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 3 Crisil A4 (ISSUER NOT COOPERATING; Rating Migrated) Cash Credit 35 Crisil B/Stable (ISSUER NOT COOPERATING; Rating Migrated) Term Loan 5.52 Crisil B/Stable (ISSUER NOT COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with SL for obtaining information through letter and email dated June 12, 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 SL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the ratings on bank facilities of SL to 'Crisil B/Stable/Crisil A4 Issuer not cooperating'. SL was incorporated on December 20, 1990. Operations are managed by the promoter, Mr Sohanlal Chowdhary. The company manufactures super-speciality starches made from corn and markets it under the brand, Santosh. The manufacturing facility is located in Namakkal,Tamil Nadu. SAPTAGIR LABORATORIES: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Saptagir Laboratories Private Limited (SLPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.95 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 19, 2025, placed the rating(s) of SLPL under the 'issuer non-cooperating' category as SLPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SLPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 4, 2026, April 14, 2026, April 24, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Saptagir Laboratories Private Limited (Erstwhile known as Astrica Laboratories Private Limited), was incorporated on July 18, 2007 and promoted by Mr. Gopala Krishna and Mr. Bhaskar Rao along with two other directors. The company has set-up a manufacturing unit for bulk drugs with an installed capacity of 30,000 kg per annum. The company achieved commercial operations on October 1, 2016. The manufacturing unit of the company is located at Medak District, Telangana. However, the company is planning to increase the installed capacity to 60,000 kg per annum. SLB ETHANOL: CARE Lowers Rating on INR229cr LT Loan to B+ --------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of SLB Ethanol Private Limited (SEPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 229.00 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE BB; Stable Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 25, 2025, placed the rating(s) of SEPL under the 'issuer non-cooperating' category as SEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 11, 2026, March 21, 2026, June 12, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of SEPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable SLB Ethanol Private Limited was incorporated in June 2019 and is setting up grain-based ethanol distillery to produce 200 KLPD of ethanol along with 5.3 MW captive power generation plant. SLB is floated as a new venture by the promoters of Dinamalar Publication House. Day to day operations of SLB is being overseen by Mr. Lakshmipathy (Adarsh) Ramasubbu, a third generation entrepreneur from the Dinamalar Group. He is supported by other third generations entrepreneurs of the group such as Mr. Adimoolam Lakshmipathy, Mr. Ramasubbu Krishnamurthy and Mr. Venkataraman Krishnamurthy. VUDDANDA SOLAR: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Vuddanda Solar Power Private Limited (VSPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.82 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 19, 2025, placed the rating(s) of VSPPL under the 'issuer non-cooperating' category as VSPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VSPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 4, 2026, April 14, 2026, April 24, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Vuddanda Solar Power Private Limited (VSPPL) was incorporated in 2013 and promoted by Mr. M. Balakrishna Reddy along with his friends. The first solar power project commissioned by VSPPL, of 3.3 MW power, was installed on over 24 acres of land located Kothapalli, Near Kalikiri, Chittoor District, Andhra Pradesh. FY17 was the first full year of operations of the 3.3 MW plant. VSPPL has executed this project under third party open access agreement. The power is being purchased by 4 customers located in Tirupathi (Andhra Pradesh). VSPPL has entered Power Purchase Agreements (PPAs) with Bliss Hotels Limited, Bhimas Residency Hotels, Thirumala Residency Hotels and Sri Vishnu Priya Hotels Private Limited. =============== M A L A Y S I A =============== ECOBUILT HOLDINGS: Flags Possible Delay in FY26 Annual Report ------------------------------------------------------------- The Malaysian Reserve reports that Ecobuilt Holdings Bhd has announced a possible delay in issuing its annual report and audited financial statements for the financial period ended February 28 2026, which are due to be released by June 30, 2026 under Bursa Malaysia listing requirements. The Malaysian Reserve relates that the group said the delay stems from additional time required to finalise its audited accounts. Under Bursa Malaysia rules, failure to issue the annual report within five market days after the deadline (by July 7, 2026) could result in trading suspension of EcoBuilt's securities from the following trading day, with suspension lifted only upon release of the outstanding report. If the company fails to issue the report within six months of the deadline, Bursa Malaysia may initiate delisting procedures, The Malaysian Reserve notes. According to The Malaysian Reserve, EcoBuilt said it expects to complete and submit the annual report and audited financial statements on or before July 7, 2026. About Ecobuilt Holdings Ecobuilt Holdings Bhd is a Malaysia-based investment holding company, which is engaged in the provision of management services to its subsidiaries. The Company operates through the General Construction Work segment. The Company engages primarily in civil engineering, building contracting and construction as well as property development. The Company's projects include Damai Suria, which consisting of service apartments, shop offices and retail lots; Platinum OUG Residence is a serviced apartment, which is located at Kampung Muhibbah, Bukit OUG, Kuala Lumpur; The Shore is a luxury mixed-use commercial hub located at Kota Kinabalu, Sabah, and H2O. The Company's subsidiaries include Eko Bina Sdn. Bhd., and Rexallent Construction Sdn. Bhd. ===================== N E W Z E A L A N D ===================== AUCKLAND SPEEDFLOOR: Court to Hear Wind-Up Petition on July 2 ------------------------------------------------------------- A petition to wind up the operations of Auckland Speedfloor Contracting Limited will be heard before the High Court at Auckland on July 2, 2026, at 10:00 a.m. Rollforming Services Limited filed the petition against the company on May 18, 2026. The Petitioner's solicitor is: Jeffrey Gray Ussher Level 19 191 Queen Street Auckland CAPITAL CABINETS: Creditors' Proofs of Debt Due on July 31 ---------------------------------------------------------- Creditors of Capital Cabinets Limited are required to file their proofs of debt by July 31, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 16, 2026. The company's liquidator is: Simon Rogan Kelman & Co PO Box 7575 Auckland 1141 GILL TECH: Creditors' Proofs of Debt Due on July 23 --------------------------------------------------- Creditors of Gill Tech Limited are required to file their proofs of debt by July 23, 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 NANNY'S EATERY: Jamaican Restaurant Placed in Liquidation --------------------------------------------------------- NZ Herald reports that the company behind Jamaican restaurant Nanny's Eatery in Auckland's Kingsland is in liquidation. Paul Vlasic and Derek Ah Sam, of Rodgers Reidy, were appointed liquidators of Nanny's Eatery Limited on June 17, NZ Herald discloses. The company was trading as a Jamaican restaurant and rum bar called Nanny's Eatery. NEW ZEALAND: Fitch Affirms Then Withdraws 'BBsf' Rating on E Notes ------------------------------------------------------------------ Fitch Ratings has affirmed and withdrawn the ratings of New Zealand Sales Finance and Credit Cards Trust's floating-rate notes due to a restructuring of the facility. The restructuring is not due to adverse circumstances or a deterioration in performance, and is therefore not a distressed debt exchange. At the same time, Fitch has assigned new ratings to the floating-rate notes issued under the restructured transaction. The issuance consists of notes backed by a pool of New Zealand consumer sales finance and credit card receivables originated by Latitude Financial Services Limited pre- and post-restructuring. The notes were issued by The New Zealand Guardian Trust Company Limited in its capacity as trustee of the New Zealand Sales Finance and Credit Cards Trust. Entity/Debt Rating Prior ----------- ------ ----- New Zealand Sales Finance and Credit Cards Trust A LT AAAsf New Rating C LT Asf New Rating Class A LT AAAsf Affirmed AAAsf Class A LT WDsf Withdrawn Class C LT Asf Affirmed Asf Class C LT WDsf Withdrawn Class D LT BBBsf Affirmed BBBsf Class D LT WDsf Withdrawn Class E LT BBsf Affirmed BBsf Class E LT WDsf Withdrawn D LT NRsf New Rating E LT NRsf New Rating F LT NRsf New Rating G LT NRsf New Rating Transaction Summary The transaction is a revolving, asset-backed note programme that features a multi class structure that purchases receivables from the seller on a revolving basis. The receivable pool is subject to eligibility criteria. The transaction has triggers in place to protect the note holders from deterioration in the credit quality of the portfolio, which either requires rectification or may cause a rapid amortisation event in which all collections will be used to pay down the note in sequential order across note classes. The affirmation of the existing ratings and the new ratings assigned to the restructured notes reflect Fitch's view that the available credit enhancement and excess spread are able to support the ratings, the pool's stable credit quality and performance, and Fitch's expectations of economic conditions in New Zealand. Fitch has withdrawn the existing ratings of New Zealand Sales Finance and Credit Cards Trust's floating-rate notes due to a restructuring of the facility. KEY RATING DRIVERS Stable Receivables Performance: Portfolio performance has been stable; gross charge-offs, yield and the monthly payment rate (MPR) averaged 3.2%, 13.8% and 13.4%, respectively, for the 12 months to March 2026. Yield and MPR exclude merchant service fees and recoveries. Gross charge-off and yield have remained relatively stable, while MPR has remained elevated over the past five years, which prompted a re-evaluation of its MPR steady-state assumptions, resulting in increases in the MPR steady-state to 11.5% (from 9.75%). Recoveries have remained broadly stable and consequently, Fitch has retained a recovery steady-state assumption of 20% in deriving net charge-off rates. Consistent Assumptions: The steady-state assumptions are consistently applied to the existing and new ratings and rating stresses have remained unchanged by the restructuring. The Stable Outlook is supported by New Zealand's economic recovery. GDP expanded by 0.2% in 2025 and unemployment was 5.3% in March 2025. Fitch forecasts GDP growth of 2.8% in 2026 and 2027 and a drop in the unemployment rate to 4.9% in 2026 and 4.5% in 2027. The steady states and rating stresses applied in its cash flow modelling are summarised as follows: Steady State Gross Charge-offs: 4.25% Recoveries: 20% MPR: 11.5% Gross yield: 12.0% Purchase rate: 100% Rating Stresses: Ratings: AAAsf / AAsf / Asf / BBBsf / BBsf Gross Charge-offs (increase): 4.50x / 3.75x / 3.00x / 2.25x / 1.75x Recoveries (haircut): 60% / 48% / 36% / 27% / 18% MPR (% decrease): 40% / 35% / 30% / 25% / 15% Gross yield (% decrease): 35% / 30% / 25 % / 20% / 15% Purchase rate (% decrease): 90% / 85% / 75% / 65% / 55% Originator and Servicer Risk Mitigated: Latitude is a publicly listed company with more than a decade of experience in managing large consumer receivable portfolios in Australia and New Zealand. Latitude is not rated by Fitch. Servicer risk is mitigated through back-up arrangements. Fitch undertook an operational review and found that the operations of the originator and servicer were comparable with other non-bank credit card providers. Mitigated Counterparty Risk: Latitude acts in several capacities, most prominently as originator, servicer and trust manager. The degree of reliance is mitigated by the transferability of operations, a nominated back-up servicer and a liquidity facility. Performance Triggers: The transaction benefits from several performance triggers, which if breached, can potentially lead to rapid amortisation of the transaction to prevent exposure to further deterioration in asset performance. Mitigated Interest-Rate Risk: Interest-rate risk is mitigated by available credit enhancement. Rated Above Sovereign: Structured finance notes can be rated up to six notches above New Zealand's Long-Term Local-Currency Issuer Default Rating of 'AA+', supporting the 'AAAsf' rating on the class A notes. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Unanticipated increases in the charge-offs or reductions in purchase rates or yield could produce loss levels higher than Fitch's steady-state assumptions and are likely to result in a decline in credit enhancement and remaining loss coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's steady-state assumptions. This section provides insight into the model-implied sensitivities the transaction faces when one assumption is modified, while holding others equal. The modelling process uses the modification of these variables to reflect asset performance in upside and downside environments. The results below should only be considered as one potential outcome, as the transaction is exposed to multiple dynamic risk factors. It should not be used as an indicator of possible future performance. Notes: A / C Rating: AAAsf / Asf Increase charge-off steady state by 25%: AAAsf / Asf Increase charge-off steady state by 50%: AA+sf / Asf Increase charge-off steady state by 75%: AA+sf / A-sf Reduce MPR steady state by 15%: AAAsf / Asf Reduce MPR steady state by 25%: AA+sf / Asf Reduce MPR steady state by 35%: AAsf / BBB+sf Reduce purchase rate by 50%: AAAsf / Asf Reduce purchase rate by 75%: AAAsf / Asf Reduce purchase rate by 100%: AAAsf / A-sf Reduce yield by 15%: AAAsf / Asf Reduce yield by 25%: AAAsf / Asf Reduce yield by 35%: AAAsf / Asf Rating sensitivity to increased charge-off rate and reduced MPR: Increase charge-off rate by 25% and reduce MPR by 15%: AA+sf / A-sf Increase charge-off rate by 50% and reduce MPR by 25%: AA-sf / BBB+sf Increase charge-off rate by 75% and reduce MPR by 35%: Asf / BBB-sf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Macroeconomic conditions, loan performance, credit losses and sale proceeds that are better than Fitch's baseline scenario or sufficient build-up of credit enhancement that would fully compensate for the credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. The class A notes are rated at the highest level on Fitch's scale and cannot be upgraded. Upgrade Sensitivities: Notes: C Rating: Asf Reduce charge-off steady state by 25%: AAsf USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third-party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. Prior to the transaction closing, Fitch sought to receive a third-party assessment conducted on the asset portfolio information, but none was made available to Fitch for this transaction. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. 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. PACEY LOG: Creditors' Proofs of Debt Due on July 21 --------------------------------------------------- Creditors of Pacey Log Transport Limited are required to file their proofs of debt by July 21, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 18, 2026. The company's liquidators are: Luke Norman Kristal Pihama c/o KPMG 79 Cashel Street Level 5, PO Box 1739 Christchurch 8140 SPEIRS ABS 2025-1: Fitch Hikes Rating on Class F Notes to 'Bsf' --------------------------------------------------------------- Fitch Ratings has upgraded one and affirmed five classes of asset-backed floating-rate notes from Speirs ABS Trust 2025-1. The Outlook is Stable. The notes are backed by a pool of first-ranking New Zealand automotive and equipment loans and operating leases originated by L & F Limited, a subsidiary of Speirs Finance Group Limited. The notes were issued by NZGT (EL&F) Trustee Limited in its capacity as trustee of Speirs ABS Trust 2025-1. The upgrade of the class F notes was driven by the build-up of credit enhancement. Entity/Debt Rating Prior ----------- ------ ----- Speirs ABS Trust 2025-1 A NZSPFA1001R3 LT AAAsf Affirmed AAAsf B NZSPFA1002R1 LT AA+sf Affirmed AA+sf C NZSPFA1003R9 LT Asf Affirmed Asf D NZSPFA1004R7 LT BBB+sf Affirmed BBB+sf E NZSPFA1005R4 LT BB+sf Affirmed BB+sf F NZSPFA1006R2 LT Bsf Upgrade B-sf Transaction Summary The collateral pool has amortised to NZD123 million as of the 31 May 2026 pool cut date from NZD200 million at closing. The pool comprises 2,277 fixed-rate contracts, down from 2,824 at closing, with an average obligor balance of NZD117,118, compared with NZD153,983 at closing. The weighted-average remaining term has decreased to 29 months from 37 months at closing. KEY RATING DRIVERS Stable Asset Performance: The performance of the underlying assets has remained stable. As of end-May 2026, 30+ and 60+ day arrears were 1.3% and 1.0%, respectively, which are comparable to Fitch's 4Q25 Australia Auto ABS Performance Monitor benchmarks of 1.5% and 0.7%, respectively. In the absence of a New Zealand-specific and equipment-specific index, Fitch uses the Australian Auto Abs Performance Monitor as a reference, given the similarities between the asset classes and between the Australian and New Zealand markets. The underlying assets are performing broadly in line with the base-case expectations set at closing. At end-May 2026 the transaction has paid down to 61.4% of its original balance, and cumulative defaults and losses were approximately 0.2% and 0.1%, respectively, compared with lifetime base case default and loss assumptions at closing of 2.5% and 0.8%, respectively. The transaction level one-year default probability and base-case recovery assumptions remain unchanged from closing at 1.4% and 68.0%, respectively, while the 'AAAsf' portfolio loss fell to 12.2% from 12.9% at closing, driven primarily by the lower weighted-average life of the assets. Granular Portfolio: The securitised portfolio is granular, with the largest single obligor accounting for no more than 0.8% (up from 0.5% since closing) of the portfolio balance, whereas the 10 largest obligors account for 7.3% (up from 5.1% at closing). The portfolio continues to be diversified across geography and industry. Residual Value Risk: Residual value (RV) exposure increased to 18.0% by end-May 2026 from 11.5% at closing. RV assumptions remain unchanged from those at closing. Fitch used the historical performance of sales proceeds versus the initial RV to assign a base-case RV assumption of 100%. Fitch applied a 'AAAsf' RV haircut of 35% to reflect the size of New Zealand's used-car market, potential changes in technology and the distribution of scheduled maturities. Tight Labour Market to Support Outlook: Transaction performance is supported by New Zealand's economic recovery. Fitch forecasts GDP growth of 2.8% in 2026 and 2027 and a drop in the unemployment rate to 4.9% in 2026 and 4.5% in 2027, from 5.3% in 1Q26. Rated Above Sovereign Local-Currency IDR: Structured finance notes can be rated up to six notches above New Zealand's Long-Term Local-Currency Issuer Default Rating (IDR) of 'AA+', supporting the 'AAAsf' ratings. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Transaction performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce credit enhancement available to the notes. Unanticipated increases in the frequency of defaults, loss severity on defaulted receivables and reduction in sale proceeds could produce loss levels higher than Fitch's base case and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions. The rating sensitivity section provides insight into the model-implied sensitivities the transaction faces when assumptions - defaults or recoveries - are modified, while holding others equal. The modelling process uses the modification of default and loss assumptions to reflect asset performance in up and down environments. The results below should only be considered as one potential outcome, as the transaction is exposed to multiple dynamic risk factors. Downgrade Sensitivity: Notes: A / B / C / D / E / F Rating: AAAsf/AA+sf/Asf/BBB+sf/BB+sf/Bsf Increase mean defaults by 25%: AAAsf / AA+sf / Asf / BBB+sf / BB+sf / less than Bsf Increase mean defaults by 50%: AAAsf / AA+sf / Asf / BBB+sf / BB+sf / less than Bsf Reduce recoveries by 25%: AAAsf / AA+sf / Asf / BBB-sf / BBsf / less than Bsf Reduce recoveries by 50%: AAAsf / AA-sf / BBB+sf / BB+sf / B+sf / less than Bsf Increase mean defaults by 25% and reduce recoveries by 25%: AAAsf / AA+sf / A-sf / BBB-sf / BB-sf / less than Bsf Increase mean defaults by 50% and reduce recoveries by 50%: AAAsf / A+sf / BBB+sf / BBsf / Bsf / less than Bsf Reduce sale proceeds by 10%: AAAsf / AA+sf / Asf / BBB+sf / BB+sf / less than Bsf Reduce sale proceeds by 25%: AAAsf / AA+sf / Asf / BBB-sf / BB-sf / less than Bsf Reduce sale proceeds by 50%: AAAsf / AA+sf / Asf / BB+sf / less than Bsf / less than Bsf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Macroeconomic conditions, loan performance, credit losses and sale proceeds that are better than Fitch's baseline scenario or sufficient build-up of credit enhancement that would fully compensate for the credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. The class A ratings are at the highest level on Fitch's scale and cannot be upgraded. Upgrade Sensitivity: Notes: B / C / D / E / F Rating: AA+sf/Asf/BBB+sf/BB+sf/Bsf Decrease mean defaults by 25%, increase recoveries by 25% and increase sale proceeds by 10%: AAAsf / AA+sf / Asf / BBB+sf / BB+sf USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. 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 transaction closing, Fitch sought to receive a third-party assessment conducted on the asset portfolio information, but none was made available to Fitch for this transaction. As part of its ongoing monitoring, Fitch reviewed a small, targeted sample of the originator's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. 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. WM TILING: Court to Hear Wind-Up Petition on July 8 --------------------------------------------------- A petition to wind up the operations of WM Tiling Limited will be heard before the High Court at Auckland on July 8, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Dec. 11, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 ================= S I N G A P O R E ================= AVPIV WEST: Creditors' Proofs of Debt Due on July 24 ---------------------------------------------------- Creditors of Avpiv West Icheon SG Holding Pte. Ltd. are required to file their proofs of debt by July 24, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 17, 2026. The company's liquidators are: Quar Lian Huat Tay Tuan Leng c/o Tricor Singapore 9 Raffles Place #26-01 Republic Plaza Singapore 048619 OCEAN & CAPITAL: Creditors' Proofs of Debt Due on July 22 --------------------------------------------------------- Creditors of Ocean & Capital Properties Pte. Ltd. are required to file their proofs of debt by July 22, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 17, 2026. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani Seah Roh Lin c/o BDO Advisory Pte. Ltd. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 SIMPLE AS THAT: Court Enters Wind-Up Order ------------------------------------------ The High Court of Singapore entered an order on June 12, 2026, to wind up the operations of Simple As That 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 YANG MING: Court Enters Wind-Up Order ------------------------------------- The High Court of Singapore entered an order on June 12, 2026, to wind up the operations of Yang Ming Yuan Pte. Ltd. FS Capital Pte Ltd filed the petition against the company. The company's liquidators are: BDO Advisory Pte. Ltd. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 YOUADME PTE: Court Enters Wind-Up Order --------------------------------------- The High Court of Singapore entered an order on June 12, 2026, to wind up the operations of Youadme 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 ===================== S O U T H K O R E A ===================== JOONGANG GROUP: Fate Split Between Court, Creditors --------------------------------------------------- The Korea Times reports that the fate of JTBC and other JoongAng Group affiliates now lies with the court amid their worsening liquidity problems, while the normalization of the group's core company, JoongAng Ilbo, depends on its creditors, according to industry officials and analysts June 24. Five key affiliates, including broadcaster JTBC and holding company JoongAng Holdings, have recently filed for rehabilitation proceedings. Major newspaper JoongAng Ilbo has also formally applied for a workout with its lead creditor, Hana Bank, amid the group's financial strain. According to The Korea Times, the Seoul Bankruptcy Court held hearings with the representatives of the five companies on June 23, marking the start of a full-scale review of their rehabilitation cases. Executives who attended outlined the group's debt exposure and proposed restructuring measures to the court. "I am sorry. We will fully comply with the court's decision," Hong Jeong-do, vice chairman of JoongAng Group, told reporters near the court. The Korea Times says the group's restructuring crisis began after JTBC defaulted on June 12, failing to repay KRW20.6 billion ($13.4 million) in asset-backed debt at maturity. This was followed by rehabilitation filings from JoongAng Holdings and three other affiliates on June 14. JTBC submitted its own rehabilitation petition to the court on June 15. The Korea Times relates that JTBC also requested an autonomous restructuring support (ARS) program alongside its rehabilitation filing. The scheme gives financially troubled companies an opportunity to negotiate debt adjustments with creditors before entering full-fledged court-supervised rehabilitation. If the court approves the request, creditor negotiations could continue for up to three months. If not, and the court moves ahead with rehabilitation proceedings, JTBC would enter a formal restructuring process overseen by the judiciary, the report states. The country's Debtor Rehabilitation and Bankruptcy Act requires the court to decide within one month whether to begin rehabilitation proceedings. Since the applications were filed on June 14 and 15, a ruling is expected by mid-July at the latest. "ARS may be JTBC's preferred option, but the chances of securing court approval appear relatively slim, given that the broadcaster has already defaulted on its obligations and multiple affiliates have entered rehabilitation proceedings," The Korea Times quotes a financial investment industry official as saying. "At this stage, a court-directed restructuring appears to be the more probable outcome." JoongAng Ilbo, the cornerstone of the group, chose a different path, The Korea Times notes. After a 22 billion won commercial paper issue was officially declared in default on June 19, the newspaper applied for a workout program rather than joining its affiliates in rehabilitation proceedings. A workout is a debt restructuring process conducted through negotiations with creditors, allowing a company to retain more control over its restructuring than under a court-supervised rehabilitation process. If creditors approve the plan, the newspaper will enter negotiations to restructure its debt, including extending maturities and revising repayment terms, according to The Korea Times. However, should creditors refuse to support the workout or if negotiations fail to produce an agreement, the company could eventually be forced to pursue rehabilitation proceedings. As a result, the future of JTBC and other affiliates now rests largely with the court, while JoongAng Ilbo's path to recovery hinges on the decision of its creditors. According to The Korea Times, JoongAng Ilbo said in a statement that it is working with creditors and other stakeholders to complete its workout program and normalize operations, emphasizing that it remains an independently operated entity, separate from affiliates undergoing rehabilitation. It also stressed that its core businesses continue to operate normally and that it has posted operating profits for 13 consecutive years. "The current liquidity crunch stems not from weaknesses in our core business, but from the spillover effects of financial difficulties at affiliated companies," the newspaper said, describing the situation as a temporary funding strain. JoongAng Group operates media business. The Company publishes books, newspapers, and periodicals. JoongAng Group also offers ultra high frequency broadcast television and radio broadcast stations services. ********* 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. 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