260724.mbx

260724.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, July 24, 2026, Vol. 29, No. 147 Headlines A U S T R A L I A ADSLOT LTD: Secures Deed of Company Arrangement for Subsidiary CHRISTIAN BROTHERS: Catholic Archdiocese to be Paid Before Victims CITY TATTERSALLS: Club Collapses After Financial Troubles COREPLEX BUSINESS: Second Creditors' Meeting Set for July 29 MARCHESE ENTERPRISES: First Creditors' Meeting Set for July 29 RENNIKS ASSET: First Creditors' Meeting Set for July 29 THINK TANK 2026-2: S&P Assigns Prelim. Bsf Rating on Cl. F Notes TURQUOISE VII: S&P Assigns Prelim. Bsf Rating on Class F Notes YUANDA VIC: First Creditors' Meeting Set for July 30 ZENRA GROUP: First Creditors' Meeting Set for July 30 C H I N A ADDENTAX GROUP: HML PLT Flags Going Concern Doubt Over Losses CHINA VANKE: Wins New Funding as It Completes Bonds Extensions JINGBO TECHNOLOGY: Reports $6.71 Million Net Loss for Fiscal 2026 JINGBO TECHNOLOGY: Reports $617K Net Loss in Q1 Fiscal 2027 H O N G K O N G VANKE REAL ESTATE: S&P Withdraws 'CCC-' Rating on Medium Term Note I N D I A AIRCRAFT EMPLOYEES: CRISIL Keeps B Ratings in Not Cooperating ANANT VENKATESH: CRISIL Keeps B Debt Rating in Not Cooperating ARETE INDIA: CRISIL Keeps B Debt Ratings in Not Cooperating BALAJI PARABOILED: CRISIL Keeps B Debt Ratings in Not Cooperating CARTON AND CARTON: CRISIL Keeps B Debt Rating in Not Cooperating FARMICO COLD CHAIN: CRISIL Keeps B Debt Rating in Not Cooperating FARMICO COLD: CRISIL Keeps B Debt Rating in Not Cooperating KSHETRAPAL AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating S R COTTON: CRISIL Keeps B Debt Ratings in Not Cooperating S.L. GROUP: CRISIL Keeps B Debt Ratings in Not Cooperating SAKTHI EDUCATIONAL: CRISIL Keeps B Ratings in Not Cooperating SANDHYA LAYER: CRISIL Lowers Rating on INR20.6cr Cash Loan to B+ SATURN TAMPONDRUCK: CRISIL Keeps B Ratings in Not Cooperating SHIV ENGINEERING: CRISIL Keeps B Debt Ratings in Not Cooperating SHUBHALAXMII FOOD: CRISIL Keeps B Debt Ratings in Not Cooperating SHUBHAM COTTON: CRISIL Keeps B Debt Ratings in Not Cooperating SIDDHARTHA SUPER: CRISIL Keeps B Debt Ratings in Not Cooperating SIDDHI GANESH: CRISIL Keeps B Debt Ratings in Not Cooperating SRINIVASA MEDICAL: CRISIL Keeps B Debt Ratings in Not Cooperating SRIRATNA PACKAGING: CRISIL Keeps B Ratings in Not Cooperating STARKE ROCKSAND: CRISIL Keeps B Debt Ratings in Not Cooperating SUVIDHA PROJECTS: CRISIL Keeps B Debt Rating to Not Cooperating VASUNDHARA POWER: CRISIL Keeps B Debt Ratings in Not Cooperating VERENE PACKAGING: CRISIL Keeps B Debt Ratings in Not Cooperating VKN LAKSHMI: CRISIL Keeps B Debt Ratings in Not Cooperating YADAV SOLVEX: CRISIL Keeps B Debt Ratings in Not Cooperating N E W Z E A L A N D COMPLETE TILING: Court to Hear Wind-Up Petition on Aug. 1 LIFESTYLE RENTAL: BDO Wellington Appointed as Receivers PRO-PAC FINANCE: Creditors' Proofs of Debt Due on Aug. 3 TAMAKI MAKAURAU: Court to Hear Wind-Up Petition on July 30 WORTHINGTON FOREST: Creditors' Proofs of Debt Due on Aug. 13 P A K I S T A N PAKISTAN: S&P Raises LongTerm Sovereign Credit Rating to 'B' S I N G A P O R E BAR ON CHULIA: Court Enters Wind-Up Order HL MYANMAR: Commences Wind-Up Proceedings LOFELI INVESTMENT: Creditors' Proofs of Debt Due on Aug. 17 MY COMMUNITY: In Provisional Liquidation Amid Mounting Liabilities OTSAW HEALTHCARE: Court to Hear Wind-Up Petition on July 31 THONG GUAN: Commences Wind-Up Proceedings S O U T H K O R E A HOMEPLUS CO: To Reopen 67 Stores After Court Extends Rehab Process YEOCHEON NCC: South Korea Approves Yeosu Petrochem Restructuring - - - - - ================= A U S T R A L I A ================= ADSLOT LTD: Secures Deed of Company Arrangement for Subsidiary -------------------------------------------------------------- TipRanks reports that Adslot Ltd has secured creditor approval for a Deed of Company Arrangement for its wholly owned subsidiary, Adslot Technologies Pty Limited, following voluntary administration initiated in June 2026. Under the arrangement, a Deed Fund comprising cash, receivables and licence fees accrued over six months will be used to satisfy debts owed to non-related creditors on a pro rata basis, while Adslot Group's own claims are preserved but excluded from this pool, TipRanks relates. According to TipRanks, control of Adslot Technologies will revert to its sole director and the business will continue to trade during the deed period, with the Adslot Technology Platform remaining under the subsidiary's ownership and effectively returned to the group. The Deed Administrator expects the arrangement to be fully effectuated and terminated in about seven months, after which full control reverts to Adslot Limited as 100% shareholder, stabilising the subsidiary's operations and providing clarity for creditors and stakeholders. Shabnam Amirbeaggi of Crouch Amirbeaggi was appointed as administrator of Adslot Technologies Pty Ltd on June 18, 2026. Adslot Ltd provides digital advertising and marketing technology, operating a suite of platforms and services for publishers, media brands and business customers. Its self-service global media marketplace and trading platform serves media agencies and advertisers, complemented by digital marketing offerings such as SEO, design, hosting and software services. CHRISTIAN BROTHERS: Catholic Archdiocese to be Paid Before Victims ------------------------------------------------------------------ Myriam Robin at The Australian Financial Review reports that the almost defunct Christian Brothers will fully repay a AUD30 million loan to the Catholic archdiocese of Melbourne before dividing its dwindling remaining assets among abuse survivors. According to the Financial Review, the Catholic order is seeking to wind itself up through a creditors' scheme of arrangement, stating that its remaining AUD200 million in untied assets is insufficient to cover an estimated AUD774 million in liabilities to abuse survivors. Relatively few of the Christian Brothers' historically extensive property assets are available to the creditors' scheme. As The Australian Financial Review has previously revealed, property worth AUD891 million was over the past decade transferred to the order's now-separate education arm, for no more than AUD1 per title. This property would now fetch about AUD2 billion on the open market. Meanwhile, two of the order's remaining prized holdings have been mortgaged, making them inaccessible to victims and litigants who rank lower on the creditor list. Court documents and title records reveal the Catholic archdiocese of Melbourne has, since November 2021, held a mortgage over the Treacy Centre, the Parkville mansion that houses the Christian Brothers Oceania, according to the Financial Review. As a secured creditor, its debt is more highly ranked than those who have successfully sued the order for facilitating or failing to prevent their sexual abuse. The debt to the archdiocese would be fully covered by the sale of the heritage-listed property. Another large plot of riverfront land – in the fashionable Perth suburb of Salter Point – is also mortgaged to mezzanine financier Roadnight Capital, the Financial Review notes. The Financial Review says the Christian Brothers have a AUD16.2 million loan with the Melbourne-based investment house, which financial documents filed in court suggest may carry an interest rate as high as 15 per cent. This loan, according to an affidavit filed by the order's head, Brother Gerard Brady, is due in May 2027 and was required for "settlement payments and associated expenses for abuse survivor settlement claims and ongoing operational costs". Roadnight and the Melbourne archdiocese loans would sit outside the creditor scheme of arrangement, Brady's affidavit stated. Both organisations, which together have lent the order about AUD48 million, "remain entitled to the full value of their respective debts". The Financial Review adds that a spokeswoman for the Catholic archdiocese of Melbourne said its loan with the Christian Brothers was through its Catholic Development Fund, which provides loans "on commercial terms, including taking appropriate security". "The CDF is restricted in what it can say in relation to client matters," the spokeswoman said. The archdiocese did not respond to a question about whether it had considered forgiving the loan to enable more money to be freed up for victims. The Financial Review says the Christian Brothers previously have said they approached "the broader Catholic Church to assist with its current financial position", but had been rebuffed. The Australian Catholic Bishops' Conference has instead outlined its "great hope" that "the Christian Brothers find a way to support the provision of care for victims of abuse that occurred in institutions conducted by the Christian Brothers and now operated by Edmund Rice Education Australia". Edmund Rice Education Australia, which operates the former Christian Brothers schools, has also declined to make further funding available and argued it is now entirely separate from the order, the Financial Review adds. EREA was established by the Christian Brothers in 2007 and now operates and owns the land of schools of dozens of Catholic schools such as Melbourne's St Kevin's, Adelaide's Christian Brothers College and Rostrevor College, Sydney's Waverley College and Perth's Aquinas College. CITY TATTERSALLS: Club Collapses After Financial Troubles --------------------------------------------------------- The Australian Financial Review's StreetTalk reports that City Tattersalls Club, a 131-year-old Sydney institution founded by disgruntled bookmakers, has shut down marquee venues across the city as accounting firm PKF commences a wind-up. StreetTalk relates that members of the club on July 22 were told PKF will apply to the Supreme Court to seek instructions on how to wind-up the club, given it is an unincorporated association. COREPLEX BUSINESS: Second Creditors' Meeting Set for July 29 ------------------------------------------------------------ A second meeting of creditors in the proceedings of Coreplex Business Advisory Pty. Ltd. (trading as Robert V Read & Associates) has been set for July 29, 2026, at 10:30 a.m. via virtual facilities. 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 28, 2026 at 5:00 p.m. Graeme Beattie of Worrells was appointed as administrator of the company on June 25, 2026. MARCHESE ENTERPRISES: First Creditors' Meeting Set for July 29 -------------------------------------------------------------- A first meeting of the creditors in the proceedings of Marchese Enterprises Pty Ltd (trading as Printing 4 Packaging, Natural Living, Collection Fun For All Of Us, and MJ Goods Formerly t/as My Organic Pet Shop, and Trackside Hobbies) will be held on July 29, 2026, at 11:00 a.m. via Microsoft Team. Clifford Rocke and Jimmy Trpcevski of WA Insolvency Solutions were appointed as administrators of the company on July 17, 2026. RENNIKS ASSET: First Creditors' Meeting Set for July 29 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Renniks Asset Management Pty Ltd atf The Renniks Asset Management Trust will be held on July 29, 2026, at 1:00 p.m. via Microsoft Teams Meeting. Stephen Dixon of HM Advisory was appointed as administrator of the company on July 20, 2026. THINK TANK 2026-2: S&P Assigns Prelim. Bsf Rating on Cl. F Notes ---------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to seven of the eight classes of small-ticket commercial mortgage-backed, floating rate, pass-through notes to be issued by BNY Trust Co. of Australia Ltd. as trustee of Think Tank Commercial Series 2026-2 Trust. Think Tank Commercial Series 2026-2 Trust is a securitization of loans to commercial borrowers, secured by first-registered mortgages over Australian commercial and residential properties originated by Think Tank Group Pty Ltd. The preliminary ratings reflect the following factors. S&P said, "We have assessed the credit risk of the underlying collateral portfolio, including the fact that this is a closed portfolio, which means no further loans will be assigned to the trust after the closing date. "Our analysis of credit risk for the small-ticket commercial mortgage loans is based on our "Principles Of Credit Ratings" criteria; however, where factors that affect borrower performance are similar to those for residential mortgage loans, we have applied similar assumptions. "The credit support is sufficient to withstand the stresses we apply. This credit support comprises note subordination for each class of rated note." The transaction's cash flows can meet timely payment of interest and ultimate payment of principal to the noteholders under the rating stresses. Key factors are the level of subordination provided, an amortizing liquidity facility sized at 1.5% of the outstanding balance of the rated notes, a yield reserve that builds via excess spread (subject to conditions), and the principal draw function. An extraordinary expense reserve of A$250,000, funded from day one by Think Tank Group, will be available to meet extraordinary expenses. The reserve will be topped up via excess spread if drawn. S&P's ratings also reflect the legal structure of the trust, which has been established as a special-purpose entity and meets its criteria for insolvency remoteness. Preliminary Ratings Assigned Think Tank Commercial Series 2026-2 Trust Class A1, A$325.00 million: AAA (sf) Class A2, A$65.00 million: AAA (sf) Class B, A$36.50 million: AA (sf) Class C, A$33.25 million: A (sf) Class D, A$18.75 million: BBB (sf) Class E, A$11.25 million: BB (sf) Class F, A$6.75 million: B (sf) Class G, A$3.50 million: Not rated TURQUOISE VII: S&P Assigns Prelim. Bsf Rating on Class F Notes -------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to eight classes of residential mortgage-backed securities (RMBS) to be issued by Permanent Custodians Ltd. as trustee of Turquoise VII Trust. Turquoise VII Trust is a securitization of residential mortgages originated by Bluestone Mortgages Pty Ltd. (Bluestone). The preliminary ratings S&P has assigned to the floating-rate RMBS reflect the following factors. The credit risk of the underlying collateral portfolio and the credit support provided to each class of notes are commensurate with the ratings assigned. Note subordination and excess spread provide credit support. Our assessment of credit risk considers Bluestone's underwriting standards and approval process, and Bluestone's strong servicing quality. The rated notes can meet timely payment of interest and ultimate payment of principal under the rating stresses. Key rating factors are the level of subordination provided, the provision of a liquidity facility, the principal draw function, and the provision of an extraordinary expense reserve. S&P's analysis is on the basis that the rated notes are fully redeemed via the principal waterfall mechanism under the transaction documents by their legal final maturity date, and it assumes the notes are not called at or beyond the call-option date. S&P said, "Our ratings also consider the counterparty exposure to Commonwealth Bank of Australia as bank account provider and Bank of America, N.A., Australian Branch (BANA) as liquidity facility provider. We have derived our rating on BANA from our rating on the parent entity. The transaction documents for the facilities include downgrade language consistent with our counterparty criteria. "We have also factored into our ratings the legal structure of the trust, which is established as a special-purpose entity and meets our criteria for insolvency remoteness." Preliminary Ratings Assigned Turquoise VII Trust Class A1S, A$292.00 million: AAA (sf) Class A1L, A$388.00 million: AAA (sf) Class A2, A$36.00 million: AAA (sf) Class B, A$28.80 million: AA (sf) Class C, A$26.40 million: A (sf) Class D, A$14.40 million: BBB (sf) Class E, A$5.60 million: BB (sf) Class F, A$5.60 million: B (sf) Class G1, A$1.60 million: Not rated Class G2, A$1.60 million: Not rated YUANDA VIC: First Creditors' Meeting Set for July 30 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Yuanda Vic Pty Ltd will be held on July 30, 2026, at 4:00 p.m. via virtual meeting. Jialan Xu and Michael McCann of Grant Thornton were appointed as administrators of the company on July 20, 2026. ZENRA GROUP: First Creditors' Meeting Set for July 30 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Zenra Group Pty Ltd will be held on July 30, 2026, at 11:00 a.m. via Microsoft Teams Meeting. Stephen Dixon of HM Advisory was appointed as administrator of the company on July 20, 2026. ========= C H I N A ========= ADDENTAX GROUP: HML PLT Flags Going Concern Doubt Over Losses ------------------------------------------------------------- Addentax Group Corp. filed its Annual Report on Form 10-K for the fiscal year ended March 31, 2026, with the Securities and Exchange Commission. The audited report contains a blunt warning: conditions exist that raise substantial doubt about its ability to continue as a going concern. The Company reported a net loss of approximately $4.0 million and a net loss of approximately $5.1 million for the years ended March 31, 2026 and 2025, respectively. Total revenue for the year ended March 31, 2026, significantly increased by approximately $1.2 million, or approximately 28.6%, as compared with the year ended March 31, 2025. Going Concern Kuala Lumpur, Malaysia-based HML PLT, the Company's auditor since 2024, issued a "going concern" qualification in its report dated June 29, 2026, attached to the Company's Annual Report, citing that the Company has incurred a net loss of approximately $4.47 million during the period, which raises substantial doubt about the Company's ability to continue as a going concern. The Company's ability to continue as a going concern is dependent upon management's ability to successfully implement its business plans, improve operating results, manage operating costs, collect accounts receivable, and obtain additional financing when necessary. Management Plans Management's plans include, among other things, continuing to develop the Company's garment manufacturing, logistics services and consulting service businesses, improving operating efficiency, controlling general and administrative expenses, and seeking additional financing through public or private equity or debt financing if required. There can be no assurance that the Company will be successful in achieving these plans or that additional financing will be available on acceptable terms, or at all. A full-text copy of the annual report is available at https://tinyurl.com/bde8stxm About Addentax Group Corp. Addentax Group Corp. -- https://www.addentax.com/ -- is an integrated service provider specializing in garment manufacturing, logistics services, and property management and subleasing. As of March 31, 2026, the Company had $29.3 million in total assets, $7.6 million in total liabilities, and $21.7 million in total equity. CHINA VANKE: Wins New Funding as It Completes Bonds Extensions -------------------------------------------------------------- Caixin Global reports that China Vanke Co. secured a CNY519 million (US$76.7 million) loan from its largest shareholder to cover impending obligations on two domestic bonds, completing its initial round of extensions for all public debt maturing in 2026. Caixin relates that the latest liquidity support highlights the mounting pressure on the state-backed developer as it seeks to avoid a broader restructuring. The piecemeal bond extensions are proving resource-intensive, while government support remains limited. About China Vanke China Vanke Co., Ltd. operates real estate development businesses. The Company provides housing renovation, housing loans, real estate brokerage, and other businesses. China Vanke also operates logistics, material supply, and other businesses. Fitch Ratings, in May 2026, downgraded China Vanke Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'RD' from 'CC', and affirmed the Long-Term IDR on China Vanke's wholly owned subsidiary, Vanke Real Estate (Hong Kong) Company Ltd (Vanke HK) at 'CC'. Fitch has also affirmed Vanke HK's senior unsecured rating and the rating on its outstanding senior notes at 'C', with a Recovery Rating of 'RR5'. Moody's Ratings, on Dec. 30, 2025, downgraded the following ratings of China Vanke Co., Ltd. and its wholly-owned subsidiary, Vanke Real Estate (Hong Kong) Company Limited -- (1) China Vanke's corporate family rating (CFR) to Ca from Caa2; (2) Backed senior unsecured rating on the medium-term note (MTN) program of Vanke Real Estate to (P)C from (P)Caa3; and (3) Backed senior unsecured rating on the bonds issued by Vanke Real Estate to C from Caa3. Moody's have also maintained the negative outlooks of the entities. S&P Global Ratings, on Dec. 23, 2025, lowered its long-term issuer credit rating on China Vanke Co. Ltd. to 'SD' from 'CCC-'. S&P affirmed its 'CCC-' long-term issuer credit rating on its subsidiary Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK) and its 'CCC-' long-term issue ratings on Vanke HK's senior unsecured notes. At the same time, S&P removed the ratings from CreditWatch, where they were placed with negative implications on Nov. 27, 2025. JINGBO TECHNOLOGY: Reports $6.71 Million Net Loss for Fiscal 2026 ----------------------------------------------------------------- Jingbo Technology, Inc. filed with the Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended Feb. 28, 2026, reporting a net loss of $6.71 million for fiscal 2026, compared with a net loss of $6.02 million in fiscal 2025. Net revenues declined 28% to $1.54 million for fiscal 2026, from $2.14 million in the prior year. Going Concern Management said it evaluated the Company's liquidity by monitoring its cash on hand, working capital requirements, operating expenses, and capital expenditure commitments. In assessing its ability to continue as a going concern, management considered several factors, including the Company's net loss of $6.71 million for the year ended Feb. 28, 2026, an accumulated deficit of $42.00 million, and a working capital deficit of $9.75 million as of Feb. 28, 2026. Based on these conditions, management concluded that substantial doubt exists about the Company's ability to continue as a going concern. To address these conditions, management plans to implement strategies to grow the business, generate additional revenue, and further control operating costs. The Company also intends to pursue additional liquidity through equity financing, debt financing from banks and other financial institutions, and continued financial support and credit guarantee commitments from related parties. However, management stated that if the Company is unable to obtain additional financing, it will probably not have sufficient funds to meet its working capital requirements. There can be no assurance that the Company will successfully implement these plans or obtain financing on commercially reasonable terms, or at all. Liquidity and Capital Resources As of Feb. 28, 2026, the Company had total assets of $7.78 million, consisting of current assets of $2.21 million and non-current assets of $5.56 million, compared with total assets of $12.22 million a year earlier. Total liabilities increased to $39.06 million from $35.23 million at Feb. 28, 2025, including current liabilities of $11.97 million and non-current liabilities of $27.09 million. Net cash used in operating activities totaled $2.14 million during fiscal 2026, compared with $1.33 million used in the prior year. Operating cash outflows primarily reflected the Company's net loss, partially offset by non-cash charges, including impairment losses, depreciation and amortization, and changes in working capital. Net cash used in investing activities was $171,675, primarily for purchases of property and equipment and other non-current assets, compared with net cash provided by investing activities of $776,994 in fiscal 2025. Net cash provided by financing activities increased to $2.32 million in fiscal 2026 from $512,117 in fiscal 2025, mainly due to proceeds from third-party loans and interest-free loans from related parties, partially offset by repayments of third-party borrowings. A full-text copy of the Company's Annual Report is available at https://tinyurl.com/32xwku9p About Jingbo Technology Headquartered in Shoujiang Town, Fuyang District, China, Jingbo Technology, Inc., initially was in the business platform of providing application software to a global vendor platform to connect people to businesses and provide a new shopping experience. The Company's wholly owned subsidiary, Intellegence Parking Group Limited, is a multinational technology company, with a smart parking application software and platform business ecosystem as its main business venture. Intellegence operates facilities at Xiaoshan Airport Remote Parking Lot, Tianjin Xinhua International University, Fuyang People's Hospital, Qilu University Hospital, Shanghai Tesco Supermarket, Hubei Huanggang Central Hospital. It also currently has eight urban parking projects. As of Feb. 28, 2026, the Company had $7.78 million in total assets, $39.06 million in total liabilities, and $31.28 million in total stockholders' deficit. JINGBO TECHNOLOGY: Reports $617K Net Loss in Q1 Fiscal 2027 ----------------------------------------------------------- Jingbo Technology, Inc. filed its Quarterly Report on Form 10-Q with the Securities and Exchange Commission, reporting a net loss of $617,240 during the three months ended May 31, 2026, compared to a net loss of $408,871 for the three months ended May 31, 2025. Net Revenues were declined to $281,962 for the three months ended May 31, 2026, compared to $461,630 for the same period in 2025. As of May 31, 2026, the Company had a total deficit of $42,601,318 and had a working capital deficit of $10,124,170. The Company incurred a net loss of $6,706,122 for the year ended February 28, 2026. As of February 28, 2026, the Company had a total deficit of $41,996,913 and had a working capital deficit of $9,754,932. Management has determined there is substantial doubt about its ability to continue as a going concern. Accordingly, management stated that it will implement strategies and plans to grow the Company's business and generate substantial revenue and take further measures to control operating costs. Management is trying to alleviate the going concern risk through the following sources: * Equity financing to support its working capital; * Other available sources of financing (including debt) from banks and other financial institutions; and * Financial support and credit guarantee commitments from the Company's related parties. Based on the considerations, the manager is of the opinion that the Company will probably not have sufficient funds to meet its working capital requirements if the Company is unable to obtain additional financing. There is no assurance that the Company will be successful in implementing the foregoing plans or that additional financing will be available to the Company on commercially reasonably terms, or at all. A full-text copy of the Company's Quarterly Report is available at https://tinyurl.com/5b8x2mre About Jingbo Technology Headquartered in Shoujiang Town, Fuyang District, China, Jingbo Technology, Inc., initially was in the business platform of providing application software to a global vendor platform to connect people to businesses and provide a new shopping experience. The Company's wholly owned subsidiary, Intellegence Parking Group Limited, is a multinational technology company with a smart parking application software and platform business ecosystem as its main business venture. Intellegence operates facilities at Xiaoshan Airport Remote Parking Lot, Tianjin Xinhua International University, Fuyang People's Hospital, Qilu University Hospital, Shanghai Tesco Supermarket, Hubei Huanggang Central Hospital. It also currently has eight urban parking projects. As of May 31, 2026, the Company had total assets of $7,721,824, total liabilities of $40,018,375, and $32,296,551 in total stockholders' deficit. ================= H O N G K O N G ================= VANKE REAL ESTATE: S&P Withdraws 'CCC-' Rating on Medium Term Note ------------------------------------------------------------------ S&P Global Ratings withdrew its 'CCC-' rating on Vanke Real Estate (Hong Kong) Co. Ltd.'s medium term note program at the issuer's request. The long-term issuer credit rating on Vanke Real Estate (Hong Kong) Co. Ltd. (CCC-/Negative/--) and the issue rating on outstanding individual bonds that the company has issued are unaffected. ========= I N D I A ========= AIRCRAFT EMPLOYEES: CRISIL Keeps B Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Aircraft Employees Credit Cooperative Society Limited (AECCS) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL B/Stable (Issuer Not Cooperating) Cash Credit 10 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AECCS for obtaining information through letter and email dated June 30, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AECCS, which restricts ability Crisil Ratings' to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AECCS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AECCS continues to be 'Crisil B/Stable Issuer not cooperating'. AECCS was set up in 1954 and is registered under the Karnataka Societies Registration Act. Only the employees based in the Bengaluru division of HAL are eligible to become members of AECCS. The society provides financial assistance for the welfare of its members by extending personal loans. It also offers facilities for recreational and cultural activities of employees and their family. As on December 31, 2017, the society had more than 11,800 members. Book size was INR38.4 crore as on December 31, 2017, against INR35.2 crore as on March 31, 2017. The society disbursed INR22.1 crore during the nine months ended December 31, 2017, against INR34.5 crore made during fiscal 2017. ANANT VENKATESH: CRISIL Keeps B Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Anant Venkatesh Construction LLP (AVCLP) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Rupee Term Loan 15 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AVCLP for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AVCLP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AVCLP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AVCLP continues to be 'Crisil B/Stable Issuer not cooperating'. Formed in 2014, AVCLP is a Pune-based limited liability partnership. AVCLP is currently executing a residential real estate project, Anant Venkatesh, at Sus-Pashan in Pune. The firm is promoted by Dajikaka Gadgil Developers Pvt Ltd which in turn belongs to the Gadgil family of Pune (promoters of PN Gadgil Jewellers Pvt Ltd). ARETE INDIA: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Arete India Projects Private Limited (AIPPL) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 22 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with AIPPL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AIPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AIPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AIPPL continues to be 'Crisil B/Stable Issuer not cooperating'. AIPPL is incorporated under the Companies Act, 1956. Currently, it is constructing a residential project, Our Homes 3, in Gurgaon under the Haryana Urban Development Authority's affordable housing scheme. Mr Arun Kapoor and Mr Rajesh Goel are the promoters. BALAJI PARABOILED: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL said the ratings on bank facilities of Sri Balaji Paraboiled Rice Mills Private Limited (SBPRMPL) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.25 CRISIL B/Stable (ISSUER NOT COOPERATING) Proposed Long Term 6.25 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Crisil Ratings has been consistently following up with SBPRMPL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SBPRMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SBPRMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SBPRMPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 1999, SBPRMPL mills and processes paddy into rice. The manufacturing plant is in Nalagonda district, Telangana. Mr Gouru Srinivas and Mr Gouru Saroja and their family members are the promoters. CARTON AND CARTON: CRISIL Keeps B Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Carton and Carton (CC) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with CC for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of CC, which restricts ability Crisil Ratings' to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CC continues to be 'Crisil B/Stable Issuer not cooperating'. Set up in 1996 and based in Chennai, CC is engaged in manufacturing of various types of corrugated boxes for use in packaging industry. The firm has its manufacturing unit in Chennai and its operations are managed by the promoter, Mr V Irfathullah. FARMICO COLD CHAIN: CRISIL Keeps B Debt Rating in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Farmico Cold Chain And Logistics Limited (FCSPL) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Mortgage Loan 8 Crisil B/Stable (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with FCSPL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of FCSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on FCSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of FCSPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 1995, FCSPL (formerly known as Wadhwani Cold Storage And Ice Plant Pvt Ltd) operates a cold storage unit at Nagpur, Maharashtra. The company provides cold storage facilities to various farmers and traders located in and around the Agricultural Produce Market Committee market at Nagpur. FARMICO COLD: CRISIL Keeps B Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Farmico Cold Chain Private Limited (FCCPL) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 10 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with FCCPL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of FCCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on FCCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of FCCPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2000 and promoted by Mr Prakash Wadhwani, WPCS operates a cold storage unit at Nagpur, Maharashtra. The company provides cold storage and banana-ripening facilities to various farmers and traders. KSHETRAPAL AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shree Kshetrapal Agro Resources Private Limited (SKARPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL B/Stable (ISSUER NOT COOPERATING) Lease Rental 8.9 CRISIL B/Stable (ISSUER NOT Discounting Loan COOPERATING) Proposed Cash 0.1 CRISIL B/Stable (ISSUER NOT Credit Limit COOPERATING) Crisil Ratings has been consistently following up with SKARPL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SKARPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SKARPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SKARPL continues to be 'Crisil B/Stable Issuer not cooperating'. SKARPL was incorporated in 2021. SKARPL provided castor oil unit on lease basis, located at Palanpur Dessa district of Gujarat. It's also engaged in trading of edible oil. The company is owned and managed by Mr. Ghanshambhai Thakkar. S R COTTON: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of S R Cotton Private Limited (SRCPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 CRISIL B/Stable (ISSUER NOT COOPERATING) Long Term Loan 3 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with SRCPL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SRCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SRCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SRCPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2014, SRCPL is promoted by Mr. Rajesh C Jambigi and Dr. Sunil C Jambigi, and is engaged in cotton ginning and pressing business, with an installed capacity of 40,000 bales per annum at Ranebennur, Karnataka. S.L. GROUP: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of S.L. Group and Associates (SLGA) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 19.5 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with SLGA for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SLGA, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SLGA is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SLGA continues to be 'Crisil B/Stable Issuer not cooperating'. SLGA is currently executing a residential project 'Green Orchid' spread over 3,99,456.6 sq. ft at Plot 1 Sector 13, New Moradabad (UP) on a land plot of 1,02,537.3 sq. ft. SLGA is a joint venture between Mr Sunil Gupta, Mr Shashank Gupta and Mr Chandra Bhan Singh. SAKTHI EDUCATIONAL: CRISIL Keeps B Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sri Sakthi Educational Trust (SSET) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 7 CRISIL B/Stable (Issuer Not Cooperating) Overdraft Facility 1.5 CRISIL B/Stable (Issuer Not Cooperating) Proposed Long Term 1.5 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SSET for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SSET, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSET is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SSET continues to be 'Crisil B/Stable Issuer not cooperating'. SSET was established as a registered trust in Salem (Tamil Nadu) in 1996 by Mrs. Leelavathi. The trust runs three colleges offering under-graduate and post-graduate courses in engineering, arts and sciences, and education and one higher secondary school in Salem. SANDHYA LAYER: CRISIL Lowers Rating on INR20.6cr Cash Loan to B+ ---------------------------------------------------------------- Crisil Ratings has downgraded its rating on the long-term bank facilities of Sandhya Layer Farm (SLF) to 'Crisil B+/Stable' from 'Crisil BB-/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 Crisil B+/Stable (Downgraded from 'Crisil BB-/Stable') Cash Credit 20.6 Crisil B+/Stable (Downgraded from 'Crisil BB-/Stable') Term Loan 6.48 Crisil B+/Stable (Downgraded from 'Crisil BB-/Stable') Working Capital 2.92 Crisil B+/Stable (Downgraded Term Loan from 'Crisil BB-/Stable') The rating downgrade reflects the stretch in the working capital cycle, with gross current assets (GCAs) of around 322 days as on March 31, 2026, owing to large inventory of 357 days. As a result, dependency on working capital limits increased, resulting in fully utilised bank limits over the trailing 12 months through May 2026, impacting liquidity. Furthermore, the firm has had to resort to ad hoc limits to fulfill its working capital requirement. The firm's ability to improve its liquidity, working capital management and financial risk profile will remain monitorable over the medium term. The rating reflects the exposure to inherent risks in the poultry industry and working capital-intensive operations. These weaknesses are partially offset by the extensive industry experience of the partners. Analytical approach Crisil Ratings has evaluated the standalone business and financial risk profiles of SLF. Key rating drivers - Weaknesses * Exposure to inherent risks in the poultry industry: The industry is vulnerable to outbreak of diseases, which declines sales volume and reduces selling prices. Such diseases have an impact on the production of healthy chicks. Furthermore, the industry is also affected by seasonal demand, leading to volatility in product prices. * Working capital-intensive operations: GCAs were stretched at 322 days, driven by large inventory of 357 days, respectively, as on March 31, 2026. Inventory mainly consists of feed stock and chicks. Key rating drivers - Strengths * Extensive industry experience of the partners: The extensive industry experience of the partners, understanding of the market dynamics and established relationships with suppliers and customers should continue to support the business. Liquidity Stretched The bank limits have been fully utilised over the 12-month period ending May 2026. Additionally, the firm has had to rely on ad hoc limits to meet its working capital requirement. Annual cash accrual is expected to be INR2.50–3.00 crore against yearly term debt obligation of INR1.7–2.5 crore over the medium term. The current ratio was moderate at 1.18 times as on March 31, 2026. Outlook Stable Crisil Ratings believes SLF will continue to benefit from the extensive industry experience of its partners. Rating sensitivity factors Upward factors: * Sustained improvement in the scale of operations and profitability leading to net cash accrual of around INR3 crore * Improvement in the financial risk profile and liquidity Downward factors: * Decrease in the scale of operations or profitability leading to net cash accrual of around INR2 crore * Large, debt-funded capital expenditure or further stretch in working capital cycle thereby constraining the liquidity and financial risk profile SLF has recently set up a farm in Siddipet, Telangana, with capacity of 4 lakh layer birds. The firm commenced operations in October 2022. SATURN TAMPONDRUCK: CRISIL Keeps B Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Saturn Tampondruck India Private Limited (STIPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.5 CRISIL B/Stable (ISSUER NOT COOPERATING) Proposed Long Term 0.5 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Term Loan 4.5 CRISIL B/Stable (ISSUER NOT COOPERATING) Term Loan 1 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with STIPL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of STIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on STIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of STIPL continues to be 'Crisil B/Stable Issuer not cooperating'. STIPL, incorporated in 2010, is a Gurugram-based company that manufactures pad printing machines and printing ink for various industries such as footwear, automobile, wire and cable. Mr Sanjay Upadhyay and Ms Vandana Upadhyay are the promoters. SHIV ENGINEERING: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shiv Engineering (SVE) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.7 CRISIL B/Stable (Issuer Not Cooperating) Term Loan 8.3 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SVE for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SVE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SVE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SVE continues to be 'Crisil B/Stable Issuer not cooperating'. Established in 1999 as a proprietorship firm, SVE undertakes heavy machining jobwork and heavy sheet metal fabrication. It offers heavy machining services such as base frame machining, jobwork on plano and boring machining, heavy t-slot bed machining, etc. SHUBHALAXMII FOOD: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shubhalaxmii Food Industry (SFI) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit/ 8.8 Crisil B/Stable (Issuer Not Overdraft Cooperating) facility Term Loan 2.13 Crisil B/Stable (Issuer Not Cooperating) Term Loan 1.07 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SFI for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SFI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SFI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SFI continues to be 'Crisil B/Stable Issuer not cooperating'. Based in Nagpur (Maharashtra), SFI processes food grains, pulses, dry fruits, spices etc. The firm has over 280 products under its portfolio. Operations are managed by the partners, Mr Ankit Agrawal, Mr Kishore Agrawal and Mrs Rekhadevi Kishore Agrawal. SHUBHAM COTTON: CRISIL Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shubham Cotton Mills Private Limited (SCMPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 17.5 CRISIL B/Stable (ISSUER NOT COOPERATING) Term Loan 0.5 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with SCMPL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SCMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SCMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SCMPL continues to be 'Crisil B/Stable Issuer not cooperating'. SCMPL, incorporated in 1988, gins cotton, extracts oil from cotton seeds, and manufactures guar gum and its by-products, churi and korma. The company's processing and manufacturing unit is in Ellenabad (Sirsa; Haryana). It was acquired by the current promoters, Mr Vinod Kumar, Mr Naresh Kumar, and Mr Mukesh Kumar, in 2003, from Mr Ajay Kumar, Mr Raj Kumar, and Mr Prem Kumar. SIDDHARTHA SUPER: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Siddhartha Super Spinning Mills Limited (SSML) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL B/Stable (Issuer Not Cooperating) Long Term Loan 6 CRISIL B/Stable (Issuer Not Cooperating) Long Term Loan 14 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SSML for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SSML, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSML is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SSML continues to be 'Crisil B/Stable Issuer not cooperating'. Set up in 1981 by Mr Hemchand Jain, SSML manufactures synthetic yarn from manmade fibre. The company was taken over by the current management in 2005 and is listed on the Delhi Stock Exchange. Its manufacturing facility is in Nalagarh, Himachal Pradesh; it is currently being managed by Mr. R P Agarwal and Associates. SIDDHI GANESH: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of SGMPL continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Electronic Dealer 25 Crisil B/Stable (Issuer Not Financing Scheme Cooperating) (e-DFS) Crisil Ratings has been consistently following up with SGMPL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SGMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SGMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SGMPL continues to be 'Crisil B/Stable Issuer not cooperating'. SGMPL was set up in 2003 as a partnership firm by Mr Sudershan Singh Rathore and his family members; it was reconstituted as a private limited company in 2006. The Secunderabad (Telangana) - based company trades in stainless steel products (sheets, plates, and coils) manufactured by Jindal Stainless Limited. SRINIVASA MEDICAL: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Srinivasa Medical Corporation (SMC) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Open Cash Credit 6.75 CRISIL B/Stable (ISSUER NOT COOPERATING) Proposed Long Term 0.80 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Working Capital 0.95 CRISIL B/Stable (ISSUER NOT Term Loan COOPERATING) Crisil Ratings has been consistently following up with SMC for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SMC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SMC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SMC continues to be 'Crisil B/Stable Issuer not cooperating'. SMC was established as partnership firm in 1982. It is engaged in trading and wholesaling of various kind of medicines, pharmaceutical drugs and other medical products to the hospitals. Firm is based in Guntur- Andhra Pradesh and owned by Mr. T. Srinivasa Rao and Mr. Venkata Chaitanya. SRIRATNA PACKAGING: CRISIL Keeps B Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Sriratna Packaging (SRP) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 10 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Crisil Ratings has been consistently following up with SRP for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SRP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SRP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SRP continues to be 'Crisil B/Stable Issuer not cooperating'. SRP was incorporated in January, 2018 for establishing a facility for manufacturing of corrugated boxes. The company is located in Hyderabad (Telangana). The company is mainly promoted and managed by Mr. D Ammi Raju and his son Mr. D Satish Raju. STARKE ROCKSAND: CRISIL Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Starke Rocksand LLP (SRL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.5 Crisil B/Stable (Issuer Not Cooperating) Term Loan 3.5 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SRL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SRL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SRL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SRL continues to be 'Crisil B/Stable Issuer not cooperating'. SRL was established in the year 2016 and promoted by Mr. Datla Jogi Jagannadha Raju, Mr. P.Purna chand ,and Mrs. G.Vijayalakshmi. SRL is engaged in crushing and breaking of stone of of rock sand and stones in various types of sizes i.e. 40 mm, 20mm, etc. SRL manufacturing facility is located in Ranga Reddi district of Telangana state with an installed capacity of 240 TPH. SUVIDHA PROJECTS: CRISIL Keeps B Debt Rating to Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Suvidha Projects (SP) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 6 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SP for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SP continues to be 'Crisil B/Stable Issuer not cooperating'. SP was set up in 2002 and is a part of Suvidha Group. The firm is engaged in real estate development largely in Pune. SP currently is undertaking real estate development - Suvidha Dnyanganga Phase 2, a residential project with around 86 flats in Pune. VASUNDHARA POWER: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Vasundhara Power and Infrastructure Private Limited (VPIPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B/Stable (Issuer Not Cooperating) Proposed Fund- 1 CRISIL B/Stable (Issuer Not Based Bank Limits Cooperating) Crisil Ratings has been consistently following up with VPIPL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of VPIPL, which restricts ability Crisil Ratings' to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VPIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VPIPL continues to be 'Crisil B/Stable Issuer not cooperating'. VPIPL, was incorporated in February 2009 and is promoted by Mr Ghanshyam Dalmia and Mr Kamal Pat Dalmia. VPIPL executes coal crushing, screening and grading and also undertakes coal trading. The company has two units in Sundergarh, Odisha with annual capacity of 150 tonne per day. VERENE PACKAGING: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Verene Packaging LLP (VP) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.95 Crisil B/Stable (Issuer Not Cooperating) Long Term Loan 7 Crisil B/Stable (Issuer Not Cooperating) Proposed Long Term 2.05 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with VP for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of VP, which restricts ability Crisil Ratings' to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VP continues to be 'Crisil B/Stable Issuer not cooperating'. Set up in November 2016, Delhi-based VP, is in the business of manufacturing and supplying a wide assortment of plastic disposable products such as polystyrene plates, trays and bowls as per industrial standards. Mr Vijay Gupta and his son Mr Piyush Gupta are the partners. VKN LAKSHMI: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of VKN Lakshmi Agro Foods Private Limited (VKN) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 5 CRISIL B/Stable (Issuer Not Cooperating) Secured Overdraft 5 CRISIL B/Stable (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with VKN for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of VKN, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VKN is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VKN continues to be 'Crisil B/Stable Issuer not cooperating'. VKN was incorporated in the year 2015 in order to set up a dairy farm with 1000 cows and sell organic milk. The company is based out of Chennai. VKNis promoted by Mr. Natesan Krishnan and his family members and expects to commence commercial operations from April 2017. YADAV SOLVEX: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Yadav Solvex Private Limited (YSPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B/Stable (Issuer Not Cooperating) Term Loan 7.15 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with YSPL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of YSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on YSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of YSPL continues to be 'Crisil B/Stable Issuer not cooperating'. YSPL was incorporated in 2003 by Mr. Bhagwan Singh and his family. The firm processes basmati rice at its plant at Muktsar in Punjab. YSPL has a total milling and sorting capacity of 4.5 tonne per hour each. ===================== N E W Z E A L A N D ===================== COMPLETE TILING: Court to Hear Wind-Up Petition on Aug. 1 --------------------------------------------------------- A petition to wind up the operations of Complete Tiling Limited will be heard before the High Court at Auckland on Aug. 1, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on June 22, 2026. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 LIFESTYLE RENTAL: BDO Wellington Appointed as Receivers ------------------------------------------------------- Jessica Kellow and Iain Shephard of BDO Wellington on July 17, 2026, were appointed as receivers and managers of Lifestyle Rental Properties Limited, Lifestyle Loans Limited, Eastbourne Lifestyle Limited, Gods Plan Limited, Lifestyle Trading Limited, Randwick Mews Limited, Franklyn Street Limited and Pinot Grove Limited. The receivers and managers may be reached at: Jessica Kellow Iain Shephard BDO Wellington Level 1, 50 Customhouse Quay Wellington 6011 PRO-PAC FINANCE: Creditors' Proofs of Debt Due on Aug. 3 -------------------------------------------------------- Creditors of Pro-Pac Finance (NZ) Limited are required to file their proofs of debt by Aug. 3, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 15, 2026. The company's liquidators are: Andrew Grenfell Kare Johnstone McGrathNicol Level 17 41 Shortland Street Auckland TAMAKI MAKAURAU: Court to Hear Wind-Up Petition on July 30 ---------------------------------------------------------- A petition to wind up the operations of Tamaki Makaurau Office Architecture Limited will be heard before the High Court at Auckland on July 30, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on April 20, 2026. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 WORTHINGTON FOREST: Creditors' Proofs of Debt Due on Aug. 13 ------------------------------------------------------------ Creditors of Worthington Forest Solutions Limited, Good Vibes Company Limited and Savage Sawmilling Limited are required to file their proofs of debt by Aug. 13, 2026, to be included in the company's dividend distribution. Worthington Forest Solutions and Good Vibes Company commenced wind-up proceedings on July 15, 2026. Savage Sawmilling commenced wind-up proceedings on July 16, 2026. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 =============== P A K I S T A N =============== PAKISTAN: S&P Raises LongTerm Sovereign Credit Rating to 'B' ------------------------------------------------------------ S&P Global Ratings raised its long-term sovereign credit rating on Pakistan to 'B' from 'B-' on July 22, 2026. The outlook is stable. S&P also affirmed the 'B' short-term sovereign credit rating. At the same time, S&P raised the transfer & convertibility assessment on Pakistan to 'B' from 'B-'. Outlook S&P said, "The stable outlook reflects our view of Pakistan's improved political and institutional settings. Entrenched economic reforms will bring about a sustained period of steady growth and fiscal consolidation. We anticipate sustained official financing will support Pakistan in meeting its external obligations and that the country will continue to roll over its commercial credit lines over the next 12 months." Downside scenario S&P said, "We may lower our ratings if, contrary to our expectations, Pakistan's current external or fiscal indicators deteriorate as a result of a diminished commitment to fiscal consolidation. This could erode financial support from key bilateral and multilateral partners, pressuring usable foreign exchange reserves. "Furthermore, if interest rates surge again materially adding to the government's already-heavy debt servicing burden, we would view that as an indication of domestic financing stress." Upside scenario S&P may raise the ratings if it believes Pakistan's fiscal and external metrics continue to strengthen structurally. This could happen if the country's fiscal deficits narrow such that the change in net general government debt is less than 3% of GDP on a sustained basis. Simultaneously, government revenue would need to continue rising while financing costs moderate, with strong expenditure controls. Such a scenario will be accompanied by net general government debt falling below 60% of GDP. Concurrently, improvements in Pakistan's external indicators resulting in narrow net external debt falling below 100% of current account receipts, and gross external financing needs decline to less than 100% of the sum of current account receipts and usable reserves, may see the ratings raised. Rationale S&P's upgrade on Pakistan is predicated on improved institutional stability that has helped to implement critical IMF program reforms. These reforms have quickened fiscal consolidation and rebuilt external buffers. The institutional settings of Pakistan have strengthened over the last two years. The passage of the IMF's Extended Fund Facility (EFF) US$7 billion program in September 2024 has been critical in restoring macroeconomic stability to the country and replenishing foreign reserves. Thus far, Pakistan has met most of the EFF program targets, which has allowed for timely IMF disbursements. A relatively stable political environment has been instrumental in this regard. The IMF program, along with strong support from bilateral partners, has considerably boosted foreign reserves. As of end June 2026, foreign reserves (including the central bank's gold holdings) had climbed to US$25.3 billion, from a multi-year low of US$6.7 billion in December 2022.This is more than sufficient to cover the government's external principal payments of US$16.4 billion over the next 12 months. In April 2026, Pakistan entered international capital markets for the first time in four years with a Eurobond placement of US$750 million and an inaugural panda bond issuance of Chinese yuan (CNY) 1.75 billion (equivalent to about US$250 million). S&P believes multilateral and bilateral funding, coupled with continued access to commercial borrowing, will diversify Pakistan's external funding options. The pace of fiscal consolidation has accelerated due to the government's commitment to structural reforms. The government was able to significantly increase tax revenues by 3.2 percentage points of GDP in the 12 months to June 2025. The tax revenue collection has continued this momentum in fiscal 2026 (ended June 30, 2026). S&P said, "Alongside expenditure controls, we forecast the general government deficit at 4% of GDP in fiscal 2027, down from close to 8% in the crisis years of fiscals 2022 and 2023. We project the change in the ratio of net debt general government debt to GDP will average 4.2% for fiscal 2026-2029." State Bank of Pakistan (SBP) tightened monetary conditions in April 2026 on the back of rising inflationary pressures from the Middle East conflict. Nevertheless, domestic interest rates remain much lower than in previous years. S&P therefore forecasts government interest payments to decline to an average of 38% of revenue over the next three years, from a peak of above 60% in fiscal 2024. That said Pakistan's ratio of interest servicing to revenue remains among the highest globally of rated sovereigns. Institutional and economic profile: Continued reform momentum to sustain economic growth -- Pakistan's economy grew in fiscal 2026 for a third consecutive year, following a contraction in fiscal 2023. -- S&P projects growth at 3.5% in fiscal 2027 supported by IMF program reforms alongside marginal price pressures due to an energy shock in the wake of the Middle East conflict. -- Political stability has bolstered the government's capacity for the implementation of reforms. Pakistan's economy grew by 3.6% in fiscal 2026 on the back of industry and services sector growth. Agriculture sector growth, a critical sector accounting for 23% of economic output, demonstrated resilience despite floods in the first quarter of fiscal 2026. Pakistan will maintain GDP growth of 3.5% in fiscal 2027 as reforms lift economic activity. Inflationary pressures have increased in the second half of fiscal 2026 on the back of higher energy prices emanating from the Middle East conflict. Consumer price index growth came in at 7.2% for fiscal 2026, higher than 4.5% in the previous fiscal year, but substantially lower than the 23.4% in fiscal 2024. S&P forecasts the index will settle at 6.5% by fiscal 2029 as global energy markets return to normalcy. The Pakistani rupee's depreciation against the U.S. dollar in recent years has contributed to a sustained stagnation in the country's nominal GDP per capita. This reversed in fiscal 2026, with the rupee appreciation against the U.S dollar. Coupled with continued real growth momentum, we forecast GDP per capita will be close to US$2,000 in fiscal 2027. Pakistan and the IMF agreed to an EFF that approved financial support of US$7 billion in September 2024 over 37 months. The performance requirements of the program are a continuation and extension of those set in the US$3 billion standby arrangement with the IMF, which the government completed in April 2024. In May 2025, the IMF approved the Resilience and Sustainability Facility (RSF) to Pakistan, with access of US$1.4 billion. The IMF completed the third review of Pakistan's EFF-tied economic reform program and the second review of the RSF arrangement in May 2026. The meeting of the program targets facilitated a disbursement of US$1.1 billion under the EFF and US$220 million under the RSF, bringing total disbursement to date to US$4.5 billion. In S&P's view, these disbursements, in combination with new and rollover of deposits from bilateral partners, have helped to rebuild Pakistan's foreign exchange reserves from critical lows. The political uncertainties in Pakistan have somewhat subsided. Since the February 2024 general elections, the coalition government has been able to advance reforms and meet IMF program targets without significant social pressure. The progress on the implementation of the reforms suggests an enhanced capacity to maintain expenditure controls and expand the tax revenue base. This improved stability marks a departure from the political flux following the April 2022 dismissal of former Prime Minister Imran Khan that had hindered the government's ability then to address economic challenges. Pakistan remains subject to domestic and external security risks. The country's security situation has improved since the early 2010s, but the potential to deteriorate remains. Border tensions with India and Afghanistan, as apparent in the recent outbreak of hostilities over the past year, can raise the specter of miscalculations and accidental clashes that could worsen credit risks. Flexibility and performance profile: Fiscal settings have benefited from tax reforms alongside rebuilding of external buffers from foreign inflows -- Fiscal consolidation efforts to continue, supported by structural reforms. -- Interest costs continue to consume a large proportion of government receipts. -- Continued bilateral and multilateral aid, alongside international bond issuances, have shored up usable foreign exchange reserves, following a steep decline in fiscal 2023. The pressures on Pakistan's fiscal and external positions have lessened, in contrast with conditions in fiscals 2022 and 2023. The government has implemented a series of measures to expand the tax base. This includes tax initiatives like the Agriculture Income Tax and the widening of the tax net to bring in more registrants in the retail sector. These efforts led to a significant increase of government revenue by 3.2 percentage points of GDP over the 12 months ending June 2025. S&P said, "We project the ratio of general government revenue to GDP at 15.8% in fiscal 2026, a similar level to the year before and substantially higher than the 12.6% in fiscal 2024. As a result, we estimate the fiscal deficit to have narrowed to 4% of GDP in fiscal 2026 from 7.9% in fiscal 2022. "We do not anticipate volatile energy prices to impose a hefty fiscal cost on the government. Other than measures to mitigate energy demand, the government is allowing price pass-through, with targeted subsidies to help vulnerable groups. In the recently passed fiscal 2027 budget, the government has set a target to cut the budget deficit to 3.6% of GDP. But we believe the government may face political and social pushback to trim its deficits quicker. We forecast the general government's fiscal 2027 deficit to remain stable at about 4% of GDP. As a result, Pakistan's average annual change in net general government debt will average 4.2% of GDP over fiscals 2026-2029. "We project Pakistan's ratio of net government debt to GDP to gradually decline amid fiscal consolidation efforts. That said, the ratio is likely to remain fairly high at over 60% of GDP over the forecast period. Notably, the main pressure on the country's debt sustainability is the extremely high interest expense relative to fiscal revenue. This is a major constraint on our assessment of the government's debt burden. We anticipate lower funding costs and a stable rupee to gradually bring down this ratio to 39.5% in the current fiscal year, from 42.1% the prior year." The government's heavy interest burden arose from historically high domestic interest rates. SBP undertook aggressive monetary policy tightening to tame surging inflation of over 20% annually during fiscal years 2023 and 2024. With inflationary expectations better anchored, the central bank had implemented rate reductions of 1,150 basis points from June 2024 to December 2025. After elevated inflationary pressures from energy prices in March 2026, the SBP increased the policy rate by 100 basis points in April, bringing it to 11.5%. The government, which had eschewed long-term debt issuance during the period of high rates, has started to reprofile its debt stock from short-term paper to longer-dated bonds. Inflows of external financial aid continued to stabilize the country's external position in fiscal 2026. Support from bilateral creditors, including China, Saudi Arabia, and Kuwait has been critical for Pakistan to meet its high external financing needs. The total support from these partners in the form of central bank deposits and swaps reached US$16.8 billion as of end-fiscal 2026; S&P adds this sum to the government's total stock of debt. In April 2026, Pakistan repaid US$3.45 billion to United Arab Emirates upon deposit withdrawal. Saudi Arabia extended US$3 billion in additional deposits to plug the gap, bringing its total aid to US$8 billion. S&P expects Pakistan to continue relying on the renewal of existing bilateral credit and commercial loan facilities, as well as on the potential extension of new ones. In this context, the progress of the IMF program had drawn in other multilateral and bilateral financiers to resume their aid to Pakistan. In January 2025, the World Bank approved a 10-year Country Partnership Framework with Pakistan, committing US$20 billion in funding. The financing through this framework is in the first phase with US$375 million approved in July 2026 for Pakistan's Grid Stability Enhancement Project to strengthen the national power transmission network. Nevertheless, additional deposits or loans from external partners would further add to Pakistan's substantial narrow net external debt position. S&P forecasts the narrow net external debt to reach 113% of current account receipts by the end of this fiscal year. S&P said, "We estimate Pakistan's current account was in a small deficit of 0.4% of GDP in fiscal 2026, underpinned by robust growth in remittances while weighed down by higher import bill due to elevated energy prices. This is against the backdrop of elevated current account deficits in the last few years, particularly a high shortfall of 4.7% of GDP in fiscal 2022. We expect current account deficits to be modest at an average 0.9% of GDP from fiscal 2027 through fiscal 2029." That said, Pakistan's continued external debt maturities will place sustained pressure on its foreign exchange reserves, absent considerable net new funding. Consequently, gross external financing needs, as well as net external indebtedness, will remain high over the next one to two years, in S&P's view. Pakistan's banking system is modest in scale by international standards. Total bank assets comprise about 57% of GDP. S&P Global Ratings does not publish a Banking Industry Country Risk Assessment on Pakistan. S&P said, "Despite the banking system's large exposure to the sovereign, the sector is, in our opinion, stable, liquid, and adequately capitalized. Combining our view of Pakistan's government-related entities and its financial system, we assess the country's contingent fiscal risks as limited." That said, Pakistan's banking system bears an outsized exposure to the sovereign, which accounts for more than half of scheduled banks' total outstanding credit. In 2022, Pakistan amended the SBP Act, which affords additional independence to the central bank, in line with IMF program objectives. S&P said, "We believe the central bank's autonomy and performance have strengthened since the establishment of a monetary policy committee for rate-setting in January 2016. Total SBP holdings of government securities have fallen over the past few years because the central bank has stopped providing new financing to the government. This has strengthened the central bank's capacity to focus on fighting inflation, in our view." In accordance with S&P's relevant policies and procedures, the Rating Committee was composed of analysts that are qualified to vote in the committee, with sufficient experience to convey the appropriate level of knowledge and understanding of the methodology applicable. At the onset of the committee, the chair confirmed that the information provided to the Rating Committee by the primary analyst had been distributed in a timely manner and was sufficient for Committee members to make an informed decision. After the primary analyst gave opening remarks and explained the recommendation, the Committee discussed key rating factors and critical issues in accordance with the relevant criteria. Qualitative and quantitative risk factors were considered and discussed, looking at track-record and forecasts. The committee's assessment of the key rating factors is reflected in the Rating Component Scores above. The chair ensured every voting member was given the opportunity to articulate his/her opinion. The chair or designee reviewed the draft report to ensure consistency with the Committee decision. The views and the decision of the rating committee are summarized in the above rationale and outlook. The weighting of all rating factors is described in the methodology used in this rating action. Ratings List Upgraded To From Pakistan Sovereign Credit Rating B/Stable/B B-/Stable/B Transfer & Convertibility Assessment Local Currency B B- Senior Unsecured B B- Ratings Affirmed Pakistan Short-Term Debt B ================= S I N G A P O R E ================= BAR ON CHULIA: Court Enters Wind-Up Order ----------------------------------------- The High Court of Singapore entered an order on July 10, 2026, to wind up the operations of Bar On Chulia Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte. Ltd. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 HL MYANMAR: Commences Wind-Up Proceedings ----------------------------------------- Members of HL Myanmar Investment Pte. Ltd. on July 10, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Ms Chin Moy Yin 101 Upper Cross Street #05-24 People's Park Centre Singapore 058357 LOFELI INVESTMENT: Creditors' Proofs of Debt Due on Aug. 17 ----------------------------------------------------------- Creditors of Lofeli Investment Co Pte. Ltd. are required to file their proofs of debt by Aug. 17, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 13, 2026. The company's liquidators are: Gary Loh Weng Fatt Seah Roh Lin Dev Kumar Harish Nandwani c/o BDO Advisory Pte. Ltd. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 MY COMMUNITY: In Provisional Liquidation Amid Mounting Liabilities ------------------------------------------------------------------ The Straits Times reports that My Community Limited has entered provisional liquidation after its executive director declared it cannot continue its business due to liabilities, based on notices published in the Government Gazette on July 16. According to ST, the notices showed that the company's executive director and founder Kwek Li Yong had on July 3 applied to have a meeting with creditors on July 24 to lay out a full statement of his firm's assets and liabilities. A list of the creditors and the estimated amount of their claims will also be made available at the meeting, which is slated to take place virtually. He was arrested in September 2025 for suspected forgery offences after a police report was lodged, ST recalls. Further details on the nature of his alleged offences have not been released. A copy of My Community Limited's business record seen on July 17 showed the firm was in the process of voluntarily winding up. The records also show Kwek is one of two directors in the company, with Choo Lip Sin listed as the other, according to ST. Winding up a company refers to the process whereby it aims to settle its debts and obligations, distribute its remaining assets to partners, and make the required filings with the Accounting and Corporate Regulatory Authority. Alton Murray Chun-Wen Poon of Perun Consultants (Singapore) has been appointed as the provisional liquidator of the company. In response to queries from The Straits Times, Poon said he was appointed on July 3, the same day Kwek made the declaration. At the upcoming meeting, creditors will be presented with the company's statement of affairs, and consider the appointment of a liquidator and a Committee of Inspection, along with other matters prescribed under the Insolvency, Restructuring and Dissolution Act. "Our focus remains on ensuring that the statutory process is carried out properly, transparently and in the best interests of the creditors," Poon said. ST had earlier reported that former employees of My Community Limited had filed claims against the company for Central Provident Fund (CPF) contributions owed to them. Latest publicly available records from My Community Limited showed it had paid out SGD58,278 in salaries and bonuses for the year ending March 31, 2022. Company records showed it had paid out SGD8,785 in CPF contributions over the same period. The CPF Board said last October that it had already recovered a portion of the CPF arrears owed to the complainants through enforcement efforts, and it would continue to follow up with the company to recover the remaining arrears. My Community Limited provided arts and heritage-related research and consultancy services, as well as exhibition and museum design services. In 2025, it was awarded contracts to set up heritage galleries in at least three secondary schools and the Accountant-General's Department. OTSAW HEALTHCARE: Court to Hear Wind-Up Petition on July 31 ----------------------------------------------------------- A petition to wind up the operations of Otsaw Healthcare Robotics Pte. Ltd. will be heard before the High Court of Singapore on July 31, 2026, at 10:00 a.m. Swisslog Healthcare Holding AG filed the petition against the company on July 3, 2026. The Petitioner's solicitors are: I.N.C. Law LLC 9 Raffles Place #24-01 Republic Plaza Singapore 048619 THONG GUAN: Commences Wind-Up Proceedings ----------------------------------------- Members of Thong Guan Company (Private) Limited on July 10, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Ms Chin Moy Yin 101 Upper Cross Street #05-24 People's Park Centre Singapore 058357 ===================== S O U T H K O R E A ===================== HOMEPLUS CO: To Reopen 67 Stores After Court Extends Rehab Process ------------------------------------------------------------------ Pulse reports that South Korean discount store chain Homeplus Co. said on July 22 that it will resume operations at 67 key stores that are currently under temporary closure. Pulse relates that the decision came after a Seoul court decided to extend the retailer's rehabilitation proceedings, giving it a temporary reprieve. "As the Seoul Rehabilitation Court has decided to extend the rehabilitation proceedings until September 4, we plan to focus on restoring our normal business operations while carrying out structural reforms," Homeplus said in a statement. The company's most urgent priority is to resume operations. According to Pulse, Homeplus said it will reopen the 67 key stores as soon as it receives the KRW200 billion (US$135.38 million) in debtor-in-possession (DIP) financing for emergency operating funds. However, the exact reopening schedule has yet to be determined because the loan disbursement and negotiations with suppliers have not been finalized. Pulse says Homeplus plans to complete its restructuring during the extended rehabilitation period, while launching a full-scale sale process. The 37 non-core stores that have been temporarily closed since May 4 will be permanently shut down. Pulse relates that Homeplus also said it will reduce costs by minimizing staffing levels at both its headquarters and stores, while employees not required for operations will remain on temporary leave for the time being. The retailer also plans to overhaul its operating model with a greater focus on profitability. Multi-level stores will be converted into single-floor outlets of approximately 3,300 square meters each, reducing selling space, while shifting the product mix toward groceries, private-brand (PB) products and high-turnover daily necessities, Pulse relays. "This is similar to the business model of leading U.S. retailer Trader Joe's," Homeplus said. "It is a strategic response necessary for our rehabilitation and normalization amid intensifying competition from e-commerce companies." Pulse adds that Homeplus also plans to gradually normalize its online business. It will first resume operations at 16 stores in the Seoul capital area that are ready to reopen immediately, before expanding operating stores and delivery coverage in stages through consultations with logistics partners. About Homeplus Co Homeplus Co., Ltd., operates discount store chain in South Korea. In March 5, 2025, Homeplus entered court-led rehabilitation process after a Seoul court approved the request by MBK Partners, the private equity fund that owns the discount store chain. The decision came after Korea Investors Service and Korea Ratings Inc. downgraded the company's rating, citing the company's lack of efforts to improve its financial health. In December 2025, Homeplus submitted a rehabilitation plan that included debtor-in-possession (DIP) financing and asset sales. According to Yonhap News Agency, the plan's approval deadline was initially set for March, but was later extended to May and again to July as the court sought additional time to review the progress of asset sales and funding efforts. On July 3, 2026, the Seoul Bankruptcy Court decided to terminate rehabilitation proceedings for troubled discount store chain, noting the company failed to come up with the necessary funds of at least KRW200 billion to carry out the plan. The court on July 21 reversed that decision after Homeplus filed an appeal, extending the rehabilitation proceedings until Sept. 4. The appeal came after Meritz Financial Group, Homeplus' largest creditor, agreed to provide financing in return for a full repayment guarantee from MBK Partners. YEOCHEON NCC: South Korea Approves Yeosu Petrochem Restructuring ---------------------------------------------------------------- Pulse reports that the government has approved the first restructuring project for the Yeosu National Industrial Complex, South Korea's largest petrochemical production hub, about four months after companies submitted the proposal in March. The plan includes more than KRW700 billion (US$474 million) in government support, while participating companies will implement self-help measures worth more than KRW800 billion. According to Pulse, the Ministry of Trade, Industry and Resources said July 22 that it approved the restructuring plan submitted by Yeocheon NCC, Lotte Chemical, Hanwha Solutions and DL Chemical on July 19. Under the plan, Hanwha Solutions and DL Chemical will contribute their polyethylene (PE), petroleum resin and other petrochemical businesses to Yeocheon NCC in exchange for equity, Pulse relates. Lotte Chemical will spin off its Yeosu basic materials business, which produces polyethylene (PE) and polypropylene (PP). Yeocheon NCC will then merge the three businesses into a new company, with Hanwha Solutions, DL Chemical and Lotte Chemical each holding a 33 percent stake. As part of the restructuring, Yeocheon NCC will shut down two ethylene production units with a combined annual capacity of 1.39 million tons, Pulse relays. The reduction accounts for about 67.5 percent of the government's nationwide ethylene capacity reduction target of 3.7 million tons, although the ministry said the final reduction could exceed the original goal. Pulse says the ministry expects the restructuring to return the Yeosu complex to profitability by 2029 while significantly reducing its debt ratio. To support the restructuring, the government will provide more than KRW650 billion in assistance, including about KRW450 billion in new financing and KRW200 billion in import insurance through the Korea Trade Insurance Corporation, according to Pulse. Pulse relates that the government will also exempt tariffs on imported naphtha and crude oil used to produce naphtha through the end of this year, a measure expected to provide an additional KRW15.6 billion in support. It will defer repayment of about KRW2.2 trillion in debt and expand tax incentives. The tax deferral period for gains from asset sales will be extended from a four-year grace period followed by three annual installments to a five-year grace period followed by five annual installments. Local taxes, including acquisition and registration taxes, will also be reduced by 75 percent to 100 percent. Hanwha Solutions and DL Chemical also unveiled self-help measures worth more than KRW800 billion. The companies plan to repay Yeocheon NCC's existing debt through a KRW545 billion rights offering and invest an additional KRW253.2 billion to carry out the restructuring. Further restructuring remains unresolved at the Yeosu No. 2 and Ulsan petrochemical complexes, Pulse notes. In Ulsan, discussions have been slowed by the Shaheen Project, which is scheduled to begin commercial operations in the first half of next year. S-Oil argues that the project should not be included in capacity reductions because it involves a new, competitive facility, while other producers, including SK geo centric and KPIC, contend that the project would give S-Oil an unfair competitive advantage. In Yeosu's second restructuring project, LG Chem and GS Caltex are discussing a joint venture that would involve suspending operations at LG Chem's No. 2 naphtha cracker. However, the companies are reportedly divided over the valuation of assets to be contributed to the venture. Vice Industry Minister Moon Shin-hak urged companies in Ulsan to accelerate restructuring efforts, saying the successful overhaul of the petrochemical industry will require participation from all major industrial complexes, Pulse adds. Yeocheon NCC produces and sells basic raw materials for various petrochemical industries such as ethylene, propylene, benzene, toluene, and butadiene as one of the large naphtha decomposition companies in Korea. ********* 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 ***