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260720.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Monday, July 20, 2026, Vol. 29, No. 143 Headlines A U S T R A L I A 3RT HOLDING: First Creditors' Meeting Set for July 21 ANGLE ASSET 2024-1: Moody's Hikes Rating on Class F Notes to Ba2 AUSTRALIAN FIDUCIARIES: ASIC Cancels Company's AFS License CALABRIA COMMUNITY: First Creditors' Meeting Set for July 22 CORPORATE TRAVEL: Loses Chief Legal Officer as Crisis Deepens ORION RESOURCES: Second Creditors' Meeting Set for July 21 PEPPER RESIDENTIAL 41: Moody's Ups Rating on Class E Notes to Ba1 PILOT ENERGY: Cor Cordis Appointed as Voluntary Administrators PRIME VALUE: ASIC Suspends Company's AFS License REDZED TRUST 2026-2: Fitch Assigns 'Bsf' Rating on Class F Notes RESIMAC BASTILLE 2023-2NC: Moody's Ups Rating on F Notes to Ba2 ROBUSTA 2024-1: Fitch Hikes Rating on Class F Notes to 'BBsf' TECHNOLOGY PEOPLE: First Creditors' Meeting Set for July 22 VERVEO PTY: First Creditors' Meeting Set for July 22 B A N G L A D E S H BANGLADESH: IMF Sees Economic Growth to Slow to 3.5% in FY2027 I N D I A AMBAL MODERN: CARE Keeps B- Debt Rating in Not Cooperating AMISHI CONSUMER: NCLT Admits Insolvency Plea vs The Moms Co. Parent BAGH BAHAR: CARE Keeps D Debt Rating in Not Cooperating Category COLOSSUS TRADE: CARE Keeps B- Debt Rating in Not Cooperating EDAYAR ZINC: CARE Keeps D Debt Ratings in Not Cooperating Category FINOLEX J: CARE Lowers Rating on INR22.75cr LT Loan to B GALI JAGADISH: CARE Keeps C Debt Rating in Not Cooperating INDIAN KNIVES: CARE Keeps B- Debt Rating in Not Cooperating J. B. ROLLING: CARE Lowers Rating on INR47.66cr LT Loan to B JAYPEE CEMENT: CARE Keeps D Debt Ratings in Not Cooperating K. P. SAHA: CARE Lowers Rating on INR6.03cr LT Loan to B- NAFREF ENGINEERS: CARE Keeps C Debt Rating in Not Cooperating NORTHERN ELECTRIC: CARE Keeps B- Debt Rating in Not Cooperating PURVANCHAL AGRICO: CARE Keeps B- Debt Rating in Not Cooperating R S KAMTHE: CARE Lowers Rating on INR10cr Long Term Loan to D RAHEJA DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating RAHEJA ICON: CARE Keeps Debt D Rating in Not Cooperating Category SANGAT PRINTERS: CARE Lowers Rating on INR5.42cr LT Loan to B- SANT KRIPA: CARE Keeps D Debt Ratings in Not Cooperating Category SEYA PATE: CARE Keeps B- Debt Rating in Not Cooperating Category SMT. BHARTO: CARE Keeps B- Debt Rating in Not Cooperating Category TELEECRE NETWORK: CARE Keeps C Debt Rating in Not Cooperating ULTRA SPACE: CARE Keeps D Debt Rating in Not Cooperating Category VENKATESWARA AGENCIES: CARE Keeps B- Rating in Not Cooperating VENKATESWARA MECHANICAL: CARE Keeps B- Ratings in Not Cooperating VIAROMANAA FASHIONS: Liquidation Process Case Summary I N D O N E S I A KAWASAN INDUSTRI: Fitch Hikes LongTerm IDR to 'B', Outlook Stable PT POS INDONESIA: Fitch Lowers National LongTerm Rating to 'C(idn)' J A P A N SOFTBANK GROUP: S&P Affirms 'BB+' ICR & Alters Outlook to Stable M A L A Y S I A DAMAI CITY SDN: Has Been Ordered to be Wound Up N E W Z E A L A N D CATLEY AVIATION: Creditors' Proofs of Debt Due on Aug. 5 KARTWRIGHT PROPERTY: Creditors' Proofs of Debt Due on July 30 KEUNG INVESTMENTS: Court to Hear Wind-Up Petition on Aug. 13 PACIFICA AIR: Creditors' Proofs of Debt Due on Aug. 6 WAIKANAE LAND: Court to Hear Wind-Up Petition on Aug. 21 S I N G A P O R E BRIDGETOWER CAPITAL: Court to Hear Wind-Up Petition on July 24 CONTINUUM GREEN: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable HIN LEONG: Apex Court Strikes Out Firm's US$2.6BB Claim vs Deloitte MUTO SINGAPORE: Creditors' Proofs of Debt Due on Aug. 11 NEW SILK: Creditors' Proofs of Debt Due on Aug. 11 TELEDATA TECHNOLOGIES: Court Enters Wind-Up Order UNLIMITED CAPITAL: Creditors' Proofs of Debt Due on Aug. 11 VALUEMAX GROUP: Fitch Rates SGD80MM Unsecured Notes 'BB' V I E T N A M HDBANK: Fitch Assigns 'BB-' Long-Term IDR, Outlook Stable - - - - - ================= A U S T R A L I A ================= 3RT HOLDING: First Creditors' Meeting Set for July 21 ----------------------------------------------------- A first meeting of the creditors in the proceedings of: - 3RT Holding Pty Ltd; - 3RT Labs Pty Ltd; - 3RT Technologies Pty Ltd; and - 3RT (Australia) Pty Ltd will be held on July 21, 2026, at 11:30 a.m. at the offices of _ via virtual facilities only. Robert Smith and Mark Knight of McGrathNicol were appointed as administrators of the company on July 10, 2026. ANGLE ASSET 2024-1: Moody's Hikes Rating on Class F Notes to Ba2 ---------------------------------------------------------------- Moody's Ratings has upgraded the ratings on seven classes of notes issued by two Angle Asset Finance ABS. The affected ratings are as follows: Issuer: Angle Asset Finance - Radian Trust 2024-1 Class C Notes, Upgraded to Aa3 (sf); previously on Apr 17, 2025 Upgraded to A1 (sf) Class F Notes, Upgraded to Ba2 (sf); previously on Dec 16, 2025 Upgraded to Ba3 (sf) Issuer: Angle Asset Finance - Radian Trust 2025-2 Class B Notes, Upgraded to Aa1 (sf); previously on Oct 16, 2025 Definitive Rating Assigned Aa2 (sf) Class C Notes, Upgraded to Aa3 (sf); previously on Oct 16, 2025 Definitive Rating Assigned A2 (sf) Class D Notes, Upgraded to A3 (sf); previously on Oct 16, 2025 Definitive Rating Assigned Baa2 (sf) Class E Notes, Upgraded to Ba1 (sf); previously on Oct 16, 2025 Definitive Rating Assigned Ba2 (sf) Class F Notes, Upgraded to B2 (sf); previously on Oct 16, 2025 Definitive Rating Assigned B3 (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 a result of the increase in credit enhancement available for the affected notes and performance to date. No action was taken on the remaining rated classes in the transactions as credit enhancement remains commensurate with the current rating for the respective notes. Angle Asset Finance - Radian Trust 2024-1 Following the June 2026 payment date, credit enhancement available for the Class C Notes has increased to 19.8% from 15.7% at the time of the last rating action for these notes in April 2025. Credit enhancement available for the Class F Notes has increased to 7.7% from 5.9% at the time of the last rating action for these notes in December 2025. Principal collections have been distributed on a pro-rata basis among the rated notes since the July 2025 payment date. Current outstanding notes as a percentage of the total closing balance is 43.9%. As of end-May 2026, 3.1% of the outstanding pool was 30-plus days delinquent, and 1.2% was 90-plus days delinquent. The portfolio has incurred losses of 2.6% (as a percentage of the original pool balance) to date, all of which have been covered by excess spread. Based on the observed performance to date and loan attributes, Moody's have maintained Moody's mean default assumption at 6% as a percentage of the outstanding pool balance (equivalent to 5.9% as a percentage of the original pool balance) since the last rating action in December 2025. Moody's have also maintained the Aaa portfolio credit enhancement (PCE) at 28%. Moody's increased the expected recovery rate to 22% from 20%. Angle Asset Finance - Radian Trust 2025-2 Following the June 2026 payment date, credit enhancement available for the Class B, Class C, Class D, Class E and Class F Notes has increased to 20.4%, 15.3%, 11.8%, 6.4% and 3.6%, respectively, from 16.2%, 12.2%, 9.4%, 5.1% and 2.9% at closing. Principal collections have been distributed on a sequential basis since closing. Current outstanding notes as a percentage of the total closing balance is 79.6%. As of end-May 2026, 0.9% of the outstanding pool was 30-plus days delinquent, and 0.4% was 90-plus days delinquent. The portfolio has incurred losses of 0.1% (as a percentage of the original pool balance) to date, all of which have been covered by excess spread. Based on the observed performance to date and loan attributes, Moody's have decreased Moody's mean default assumption to 5.5% as a percentage of the original pool balance (equivalent to 6.7% as a percentage of the outstanding pool balance) from 6% of the original pool balance at closing. Moody's have also decreased the Aaa PCE assumption to 25% from 26.5%. Moody's analysis has also considered various scenarios involving different mean default rate, PCE and recovery rate to evaluate the resiliency of the note ratings. The transactions are securitisations of auto and equipment loans and operating leases originated by Angle Asset Finance, an Australian non-bank asset finance provider. The obligors in the pool are primarily small-to-medium enterprises domiciled in Australia. The underlying assets backing the receivables include, among others, cars, trucks, and other wheeled assets. 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 the notes' available credit enhancement. 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 notes' available credit enhancement, and (3) a deterioration in the credit quality of the transaction counterparties. AUSTRALIAN FIDUCIARIES: ASIC Cancels Company's AFS License ---------------------------------------------------------- The Australian Securities & Investments Commission (ASIC) has cancelled the Australian financial services licence (AFS licence) of Australian Fiduciaries Limited following a payment by the Compensation Scheme of Last Resort (CSLR). On Jan. 30, 2026, the Australian Financial Complaints Authority (AFCA) made a determination against Australian Fiduciaries, which Australian Fiduciaries failed to pay. Subsequently, on June 12, 2026, the CSLR made a payment of AUD150,000 for the AFCA determination and notified ASIC. As a result, on July 2, 2026, ASIC cancelled the Australian financial services licence of Australian Fiduciaries. ASIC is required to cancel the AFS licence of a licensee where that licensee fails to pay an AFCA determination and the CSLR subsequently pays compensation. The cancellation is not subject to discretion or merits review. In making the cancellation order, ASIC has specified that Australian Fiduciaries is to maintain its membership with AFCA for a further 12 months, to June 19, 2027 so that complaints about Australian Fiduciaries can still be lodged with AFCA. AFCA has advised ASIC that because Australian Fiduciaries is now in liquidation, AFCA will only consider complaints about it which fall within scope of the Compensation Scheme of Last Resort (for example where it relates to personal financial advice). ASIC has an ongoing investigation into Australian Fiduciaries and numerous related entities. Australian Fiduciaries was an Australian financial services (AFS) licensee with licence number 465658, based in Queensland and the responsible entity of three registered managed investment schemes - the Global Diversified Alpha Fund, the Global Multi-Strategy Fund and the Global All Seasons Fund. Australian Fiduciaries engaged Compare Your Super Pty Ltd to approach prospective investors about investing in its registered schemes. Compare Your Super was an authorised representative of Australian Fiduciaries from Jan. 20, 2020 until Jan. 27, 2021, then became an authorised representative of APT Strategy Pty Ltd from Jan. 27, 2021 until Sept. 14, 2023. Investors who believe they may have received any personal financial advice through Compare Your Super about investing in the registered schemes should have regard to the time period during which they made their investment, as this will determine which entity they may make a complaint about to AFCA. For example, if the investment was made during the period from Jan. 20, 2020 to Jan. 27, 2021 they may consider making a complaint with AFCA about the financial advice provided by Australian Fiduciaries, through Compare Your Super as its authorised representative at that time. Similarly, if the investment was made during the period from Jan. 27, 2021 to Sept. 14, 2023 they may consider making a complaint with AFCA about the financial advice provided by APT Strategy, through Compare Your Super as its authorised representative at that time. APT Strategy was re-registered by ASIC on July 2, 2026, as directed by the Supreme Court of Queensland. Liquidators have been appointed and the company remains in liquidation. The liquidators can now apply to reinstate APT Strategy's AFCA membership. When that happens, it is a matter for AFCA to assess the application and consider whether membership can be reinstated. CALABRIA COMMUNITY: First Creditors' Meeting Set for July 22 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Calabria Community Club Ltd will be held on July 22, 2026, at 12:00 p.m. at the offices of AL Restructuring, at Level 13, 50 Margaret Street, in Sydney, NSW and via virtual technology. Andre Lakomy of AL Restructuring was appointed as administrator of the company on July 12, 2026. CORPORATE TRAVEL: Loses Chief Legal Officer as Crisis Deepens ------------------------------------------------------------- Chris Zappone at The Sydney Morning Herald reports that the chief legal officer of scandal-plagued Corporate Travel Management is leaving the company with no replacement named, deepening the crisis for the firm as it fights for survival. According to SMH, the embattled business travel provider said Shelley Sorrenson has given notice she will resign as chief legal officer and company secretary, effective from August 14. It will inform the market when a replacement for her is found, CTM said in a statement to the ASX on July 17. "The board thanks Ms Sorrenson for her contribution to the business and wishes her well for her future endeavours," the statement said. SMH relates that the British government is trying to get the company to accept a staggered repayment plan for fees after it emerged CTM overcharged the Home Office by up to AUD240 million for contracts to house asylum seekers in the UK on barges. The contracts had been awarded as recently as 2025 as part of CTM's travel and contingency accommodation services for asylum seekers. They included the controversial Bibby Stockholm project putting male asylum seekers on a barge as they await decisions on whether they can stay in the country. According to SMH, the loss of its legal head is the latest blow for the company. Analysts have speculated that CTM has struggled to get auditor Deloitte to sign off on its accounts, without which it can't raise the funds needed to repay the UK government. One market participant described the situation between CTM and the UK government as a "game of chicken," SMH says. The company is seeking staged repayments to ensure its staff in Britain remain employed. The government, meanwhile, would want a quick refund to put the issue to bed. However, if CTM can't make the payments upfront and faces insolvency, its UK operations could be imperilled, a source said. SMH relates that accounting issues have also been identified within the company, with CTM this week admitting it underpaid its clerks in Australia and New Zealand by about AUD2.3 million. "CTM apologises to the current and former employees who were affected," said a spokesman for the company, adding that "payment arrangements have been made accordingly, including superannuation and interest where applicable". He said all "current employee payments are up-to-date and no issues have been identified with current payroll obligations," SMH relays. On June 25, the company said it would delay the release of its accounts until after August, SMH reports. The company had earlier promised these would be lodged by June 30. Shares in CTM have been suspended from trading since August last year, when the significant overcharging and accounting errors in its UK/Europe operations were revealed, SMH notes. Corporate Travel Management Limited (ASX:CTD) -- https://au.travelctm.com/ -- a travel management solutions company, manages the procurement and delivery of travel services in Australia and New Zealand, North America, Asia, and Europe. The company provides corporate travels, meetings and event travel management, resources travel, sports travel, leisure travel, loyalty travel, and wholesale travel services, as well as accommodation agency services. ORION RESOURCES: Second Creditors' Meeting Set for July 21 ---------------------------------------------------------- A second meeting of creditors in the proceedings of Orion Resources Pty Ltd has been set for July 21, 2026, at 11:00 a.m. via online video conference using Microsoft Teams from the offices of Rodgers Reidy. 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 July 20, 2026 at 4:00 p.m. Jack James and Paula Smith of Rodgers Reidy were appointed as administrators of the company on June 16, 2026. PEPPER RESIDENTIAL 41: Moody's Ups Rating on Class E Notes to Ba1 ----------------------------------------------------------------- Moody's Ratings has upgraded ratings on four classes of notes issued by Pepper Residential Securities Trust No. 41. The affected ratings are as follows: Issuer: Pepper Residential Securities Trust No. 41 Class B Notes, Upgraded to Aa1 (sf); previously on Sep 25, 2025 Definitive Rating Assigned Aa2 (sf) Class C Notes, Upgraded to Aa3 (sf); previously on Sep 25, 2025 Definitive Rating Assigned A2 (sf) Class D Notes, Upgraded to A3 (sf); previously on Sep 25, 2025 Definitive Rating Assigned Baa2 (sf) Class E Notes, Upgraded to Ba1 (sf); previously on Sep 25, 2025 Definitive Rating Assigned Ba2 (sf) A comprehensive review of all credit ratings for the transaction(s) has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by (1) an increase in credit enhancement (via notes subordination and Retention Amount Ledger) 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 June 2026 payment date, credit enhancement available for the Class B, Class C, Class D, and Class E Notes has increased to 6.9%, 5.4%, 3.9%, and 2.8%, respectively, from 5.0%, 3.9%, 2.8%, and 2.0% at closing. Principal collections have been distributed on a pro-rata basis between Class A1-a and Class A2 Notes. Current outstanding pool balance as a percentage of the closing pool balance is 72.6%. As of end-May 2026, 2.0% of the outstanding pool was 30-plus days delinquent and 1.1% 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 1.2% of the original pool balance (equivalent to 1.7% of the outstanding pool balance) from closing. Moody's have maintained Moody's MILAN CE at 6.6%. The transaction is an Australian RMBS secured by a portfolio of residential mortgage loans, originated by Pepper Homeloans Pty Limited and serviced by Pepper Money Limited. A portion of the portfolio consists of loans extended to borrowers with prior credit impairment or made on an alternative 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. PILOT ENERGY: Cor Cordis Appointed as Voluntary Administrators -------------------------------------------------------------- Jeremy Nipps, Stephen Earel and Darryl Kirk of restructuring and advisory firm, Cor Cordis, on July 15 appointed Joint and Several Voluntary Administrators to ASX-listed Pilot Energy Limited, together with its wholly owned subsidiaries, Royal Energy Pty Ltd and Pilot Energy (CH CCUS) Pty Ltd. The appointments follow an extensive process undertaken by Pilot Energy to secure additional funding and a strategic partner to support the development of the Cliff Head Project. Despite pursuing a range of funding and strategic opportunities, the Company was unable to secure the required funding. In its announcement to the ASX, Pilot Energy said the Board had worked tirelessly to pursue funding and strategic opportunities and remained optimistic of realising value from the Company's assets as the Voluntary Administrators undertake an urgent review of operations. The Administrators have commenced their assessment of the businesses and operations, including the companies' current arrangements and obligations under the joint venture agreement for the Cliff Head Project. They will work closely with key stakeholders, including employees, regulators, the joint venture partner, secured lenders, suppliers and creditors, as the assessment progresses. Jeremy Nipps, Partner at Cor Cordis, said, "Our immediate focus is to understand the financial and operational position of the businesses and work collaboratively with stakeholders to evaluate the options available to maximise outcomes for creditors and preserve value." "We recognise the strategic importance of the Cliff Head Project and will work constructively with all stakeholders throughout the administration process as we assess the available pathways." Notices convening the first meetings of creditors will be issued in accordance with the Corporations Act 2001. The Administrators will provide further updates as appropriate. Pilot Energy Limited (ASX: PGY) -- https://www.pilotenergy.com.au/ -- engages in the exploration, development, and production of oil and gas assets in Western Australia. PRIME VALUE: ASIC Suspends Company's AFS License ------------------------------------------------ The Australian Securities & Investments Commission (ASIC) has suspended the Australian financial services (AFS) licence of Prime Value Asset Management Limited (Prime Value) until Aug. 7, 2026. The AFS licence was suspended because Prime Value failed to meet its statutory audit and financial reporting lodgement obligations for the company for the financial years ending 2024 and 2025. ASIC also found Prime Value had previously failed to meet financial resource requirements and lodge compliance plan audit reports for some of its retail schemes, however these breaches have been rectified. The conditions of the suspension mean Prime Value cannot issue interests in its managed investment schemes (Schemes) to new investors but can continue to provide financial services reasonably necessary for, or incidental to, the day-to-day operation or management of the Schemes and reinvestment of income distributions by existing investors. Prime Value is required to continue to meet its licence obligations while the AFS licence is suspended. Prime Value may apply to the Administrative Review Tribunal for a review of ASIC's decision. Prime Value holds AFS licence number 222055 and is the responsible entity of eight registered managed investment schemes. These include: - Prime Value Diversified High Income Plus Fund - Prime Value Diversified High Income Fund - Prime Value Enhance Income Fund - Prime Value Emerging Opportunities Fund - Prime Value Microcap Fund - Prime Value Opportunities Fund - Prime Value Equity Income Fund, and - Prime Value Growth Fund. Prime Value is also the trustee of 53 unregistered managed investment schemes and provides a wholesale managed discretionary account service. REDZED TRUST 2026-2: Fitch Assigns 'Bsf' Rating on Class F Notes ---------------------------------------------------------------- Fitch Ratings has assigned final ratings to RedZed Trust STC Series 2026-2's mortgage-backed pass-through floating-rate bonds. The issuance consists of notes backed by a pool of first-ranking Australian conforming and non-conforming residential full- and low-documentation mortgage loans as well as small-ticket commercial (STC) loans originated by RedZed Lending Solutions Pty Limited. The notes were issued by Perpetual Trustee Company Limited in its capacity as trustee of RedZed Trust STC Series 2026-2. This is a separate and distinct series created under a master trust deed. Entity/Debt Rating Prior ----------- ------ ----- RedZed Trust STC Series 2026-2 A-1-L AU3FN0110789 LT AAAsf New Rating AAA(EXP)sf A-1-S AU3FN0110771 LT AAAsf New Rating AAA(EXP)sf A-2 AU3FN0110797 LT AAAsf New Rating AAA(EXP)sf B AU3FN0110805 LT AAsf New Rating AA(EXP)sf C AU3FN0110813 LT Asf New Rating A(EXP)sf D AU3FN0110821 LT BBBsf New Rating BBB(EXP)sf E AU3FN0110839 LT BBsf New Rating BB(EXP)sf F AU3FN0110847 LT Bsf New Rating B(EXP)sf G1 LT NRsf New Rating NR(EXP)sf G2 LT NRsf New Rating NR(EXP)sf Transaction Summary The collateral pool totalled AUD800 million, up from AUD500 million at the time of the expected ratings. As of the 30 April 2026 cut-off date, STC loans formed 20% of the closing pool. The pool had 1,035 obligors and a weighted-average current loan-to-value ratio (LVR) of 65.5%. KEY RATING DRIVERS Sufficient Credit Enhancement: The class A-1-S, A-1-L, A-2, B, C, D, E and F notes benefit from credit enhancement of 25.0%, 25.0%, 16.3%, 10.2%, 7.1%, 4.3%, 2.8% and 1.0%, respectively. The transaction is backed by residential loans, which form 80.0% of the pool, and STC loans, which form the remaining 20.0%. The combined 'AAAsf' portfolio loss is 13.9% (residential 8.7%, STC 34.7%), against 13.0% (residential 8.2%, STC 32.3%) for the previous STC transaction, RedZed Trust STC Series 2025-3. The residential portfolio loss increase is due to a higher share of loans with current LVRs equal to or greater than 80% in the pool, and under Fitch's methodology, a higher share of non-conforming loans and low-documentation loans. The higher STC portfolio loss is due to the top-10 obligors accounting for a larger share of the pool and the pool's higher concentration in the building and materials industry. STC Borrower Credit Risk: Historical data analysis for the STC portion of the pool was performed to derive a one-year probability of default (PD) assumption of 1.7%, based on the annual average historical proportion of loans in the underlying portfolio that were 90 days past due. This is the same as that in RedZed STC 2025-3. Fitch added the PD assumption to its proprietary Portfolio Credit Model (PCM), which also considers other key variables, such as portfolio amortisation profile, obligor concentration and industry distribution. Empirical data show that not all loans that become 90 days past due will end in foreclosure. Fitch has analysed the cure rate for RedZed's STC portfolio for loans that entered 90 days past due and concluded that around 41% of these loans were cured. In line with the SME Balance Sheet Securitisation Rating Criteria, Fitch has capped the base expected cure rate assumption at 40% and tiered it for higher rating scenarios. The cure rates are then applied to the PD from the PCM. STC Recovery Rate Lower than for Residential: Fitch applied collateral haircuts for the STC portion of the pool that are in line with the SME Balance Sheet Securitisation Rating Criteria. The 'AAAsf' weighted-average recovery rate (WARR) for the STC portion of 35.9% is lower than the 51.5% 'AAAsf' WARR for the residential portion. Exposure to Obligor Concentration: Its PCM modelling, which stresses default probability, correlation and recovery assumptions for large groups of obligors, found that the pool's largest obligor and the top-10 obligors account for 2.7% and 15.2%, respectively, of the STC asset balance. Limited Liquidity Risk: Fitch's payment interruption risk is mitigated by a liquidity facility sized at 1.5% of the invested note balance (excluding class G1 and G2 notes), with a floor of AUD1,200,000. Other structural features include retention amounts that redirect excess available income to repay note principal in reverse sequential order (excluding class G1 and G2 notes) with a limit of AUD500,000, and post-call amortisation amounts that redirect after-tax excess income to repay note principal through the principal priority of payments waterfall. Low Operational and Servicing Risk: RedZed, established in 2006, is an experienced specialist lender for self-employed borrowers. Fitch undertook an operational review and found that the operations of the originator and servicer were comparable with the market. Tight Labour Market 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 4.4% in May 2026. Fitch forecasts GDP growth of 2.2% in 2026 and 2.0% in 2027, with unemployment at 4.4% and 4.5%, respectively. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A downgrade could stem from portfolio composition migrating towards STC loans, as the STC loans attract a higher portfolio loss than residential loans. Portfolio migration may occur if residential loans were to have a higher prepayment rate, increasing the concentration of STC loans. Transaction performance may also be affected by changes in market conditions and the economic environment. Downgrade Sensitivities Unanticipated deterioration in the frequency of defaults and recoveries could produce loss levels higher than Fitch's base case and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions. Note: A-1-S / A-1-L / A-2 / B / C / D / E / F Ratings: AAAsf / AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf Increase defaults by 15%: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf / BB+sf / BBsf / Bsf Increase defaults by 30%: AAAsf / AA+sf / AA+sf / A+sf / BBB+sf / BB+sf / BB-sf / Bsf Reduce recoveries by 15%: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf / BB+sf / B+sf / less than Bsf Reduce recoveries by 30%: AAAsf / AA+sf / AA+sf / Asf / BBBsf / BBsf / Bsf / less than Bsf Increase defaults by 15% and reduce recoveries by 15%: AAAsf / AA+sf / AA+sf / Asf / BBB+sf / BB+sf / B+sf / less than Bsf Increase defaults by 30% and reduce recoveries by 30%: AAAsf / AAsf / A+sf / BBB+sf / BB+sf / B+sf / less than Bsf / less than Bsf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade could result from economic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. Upgrade Sensitivities The class A notes' ratings are at the highest level on Fitch's scale and cannot be upgraded. Note: B / C / D / E / F Ratings: AAsf / Asf / BBBsf / BBsf / Bsf Reduce defaults by 15% and increase recoveries by 15%: AA+sf / AA-sf /A-sf / BB+sf / BB+sf Upgrades of the class E notes are constrained by two notches, due to the pro rata amortisation concentration test as per the SME Balance Sheet Securitisation Rating Criteria. CRITERIA VARIATION The transaction features a threshold rate mechanism. This is a common feature in Australian RMBS and is therefore contemplated under the APAC Residential Mortgage Rating Criteria. However, 20% of the pool consisted of STC loans, respectively, which were analysed under the SME Balance Sheet Securitisation Rating Criteria, which do not contemplate the concept of a threshold rate and, instead, WA margin compression is generally modelled. Fitch has applied the threshold rate for both the residential and STC portions of the pool. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Prior to transaction closing, Fitch sought to receive a third-party assessment conducted on the asset portfolio information, but none was made available for this transaction. As part of its ongoing monitoring, Fitch conducted a review of a small, targeted sample of the originator's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis, according to its applicable rating methodologies, indicates that it is adequately reliable. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. RESIMAC BASTILLE 2023-2NC: Moody's Ups Rating on F Notes to Ba2 --------------------------------------------------------------- Moody's Ratings has upgraded ratings on ten classes of notes issued by three RESIMAC Bastille Trust Series RMBS. Issuer: RESIMAC Bastille Trust in respect of the RESIMAC Series 2023-2NC Class D Notes, Upgraded to Aa1 (sf); previously on Dec 16, 2025 Upgraded to Aa2 (sf) Class E Notes, Upgraded to Baa2 (sf); previously on Dec 16, 2025 Upgraded to Baa3 (sf) Class F Notes, Upgraded to Ba2 (sf); previously on Dec 16, 2025 Upgraded to Ba3 (sf) Issuer: RESIMAC Bastille Trust in respect of the RESIMAC Series 2024-1NC Class C Notes, Upgraded to Aa1 (sf); previously on Dec 9, 2025 Upgraded to Aa2 (sf) Class D Notes, Upgraded to Aa3 (sf); previously on Dec 9, 2025 Upgraded to A2 (sf) Class E Notes, Upgraded to A3 (sf); previously on Dec 9, 2025 Upgraded to Baa3 (sf) Class F Notes, Upgraded to Baa3 (sf); previously on Dec 9, 2025 Upgraded to Ba2 (sf) Issuer: RESIMAC Bastille Trust in respect of the RESIMAC Series 2025-1NC Class C Notes, Upgraded to Aa3 (sf); previously on Dec 16, 2025 Upgraded to A1 (sf) Class E Notes, Upgraded to Ba1 (sf); previously on Mar 31, 2025 Definitive Rating Assigned Ba2 (sf) Class F Notes, Upgraded to B1 (sf); previously on Mar 31, 2025 Definitive Rating Assigned B2 (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 an increase in credit enhancements available to the affected notes and the collateral performance to date. No action was taken on the remaining rated classes in the transactions as credit enhancement remains commensurate with the current rating for the respective notes. RESIMAC Bastille Trust in respect of the RESIMAC Series 2023-2NC Following the June 2026 payment date, credit enhancement available for the Class D, Class E and Class F Notes has increased to 9.1%, 4.8% and 3.8% respectively, from 7.6%, 4% and 3% at the time of the last rating action in December 2025. Current total outstanding note balance as a percentage of the closing balance is 30.3%. As of end-May 2026, 8.5% of the outstanding pool was 30-plus days delinquent and 4.9% was 90-plus days delinquent. The transaction has not incurred any losses to date. Based on the observed performance to date, including elevated delinquencies, and loan attributes, Moody's have increased Moody's expected loss assumption to 2.7% of the outstanding pool balance (equivalent to 0.8% of the original pool balance) from 2.1% of the outstanding pool balance (equivalent to 0.8% of the original pool balance) at the time of the last rating action in December 2025. Moody's have also increased Moody's MILAN CE assumption to 8.6% from 7.6%. The transaction first satisfied all criteria of the Principal Step-Down Test on the October 2025 payment date and made pro-rata principal repayments across all notes on the October 2025, November 2025, January 2026 and February 2026 payment dates. For the remaining five payments dates, the transaction has breached the 4% Arrears Ratio criterion and made sequential principal repayments. As such, note subordination increased and has more than offset the change in Moody's collateral assumptions driven by the deterioration in the arrears performance. Moody's analysis has considered various scenarios, including continued breach or curing of the Arrears Ratio and different expected loss and MILAN CE assumptions to evaluate the resiliency of the note ratings. RESIMAC Bastille Trust in respect of the RESIMAC Series 2024-1NC Following the June 2026 payment date, credit enhancement available for the Class C, Class D, Class E and Class F Notes has increased to 9.8%, 7.2%, 4.3% and 3.3% respectively, from 7.8%, 5.6%, 3.2% and 2.2% at the time of the last rating action for these notes in December 2025. Principal collections have been distributed on a pro-rata basis among the rated notes since the April 2026 payment date. Current total outstanding note balance as a percentage of the closing balance is 35.4%. As of end-May 2026, 3.9% of the outstanding pool was 30-plus days delinquent and 1.6% was 90-plus days delinquent. The pool has incurred de minimis loss to date, which has been covered by excess spread. Based on the observed performance to date and loan attributes, Moody's have maintained Moody's expected loss assumption at 1.7% of the outstanding pool balance (equivalent to 0.6% of the original pool balance) from the last rating action in December 2025. Moody's have also maintained Moody's MILAN CE assumption at 7.9%. RESIMAC Bastille Trust in respect of the RESIMAC Series 2025-1NC Following the June 2026 payment date, credit enhancement available for the Class C Notes has increased to 7% from 5% at the time of the last rating action for these notes in December 2025. Credit enhancement available for the Class E and Class F Notes has increased to 2.7% and 1.9% respectively, from 1.5% and 0.8% at closing. Principal collections have been distributed on a sequential basis since closing. Current total outstanding note balance as a percentage of the closing balance is 54.2%. As of end-May 2026, 4.7% of the outstanding pool was 30-plus days delinquent and 1.4% was 90-plus days delinquent. The transaction has not incurred any losses to date. Based on the observed performance to date and loan attributes, Moody's have updated Moody's expected loss assumption to 1.9% of the outstanding pool balance (equivalent to 1% of the original pool balance) from 1.4% of the outstanding pool balance (equivalent to 1.1% of the original pool balance) at the time of the last rating action in December 2025. Moody's have maintained Moody's MILAN CE assumption at 8%. The transactions are Australian RMBS secured by portfolios 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. ROBUSTA 2024-1: Fitch Hikes Rating on Class F Notes to 'BBsf' ------------------------------------------------------------- Fitch Ratings has upgraded four note classes and affirmed three from Robusta 2024-1 Trust. The upgrades of the class C, D, E and F notes reflect the build-up of credit enhancement (CE), driven by continued sequential principal payment, stable asset performance and the deleveraging of the portfolio. This is reflected in a decrease in the 'AAAsf' portfolio loss to 5.8% from 7.8% at the last surveillance. The Outlook on B, C and F notes is Positive as there is potential for further upgrades, based on expected transaction performance and the continued build-up of CE above the minimum CE required under the pro rata conditions. The Outlooks on the remaining notes are Stable. The transaction is backed by a pool of first-ranking Australian conforming and non-conforming residential full-and low-documentation mortgage loan receivables. The loans were originated by BNK Bank Corporation Limited and the notes were issued by Perpetual Corporate Trust Limited in its capacity as trustee. Entity/Debt Rating Prior ----------- ------ ----- Robusta 2024-1 Trust A-L AU3FN0093324 LT AAAsf Affirmed AAAsf A2 AU3FN0093332 LT AAAsf Affirmed AAAsf B AU3FN0093340 LT AAsf Affirmed AAsf C AU3FN0093357 LT A+sf Upgrade Asf D AU3FN0093365 LT Asf Upgrade BBBsf E AU3FN0093373 LT BBB+sf Upgrade BBBsf F AU3FN0093381 LT BBsf Upgrade B+sf Transaction Summary The collateral pool has amortised to AUD164 million as of the 30 June 2026 pool cut date from AUD346.9 million at closing. The pool comprises 293 obligors with an average obligor balance of AUD559,656, compared with 501 obligors at closing that had an average obligor balance of AUD692,366. KEY RATING DRIVERS Credit Enhancement Buffers Expected 'AAAsf' Losses: The transaction's 30+ day and 90+ days arrears as of end-June 2026 were 3.7% and 0.9%, below the arrears in Fitch's 1Q26 Australia Non-Conforming RMBS Performance Monitor of 3.9% and 1.8%, respectively. There have been no losses to date. The 'AAAsf' weighted-average foreclosure frequency (WAFF) of 16.6% for the end-May 2026 pool cut was driven by the pool's weighted-average (WA) unindexed current loan/value ratio (LVR) of 57.5% and the high share of low documentation loans of 94.6% of the pool. Under Fitch's methodology, self-employed borrowers and non-conforming borrowers accounted for 96.0% and 13.9% of the pool, respectively, while investment loans comprised 33.8%. In addition, 30+ day and 90+ day arrears, inclusive of hardship loans, were modelled as 2.6% and 1.2%, respectively. The 'AAAsf' WA recovery rate (WARR) of 64.7% is driven by the portfolio's WA indexed scheduled LVR of 54.5%. The 'AAAsf' portfolio loss decreased to 5.8% from 7.8% at the last surveillance, driven primarily by a lower WA unindexed current LVR (57.5% versus 60.1%), lower 90+ day arrears (1.2% versus 2.2%), a lower share of non-conforming borrowers (13.9% versus 15.8%), and a lower WA indexed scheduled LVR (54.5% versus 61.1%). Liquidity Risk Mitigated: Fitch's payment interruption risk is mitigated by a liquidity facility sized at the lesser of AUD1.7 million and 1.0% of the invested note balance (excluding class G notes), with a floor of AUD520,650. Other structural features include a post-call amortisation amount that diverts excess available income net of tax to repay note principal in sequential order. Originator Adjustment: BNK Bank, established as Goldfields Credit Union in 1982, is an Australian authorised deposit-taking institution. Fitch undertook an operational review and found that the operations of the originator and servicer were mostly comparable with market standards. BNK Bank began originating its near-prime resident loan portfolio in August 2021, which results in limited originator-specific performance data. In addition, the rate used to assess mortgages from other lenders in the serviceability calculation differs from standard market practice. Given the limited performance history, any resulting impact on credit risk may not yet be fully captured in observed performance. Fitch has therefore applied an originator adjustment to foreclosure frequency. Additional performance data received since the last review supported a reduction in the adjustment to 1.10x from 1.15x. Fitch may revise the adjustment further as more information becomes available and if the impact is found to be higher or lower than assumed. 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 4.4% in May 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 WA defaults and decreasing the WA recovery rate. Downgrade Sensitivities Notes: A-L / A2 / B / C / D / E / F Rating: AAAsf / AAAsf / AAsf / A+sf / Asf / BBB+sf / BBsf Increase defaults by 15%: AAAsf / AAAsf / AAsf / A+sf / Asf / BBBsf / BBsf Increase defaults by 30%: AA+sf / AA+sf / AA-sf / Asf / A-sf / BBB+sf / BB-sf Reduce recoveries by 15%: AAAsf / AAAsf / AA-sf / A+sf / BBB+sf / BB+sf / Bsf Reduce recoveries by 30%: AAAsf / AAAsf / AAsf / Asf / BBB-sf / B+sf / less than Bsf Increase defaults by 15% and reduce recoveries by 15%: AA+sf / AA+sf / A+sf / Asf / BBBsf / BBsf / less than Bsf Increase defaults by 30% and reduce recoveries by 30%: AA+sf / AA+sf / A+sf / BBB+sf / BBsf / B+sf / 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-L and A2 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: B / C / D / E / F Rating: AAsf / A+sf / Asf / BBB+sf / BBsf 15% WAFF decrease / 15% WARR increase: AA+sf / AA+sf / AAsf / A+sf / BBBsf The rating on the class F notes is constrained by the large obligor concentration test, which limits the rating to 'BBBsf'. Prepayments on loans with the largest obligor exposure that results in the notes passing Fitch's concentration test could lead to positive rating action, all else being equal. 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 conducted a review of a small, targeted sample of the originator's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. TECHNOLOGY PEOPLE: First Creditors' Meeting Set for July 22 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Technology People Group Pty Ltd will be held on July 22, 2026, at 11:00 a.m. via teleconference only. Richard Albarran, Kathleen Vouris and Renee Di Carlo of Hall Chadwick were appointed as administrators of the company on July 10, 2026. VERVEO PTY: First Creditors' Meeting Set for July 22 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Verveo Pty Ltd will be held on July 22, 2026, at 11:30 a.m. at the offices of DVT Mcleods at Level 2, 60 Philip Street, Parramatta NSW 2150 and via virtually (Microsoft Teams). Suelen McCallum and Antony Resnick of DVT McLeods were appointed as administrators of the company on July 13, 2026. =================== B A N G L A D E S H =================== BANGLADESH: IMF Sees Economic Growth to Slow to 3.5% in FY2027 -------------------------------------------------------------- An International Monetary Fund (IMF) staff team led by Mr. Ivo Krznar visited Dhaka from July 12 to 16, 2026, following the government's request for a new Fund‑supported program. The purpose of the visit was to take stock of economic and financial developments and discuss the authorities' reform priorities. At the end of the mission, Mr. Krznar issued the following statement: "The IMF team held constructive discussions with the Bangladeshi authorities on recent economic developments and their policy priorities. The fact-finding visit provided an opportunity to better understand the authorities' policy plans, economic reform priorities, and capacity development needs. Discussions on the possible parameters of a new arrangement—including its size and associated reform commitments—will take place in coming months. "Bangladesh continues to face significant fiscal, financial, and inflationary challenges, which have been compounded by the war in the Middle East. Higher global commodity prices and supply disruptions have renewed inflationary pressures and increased subsidy costs, further constraining already limited fiscal space. Higher import costs have also placed pressure on the external accounts, notwithstanding continued strong remittance growth. Banking-sector stress remains elevated. "Staff's discussions during the visit were guided by the policy priorities identified in the 2025 Article IV consultation. Stronger revenue mobilization and subsidy rationalization are needed to create fiscal space to increase priority social and development spending. Well-targeted social support can help mitigate the impact of revenue reforms on vulnerable households. Tight monetary and prudent fiscal policies should be maintained to reduce inflation and rebuild foreign exchange reserves. Consistent implementation of the crawling peg regime adopted in 2025 would help enhance exchange rate flexibility and safeguard external stability. Banking-sector restructuring should be anchored in a credible and comprehensive strategy, with a well-managed cleanup of the sector needed to safeguard macro-financial stability and support investment. "Staff projects economic growth to slow to 3.5 percent in FY2027 and weaken further to below 3 percent over the medium term in the absence of decisive reforms to strengthen revenue mobilization and create fiscal space, and to address weaknesses in the banking sector. Risks to the outlook are tilted to the downside, reflecting the potential interaction of banking sector strains, fiscal challenges, and external pressures. "The team expresses its sincere appreciation to the Bangladeshi authorities and other counterparts for their warm hospitality and constructive and open discussions, and looks forward to continued engagement." About Bangladesh Bangladesh is a country in South Asia. It is the eighth-most populous country in the world and is among the most densely populated countries with a population of 170 million in an area of 148,460 square kilometres (57,320 sq mi). Dhaka, the capital and largest city, is the nation's political, financial, and cultural centre. Chittagong is the second-largest city and is the busiest port on the Bay of Bengal. As reported in the Troubled Company Reporter-Asia Pacific on May 18, 2026, Fitch Ratings has revised the Outlook on Bangladesh's Long-Term Issuer Default Ratings (IDRs) to 'Negative' from 'Stable', and affirmed the IDRs at 'B+'. In early December 2024, Moody's Ratings downgraded the Government of Bangladesh's long-term issuer and senior unsecured ratings to B2 from B1 and affirmed short-term issuer ratings at Not Prime. The outlook has been changed to negative from stable. ========= I N D I A ========= AMBAL MODERN: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ambal Modern Rice Mill (AMRM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 18.75 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 16, 2025, placed the rating(s) of AMRM under the 'issuer non-cooperating' category as AMRM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AMRM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 2, 2026, May 12, 2026, May 22, 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 Ambal Modern Rice Mill (AMRM) was established in 2000 as a proprietorship firm. AMRM is engaged in milling and processing of rice. The rice milling unit of the firm is located at Puduvayal, Tamil Nadu. Apart from rice processing, the firm is also engaged in selling off bi-products such as broken rice, husk and bran. The main raw material, paddy, is directly procured from local farmers located in and around Puduvayal District and the firm sells rice and other bi-products in the states of Tamil Nadu, Karnataka, Andhra Pradesh and Manipur. AMISHI CONSUMER: NCLT Admits Insolvency Plea vs The Moms Co. Parent ------------------------------------------------------------------- LiveLaw Biz reports that the Delhi Bench of the National Company Law Tribunal (NCLT) has admitted an insolvency petition filed by Bjain Pharmaceuticals Pvt. Ltd. against Amishi Consumer Technologies Pvt. Ltd., the company behind the personal care brand The Moms Co., which manufactures personal care products over an operational debt of INR1.32 crore. LiveLaw Biz relates that the bench of Judicial Member Justice Jyotsna Sharma and Technical Member Anu Jagmohan Singh while admitting the plea, observed that there was no pre-existing dispute as averred by the company and that the debt was indeed beyond the IBC threshold. Bjain Pharmaceuticals, incorporated in 2006, is engaged in manufacturing and supplying homoeopathic medicines and specialty products. Amishi Consumer Technologies, incorporated in 2016, manufactures personal care products. In December 2021, Amishi began purchasing goods from Bjain on credit. Over time, invoices were raised for supplies, but payments were defaulted. By January 2025, the outstanding dues stood at INR1.32 crore, LiveLaw Biz discloses. A statutory demand notice dated April 24, 2025 was served, but Amishi neither paid nor raised objections within the statutory period. According to LiveLaw Biz, Amishi claimed that the parties had agreed to a 90‑day payment period, but Bjain's invoices imposed a 45‑day term, allegedly deviating from the agreed terms. Further, the goods were delivered late and in quantities, causing business losses. It was also contended that only Rs 52.20 lakh was payable, citing an email dated 22 January 2025, and sought reconciliation of accounts. LiveLaw Biz says Bjain countered that Clause 5(5) of the Contract Manufacturing Agreement dated 20 December 2021 expressly required payment within 30 days of the invoice. The 90‑day term mentioned in purchase orders was unilateral and never accepted. Invoices allowed 45 days, and Amishi accepted them without protest. Further Clauses 6.9 and 8.1 of the same Agreement gave Amishi the right to reject non‑conforming goods with written notice within 30 days. No such notice was ever issued, and supplies were accepted without objection. The bench noted that the contractual payment term was 30 days, and Amishi failed to prove any mutually agreed modification. It was also noted that contemporaneous evidence of rejection, deficiency notices, or damages was not produced. The bench held that no genuine pre‑existing dispute existed and the operational debt exceeded the statutory threshold. Accordingly, the petition was allowed, a moratorium was declared, and Amit Talwar was appointed as the Interim Resolution Professional (IRP), LiveLaw Biz relays. Amishi Consumer Technologies Private Limited is a personal care and cosmetics company based in New Delhi, India. Founded in 2016, it manufactures natural beauty and baby care products (such as serums, organic shampoos, and moisturizers). BAGH BAHAR: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Bagh Bahar Appliances Private Limited (BBAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 80.00 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 June 13, 2025, placed the rating(s) of BBAPL under the 'issuer non-cooperating' category as BBAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BBAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 29, 2026, May 9, 2026, May 19, 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 revised from Combined Previously CareEdge Ratings had taken a combined view for the ratings assigned to Bagh Bahar Appliances Pvt Ltd (BBAPL) with its group companies viz. SSK Retail Pvt Ltd (SRPL), SYSKA Led Lights Pvt Ltd (SLLPL), Shree Sant Kripa Appliances Pvt Ltd (SSKAPL), SSK Infotech Pvt Ltd (SIPL) and SYSKA E Retails LLP (SEL), collectively called as 'SSK Group', as they have financial and operational linkages including intercompany transactions and financial support offered to each other along with corporate guarantees given for facilitating bank debt. However, updated information is not available to ascertain financial and operational linkages that warrant a continuation of combined approach. Outlook: Not Applicable BBAPL is a closely held private limited company and dealer of the flagship company SSKAPL. BBAPL is also the exclusive distributor for Samsung home appliances in Jalgaon, Aurangabad, Pune, Satara and Sangli in Maharashtra, and in Goa and mobile distribution in Pune. COLOSSUS TRADE: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Colossus Trade Links Limited (CTLL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 25.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated June 9, 2025, placed the rating(s) of CTLL under the 'issuer non-cooperating' category as CTLL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CTLL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 25, 2026, May 5, 2026, May 15, 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 Delhi based Colossus Trade Links Limited (CTLL) was incorporated as a public limited company (unlisted) in April 2004 by Mr. Deepak Gulati, Mr. Namit Gulati and Mr. Tarun Gulati, who all are currently managing the overall operations of the company. The company is engaged in trading of scrap metal procured from various automobile OEMs like JBM Group, TATA Motors, Maruti Suzuki, Honda Motors, Mahindra etc. which is segregated into reusable metal which is bundled and sent for sale directly and the actual scrap is processed further and converted into small parts (i.e., blanking) as per customers' requirements. The goods are sold to major metal and steel companies like Jindal Steel, TATA Steel, AIA Group, Jai Bharat Steel, TVS Group etc. The company has 7 godowns/warehouses located in Ahmedabad, Delhi, Gurugram, Noida etc. where hubs of automobile companies are located. EDAYAR ZINC: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Edayar Zinc Limited (EZL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 247.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 2, 2025, placed the rating(s) of EZL under the 'issuer non-cooperating' category as EZL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. EZL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 18, 2026, March 28, 2026, April 7, 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 Edayar Zinc Limited (EZL), a subsidiary of Binani Industries Limited (BIL), has been in operations since 1967. The company is engaged in the manufacture of zinc at its plant located at Binanipuram in Kerala. The company also produces sulphuric acid and cadmium which are generated as by-products. FINOLEX J: CARE Lowers Rating on INR22.75cr LT Loan to B -------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Finolex J Power Systems Limited (FJPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 22.75 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B+; Stable Long Term/ 25.00 CARE B; Stable/CARE A4; Short Term ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category and LT rating downgraded from CARE B+; Stable and ST rating reaffirmed Short Term Bank 74.00 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 June 4, 2025, placed the rating(s) of FJPL under the 'issuer non-cooperating' category as FJPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. FJPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 20, 2026, April 30, 2026, May 10, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to bank facilities of FJPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable FJPL, incorporated in January 2008, is a Joint-venture (JV, 51:49) between Japan based J-Power Systems (JPS) and Pune based Finolex Cables Limited. FJPL is engaged in manufacture and market of cross-linked polyethylene (XLPE) insulated extra high voltage (EHV) ratings ranging from (66 Kilovolts (kV) to 500 kV) cables using the VCV (Vertical Continuous Vulcanizing) technology and other power accessories and provides turnkey solutions cables. The manufacturing facility of the company is located at Shirwal near Pune. GALI JAGADISH: CARE Keeps C Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Gali Jagadish Chandra Prakash (GJCP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.53 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 11, 2025, placed the rating(s) of GJCP under the 'issuer non-cooperating' category as GJCP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GJCP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 27, 2026, May 7, 2026, May 17, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Andhra Pradesh based, Gali Jagadish Chandra Prakash was established as a proprietorship firm in the year 2002 and is promoted by Mr. G. Jagadish Chandra Prakash. The firm is engaged in providing ware housing services (lease/rental basis) to Andhra Pradesh State Civil Supplies Corporation Limited (APSCSCL) under the name of 'Jagadish Warehousing Corporation'. The warehouse is built on total land area of 30 acres comprising of 2 warehouses having a cumulative storage capacity of 10,000 MT and 18,000 MT (proposed). INDIAN KNIVES: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Indian Knives and Tools Company (IKTC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.50 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated June 18, 2025, placed the rating(s) of IKTC under the 'issuer non-cooperating' category as IKTC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. IKTC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 4, 2026, May 14, 2026, May 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 Indian Knives and Tools Company (IKTL), established in 1994 by Mr. Sunil Balkrishna Chalke, having more than three decades of experience in manufacturing and trading business of industrial cutting instruments. The entity procures required raw material namely steel, grinding wheels, abrasion resistance steel plate etc. from local suppliers. Further entity manufacturing various shapes, size, sharpness and thickness of industrial cutting instruments which find application mainly in paper and plastic industries and generated 100% of revenue from the domestic market only. J. B. ROLLING: CARE Lowers Rating on INR47.66cr LT Loan to B ------------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of J. B. Rolling Mills Limited (JBRML), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 47.66 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B+ Short Term Bank 8.00 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 June 5, 2025, placed the rating(s) of JBRML under the 'issuer non-cooperating' category as JBRML had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JBRML continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 21, 2026, May 1, 2026, May 11, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to bank facilities of JBRML have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Not Applicable JBRML was initially incorporated in 1996 as Shri Ganpati Opthalmic Glass (India) Ltd. The name was subsequently changed to Shri Ganpati Concast (India) Ltd (SGCL) in 2003. During 2008, SGCL was acquired by the current promoters and amalgamated with Shri Nilkanth Ispat Udyog Private Limited and J.B Rolling Mills Private Limited (both were promoter group companies in existence since 2003). The resultant entity got its present name (JBRML) vide fresh certificate of incorporation in 2010. JBRML is engaged in the manufacturing of MS Ingots and MS bars/TMT, MS angle, channel and girders. JBRML sells its products under the brand of "Jai Bharat" which is an established brand of structural steel products in north India, including states such as Himachal Pradesh, Haryana, Uttar Pradesh, Rajasthan other parts of North India. JAYPEE CEMENT: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Jaypee Cement Corporation Limited (JCCL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2,312.94 CARE D ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 50.00 CARE D ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 8, 2025, placed the rating(s) of JCCL under the 'issuer non-cooperating' category as JCCL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JCCL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 4, 2026, March 14, 2026, and July 3, 2026. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating based on 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 public at large) are hence requested to exercise caution while using above rating(s). Rating sensitivities: Not Applicable Analytical approach: Standalone Detailed description of key rating drivers: At the time of last rating on March 31, 2025, the following were the rating weaknesses. Key weaknesses * Weak financial profile in FY25: During FY25, the company's net loss stood at INR1230.58 crore on the total operating income of INR108.21 crore against net loss of INR287.08 crore on total operating income of INR20.5 crore in FY24. Low operating income and high interest cost have been the key reasons for weak financial performance. Due to weak financial risk profile of the group, coupled with JCCL's weak operating performance, the liquidity position continued to remain constrained, leading to delays in debt servicing by the company. Liquidity: Poor The liquidity of the company is poor, owing to delays in debt servicing. The company had cash and bank balance of INR6.06 crore as on March 31, 2025. JCCL, a wholly owned subsidiary of Jaiprakash Associates Ltd (JAL, rated CARE D; Issuer Not Cooperating), is engaged in cement manufacturing. It has a 1.20 MTPA cement grinding unit at Shahabad District Gulbarga, Karnataka along with a 60 MW captive power plant. Another 1.20 MTPA cement capacity at Jaypee Shahabad Cement Project has been kept suspended temporarily. K. P. SAHA: CARE Lowers Rating on INR6.03cr LT Loan to B- --------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of K. P. Saha Private Limited (KPSPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.03 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Long Term/ 0.45 CARE B-; Stable/CARE A4; Short Term ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category and LT rating downgraded from CARE B; Stable and ST rating reaffirmed Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 29, 2025, placed the rating(s) of KPSPL under the 'issuer non-cooperating' category as KPSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KPSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 15, 2026, March 26, 2026, April 4, 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 KPSPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Incorporated in January 1989, K.P. Saha Private Limited (KPSPL) was promoted by the Saha family of West Bengal. The company owns a rice milling and processing unit namely 'Maa Bameswari Rice Mill' which started operations from December 2010. The rice milling unit of the company is located at Dhaniakhali, West Bengal with an aggregate installed capacity of 28800 metric tonnes per annum. The company also owns a cinema hall 'Sangam Cinema' at Kalyani, West Bengal. Moreover, the company has not availed any moratorium on repayment of term loan and interest on working capital that could be availed under the terms of recent RBI circular. NAFREF ENGINEERS: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Nafref Engineers Private Limited (NEPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.50 CARE C; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.70 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 June 6, 2025, placed the rating(s) of NEPL under the 'issuer non-cooperating' category as NEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 22, 2026, May 2, 2026, May 12, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Nafref Engineers Private Limited (NEPL), based in Amritsar, was established as a proprietorship firm in 1979, later incorporated in 2013 as a private limited company. The company is currently being managed by Mr. Sital Singh Bal, Mr. Amanpreet Singh Bal and Mr. Jashanjeet Singh Bal. NEPL is engaged in procurement, designing and commissioning of Air conditioning and heating plants. The firm gets 100% of its business orders through the tendering process. Post 2013, the company has also started to undertake civil construction work; however, has now suspended undertaking the same. NEPL procures Air conditioning and heating components from reputed manufacturers like Voltas, Daikin, Delta Cooling tower, Rapid Cool etc. and installs the system as per requirement of the client. NORTHERN ELECTRIC: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Northern Electric Cables Private Limited (NECPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.40 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 6.60 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 6, 2025, placed the rating(s) of NECPL under the 'issuer non-cooperating' category as NECPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NECPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 22, 2026, April 1, 2026, April 11, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Delhi based, Northern Electric Cables Private Limited (NECPL) was incorporated in March 16, 2007. The company is currently managed by Mr Amit Maggo, Mr Kapil Maggo and Ms Ginni Maggo. The company is engaged in trading of electric products. NECPL is an authorized dealer of Finolex Cables, Novateur Electrical & Digital Systems Private Limited (Subsidiary of Legrand SA), and Larsen & Toubro Limited. NECPL sells its products to various contractors and wholesalers located in Delhi-NCR. PURVANCHAL AGRICO: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Purvanchal Agrico Private Limited (PAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 8, 2025, placed the rating(s) of PAPL under the 'issuer non-cooperating' category as PAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PAPL 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 Purvanchal Agrico Private Limited (PAPL) is a private limited company incorporated in March 31, 2008. The company is promoted by Mr. Om Prakash Rai and Mr. Suvrat Shahi. PAPL is engaged in renting of its cold storage facility for potatoes and tomatoes to the local farmers in Varanasi with multi chambers. PAPL is also engaged in the business of processing of milk and manufacturing of milk products at its plant at Inayatpur, Ghazipur, Uttar Pradesh. Various products available in the portfolio of the company are skimmed milk powder (SMP), whole milk powder (WMP), dairy whitener (DW), butter, ghee and other milk products. R S KAMTHE: CARE Lowers Rating on INR10cr Long Term Loan to D ------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of R S Kamthe Infrastructure Developers Private Limited (RSKIDPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE D; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Long Term/Short 40.00 CARE D/CARE D; ISSUER NOT Term Bank COOPERATING; Rating continues Facilities to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable/ CARE A4 Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated June 9, 2025, placed the rating(s) of RSKIDPL under the 'issuer non-cooperating' category as RSKIDPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RSKIDPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 25, 2026, May 5, 2026, May 15, 2026 and July 7, 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 RSKIDPL have been revised on account of non-availability of requisite information. The rating revision also considers ongoing delays in debt servicing as recognized from publicly available information i.e. CIBIL check. Analytical approach: Standalone Outlook: Not Applicable R.S. Kamthe Infrastructure Developers Private Limited (previous known as R S Kamthe & Brothers) was incorporated in 2011 under the leadership of late Mr. Ravindra Kamthe with focus on road development, bridge construction, Infrastructure development and all other activities which are related to the infrastructure and also engaged in providing AMC (Annual Maintenance Contract) services in the field of infrastructure and real estate sector for the past 50 years. The company is a Class-I government registered contractor and undertakes infrastructure projects in Maharashtra region. RAHEJA DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Raheja Developers Limited (RDL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1,171.64 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 21, 2025, placed the rating(s) of RDL under the 'issuer non-cooperating' category as RDL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RDL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 6, 2026, April 16, 2026, April 26, 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 Raheja Developers Limited (RDL) was incorporated in 1990 and was promoted by Mr. Navin M Raheja and his family members. The company is engaged in real estate development (residential and commercial). Mr. Navin M Raheja (Chairman & Managing Director) has an established track record in the real estate sector. He is also chairman of real estate committee of FICCI (Federation of Indian Chambers of Commerce and Industry) and a chairman of advisory council of National Real Estate Development Council (NAREDCO). RAHEJA ICON: CARE Keeps Debt D Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Raheja Icon Entertainment Private Limited (RIEPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-convertible 68.00 CARE D: Issuer not cooperating; debentures Rating continues to remain under 'Issuer not cooperating' Category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had placed ratings of RIEPL under the 'Issuer not cooperating' category, vide its press release dated September 13, 2019, as the company had failed to provide the requisite information required for monitoring ratings as agreed to in its rating agreement. RIEPL continues to be noncooperative, despite repeated requests for submission of information through phone calls and emails dated June 6, 2026; June 16, 2026, and July 7, 2025. In line with the extant Securities and Exchange Board of India (SEBI) guidelines, CareEdge Ratings has reviewed the rating based on best available information which, in CareEdge Ratings' opinion, is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and public at large) are hence requested to exercise caution while using above rating(s). Rating sensitivities: Not applicable Analytical approach: Standalone Incorporated in 2010, RIEPL is engaged in promotion, development and construction of real estate. The company is part of the Raheja Group with Flagship Company being Raheja Developers Limited (RDL), rated CARE D; Stable, Issuer Not Cooperating (Reaffirmed on May 21, 2025) and is a 100% subsidiary of RDL. SANGAT PRINTERS: CARE Lowers Rating on INR5.42cr LT Loan to B- -------------------------------------------------------------- CARE Ratings has revised the rating on certain bank facilities of Sangat Printers Private Limited (SPPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.42 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated June 4, 2025, placed the rating(s) of SPPL under the 'issuer non-cooperating' category as SPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 20, 2026, April 30, 2026, May 10, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of SPPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Delhi based Sangat Printers Private Limited (SPPL) is a private limited company, incorporated in 1994. It is currently being managed by Mr. Sarabjit Singh and Mrs. Mavleen Kaur. The company is engaged in printing on paper packaging, leaflets, banners etc. The company has its printing facility at Haryana, Delhi and Hyderabad. The raw material for the company includes paper, dyes, etc. which they procured from various dealers as well as manufacturers based in Haryana, Uttar Pradesh and Delhi. The company sells its products to various fast-food companies namely Kentucky Fried Chicken (KFC), Pizza Hut, Burger King, ACT-II, and Tops etc. located PAN India, Amazon, Flipkart, etc. DJS Printers Private Limited (DJS) is an associate concern incorporated in 1984 engaged in manufacturing and printing of food packaging business. SANT KRIPA: CARE Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Shree Sant Kripa Appliances Private Limited (SSKAPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 685.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 50.00 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 June 13, 2025, placed the rating(s) of SSKAPL under the 'issuer non-cooperating' category as SSKAPL had failed to provide information for monitoring of the as agreed to in its Rating Agreement. SSKAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 29, 2026, May 9, 2026, May 19, 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 revised from Combined Previously CareEdge Ratings had taken a combined view for the ratings assigned to Shree Sant Kripa Appliances Pvt Ltd (SSKAPL), with its group companies viz. SSK Retail Pvt Ltd (SRPL), SYSKA Led Lights Pvt Ltd (SLLPL), SSK Infotech Pvt Ltd (SIPL), Bagh Bahar Appliances Pvt Ltd (BBAPL), and SYSKA E Retails LLP (SEL), collectively called as 'SSK Group', as they have financial and operational linkages including intercompany transactions and financial support offered to each other along with corporate guarantees given for facilitating bank debt. However, updated information is not available to ascertain financial and operational linkages that warrant a continuation of combined approach. Outlook: Not Applicable SSKAPL is the flagship company of the Pune-based SSK group. It is promoted by Mr. Govind Uttamchandani and Mr. Rajesh Uttamchandani. Established as a partnership firm in 2002, and reconstituted as a private limited company in 2006, SSKAPL is the exclusive distributor of Samsung mobiles, accessories, and tablets for five states in India: Gujarat, Maharashtra (inclusive of Mumbai), Goa, Madhya Pradesh, and Chhattisgarh. It is also a distributor of Samsung home appliances in the Mumbai region. SEYA PATE: CARE Keeps B- Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Seya Pate Constructions LLP (SPCL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.50 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated June 9, 2025, placed the rating(s) of SPC under the 'issuer non-cooperating' category as SPC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SPC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 25, 2026, May 5, 2026, May 15, 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 Established in the January 2015, SPC is a limited liability partnership and belongs to Pune based Pate Developers. The firm is engaged in developing a residential project namely Seya at Pune. SMT. BHARTO: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Smt. Bharto Devi Educational Trust (SBDET) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.50 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated June 4, 2025, placed the rating(s) of SBDET under the 'issuer non-cooperating' category as SBDET had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SBDET continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 20, 2026, April 30, 2026, May 10, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Gurugram, Haryana based Smt. Bharto Devi Educational Trust (SBDET) was established in 2017. Mr. Yogesh Dahiya is the trustee of the trust and the trust was setup with an objective to provide educational services. SBD operates as school in the name of "Imperial Heritage School" in Sector – 4, Gurugram. The school provides primary and secondary education from Nursery to IX standard and is affiliated with The Central Board of Secondary Education (CBSE). SBDET has gradually expanded the scale of operations over the years and had total student strength of 268 during academic year 2020-21. Moreover, the trust has also filed application for the affiliation of XII standard. TELEECRE NETWORK: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Teleecare Network India Private Limited (TNIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 90.00 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 June 5, 2025, placed the rating(s) of TNIPL under the 'issuer non-cooperating' category as TNIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TNIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 21, 2026, May 01, 2026, May 11, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable TNIPL was incorporated in 2009 and is part of the Optiemus Group. OIL holds 46.22% in TNILP and the remaining share are held by promoters and associates as on March 31, 2019. The company owns and distributes "Zen" brand of mobile handsets. Optiemus Infracom Limited (OIL) was originally incorporated in the year 1993 as Akanksha Finvest Limited (AFL) as a Non-Banking Financial Company (NBFC). The name of the merged entity was subsequently changed to the current one: Optiemus Infracom Limited in June 2011. OIL is the flagship company of the Optiemus Group and has been engaged in distribution of mobile handsets of reputed brands like Nokia and Samsung for last 25 years. OIL had started operations with distribution of Nokia handsets from 1995 till 2006. Thereafter, in 2006, the Company left Nokia to take the distribution of Samsung. ULTRA SPACE: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ultra Space Developers Private Limited (USDPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 200.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 2, 2025, placed the rating(s) of USDPL under the 'issuer non-cooperating' category as USDPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. USDPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 18, 2026, March 28, 2026, April 7, 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 Ultra Space Developers Private Limited (USDPL) is a Mumbai-based private limited company, engaged in the real estate development and construction. It develops residential and commercial spaces. The company was incorporated on August 20, 2008. USDPL operates as a subsidiary of RKW Developers Private Limited (RKW) which is the real estate arm of Wadhawan Group. The projects under RKW are marketed under the brand name "Dheeraj Realty". RKW has six premium residential projects at prime locations in Mumbai such as the Bandra-Kurla Complex, Juhu and Chembur. USDPL is currently implementing a residential cum commercial project "Insignia" spread over a land area of 1,06,284 sqft at Kalina in Santacruz East, Mumbai. VENKATESWARA AGENCIES: CARE Keeps B- Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sri Venkateswara Agencies (SVA) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 5.94 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 10, 2025, placed the rating(s) of SVA under the 'issuer non-cooperating' category as SVA had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SVA continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 26, 2026, May 6, 2026, May 16, 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 Sri Venkateswara Agencies (SVA) was established in 1972 by Mr C. Raju along with his family members as a Partnership firm. SVA is engaged in poultry services like hatching of eggs, trading of eggs and manufacturing of sago. SVA poultry farm has capacity to keep 1,20,000 birds with an average egg production of 1,00,000 per day as on December 22, 2020. VENKATESWARA MECHANICAL: CARE Keeps B- Ratings in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sri Venkateswara Mechanical and Electrical Engineering Industries (SVMEEI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2.34 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 10.00 CARE B-; Stable/CARE A4; Short Term ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 13, 2025, placed the rating(s) of SVMEEI under the 'issuer non-cooperating' category as SVMEEI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SVMEEI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 29, 2026, May 9, 2026, May 19, 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 Sri Venkateswara Mechanical and Electrical Engineering Industries (SVMEEI) was established in the year 1989 by Mr. V. Lakshmi Narayan Reddy as a proprietorship firm. Later, it was converted into partnership firm on November 1st, 1998. Presently, there are three partners i.e. Mr. V. Lakshmi Narayan Reddy, Mrs. V Indira and Mr. C Satyanaraya Reddy. Mr. C Satyanaraya Reddy is the Managing Partner of the firm. SVMEEI is mainly engaged in manufacturing of various subassemblies and spare components used for defense and aerospace projects. VIAROMANAA FASHIONS: Liquidation Process Case Summary ----------------------------------------------------- Debtor: Viaromanaa Fashions (India) Private Limited 321, 322, A-2, Shah & Nabar Industrial Estate, Sitaram Jadhav Marg, Lower Parel, Mumbai - 400013 Liquidation Commencement Date: June 2, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Chetan T. Shah Office No. 3, Wing-A, Satyam Shopping Centre, M.G. Road, Ghatkopar, Mumbai - 400077 Email: chetantshah@gmail.com liquidation.viaromanaa@gmail.com Last date for submission of claims: July 10, 2026 ================= I N D O N E S I A ================= KAWASAN INDUSTRI: Fitch Hikes LongTerm IDR to 'B', Outlook Stable ----------------------------------------------------------------- Fitch Ratings has upgraded Indonesia-based homebuilder PT Kawasan Industri Jababeka Tbk's (KIJA) Long-Term Issuer Default Rating (IDR) to 'B', from 'B-'. Fitch Ratings Indonesia has simultaneously upgraded KIJA's National Long-Term Rating to 'BBB+(idn)', from 'BB+(idn). The Outlook is Stable. The upgrade reflects the improvement in the company's liquidity and easing of refinancing pressure after it redeemed a bond ahead of maturity, refinancing it with a new long-dated bank loan. Fitch believes KIJA's financial flexibility has increased and is no longer a constraint on its ratings. The IDR reflects the cyclicality of KIJA's industrial land sales, counterbalanced by improving non-development cash flow from its power plant, dry port and estate-management services that are sufficient to cover interest expenses. The Stable Outlook reflects its expectation that annual pre-sales, excluding PT Kawasan Industri Kendal (KIK), will stay above IDR1 trillion, which is commensurate with a 'B' rating. 'BBB' National Ratings denote a moderate level of default risk relative to other issuers or obligations in the same country or monetary union. Key Rating Drivers Notes Redeemed; Debt Maturity Extended: KIJA raised an IDR3.4 trillion secured loan from PT Bank Mandiri (Persero) Tbk (BBB/Negative) to retire all its US dollar notes in June 2026. The notes were redeemed well ahead of their December 2027 maturity. KIJA has extended its debt maturity profile with the new bank loan, a 15-year amortising loan with an average life of more than 11 years. Exposure to foreign-currency risk has also decreased, as it now has only rupiah-denominated bank loans. Fitch expects KIJA's financial flexibility to improve as the bank loan carries a lower interest rate than the retired notes and all of the company's loans amortise, indicating no significant maturities over the medium term. Fitch forecasts neutral-to-positive free cash flow in 2026-2028, supported by higher pre-sales and dividends from 51%-owned KIK, despite higher maintenance capex and land acquisition costs. Healthy Non-Development Interest Cover: Fitch projects non-development EBITDA interest coverage to approach 2.0x over the next two years (2025: 1.7x), with higher recurring cash flow from non-development activities offsetting cyclical industrial-property sales. Fitch forecasts non-development EBITDA to reach around IDR700 billion by 2029, from IDR634 billion in 2025 (2024: IDR470 billion), on higher power tender sales and estate-management fees as the company's Cikarang and Kendal townships expand. Small, Steady Pre-Sales: KIJA's scale is small, with annual pre-sales of around IDR1 trillion over the past three years. Fitch forecasts annual pre-sales, excluding KIK, of about IDR1.0 trillion-1.2 trillion over the next three years. Its total pre-sale forecast of IDR1.1 trillion in 2026 is a modest increase compared with the 4.5% rise in 2025, assuming slower growth amid macroeconomic volatility. Limited Impact from Higher Costs: Fitch expects that rupiah depreciation will increase input and construction costs, including raw material prices. However, the effect on gross margins should be moderated by KIJA's sales mix, which mostly consists of land plot sales that do not require construction. Gas costs in the power segment are largely passed through to the offtaker and selling prices to industrial customers can be adjusted if necessary. Land Acquisitions to Support Industrial Pre-Sales: KIJA has a large land bank of over 1,200 hectares in Cikarang, sufficient for more than 20 years of pre-sales. However, the company may need to acquire plots within and around the township to form contiguous parcels that support medium-term industrial pre-sales. Fitch believes KIJA has the flexibility to prioritise liquidity over land acquisitions in the near term. Joint Venture Deconsolidated: Fitch deconsolidates KIK in its rating assessment. KIJA requires the consent of PT Sembcorp Development Indonesia, which owns the remaining 49% of the joint venture, to upstream dividends. KIJA received dividends of IDR132 billion from KIK in 2023, IDR165 billion in 1H24 and IDR276 billion in 1H25. Fitch forecasts dividends of IDR314 billion in 2026 and annual dividends of around IDR200 billion subsequently. Support for Joint Venture Unlikely: Fitch does not expect KIJA to provide support to the joint venture, as KIK is self-sufficient, with steady operating cash flow and no debt. KIJA and Sembcorp have not guaranteed KIK's debt previously. Peer Analysis KIJA's rating is constrained by its smaller scale relative to PT Indika Energy Tbk (B+/A(idn)/Stable) and EBITDA that is about one-third of Indika's. Indika is the fifth-largest mid-sized thermal coal producer in Indonesia, whereas KIJA operates as one of many developers in Indonesia without a significant market share. Indika has a stronger financial profile than KIJA. These factors support a higher rating for Indika at both the international and national level. Fitch’s Key Rating-Case Assumptions Fitch's Key Assumptions Within Its Rating Case for the Issuer - Pre-sales, excluding KIK, averaging IDR1,100 billion-1,200 billion from 2026 to 2028 - Non-development EBITDA of around IDR630 billion-680 billion from 2026 to 2028 - Land bank acquisition costs and capex, excluding KIK, of around IDR300 billion a year from 2026 - Dividend income of IDR314 billion in 2026 and recurring annual dividend income of around IDR200 billion from 2027. 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 ('b', moderate), sector characteristics ('b+', moderate), market and competitive positioning ('b', higher), diversification and asset quality ('b+', moderate), company operational characteristics ('b', moderate), profitability ('a', lower), financial structure ('b+', moderate), and financial flexibility ('b+', moderate). The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2025, 30% for the forecast year 2026, 30% for the forecast year 2027 and 30% for the forecast year 2028. 'B+' to 'CC' considerations apply in its analysis and have no impact. The governance assessment of 'good' has no impact. The operating environment assessment of 'bbb-' has no impact. The SCP is 'b'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'B'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Sustained decline in attributable sales and operating cash flow - Non-development EBITDA gross interest covers below 1.0x for a sustained period - Worsening leverage, as measured by adjusted net debt/adjusted inventory, of above 60% Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Significant improvement in attributable pre-sales on a sustained basis - Non-development EBITDA/gross interest cover ratio maintained above 2.0x on a sustained basis - Improving leverage, as measured by adjusted net debt/adjusted inventory, of below 50% on a sustained basis Liquidity and Debt Structure KIJA had around IDR1.2 trillion of cash at its wholly owned subsidiaries as of end-December 2025. Fitch expects free cash flow to be positive from 2026 to 2028, which will be boosted by recurring dividends from KIK. Fitch expects KIJA to tap external financing to fund capex and construction spending if required, freeing up its cash flow to meet the loan amortisation and maintain cash reserves. KIJA has secured a IDR70 billion term loan from Bank Mandiri to support its working capital requirement. Issuer Profile KIJA is an Indonesia-based industrial township developer. The company generates pre-sales from its two flagship projects, Kota Jababeka in Cikarang, West Java, and Kendal, in Central Java. It had around 1,700 hectares of land bank across its two estates at end-March 2026, which was sufficient for more than 20 years of development. 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 Jababeka. 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 Prior ----------- ------ ----- PT Kawasan Industri Jababeka Tbk LT IDR B Upgrade B- Natl LT BBB+(idn) Upgrade BB+(idn) PT POS INDONESIA: Fitch Lowers National LongTerm Rating to 'C(idn)' ------------------------------------------------------------------- Fitch Ratings Indonesia has downgraded PT Pos Indonesia (Persero)'s (POST) National Long-Term Rating and senior unsecured rating to 'C(idn)' from 'A(idn) following its missed ijarah return installments or periodic distribution payments. Fitch does not typically assign Outlooks to ratings in the 'C' category since the volatility of these ratings is very high, in line with its rating definitions. The downgrade follows confirmation that the company did not pay the ijarah return instalments due on 8 July 2026 for the first tranche of its sukuk. This led to POST entering a 14-day grace period. A 'C' level rating reflects that the default of an issue is imminent under Fitch's rating definitions. Fitch has also lowered POST's Standalone Credit Profile (SCP) to 'c(idn)' from 'bbb(idn)', as a default or default-like process has begun in line with the guidelines under the "Lower Speculative Grade" section of the Public Policy Revenue-Supported Entities Rating Criteria. 'C' National Ratings denote that a default or default-like process has begun or the issuer is in standstill or, for a closed funding vehicle, that payment capacity is irrevocably impaired. Key Rating Drivers Missed Periodic Distribution Payment: POST has not paid the remaining ijarah return payment due on 8 July 2026 on its first tranche of sukuk. The sukuk consists of series A, B and C, which are due in January 2028, 2030 and 2032, respectively. POST has entered the contractual grace period of 14 business days, based on the sukuk documentation. The start of a grace or cure period following non-payment of a material financial obligation is commensurate with a 'C' rating, which indicates a 'Near Default' under Fitch's rating definitions. Potential Event of Default: Failure to cure the missed ijarah return instalments payment within the grace period would be an event of default and result in a further downgrade of the ratings to 'RD'. Alternatively, any changes agreed with sukuk holders resulting in a deterioration of terms that would constitute a distressed debt exchange under Fitch's rating definitions would result in a downgrade to 'RD'. Fitch will monitor the progress of the consent solicitation and suspension of the ijarah return instalments. Rating Based on SCP: Fitch considers POST a government-related entity (GRE) due to its close links with the Indonesian government through PT Danantara Asset Management's full ownership and POST's public-policy role in providing nationwide postal and logistics services. However, any potential uplift from extraordinary government support is no longer relevant to the rating, as POST is in acute financial distress and faces high near-term default risk. Consequently, Fitch determines the rating on a standalone basis and the GRE support score is no longer relevant, consistent with Fitch's approach for GRE issuers with an SCP of 'cc' or below that are facing distress. Issuer Profile POST is wholly owned by the Indonesian government, with a mandate to provide universal postal and logistical services nationwide. Established in 1746, the company has evolved into a multifaceted service provider, offering courier, logistics, financial services and public services, particularly in remote and underserved areas. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Failure to pay the ijarah return instalments within the grace period would result in a downgrade of the issuer's National Long-Term rating to 'RD'. - Failure to pay the ijarah return instalments within the grace period would result in a downgrade of the note ratings to 'D'. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Resolution of the missed ijarah return instalments payment within the grace period. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for POST. Entity/Debt Rating Prior ----------- ------ ----- PT Pos Indonesia(Persero) Natl LT C(idn) Downgrade A(idn) Natl ST C(idn) Downgrade F1(idn) senior unsecured Natl LT C(idn) Downgrade A(idn) ========= J A P A N ========= SOFTBANK GROUP: S&P Affirms 'BB+' ICR & Alters Outlook to Stable ---------------------------------------------------------------- S&P Global Ratings revised to stable from negative the outlook on SoftBank Group Corp. S&P affirmed its 'BB+' long-term issuer credit rating on the company. S&P expects SoftBank Group's key ratios to remain at the level to which they have recovered. Arm Holdings PLC's share price has soared since April 2026. This has propelled the company's key ratios to levels significantly higher than our previous assumptions. Arm's shares account for more than 40% of SoftBank Group's invested assets. S&P estimates that the listed asset and loan-to-value (LTV) ratios recovered significantly to over 60% and around 20%-25%, respectively, as of the end of June 2026. These ratios include investments announced by OpenAI Group PBC. As of the end of June, the total amount of undisbursed funds was about $28 billion (about JPY4.5 trillion). OpenAI is a privately held U.S.-based AI research and development startup company. S&P said, "Arm's stock price will remain highly volatile due to a combination of factors, including short-term stock market supply and demand, AI needs, and technological innovation, in our view. Nevertheless, given the recent large rise in price, we expect the listed asset and LTV ratios to remain within tolerable ranges for the credit ratings, even if asset values decline to some extent. "We have not factored into the company's base case scenario the listing of private companies such as OpenAI. If this was to happen, it is likely that these ratios will improve. SoftBank Group's concentration of investments in large recipients constrains its creditworthiness, in our opinion." Arm's rising share price has increased asset concentration on it again. Its stake in Arm alone accounts for about half of the asset value. This raises the risk of asset concentration. S&P said, "We believe a greater stake in OpenAI that SoftBank Group has been working on since April 2026 will likely ease concentration risk. We estimate that OpenAI will account for 20%-30% of SoftBank Group's investment assets upon completion of an additional investment of $30 billion (approximately JPY4.9 trillion). This would make OpenAI SoftBank Group's second largest investment target after Arm. "We expect the company to manage key financial ratios within a set range under disciplined financial policy. We believe the company will continue to be proactive in its financial management as it prioritizes supporting its very aggressive growth strategy. "We think the company will continue to invest aggressively in AI, including acquisitions, equity stakes, and data center projects. In addition to its direct investment in OpenAI, SoftBank Group has announced to acquire or invest in AI chips, robotics, and AI infrastructure, starting with the Stargate project announced in January 2025. "We expect Softbank Group to invest huge amounts in AI infrastructure projects it takes part in, such as electricity and data centers. We believe that continued heavy investments over the years ahead could limit the company's financial capacity. "Nevertheless, we anticipate the company will continue to engage in some financial accommodation, including the monetization of public stocks, as it invests for growth. As a result, we expect its LTV ratio to remain consistent with its credit rating, at around 20%-30% (as defined by S&P Global Ratings), for the next year or so. "We do not include debt financing from project financing in the AI infrastructure business in the company's debt at this time. Disclosure of specific details on these project financings is limited. We will review its handling of debt once additional information is available. "The stable outlook reflects our view that SoftBank Group will accelerate growth investing while maintaining its financial metrics, including its LTV ratio, at levels commensurate with the rating, subject to certain discipline. It also reflects our view that over the next year or so, it will maintain the quality and liquidity of its investment assets as one of the world's largest investment holding companies. "We might consider a downgrade if we see a heightened likelihood of either of the scenarios below." The liquidity of the investment portfolio deteriorating again due to factors such as an increase in the ratio of unlisted assets. This could be the result of the following factors. One, a substantial fall in the stock value of Arm or other large, listed investments. Two, sale of a large amount of listed assets to ease financial burden. Three, listing of major investment recipients such as Open AI taking longer than expected. Four, the company further investing in unlisted companies. SoftBank Group's LTV ratio staying above 35%. This could happen if a rapid and significant deterioration in market conditions causes a material decline in the asset value of its investment portfolio, or the company continues aggressive growth investment without commensurate mitigation measures. S&P will consider upgrading the company in the event of any of the following scenarios. The quality of investment assets improves significantly. This could be the result of the following factors. One, the liquidity of the investment portfolio further improving as a result of the listing of major investment assets, including OpenAI. Two, the company significantly reducing the concentration of its largest investments while progressing on diversifying the industries it invests in. Three, maintaining the current size and creditworthiness of its investment portfolio. S&P determines that the company has a sound record of maintaining its LTV ratio (based on its calculations) well below 20%, that it will continue to do so, and that its financial policy changes to being very conservative. =============== M A L A Y S I A =============== DAMAI CITY SDN: Has Been Ordered to be Wound Up ----------------------------------------------- The Edge Malaysia reports that GDB Holdings Bhd said its wholly owned subsidiary Grand Dynamic Builders Sdn Bhd (GDBSB) has been informed of the Shah Alam High Court's order for 8 Conlay project developer Damai City Sdn Bhd (DCSB) to be wound up. In a Bursa Malaysia filing on July 15, GDB said the winding-up order followed a petition filed by TSL Victory Sdn Bhd under the Companies Act 2016, The Edge relates. According to The Edge, the High Court has also appointed Lim Tian Huat and Chiang Teng Guan of Rodgers Reidy & Co as joint liquidators of DCSB, following an application by GDBSB. The construction firm had appeared in the proceedings as a creditor to oppose the petitioner's proposed liquidator. GDB said its solicitors are advising the company on the next course of action in relation to its ongoing legal proceedings against DCSB. The Edge says the winding-up marks the latest development in GDB's efforts to recover more than RM140 million in court-awarded claims against DCSB arising from construction works at the 8 Conlay mixed-use development in Kuala Lumpur. GDB had previously secured High Court judgments to enforce adjudication awards totalling about RM141.9 million against DCSB. It also obtained a separate RM102.8 million judgment against DCSB's parent KSK Land Sdn Bhd over a corporate guarantee, although the company has appealed the decision. The recovery process remains uncertain as KSK Land is under liquidation and has appealed against the High Court judgement. ===================== N E W Z E A L A N D ===================== CATLEY AVIATION: Creditors' Proofs of Debt Due on Aug. 5 -------------------------------------------------------- Creditors of Catley Aviation Limited and Catley Investments Limited are required to file their proofs of debt by Aug. 5, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 6, 2026. The company's liquidators are: David Webb Robert Campbell Deloitte, Level 12 20 Customhouse Quay Wellington 6011 KARTWRIGHT PROPERTY: Creditors' Proofs of Debt Due on July 30 ------------------------------------------------------------- Creditors of Kartwright Property Limited are required to file their proofs of debt by July 30, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 1, 2026. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 KEUNG INVESTMENTS: Court to Hear Wind-Up Petition on Aug. 13 ------------------------------------------------------------ A petition to wind up the operations of Keung Investments Limited will be heard before the High Court at Christchurch on Aug. 13, 2026, at 10:00 a.m. David John Ballantyne filed the petition against the company on June 12, 2026. The Petitioner's solicitor is: Andrew Ferguson Dempsey Ferguson Law Limited Level 7 50 Albert Street Auckland 1010 PACIFICA AIR: Creditors' Proofs of Debt Due on Aug. 6 ----------------------------------------------------- Creditors of Pacifica Air Solutions Limited are required to file their proofs of debt by Aug. 6, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 7, 2026. The company's liquidator is: Mohammed Tazleen Nasib Jan Liquidation Management Limited PO Box 50683 Porirua 5240 WAIKANAE LAND: Court to Hear Wind-Up Petition on Aug. 21 -------------------------------------------------------- A petition to wind up the operations of Waikanae Land Company Limited will be heard before the High Court at Auckland on Aug. 21, 2026, at 10:45 a.m. Kapiti Coast District Council filed the petition against the company on June 19, 2026. The Petitioner's solicitor is: Philip Vance Shackleton Kapiti Coast District Council Meredith Connell Level 7 8 Hardinge Street Auckland 1010 ================= S I N G A P O R E ================= BRIDGETOWER CAPITAL: Court to Hear Wind-Up Petition on July 24 -------------------------------------------------------------- A petition to wind up the operations of Bridgetower Capital Ltd will be heard before the High Court of Singapore on July 24, 2026, at 10:00 a.m. Palyanitsa Ltd filed the petition against the company on July 1, 2026. The Petitioner's solicitors are: Setia Law LLC One George Street, #07-03 Singapore 049145 CONTINUUM GREEN: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable ---------------------------------------------------------------- Fitch Ratings has affirmed Continuum Green Energy Holdings Limited's (CGEHL) Long-Term Issuer Default Rating (IDR) at 'B+' with a Stable Outlook. Fitch has also affirmed the 'B+' rating and 'RR4' Recovery Rating on the USD435 million senior notes due 2027 issued by Continuum Energy Aura Pte. Ltd. (CEAPL), CGEHL's fully owned subsidiary. The IDR reflects CGEHL's expanding scale and diversified portfolio of stable cash-generating renewable power assets with long-term offtake contracts and timely-paying counterparties. The Stable Outlook is based on its expectation that EBITDA net interest cover will improve to 1.4x by the financial year ending March 2027 (FY27), a level below which Fitch would consider negative rating action. Key Rating Drivers Long-Term Cash-Flow Visibility: Long-term power-purchase agreements (PPAs) enhance cash flow visibility. Contracts with commercial and industrial (C&I) customers, which will offtake about 80% of CGEHL's expanded capacity, have tenors of five to 20 years, while those with state utilities and Solar Energy Corporation of India Ltd. (SECI) run for 20 to 25 years. The average remaining C&I tenor exceeds eight years. C&I PPAs carry low re-contracting risk, as power is priced below grid tariffs and helps customers meet renewable energy targets. Hybrid Portfolio Reduces Volume Risk: CGEHL's hybrid wind and solar projects mitigate intra-day generation volatility and the higher resource uncertainty of pure wind plants, supporting steadier output. Furthermore, the proportion of more stable solar assets has risen to 44% of the portfolio, from 24% in FY24. Nonetheless, renewable production volume may still vary with seasonal and climatic factors. Commissioning Delays, Lower Capex: CGEHL's consolidated EBITDA of around INR16 billion in FY26 was below its expectation of INR20 billion owing to delays in commissioning capacity under construction. Most of the projects that faced delays have since been commissioned and will add to cash generation in FY27. The delays also resulted in lower capex of INR29 billion in FY26 against its estimate of INR42 billion. Rising Interest Coverage: Fitch forecasts EBITDA net interest coverage to improve to 1.4x in FY27 and 1.6x in FY28 (FY26E: 0.9x) on higher EBITDA from a larger operating portfolio. Fitch deconsolidates the EBITDA and debt of Continuum's restricted group (Continuum RG2, US-dollar note rating: BB+/Stable), whose notes are due in 2033, when calculating credit metrics. Its EBITDA measure, however, captures its expectation of recurring cash upstreamed from the restricted group. Lower Leverage, Equity Raise: Fitch projects net leverage to fall to around 8x in FY27, from above 10x in FY26, as the expanded 3.5 gigawatt (GW) portfolio comes onstream. This is despite its higher capex forecast, as the deleveraging draws on the March 2026 equity raise of USD67.5 million from the investment business, Just Climate, and a definitive agreement for an additional INR13.5 billion (around USD140 million) equity raise with Japan's Chubu Electric Power Co., Inc. Adequate Holding-Company Liquidity: Fitch forecasts the debt service coverage ratio to improve and remain above 1x in the medium term, based on cash flow from operations at the holding company and unrestricted projects. Offtake diversity and long-term PPAs should limit volatility in cash generation and upstreaming from operating subsidiaries. Average Recovery on Bonds: The ratings on the holding company's bonds reflect its expectation of at least average recovery for bondholders. The bonds are subordinated to project-level secured loans, but recovery prospects benefit from expected cash upstreaming from CGEHL's existing and yet-to-be-commissioned projects. Cash upstreaming should be supported by sufficient operating capacity and manageable working capital, given CGEHL's low receivable days. Diversified, Strong Counterparty Profile: CGEHL's rating reflects that about 85% of offtake from its 3.5GW projects will come from C&I customers and 4% from SECI. These customers have better payment records than state-owned power distribution utilities (discoms). Discoms account for only about 11% of offtake, well below that at rated peers. The share of C&I customers also limits concentration risk, as the 10 largest C&I customers account for around 30% of total revenue. Low Receivable Days: CGEHL's better counterparty profile is evident from its lower receivable days than at rated peers, by around 50-75 days. Fitch expects CGEHL's receivable days, including unbilled revenue, to remain low at around 55 days (FY26: 55, FY25: 70). Peer Analysis Fitch views ReNew Energy Global Plc (REGP, BB-/Stable) and Greenko Energy Holdings (BB-/Stable) as CGEHL's closest rating peers. All three entities are leading renewable power producers in India. CGEHL has lower counterparty risk, but this is offset by its higher near-term net leverage than REGP's 7x. This, along with REGP's larger, more diversified operating assets and higher solar mix, results in CGEHL's one-notch lower rating. Greenko has better financial access on strong support from the Singaporean sovereign wealth fund, GIC, which has enabled the company to access fresh equity for investment and acquisitions. Cash generated from operations also helps manage leverage. This results in a one-notch higher rating than CGEHL, despite Greenko's higher execution risk in its key projects and with higher counterparty risk. Fitch’s Key Rating-Case Assumptions Fitch's Key Assumptions Within Its Rating Case for the Issuer: - Plant-load factors in line with average historical performance or 5%-7% below P90 levels in the resource assessment studies - Plant-wise tariffs in accordance with PPAs with SECI and state discoms - Tariffs with C&I customers under PPAs as per management guidance; the tariff varies with state discom revisions and applicable open-access charges - Average receivable days to remain at around 55 days - Capex of INR40 billion-45 billion a year from FY27 to FY29 (FY26: INR29 billion) - No dividend payout in the medium term Corporate Rating Tool Inputs and Scores Fitch scored CGEHL as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): management (bb+, moderate), sector characteristics (bbb, lower), market and competitive positioning (bb+, moderate), diversification and asset quality (bb+, moderate), company operational characteristics (bbb, higher), profitability (bb-, moderate), financial structure (ccc-, moderate), and financial flexibility (b+, higher). - Assessments of the quantitative financial subfactors include bespoke calculations. - The governance assessment of 'Good' results in no adjustment. - The operating environment assessment of 'bb+' results in no adjustment. - The SCP is 'b+'. Fitch made no adjustments to the SCP, resulting in an IDR of 'B+'. Recovery Analysis Key Recovery Rating Assumptions Recovery analysis for CGEHL is on a going-concern basis in the case of a bankruptcy and assumes that the company would be reorganised and not liquidated. Fitch assumes a 10% administrative claim. Fitch uses a two-step recovery approach, as the recovery value from the Continuum RG2 assets would be first used to satisfy Continuum RG2's US-dollar notes and working-capital borrowings. Only the remaining value, if any, would be used to satisfy borrowings outside Continuum RG2. Fitch uses an enterprise value/EBITDA multiple of 6.5x to calculate the post-reorganisation valuation, which takes into account the stable nature of the assets and the average 7x-8x multiple used in recent M&A transactions in the sector. Fitch bases its recovery rating assumptions on CGEHL's FY27 EBITDA, excluding Continuum RG2's EBITDA. Debt at FYE27 will include borrowings for the significant capacity that is at various stages of construction, but the EBITDA base will not yet reflect a full year of output from these projects. Fitch adds 50% of incremental EBITDA in the FY28 rating-case projection over FY27 to arrive at going-concern EBITDA. The liquidation value estimate reflects its view of receivables in a liquidation scenario, with an 80% advance rate and a 50% advance rate for the fixed assets. The assumptions result in a Recovery Rate corresponding to 'RR3'. However, CGEHL's assets are in India, which Fitch classifies as a Group D jurisdiction. This caps the Recovery Rating for the US-dollar notes at 'RR4'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Operating EBITDA/net interest expense not on track to improve to at least 1.4x by FY27 - Failure to adequately mitigate foreign-exchange risk Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - EBITDA net leverage below 6.0x on a sustainable basis, provided that there is no significant increase in CGEHL's overall business risk profile Liquidity and Debt Structure CGEHL had a readily available cash balance of INR24.4 billion at FYE26, against current debt maturities of INR50 billion, including the February 2027 maturity of its USD435 million notes (INR41.4 billion). Fitch expects high capex to result in negative free cash flow in the near to medium term, to be funded by a mix of additional debt and internal cash accruals. However, CGEHL benefits from some capex flexibility and adequate access to the domestic bank-loan market. Fitch expects CGEHL to refinance its maturities in a timely manner. Issuer Profile CGEHL is an India-focused renewable energy group specialising in large, utility-scale wind and hybrid wind-solar projects. fITCH expects its operational capacity to reach 4.5GW by FYE28, from 3.0GW at FYE26. 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 CGEHL. 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 ----------- ------ -------- ----- Continuum Green Energy Holdings Limited LT IDR B+ Affirmed B+ Continuum Energy Aura Pte. Ltd. senior secured LT B+ Affirmed RR4 B+ HIN LEONG: Apex Court Strikes Out Firm's US$2.6BB Claim vs Deloitte ------------------------------------------------------------------- The Business Times reports that the apex court of Singapore has struck out insolvent oil trader Hin Leong Trading's largest claim of US$2.6 billion against its former external auditor. According to BT, a five-judge Court of Appeal on July 16 allowed an appeal by Deloitte & Touche that arose from a pre-trial application to strike out Hin Leong's claim for trading losses. BT relates that the decision leaves Hin Leong with two remaining claims: * One for US$90 million in dividends that were wrongfully declared by the family of its founder Lim Oon Kuin, and * Another for SGD612,000 in audit engagement fees paid to Deloitte. These claims will be determined at trial. In a 96-page judgment, the court held that Deloitte was not liable for the trading losses Hin Leong had incurred from November 2015 to mid-April 2020. It also held that an auditor's duty of care does not include a "duty to consider the interests of creditors" of a company it audits when the said company is insolvent. According to BT, Hin Leong had argued that it would have been put into liquidation earlier and not have incurred further trading losses, had Deloitte "not been negligent in its the conduct of its audit" and "uncovered the fraudulent or improper conduct of the Lim family" in their management of the company's affairs. In rejecting such contentions, the court determined that the trading losses were "not reasonably foreseeable" by the auditor when it undertook the engagement, BT relays. The court noted that Deloitte did not have any involvement in Hin Leong's trading activities, and that it "did not have any sight over" the trading strategies that the company employed. The court further noted that the auditor did not give any input to the Lim family – Hin Leong's sole shareholders – on trading methodologies, BT says. "This gaping hole in Deloitte's knowledge makes it fanciful for (Hin Leong) to suggest that it could have been in Deloitte's reasonable contemplation that it had essentially signed up to insure (Hin Leong's) trading fortunes," the judgment read. "It is inconceivable that an auditor who does nothing more than perform a statutory audit could be taken to have assumed liability for such losses since their occurrence depends on movements in the market and the decisions of the company's management which the auditor has no control over or involvement in." In deciding that the trading losses were not reasonably foreseeable for Deloitte, the court also considered that it is "unlikely" the auditor would have assumed responsibility for Hin Leong's losses based on a "lower degree of knowledge" than required by statute. In short, the auditor only "signed up" for the risks defined by the law. According to BT, Hin Leong has accused Deloitte of professional negligence in failing to uncover and report the irregularities in its financial statements and affairs for a period of around six years prior to April 2020. Through its liquidators, the company is demanding that the auditor make good on the losses caused by its founder, better known as OK Lim. Deloitte, meanwhile, has argued that the Lim family, being in control of Hin Leong, already knew of what was going on in the company, and that the losses are irrecoverable from the auditor, reports BT. WongPartnership represented Deloitte, while Drew and Napier acted for Hin Leong in the appeal. About Hin Leong Singapore-based Hin Leong Trading (Pte.) Ltd. provided petroleum products and transportation services. The Company offered oil, lubricants, grease, and diesel products, as well grants storage, terminalling, trucking, and marine logistics services. Hin Leong Trading served customers globally. Hin Leong Trading and shipping unit Ocean Tankers (Pte.) Ltd. filed for court protection from creditors on April 17, 2020, as the former struggles to repay debts of almost US$4 billion. Hin Leong posted a positive equity of US$4.56 billion and net profit of US$78 million in the period ended October 31, 2019, according to the people, who asked not to be identified as the matter is sensitive, Bloomberg News reported. But Hin Leong told its creditors that total liabilities reached US$4.05 billion as of early April 2020, while assets were just US$714 million, leaving a hole of at least US$3.34 billion, according to screenshots of the presentation to a group of bankers seen by Bloomberg News. The balance sheet of the company showed no equity at all as of April 9, 2020, and warned that "figures obtained from the company are subject to verification," Bloomberg News added. On April 27, 2020, the Company was granted interim judicial management by the Singapore High Court. Goh Thien Phong and Chan Kheng Tek of PricewaterhouseCoopers Advisory Services (PwC) have been appointed as interim judicial managers. Ernst & Young (EY), has been appointed interim judicial manager for Ocean Tankers. On March 8, 2021, judicial managers Goh Thien Phong and Chan Kheng Tek of PwC were appointed liquidators of Hin Leong. The judicial managers had applied for Hin Leong to be wound up after three potential bidders walked away from a deal to buy Hin Leong and two related companies as a combined entity, according to The Straits Times. MUTO SINGAPORE: Creditors' Proofs of Debt Due on Aug. 11 -------------------------------------------------------- Creditors of Muto Singapore Pte. Ltd. are required to file their proofs of debt by Aug. 11, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 1, 2026. The company's liquidator is: Susan Lim Wie Esteem Management Services 133 Cecil Street #17-01A Keck Seng Tower Singapore 069535 NEW SILK: Creditors' Proofs of Debt Due on Aug. 11 -------------------------------------------------- Creditors of New Silk Road Investment Pte. Ltd. are required to file their proofs of debt by Aug. 11, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 1, 2026. The company's liquidators are: Quar Lian Huat c/o Tricor Singapore Pte. Ltd. 9 Raffles Place #26-01 Republic Plaza Singapore 048619 TELEDATA TECHNOLOGIES: Court Enters Wind-Up Order ------------------------------------------------- The High Court of Singapore entered an order on July 3, 2026, to wind up the operations of TELEDATA TECHNOLOGIES Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani BDO Advisory 600 North Bridge Road #23-01 Parkview Square Singapore 188778 UNLIMITED CAPITAL: Creditors' Proofs of Debt Due on Aug. 11 ----------------------------------------------------------- Creditors of Unlimited Capital Pte. Ltd. are required to file their proofs of debt by Aug. 11, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 3, 2026. The company's liquidator is: Victor Goh C/o Insolvency Advisory Pte Ltd 175A Bencoolen Street, #08-07 Burlington Square Singapore 189650 VALUEMAX GROUP: Fitch Rates SGD80MM Unsecured Notes 'BB' -------------------------------------------------------- Fitch Ratings has assigned ValueMax Group Limited's (VMG, BB/Stable) SGD80 million 4.0% unsecured notes due July 2029 a final rating of 'BB'. This follows the receipt of final documentation conforming to information previously received. The final rating is in line with the expected rating assigned on 29 June 2026. Proceeds from the notes are used for general corporate purposes, including the refinancing of existing borrowings and financing of investments, acquisitions, general working capital and capital expenditure. Key Rating Drivers Fitch rates the notes at the same level as VMG's Long-Term Issuer Default Rating (IDR), reflecting its expectation of average recovery prospects for the unsecured notes. This is despite secured debt comprising a significant portion of VMG's funding profile, as Fitch expects sufficient residual asset coverage for unsecured creditors, supported by collateral coverage on VMG's receivables and the group's moderate leverage. VMG's IDR is based on its consolidated credit profile. The group operates across pawnbroking, moneylending, and the retail and trading of jewellery and gold. For further details on VMG's key rating drivers, see Fitch Assigns ValueMax First-Time 'BB' Rating; Outlook Stable, published 15 June 2026. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The unsecured notes' rating will move in tandem with VMG's Long-Term IDR. Hence, a downgrade of VMG's IDR would lead to a downgrade of the rating on the unsecured notes. Fitch may also notch down the rating on the unsecured notes from VMG's Long-Term IDR if Fitch believes that recovery prospects on the notes have weakened in the event of a liquidation scenario. This could occur if Fitch believes the quality of VMG's receivables and underlying collateral coverage has declined, such that asset recoveries are likely to be poorer in the event of liquidation, or if its leverage increases substantially or prior-ranking liabilities rise as a proportion of total liabilities. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade of VMG's IDR would lead to an upgrade of the rating on the unsecured notes. Date of Relevant Committee 11-Jun-2026 ESG Considerations VMG has an ESG Relevance Score of '3' for Customer Welfare, against the standard score of '2' for the non-bank financial institution (NBFI) sector. This reflects the group's retail-focused operation, which exposes it to risks around fair lending practices, pricing transparency, repossession, foreclosure and collection practices, whereby aggressive practices in these areas may subject the company to legal or regulatory and reputational risk that may damage the credit profile. The score of '3' for this factor reflects its view that such risks are adequately managed and have a low impact on the company's credit profile. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- ValueMax Group Limited senior unsecured LT BB New Rating BB(EXP) ============= V I E T N A M ============= HDBANK: Fitch Assigns 'BB-' Long-Term IDR, Outlook Stable --------------------------------------------------------- Fitch Ratings has assigned Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank) first-time Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) of 'BB-'. The Outlook on the IDRs is Stable. The agency has also assigned HDBank a Viability Rating (VR) of 'bb-' and Government Support Rating (GSR) of 'bb-'. Key Rating Drivers Standalone Profile Drives IDR: HDBank's Long-Term IDRs are driven by its VR and backstopped by its GSR. The IDR and VR reflect the bank's expanding banking franchise, which supports above-average profitability and a steady funding and liquidity profile. These strengths are offset by risks from rapid credit growth and moderately weaker asset quality than most rated local large-bank peers. Nevertheless, impairment risks are likely to remain contained in the near term, supported by a favourable economic environment. This underpins the Stable Outlook on the IDR. The Short-Term IDRs are mapped from the Long-Term IDRs, in accordance with Fitch's Bank Rating Criteria. Sustained Economic Growth: Vietnam's GDP expanded by 8.2 in 1H26, following 8.0% growth in 2025. Fitch expects the country's growth prospects to remain firm in the medium term as it benefits from sustained foreign direct investment inflows and robust export performance. This should sustain banking business volume and contain credit impairment risks. Growing Market Presence: HDBank's market share of system loans and deposits has risen over the past three years, driven by rapid balance-sheet growth, and Fitch expects growth to remain brisk as it raises additional capital to support expansion. Fitch believes the bank has a high risk appetite, as reflected in its business strategy and credit costs that are above the local peer average. These may result in higher earnings volatility through the cycle. That said, HDBank has generally maintained solid returns in recent years, backed by higher loan yields and a supportive economic environment. Rapid Growth Drives Asset-Quality Risks: HDBank's risk profile and asset-quality scores of 'b+'/stable take into consideration its rapid credit growth and high write-off rates, which have helped maintain its asset-quality metrics in recent years. The non-performing loan (NPL) ratio, excluding interbank loans, was 2.6% as of end-March 2026, comparable to the average for large bank peers. However, it had higher average credit costs of about 1.2% over 2020-2025, partly due to its unsecured consumer finance business. Fitch expects asset-quality metrics to remain broadly stable, supported by a favourable operating environment. Profitability a Rating Strength: HDBank has one of the highest risk-adjusted returns in its rated local peer group, buoyed by its higher-margin business and improving cost efficiency. Tighter funding conditions have narrowed the bank's net interest margin in 1Q26, though Fitch expects pressures to ease over the next few quarters. Margins should also be supported as HDBank optimises its balance sheet. Fitch expects loan growth to accelerate and keep its operating profit/risk-weighted asset ratio relatively steady over the next 12 months. Private Placement to Aid Capitalisation: Fitch projects HDBank's Fitch Core Capital (FCC) ratio of 10.4% at end-1Q26 to increase by about 3pp upon the completion of its planned private placement and conversion of convertible bonds. Fitch believes it will quickly deploy surplus capital into additional lending, expanding this by more than 30% per year over the next two years. Notwithstanding this, Fitch expects the bank to maintain core capitalisation consistent with the 'bb-'/stable capitalisation and leverage score over the next 12-18 months. Funding Anchored Around Term Deposits: The funding and liquidity profile score of 'bb-'/'stable' reflects the bank's adequate liquidity position and higher reliance on more expensive funding, as indicated by a current and savings accounts mix of only 7% of deposits. Its loan-to-deposit ratio (excluding interbank deposits) of 91% at 1Q26 is the lowest among large rated private-bank peers, although Fitch expects the ratio to increase as lending growth accelerates and the bank optimises its balance sheet. Government Support as Backstop: HDBank's GSR of 'bb-' is in line with many of its large private bank peers. This takes into consideration the state's strong propensity to support the banking system, balanced against HDBank's moderate systemic importance with a market share of about 3%-4% of system deposits and loans. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Fitch may downgrade the VR if its asset quality and profitability metrics deteriorate significantly, such as if the NPL ratio rises well above 3.5% and operating profit/risk-weighted assets ratio falls below 2% over a sustained period. Excessive credit growth accompanied by a material decline in the FCC ratio to below 10% would also pressure the bank's VR. A downgrade of the VR would not lead to a downgrade of the Long-Term IDR unless the GSR is also downgraded. The GSR could be downgraded if the sovereign rating (BB+/Stable) is downgraded. The Short-Term IDR will be downgraded to 'C' if the Long-Term IDRs are downgraded to 'CCC+'. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade The bank's Long-Term IDR may be upgraded if the GSR or VR is upgraded. The bank's VR may be upgraded to 'bb' if a combination of the following occurs: - The NPL ratio improves and remains around 1.5%, assuming credit costs also decline and the risk profile improves materially. - The FCC ratio rises to around 14% over a prolonged period. - Sustained improvements in the business profile and funding and liquidity profile, as may be indicated by improvements in overall funding costs. The bank's GSR may be upgraded if the sovereign rating is upgraded. The Short-Term IDRs will be upgraded to 'F3' if the Long-Term IDRs are upgraded to 'BBB-'. VR ADJUSTMENTS The operating environment score of 'bb' is above the 'b' category implied score due to the following adjustment reason: economic performance (positive). The asset-quality score of 'b+' is below the 'bb' category implied score due to the following adjustment reason: underwriting standards and growth (negative). Date of Relevant Committee June 30, 2026 Public Ratings with Credit Linkage to other ratings HDBank's GSR is linked to Vietnam's sovereign rating. 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 ----------- ------ Ho Chi Minh City Development Joint Stock Commercial Bank LT IDR BB- New Rating ST IDR B New Rating LC LT IDR BB- New Rating LC ST IDR B New Rating Viability bb- New Rating Gov't Support bb- New Rating ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***