260812.mbx

260812.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, August 12, 2026, Vol. 29, No. 160 Headlines A U S T R A L I A AUSCARE STAFFING: Second Creditors' Meeting Set for Aug. 17 COX STEEL: First Creditors' Meeting Set for Aug. 19 HONEY BUCKET: Second Creditors' Meeting Set for Aug. 18 LA TROBE 2024-2: Moody's Upgrades Rating on Class F Notes to Ba3 PREMIER ENERGY: Simon John Thorn Publicly Reprimanded by ASIC PROUD POPPY: First Creditors' Meeting Set for Aug. 17 QPM ENERGY: NSW Court Extends Creditors' Meetings to February 2027 RENNIKS ASSET: Second Creditors' Meeting Set for Aug. 17 STAX: Iconic Australian Activewear Brand Bought Out of Receivership WMG HOLDINGS: First Creditors' Meeting Set for Aug. 18 C H I N A CHINA VANKE: Fitch Hikes LongTerm IDRs to 'CC' I N D I A A K PIPEFITTINGS: CRISIL Keeps D Debt Ratings in Not Cooperating ADVAIT STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating AG CONVEYING: CRISIL Keeps D Debt Ratings in Not Cooperating ALASKA FABTECH: CRISIL Keeps D Debt Ratings in Not Cooperating ALFARA'A INFRAPROJECTS: CRISIL Keeps D Ratings in Not Cooperating ALIENS DEVELOPERS: CRISIL Keeps D Debt Ratings in Not Cooperating ANS CONSTRUCTIONS: CRISIL Keeps D Debt Ratings in Not Cooperating APS STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating Category ARPORA PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating ARUL INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating ARUN POLYMERS: CRISIL Keeps D Debt Ratings in Not Cooperating ASSOCIATE LUMBERS: CRISIL Keeps D Debt Rating in Not Cooperating AVARTANAH INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating B. R. STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating BALA BALAJI: CRISIL Keeps D Debt Ratings in Not Cooperating BALASORE MARINE: CRISIL Keeps D Debt Ratings in Not Cooperating BLUE ROCK: Voluntary Liquidation Process Case Summary BLUE WHALE: CRISIL Keeps D Debt Ratings in Not Cooperating CORODEX INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating HEIMDAL MINERALS: Insolvency Resolution Process Case Summary HITECH CIVIL: CRISIL Lowers Long and Short Term Ratings to D JULIET APPARELS: CRISIL Moves D Debt Ratings to Not Cooperating LOG 9: NCLAT Junks Plea of Execs vs. Order on Leased EVs Recovery OMKAR SPECIALITY: CRISIL Keeps D Debt Ratings in Not Cooperating ORIENT CRAFT: CRISIL Keeps D Debt Ratings in Not Cooperating SIDDARTHA AQUATICS: Voluntary Liquidation Process Case Summary STANDARD MOTOCORP: Voluntary Liquidation Process Case Summary SUPER CROP: CRISIL Keeps D Debt Rating in Not Cooperating TV VISION: Insolvency Resolution Process Case Summary V M YARNS: CRISIL Keeps D Debt Rating in Not Cooperating Category WEB-TECH ENGINEERING: CRISIL Keeps D Rating in Not Cooperating J A P A N [] JAPAN: Bankruptcies in July Top 1,000 for 2nd Straight Month M A L A Y S I A TABUNG HAJI: BNM Issued Five Warnings on TH's Financial Standing N E W Z E A L A N D BALAJI ENTERPRISES: Creditors' Proofs of Debt Due on Sept. 4 BALLENTYNES FASHION: Closing After More Than 50 Years in Business KING HOMES: Court to Hear Wind-Up Petition on Sept. 3 RMX TRANSPORT: Court to Hear Wind-Up Petition on Aug. 20 VASUDHA LDV: BDO Auckland Appointed as Receivers S I N G A P O R E 3 M FURNISHING: Court Enters Wind-Up Order ALUMMI PTE: Creditors' Meetings Set for Aug. 21 INNOTREND PTE: Court Enters Wind-Up Order INVESTREE SINGAPORE: Court Enters Wind-Up Order LAURENT CAFE: Cafe & Chocolate Bar to Close After 20 Years NEXTEVO HOLDINGS: Creditors' Meetings Set for Aug. 20 PORTUNUS SHIPPING: Creditors' Proofs of Debt Due on Sept. 7 S R I L A N K A BANK OF CEYLON: Fitch Affirms 'CCC+' IDRs, Outlook Stable - - - - - ================= A U S T R A L I A ================= AUSCARE STAFFING: Second Creditors' Meeting Set for Aug. 17 ----------------------------------------------------------- A second meeting of creditors in the proceedings of Auscare Staffing Agency Pty Ltd (trading as "Auscare Community Services Australia", "Auscare Disability Services Australia", "Auscare Group Australia", "Auscare Group WA", "Auscare Training Organisation" & "Auscare Staffing Agency") has been set for Aug. 17, 2026, at 11:00 a.m. via virtual meeting only. 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 Aug. 14, 2026 at 4:00 p.m. Mathieu Tribut of Mackay Goodwin was appointed as administrator of the company on April 20, 2026. COX STEEL: First Creditors' Meeting Set for Aug. 19 --------------------------------------------------- A first meeting of the creditors in the proceedings of Cox Steel Coating Pty. Ltd. will be held on Aug. 19, 2026, at 11:30 a.m. via online meeting only. Manuel Hanna of Romanis Cant was appointed as administrator of the company on Aug. 7, 2026. HONEY BUCKET: Second Creditors' Meeting Set for Aug. 18 ------------------------------------------------------- A second meeting of creditors in the proceedings of Honey Bucket Pty Ltd IIOC & ATF BMW Family Trust has been set for Aug. 18, 2026, at 10:30 a.m. via electronic means (Microsoft Teams). 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 Aug. 17, 2026 at 4:00 p.m. Glenn Jeffrey Franklin and Jason Glenn Stone of PKF Melbourne were appointed as administrators of the company on July 14, 2026. LA TROBE 2024-2: Moody's Upgrades Rating on Class F Notes to Ba3 ---------------------------------------------------------------- Moody's Ratings has upgraded ratings on two classes of notes issued by La Trobe Financial Capital Markets Trust 2024-2. The affected ratings are as follows: Issuer: La Trobe Financial Capital Markets Trust 2024-2 Class C Notes, Upgraded to Aa2 (sf); previously on Mar 6, 2025 Upgraded to Aa3 (sf) Class F Notes, Upgraded to Ba3 (sf); previously on May 16, 2024 Definitive Rating Assigned B2 (sf) A comprehensive review of all credit ratings for the respective transaction(s) has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by (1) an increase in credit enhancement (via notes subordination and Retention Amount Ledger) available for the affected notes, and (2) the collateral performance to date. No action was taken on the remaining rated classes in the deal as credit enhancement for these classes remains commensurate with the current rating for the respective notes. Following the July 2026 payment date, credit enhancement available for Class C Notes has increased to 7.6% from 4.6% at the time of the last rating action in March 2025. Credit enhancement available for Class F Notes has increased to 2.0% from 0.7% at closing. Principal collections have been applied on a pro-rata basis to all notes, with the Equity Notes share allocated in reverse sequential order to the rated notes, starting with the Class F Notes, since the May 2026 payment date. Current total outstanding balance of the pool as a percentage of the closing balance is 37.5%. As of the end of June 2026, 5.8% of the outstanding pool was 30-plus days delinquent, while 4.8% was 90-plus days delinquent. The portfolio has incurred 0.01% (as a percentage of the original pool balance) of cumulative losses to date, which have been covered by excess spread. Based on the observed performance to date and loan attributes, Moody's have updated Moody's expected loss assumption to 2.2% of the outstanding pool balance (equivalent to 0.8% of the original pool balance) from 1.7% of the outstanding pool balance (equivalent to 0.9% of the original pool balance) at the time of the last rating action in November 2025. Moody's have maintained Moody's MILAN CE assumption at 7.0%. The transaction is an Australian RMBS secured by a portfolio of residential mortgage loans, originated and serviced by La Trobe Financial Services Pty Limited. A portion of the portfolio consists of loans extended to borrowers with impaired credit histories or made on a limited documentation basis. The principal methodology used in these ratings was "Residential Mortgage-Backed Securitizations" published in October 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in the notes' available credit enhancement. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the notes' available credit enhancement, and (3) a deterioration in the credit quality of the transaction counterparties. PREMIER ENERGY: Simon John Thorn Publicly Reprimanded by ASIC ------------------------------------------------------------- Registered liquidator Simon John Thorn has been publicly reprimanded for failing to adequately carry out his duties in connection with his appointment as administrator of Premier Energy Resources Pty Ltd, the Australian Securities & Investments Commission (ASIC) said. On Aug. 4, 2026, a liquidator disciplinary committee (Committee) decided that: 1. Simon John Thorn, registered liquidator, should continue to be registered 2. Mr. Thorn should be publicly reprimanded, and 3. ASIC should publish a notice in the form of Annexure A to the Committee's report on its website, www.asic.gov.au. The Committee found that Mr. Thorn: * failed to make reasonable enquiries to satisfy himself that he had been validly appointed after a director asserted he had not signed a resignation document that enabled the appointment, and * failed to promptly apply to the Court to confirm the validity of his appointment when questions remained about whether the appointment was valid. The Committee stated that where a director asserted that a registered liquidator has not been validly appointed by reason of him not signing a document essential to the appointment, the registered liquidator must make reasonable and prompt enquiries into the circumstances surrounding their appointment. If those enquires do not resolve the dispute, the liquidator should promptly bring an application to court on the basis that they have not been validly appointed, rather than to carry out any functions and to exercise any powers. In reaching its decision, the Committee took into account that Mr. Thorn: * accepted he had learned from the experience and would seek court directions immediately if faced with similar circumstances in future * had not previously been subject to disciplinary action, and * was not alleged to have acted dishonestly. The Committee's decision to issue a public reprimand is a reminder to Mr. Thorn and to insolvency practitioners generally of the need to at all times adequately perform the duties of a registered liquidator. Under Schedule 2 of the Corporations Act – Insolvency Practice Schedule (Corporations), ASIC issued Mr. Thorn a ‘show cause notice' requiring his written explanation as to why his liquidator registration should continue. ASIC considered Mr Thorn's response unsatisfactory. Where ASIC is not satisfied with a response to a ‘show cause notice', it may convene a committee to determine whether disciplinary action should be taken. On April 17, 2026, ASIC referred Mr. Thorn to the Committee. Liquidator disciplinary committees comprise an ASIC representative, a registered liquidator (nominated by ARITA), and a person nominated by the Minister. ASIC must give effect to decisions made by liquidator discipline committees. ASIC must also include particulars of disciplinary action against a registered liquidator on the Register of Liquidators and publish on the Registered Liquidator Disciplinary Decisions webpage. Simon Thorn of PKF was appointed as administrator of the company on June 20, 2023. Simon Thorn's disputed 2023 administration was ultimately followed by the appointment of Shaw Gidley's Paul William Gidley as administrator on Dec. 4, 2024, with Gidley overseeing a DOCA that was fully effectuated in 2025. PROUD POPPY: First Creditors' Meeting Set for Aug. 17 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Proud Poppy Clothing Pty Ltd will be held on Aug. 17, 2026, at 12:30 p.m. via via teleconference. Kathleen Vouris, Richard Albarran and Marcus Watters of Hall Chadwick were appointed as administrators of the company on Aug. 5, 2026. QPM ENERGY: NSW Court Extends Creditors' Meetings to February 2027 ------------------------------------------------------------------ The Supreme Court of New South Wales on July 29, 2026, extended the convening period for the second meetings of creditors of QPM Energy and its subsidiaries to Feb. 4, 2027, to allow sufficient time to run a structured sale or deed of company arrangement process aimed at maximising value for stakeholders. QPM's shares will remain suspended from trading during the administration process. QPM Energy Limited (ASX:QPM) -- https://qpmenergy.com.au/ -- together with its subsidiaries, operates as an independent gas producer in Australia. It operates through the Townsville Energy Chemicals Hub (TECH) Project and QPM Energy segments. The company holds 100% interest in the Moranbah Gas Project (MGP) to manage a portfolio of gas supply sourced from the MGP, and mine waste gas produced by co-located coal mining operations; and owns the Townsville Energy Chemicals Hub (TECH) Project, which aims to develop a refinery to produce nickel, cobalt, and high-purity alumina (HPA). It also generates electricity through the operation of power stations. On July 7, 2026, Mark Holland and Anthony Connelly of McGrathNicol were appointed as Voluntary administrators of QPM Energy Limited and its subsidiaries listed below: - MPS (Holdings No 1) Pty Ltd - Moranbah Power Station No1 Pty Ltd - QPM Tech Project Pty Ltd - Anroca Pty Ltd - Mineral Developments Pty Ltd - Pure Manganese Pty Ltd - QPME Pty Ltd (In Receiveship) - QPM Energy (Holdings No 1) Pty Ltd (In Receiveship) - QPM Energy (Merchant Services) Pty Ltd (In Receiveship) - QPM Energy (Midstream) Pty Ltd (In Receiveship) - QPM Energy (Holdings No 2) Pty Ltd (In Receiveship) - QPM Energy Markets Pty Ltd (In Receiveship) - QPM Energy (MGP Upstream) Pty Ltd (In Receiveship) - Isaac Energy Pty Ltd (In Receiveship) - Isaac Power Station No1 Pty Ltd (In Receiveship) - Isaac Energy Hub Pty Ltd (In Receiveship) Separately, Chri Hill and Ben Campbell of FTI Consulting and Ryan Rabbitt and David Johnstone of KordaMentha were appointed as Receivers of certain QPM entities. The appointment of the Receivers were made by secured creditors of the relevant companies. RENNIKS ASSET: Second Creditors' Meeting Set for Aug. 17 -------------------------------------------------------- A second meeting of creditors in the proceedings of Renniks Asset Management Pty Ltd atf The Renniks Asset Management Trust has been set for Aug. 17, 2026, at 1:30 p.m. via Microsoft Teams Meeting. 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 Aug. 14, 2026 at 4:00 p.m. Stephen Dixon of HM Advisory was appointed as administrator of the company on July 20, 2026. STAX: Iconic Australian Activewear Brand Bought Out of Receivership ------------------------------------------------------------------- News.com.au reports that iconic Australian activewear brand Stax has been saved after the fashion retailer was bought out of receivership. On Aug. 10, it was announced the business was bought out by an Australian investor group led by Justin Truong and Sandy Li-Truong - who are entrepreneurs behind e-commerce marketplace Pushas. Under the deal, the investor group acquired the brand's trademarks, design intellectual property, Nandex fabric technology and digital assets, news.com.au relates. According to news.com.au, Mr. Truong has been named as the new chairperson and will install a new chief executive for the day-to-day operations of the business. Activewear brand Stax collapsed in June and entered voluntary administration on July 10, with Brian Silvia and Michael Hird of Cascap Advisory as joint liquidators. Documents released in late July revealed Stax's precarious financial position has been revealed with the retailer owing more than AUD6.7 million to staff, creditors and the Australian Taxation Office, news.com.au discloses. According to the filings, the brand collapsed owing AUD1,713,986 to 12,927 customers, made up of 11,182 unfulfilled orders owing a total of AUD1,405,723 and 1745 partially incomplete orders worth AUD308,263. In July it was announced these orders would not filled, news.com.au relays. Alternative solutions will be provided to some of these shoppers. "We have enormous respect for the community the founders built over the past decade," news.com.au quotes Mr. Truong as saying. "Although legal responsibility for orders placed with the previous entity did not transfer to the new ownership, we recognise the impact on affected customers and are actively exploring meaningful ways to support them as the brand relaunches." WMG HOLDINGS: First Creditors' Meeting Set for Aug. 18 ------------------------------------------------------ A first meeting of the creditors in the proceedings of WMG Holdings Co Pty Ltd will be held on Aug. 18, 2026, at 11:00 a.m. via virtual meeting only. Manuel Hanna of Romanis Cant was appointed as administrator of the company on Aug. 6, 2026. ========= C H I N A ========= CHINA VANKE: Fitch Hikes LongTerm IDRs to 'CC' ---------------------------------------------- Fitch Ratings has upgraded China Vanke Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'CC' from 'RD' (Restricted Default), reflecting its post-restructuring profile. China Vanke has completed a series of bond restructurings that Fitch views as a distressed debt exchange (DDE) in accordance with its Corporate Rating Criteria. Fitch has also 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 affirmed Vanke HK's senior unsecured rating and the rating on its outstanding senior notes at 'C', with a lower Recovery Rating of 'RR6' from 'RR5'. Fitch rates China Vanke and Vanke HK under its Parent and Subsidiary Linkage Rating Criteria. The companies' credit profiles are the same, reflecting very high credit risk. Vanke HK is China Vanke's sole offshore financing platform and is reliant on funds from China Vanke to repay its debt obligations. Key Rating Drivers Completion of DDE: China Vanke has completed the restructuring for a total of CNY9.3 billion in bonds originally maturing in May-July 2026. It repaid 40% of the principal of these onshore bonds and extended the maturity date of the remaining 60% by one year. Fitch considers these measures as a DDE in accordance with its Corporate Rating Criteria. Fitch views the extension of the maturity date of the principal by one year as a material reduction in terms, while the restructuring allows the issuer to avoid a probable eventual default. Tight Liquidity: Fitch expects China Vanke's liquidity position to remain tight in the near term as the Chinese real estate market remains tough and the company may not be able to repay its upcoming capital market debt maturities. China Vanke reported CNY55 billion in cash as of end-March 2026, against debt maturing in one year of CNY168 billion. The company will have CNY20 billion in capital market debt maturing from December 2026 to November 2027. Fitch believes most of the cash balance may be restricted and not readily available for debt repayment, as the company has been relying on shareholder loans to fund the partial payment of the restructured bonds. Negative FCF to Persist: Fitch expects China Vanke's free cash flow (FCF), including potential asset disposal proceeds, to remain negative in 2026, as Fitch expects sales to fall by about 50% in 2026 after a 46% decline in 2025. China Vanke reported a 53% decline in contracted sales and negative CNY4 billion in FCF after asset disposal proceeds in 1Q26. The company issued a profit warning for 1H26, as it expects to incur a net loss to shareholders of CNY12 billion-15 billion (CNY12 billion in 1H25), due to a smaller scale, lower gross profit margin and provisions for asset impairment. Rated on Standalone Basis: China Vanke's largest shareholder, with a 27.18% stake, is Shenzhen Metro Group Co. Ltd (SZMC), which is wholly owned by the Shenzhen municipality's State-owned Assets Supervision and Administration Commission. Fitch rates China Vanke on a standalone basis as SZMC has a minority stake in China Vanke, does not control its board and does not consolidate China Vanke. Vanke HK's Ratings: Vanke HK's ratings are based on its Standalone Credit Profile (SCP) of 'cc', the same as that of its parent, China Vanke. Vanke HK is the group's sole offshore financing platform. It has remained current on interest payments on its outstanding debt obligations, but liquidity is limited relative to debt maturities due in 2026 and 2027. Vanke HK's ratings reflect very high credit risk. Peer Analysis The IDRs on China Vanke and Vanke HK are driven by the high level of credit risk related to the repayment of debt obligations. Fitch’s Key Rating-Case Assumptions - Sales to drop by 50% in 2026, and 30% per year in 2027 and 2028 (2025: 46% drop). - FCF outflow after asset disposal proceeds of CNY10 billion-15 billion in 2026-2028 (2025: CNY14 billion outflow). - Trade and bill payables to drop by CNY30 billion in 2026, and CNY25 billion per year in 2027 and 2028 (2025: CNY30 billion drop). Recovery rating assumptions: The recovery analysis assumes that Vanke HK would be liquidated in a bankruptcy. The liquidation value approach usually results in a higher value than the going-concern approach, given the nature of homebuilding. Fitch assumes a 10% administrative claim. Liquidation Approach The liquidation estimate reflects its view of the value of balance-sheet assets that can be realised in sale or liquidation processes conducted during a bankruptcy or insolvency proceeding and distributed to creditors. - 0% advance rate applied to net inventory. The onshore property projects are mostly co-owned with China Vanke and Fitch therefore believes the recovery prospect is unclear, as China Vanke is in financial distress. - 50% advance rate applied to Vanke HK's equity stake in GLP Holdings, L.P. at a book value of CNY12 billion. - 50% advance rate applied to property, plant and equipment, and investment properties, which are of insignificant value. - 0% advance rate applied to excess cash. China's homebuilding regulatory environment means that available cash, including regulated pre-sale deposits, is typically prioritised for project completion, including payment of trade payables. Net payables (trade payables - available cash) are included in the debt waterfall ahead of secured debt. However, Fitch does not assume that available cash in excess of outstanding trade payables is available for other debt-servicing purposes and therefore apply an advance rate of 0%. - Vanke HK's secured bank loans rank ahead of unsecured bank loans and offshore bonds. The allocation of value in the liability waterfall results in a Recovery Rating of 'RR6' for the offshore senior unsecured debt. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the SCP: Business and financial profile factors (assessment, relative importance): management ('ccc', moderate), sector characteristics ('b+', moderate), market and competitive positioning ('b+', lower), diversification and asset quality ('bb', lower), company operational characteristics ('ccc-', higher), profitability ('ccc-', moderate), financial structure ('b-', lower), and financial flexibility ('ccc-', higher). 'B+' to 'CC' considerations apply in its analysis and results in an adjustment of -1 notch. The governance assessment of 'some deficiencies' has no impact. The operating environment assessment of 'bbb-' has no impact. The SCP is 'cc'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'CC'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade For China Vanke and Vanke HK: - Fitch would downgrade the IDR to 'C' if a default or default-like process begins. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade For China Vanke and Vanke HK: No positive rating action is anticipated in the near term, as Fitch believes a default or debt restructuring is probable. Liquidity and Debt Structure China Vanke reported CNY55 billion in cash at end-March 2026, including regulated pre-sale funds, against short-term debt of CNY168 billion. About CNY20 billion in capital market debt will mature during December 2026-November 2027. Issuer Profile China Vanke is one of China's 10 largest developers by contracted sales in 2024 and 2025, with a nationwide footprint. Its main businesses are real-estate development and property services. Vanke HK is China Vanke's main offshore fundraising entity. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for China Vanke and Vanke HK. ESG Considerations China Vanke has an ESG Relevance Score of '4' for Group Structure due to opaque funding arrangements for its development projects, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. China Vanke has an ESG Relevance Score of '4' for Financial Transparency due to the cessation of disclosure of its monthly sales data, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- China Vanke Co.,Ltd. LT IDR CC Upgrade RD LC LT IDR CC Upgrade RD Vanke Real Estate (Hong Kong) Company Ltd LT IDR CC Affirmed CC senior unsecured LT C Affirmed RR6 C ========= I N D I A ========= A K PIPEFITTINGS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of A K Pipefittings Private Limited (AKPFL) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.25 Crisil D (Issuer Not Cooperating) Cash Credit 4 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AKPFL 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 AKPFL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AKPFL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AKPFL continues to be 'Crisil D/Crisil D Issuer not cooperating'. AKPFL was incorporated in 1997, by promoters, Mr Anil Kadakia, Mr Bakul Kadakia, and Mr Kalpesh Kadakia. The company manufactures precision seamless and welded pipe fittings, forged and screwed fittings flanges, pipe spools, and long radius induction bends. ADVAIT STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Advait Steel Rolling Mills Private Limited (ASR) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.75 CRISIL D (Issuer Not Cooperating) Term Loan 3.04 CRISIL D (Issuer Not Cooperating) Working Capital 4.21 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with ASR 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 ASR, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ASR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ASR continues to be 'Crisil D Issuer not cooperating'. Set up in 2004 by Mr B S Garg, ASR has a thermo-mechanically treated bar manufacturing facility in Puducherry, with a capacity of 36,000 tonne per annum. AG CONVEYING: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of AG Conveying Systems Private Limited (AGCSPL) continue to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.5 CRISIL D (Issuer Not Cooperating) Cash Credit 1 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.85 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 0.8 CRISIL D (Issuer Not Cooperating) Working Capital 2.85 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with AGCSPL 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 AGCSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AGCSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AGCSPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. AGCSPL was originally set up 1971 as a proprietorship firm by Mr. Gopal Apte. In 1983, Mr. Shripad Apte (son of Mr. Gopal Apte) joined the firm and it was reconstituted as a partnership firm; in 2008, the firm was again reconstituted as a private limited company. Until 1975, the company was only providing consultation services but later started manufacturing material-handling equipment. Currently, AGCSPL manufactures fuel-handling equipment (conveying systems). ALASKA FABTECH: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Alaska Fabtech Private Limited (AFPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.75 CRISIL D (Issuer Not Cooperating) Cash Credit 4.5 CRISIL D (Issuer Not Cooperating) Overdraft Facility 1.75 CRISIL D (Issuer Not Cooperating) Packing Credit 2 CRISIL D (Issuer Not Cooperating) Term Loan 4 CRISIL D (Issuer Not Cooperating) Term Loan 9 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AFPL 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 AFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AFPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. AFPL, based in Derabassi (Punjab), manufactures terry towels, bath robes, hooded towels, and children's bibs. It was incorporated in 2011 to take over SR Industries Ltd (SRIL). In April 2012, after all the legal formalities were completed, the new management took over and renamed it AFPL. Mr Shankar Bansal manages operations. ALFARA'A INFRAPROJECTS: CRISIL Keeps D Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Alfara'A Infraprojects Private Limited (AIPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 40 CRISIL D (Issuer Not Cooperating) Bank Guarantee 106.09 CRISIL D (Issuer Not Cooperating) Bank Guarantee 249 CRISIL D (Issuer Not Cooperating) Cash Credit 41 CRISIL D (Issuer Not Cooperating) Cash Credit 10 CRISIL D (Issuer Not Cooperating) Cash Credit 36.5 CRISIL D (Issuer Not Cooperating) Cash Credit 50.5 CRISIL D (Issuer Not Cooperating) Letter of Credit 75 CRISIL D (Issuer Not Cooperating) Letter of Credit 45 CRISIL D (Issuer Not Cooperating) Letter of Credit 20 CRISIL D (Issuer Not Cooperating) Long Term Loan 30 CRISIL D (Issuer Not Cooperating) Long Term Loan 5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AIPL 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 AIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. AIPL, which was set up in 2011, undertakes civil construction activities in India. The Alfara'a group has a long track record of operations in the civil construction industry in the UAE, having delivered projects both for private as well as government sectors. ALIENS DEVELOPERS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Aliens Developers Private Limited (ADPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.8 CRISIL D (Issuer Not Cooperating) Cash Credit 6.3 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.9 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with ADPL 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 ADPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ADPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ADPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. ADPL, incorporated in 2004, is a Hyderabad-based company that undertakes residential real estate projects across the city and its adjacent locations. Mr Hari Challa and Mr Venkata Prasanna Challa are the promoters. ANS CONSTRUCTIONS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of ANS Constructions Private Limited (ACPL) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 6.5 Crisil D (Issuer Not Cooperating) Bank Guarantee 4 Crisil D (Issuer Not Cooperating) Bank Guarantee 30.5 Crisil D (Issuer Not Cooperating) Cash Credit 6 Crisil D (Issuer Not Cooperating) Proposed Long Term 3 Crisil D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with ACPL 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 ACPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ACPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ACPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. ACPL was incorporated in 2002 by Mr Amar Nath Sharma and currently managed by Mr. Mehinder Sharma and is based in Delhi. The company is primarily engaged in civil construction work floated by various government authorities as well as private corporate contracts. The group companies include ANS infra and ANS-Sarthi (JV), a joint venture in which ACPL also has 75% stake, which registered a revenue of around INR120 .9 crore in fiscal 2019. APS STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Aps Steels Private Limited (APS) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.5 CRISIL D (Issuer Not Cooperating) Inland/Import 5.0 CRISIL D (Issuer Not Letter of Credit Cooperating) Crisil Ratings has been consistently following up with APS 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 APS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on APS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of APS continues to be 'Crisil D/Crisil D Issuer not cooperating'. APS, incorporated in 2006, manufactures MS ingots at its facility at Hindupur in Andhra Pradesh. The company was acquired by the OP Gupta group in 2012. ARPORA PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Arpora Projects Private Limited (APPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Short Term 2 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 10.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with APPL 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 APPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on APPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of APPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. APPL was incorporated by Mr Pawan Yadav and Mr Bhupendra Yadav in 2014. The company manages a holiday resort, Aromiaa, comprising 15 villas, at Arapora in Goa. ARUL INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Arul Industries (AI) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL D (Issuer Not Cooperating) Foreign Letter 2 CRISIL D (Issuer Not of Credit Cooperating) Packing Credit 0.6 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AI 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 AI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AI continues to be 'Crisil D/Crisil D Issuer not cooperating'. Established in 1992, AI is a partnership firm that manufactures kitchenware and utensils. Its plant is located in Tirunelveli (Tamil Nadu); the operations are managed by its managing partner, Mr. Jeba Suresh. ARUN POLYMERS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Arun Polymers - Dindigul (AP) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL D (Issuer Not Cooperating) Long Term Loan 4 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AP 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 AP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AP continues to be 'Crisil D Issuer not cooperating'. AP was set up in 2013 in Dindigul, Tamil Nadu as a proprietorship firm by Mr T Arunkumar. The firm manufactures polypropylene woven bags. It has an installed capacity of 150 tonne per day (tpd). ASSOCIATE LUMBERS: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Associate Lumbers Private Limited (ALPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 58 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ALPL 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 ALPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ALPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ALPL continues to be 'Crisil D Issuer not cooperating'. ALPL, incorporated in 1986, is a joint venture between Agicha and Darvesh families. Based in Mumbai, it trades in timber. AVARTANAH INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Avartanah Infrastructure Private Limited (AIPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 6 CRISIL D (Issuer Not Cooperating) Overdraft Facility 3.5 CRISIL D (Issuer Not Cooperating) Proposed Short Term 4.25 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with AIPL 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 AIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AIPL continues to be 'Crisil D Issuer not cooperating'. AIPL, incorporated on September 24, 2008, provides information technology services to commercial electrical distributors. The company also erects electric substations, and provides consultation for operations and maintenance of thermal power plants. The operations are overseen by Mr Nilanjan Sen. The company caters to state governments of West Bengal, Odisha, and Assam, and it has an International Standards Organisation (ISO) 9001: 2008 certification. B. R. STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of B. R. Steel Products Private Limited (BRSPPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8.26 CRISIL D (Issuer Not Cooperating) Pre Shipment Credit 6.00 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BRSPPL 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 BRSPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BRSPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BRSPPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. During March 2004, BRSPPL was acquired by Mr. J K Dholakia. The company is engaged in manufacturing ceramic colours and is an export oriented unit. The unit is located in MIDC, TTC Industrial Area, Navi Mumbai. The company has a manufacturing capacity of 3000 tpa. BALA BALAJI: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Bala Balaji Srinivasa Poultries (BBSP) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Long Term Loan 0.20 CRISIL D (Issuer Not Cooperating) Long Term Loan 1.03 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.50 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with BBSPC 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 BBSPC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BBSPC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BBSPC continues to be 'Crisil D Issuer not cooperating'. BBSPC was set up in year 2018. BBSPC is engaged in poultry and hatchery business. BBSPC is owned & managed by Dr. G.V.Subramaniam, Mr. G.V. Subramanyam and other family members. BALASORE MARINE: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Balasore Marine Exports Private Limited (BMEPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Export Packing 12.0 CRISIL D (Issuer Not Credit Cooperating) Proposed Long Term 0.2 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with BMEPL 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 BMEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BMEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BMEPL continues to be 'Crisil D Issuer not cooperating'. BMEPL processes and exports sea food especially prawns. The unit has an installed processing capacity of 20 metric tonne per day. It is promoted and managed by Mr Gyana Ranjan Dash and Mr Manoranjan Panda. BLUE ROCK: Voluntary Liquidation Process Case Summary ----------------------------------------------------- Debtor: Blue Rock Hospitality Ventures Private Limited 901, Floor 9, Plot-207, Embassy Centre, Jamnalal Bajaj Marg, Nariman Point, Mumbai City, Mumbai - 400021, Maharashtra, India Liquidation Commencement Date: July 28, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Ajay Rajendra Abad Sr. No. 6/10/14, 7th Floor, Office No. C-704, Vantage C, Opposite Bavdhan Polie Station, Bavdhan Khurd, Pune - 411021 Tel: +91 9890005176 Email: ipajayabad@outlook.com Last date for submission of claims: August 27, 2026 BLUE WHALE: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Blue Whale Machinery Technologies Private Limited-(Dissolved) (BWMT) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 Crisil D (Issuer Not Cooperating) Foreign Letter 4 Crisil D (Issuer Not of Credit Cooperating) Proposed Fund- 3 Crisil D (Issuer Not Based Bank Limits Cooperating) Proposed Fund- 3 Crisil D (Issuer Not Based Bank Limits Cooperating) Proposed Non 5 Crisil D (Issuer Not Fund based limits Cooperating) Crisil Ratings has been consistently following up with BWMT 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 BWMT, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BWMT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BWMT continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2007, BWMT is engaged in the trading of construction equipment like Horizontal Directional Drillers (HDD), Micro-tunnelling, Auger Boring, Pipe ramming & Pipe bursting and their spares. The company has its head office in Bangalore, and a branch presence in 6 cities in India. CORODEX INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Corodex Infrastructure Private Limited (CIPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 9 CRISIL D (Issuer Not Cooperating) Cash Credit 2 CRISIL D (Issuer Not Cooperating) Letter of Credit 14 CRISIL D (Issuer Not Cooperating) Proposed Long Term 10 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with CIPL 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 CIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of CIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. CIPL was incorporated in June 2013 by Mr Prakash Arun. It is engaged in electrical infrastructure supply, erection, commissioning of transmission line, grid substation, power substation and mechanical work on turnkey basis. The company is active in various fields such as airport development, metro rail project, and construction of tunnels, industrial plants, five star hotels, residences and hospitals. HEIMDAL MINERALS: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Heimdal Minerals Private Limited No. 42, Veerabadaran Street, Nungambakkam, Chennai, 600034, Tamil Nadu Insolvency Commencement Date: July 28, 2026 Court: National Company Law Tribunal, Chennai Bench Estimated date of closure of insolvency resolution process: January 24, 2027 Insolvency professional: Bishal Agarwal Interim Resolution Professional: Bishal Agarwal 6th Floor, Ffort Complex, Kachari Basti Road, Ulubari, Guwahati - 781007, Assam Email: ip.bishalagarwal@gmail.com cirp.heimdal@gmail.com Last date for submission of claims: August 11, 2026 HITECH CIVIL: CRISIL Lowers Long and Short Term Ratings to D ------------------------------------------------------------ CRISIL Ratings has downgraded its rating on the long-term bank facilities of Hitech Civil Engineers Private Limited (HCEPL) to 'Crisil D/Crisil D Issuer not cooperating' from 'Crisil B/Stable/Crisil A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B/Stable Issuer Not Cooperating') Short Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil A4 Issuer Not Cooperating') Crisil Ratings has been consistently following up with HCEPL for obtaining information through letters and emails dated December 5, 2025 and July 31, 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 has been arrived at without any interaction with the management and is based on best-available, limited or dated information regarding the firm. Such non-cooperation by a rated entity may be a result of weakening of 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 of HCEPL, Crisil Ratings did not receive any information on the financial performance or strategic intent of the entity. This restricts the ability of Crisil Ratings to take a forward-looking view on the credit quality of the firm. The rating action on HCEPL is consistent with the criteria detailed in 'Assessing information adequacy risk'. Based on the publicly available information, Crisil Ratings has downgraded its rating on the long-term bank facilities of HCEPL to 'Crisil D/Crisil D Issuer not cooperating' from 'Crisil B/Stable/Crisil A4 Issuer not cooperating'. As per information available in the public domain, there remains delinquency in the entity's accounts and clarity about the same from the management and bankers is awaited. Set up 2012 by Mr K Ambazhagan, HCEPL is engaged in civil engineering consultancy, civil engineering and marine construction, and structural assessment and structural rehabilitation work. JULIET APPARELS: CRISIL Moves D Debt Ratings to Not Cooperating --------------------------------------------------------------- CRISIL Ratings has migrated the ratings on bank facilities of Juliet Apparels Private Limited (JAPL) to 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.1 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Cash Credit 18.1 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Letter of Credit 2.3 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Proposed Long Term 39.5 Crisil D (ISSUER NOT Bank Loan Facility COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with JAPL 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 JAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JAPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the ratings on bank facilities of JAPL to 'Crisil D/Crisil D Issuer not cooperating'. JAPL was established in the year 1976 and subsequently incorporated as a private limited company in 2000. It is engaged in the manufacturing of ladies' undergarments, nightwear, dresses, and western outfits. The company is promoted by the Trevadia family and is based out of Mumbai, Maharashtra. JAPL is promoted by Mr. Gunvant G Trevadia, Mr. Shashikant M Trevadia, Mr. Hitesh M Trevadia, Mr. Hemendra G Trevadia and Mr. Bhavesh M Trevadia. LOG 9: NCLAT Junks Plea of Execs vs. Order on Leased EVs Recovery ----------------------------------------------------------------- The Economic Times reports that corporate dispute appellate tribunal NCLAT has rejected an appeal of Log 9 Mobility's two suspended directors challenging an NCLT order that directed them to assist in the recovery of 100 electric vehicles taken on lease by their debt-ridden company from Gensol EV Lease Ltd as part of the latter's insolvency resolution process. On July 21, the Ahmedabad bench of the National Company Law Tribunal (NCLT) directed the two suspended directors of Log 9 Mobility to be present in the office of Gensol EV Lease and take all necessary steps for identification and recovery of 100 EVs from Log 9 Mobility's Faridabad site, according to ET. ET relates that Log 9 Mobility's suspended directors moved NCLAT, contending that the tribunal's order was not sustainable as they had no privity of contract with Gensol, and the NCLT was not empowered to issue such directions to executives who were part of a suspended management of another corporate debtor which is already under insolvency. A three-member bench of the National Company Law Appellate Tribunal (NCLAT) rejected the plea, saying that the NCLT, under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), has wide powers to issue such directions, ET relays. ET says the appellate tribunal noted that the appellants, as part of Log 9's suspended management, could not absolve themselves of the responsibility to assist in identifying and handing over the vehicles merely because the company had entered CIRP. "Since the appellants were part of the suspended management of Log 9, to which the EVs had been leased out by Gensol, the Appellants cannot wash their hands off in providing assistance to the Respondent No.1-RP for identification and handing over of the vehicles simply because Log 9 had been admitted into the rigours of CIRP," the NCLAT said. The management of Log 9 Mobility was suspended after it entered into the Corporate Insolvency Resolution Process (CIRP) on September 15, 2025. Gensol EV Lease is also undergoing an insolvency process. The EV fleet leasing company's resolution professional had moved an application before the NCLT seeking the return of leased vehicles after information provided by Log 9's RP proved insufficient for their recovery. OMKAR SPECIALITY: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Omkar Speciality Chemicals Limited (OSCL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 10 CRISIL D (Issuer Not Cooperating) Cash Credit 46 CRISIL D (Issuer Not Cooperating) Cash Credit 25 CRISIL D (Issuer Not Cooperating) Corporate Loan 50 CRISIL D (Issuer Not Cooperating) Letter of Credit 60 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with OSCL 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 OSCL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on OSCL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of OSCL continues to be 'Crisil D/Crisil D Issuer not cooperating'. OSCL, set up in 1983, manufactures specialty chemicals, organic and inorganic chemicals, and inorganic intermediates such as iodine, selenium, molybdenum and their derivatives. The pharmaceutical industry remains the major end user segment of the company, accounting for nearly 70-75% of its revenues, with poultry, glass and water treatment being the other major end user segments. The company has 6 manufacturing facilities in Badlapur, Maharashtra. ORIENT CRAFT: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Orient Craft Limited (OCL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - CRISIL D (ISSUER NOT COOPERATING) Short Term Rating - CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with OCL 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 OCL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on OCL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of OCL continues to be 'Crisil D/Crisil D Issuer not cooperating'. OCL was established by Mr Sudhir Dhingra in 1972 as a proprietorship concern. In 1978, the firm was reconstituted as a private limited company. Mr Dhingra's friends, Mr Anoop Thatai and Mr K K Kohli joined the business with their investment in the company in 1978 and 1987 respectively. As on March 31, 2020, Mr Dhingra held 57.3% stake in OCL, while Mr Thatai and Mr Kohli held 19.5% each. The company is recognised by the Indian government as a four-star export house. OCL manufactures and exports readymade garments, primarily for women and children. It mainly manufactures high-end garments with intricate designs, which attract higher realisations. The company has 21 facilities in the National Capital Region, covering 13.5 lakh square feet. It exports mainly to the US and Europe and caters to high-end brands such as GAP, Macy's, Debenhams, French Connection, Ann Taylor, Marks & Spencer's, Abercrombie & Fitch, Sainsbury, UCB and Next. SIDDARTHA AQUATICS: Voluntary Liquidation Process Case Summary -------------------------------------------------------------- Debtor: Siddartha Aquatics India Private Limited Door No. 26-08-119, Rajarammohanroy Road, Visakhapatnam, Andhra Pradesh, India Liquidation Commencement Date: July 31, 2026 Court: National Company Law Tribunal, Amaravati Bench Liquidator: Ramesh Atluri Plot No. 165, Door No. 4-12, 208/7, BDL Colony, Vanasthalipuram, Bhagyalatha, Hyderabad - 500070, Telangana, India Tel: 9247177852 Email: atlurifcs@gmail.com Last date for submission of claims: August 30, 2026 STANDARD MOTOCORP: Voluntary Liquidation Process Case Summary ------------------------------------------------------------- Debtor: Standard Motocorp Private Limited Plot 8/1B, Ward 33, Standard Maruti, Napier Town, Jabalpur Hospital Road, Jabalpur, Madhya Pradesh - 482002 Insolvency Commencement Date: July 28, 2026 Court: National Company Law Tribunal, Indore Bench Estimated date of closure of insolvency resolution process: January 24, 2027 Insolvency professional: Sourabh Malpani Interim Resolution Professional: Sourabh Malpani Guru Kripa, Plot No. 93, Neebanth Colony, Queens Road, Jaipur, Rajasthan - 302021 Email: malpanijpr@gmail.com ibc.standardmotocorp@gmail.com Last date for submission of claims: August 12, 2026 SUPER CROP: CRISIL Keeps D Debt Rating in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Super Crop Safe Limited (SCSL) continues to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with SCSL 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 SCSL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SCSL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SCSL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 1987, SCSL is engaged in the business of manufacturing agro chemicals which include Insecticides, Bio-Fertilizers, Weedicides, Fungicides and other chemicals. The company is promoted by Patel Family and the manufacturing facility is based out of Ahmedabad, Gujarat. The company was listed on the Bombay Stock Exchange (BSE) in 1995. TV VISION: Insolvency Resolution Process Case Summary ----------------------------------------------------- Debtor: TV Vision Limited Registered Address: 7th Floor, Adhikari Chambers, Oberoi Complex, New Link Road, Andheri West, Andheri Mumbai, 400053, Maharashtra Business Address: 4th Floor, Adhikari Chambers, Oberoi Complex, New Link Road, Andheri West, Mumbai, 400053, Maharashtra Insolvency Commencement Date: July 30, 2026 Court: National Company Law Tribunal, Mumbai Bench-IV Estimated date of closure of insolvency resolution process: January 26, 2027 Insolvency professional: Alok Kumar Murarka Interim Resolution Professional: Alok Kumar Murarka B-503, Unique Estate, Beverly Park, Kanakia, Near V Power Gym/Cinemax, Mira Road (East), Thane, Maharashtra - 401107 Email: ipalok.murarka@gmail.com ibc.tvvision@gmail.com Last date for submission of claims: August 13, 2026 V M YARNS: CRISIL Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of V M Yarns Private Limited (VMYPL) continues to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 13.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with VMYPL 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 VMYPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VMYPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VMYPL continues to be 'Crisil D Issuer not cooperating'. VMYPL was incorporated in 2002 and is promoted by Mr. Yogesh Kanoria and Ms. Payal Kanoria. The company trades various types of yarns such as cotton yarn, linen yarn, polyester yarn, PC yarn, viscose yarn, and PV yarns. WEB-TECH ENGINEERING: CRISIL Keeps D Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Web-Tech Engineering Private Limited (WTEPL) continues to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 16.5 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with WTEPL 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 WTEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on WTEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of WTEPL continues to be 'Crisil D Issuer not cooperating'. WTEPL, which was set up by Mr Sabajeet Singh in 1998, began its operations by manufacturing security printing machines. Over the years, the company has diversified into machines for packaging,, engineering, and CNC, and vertical and horizontal machining centres. ========= J A P A N ========= [] JAPAN: Bankruptcies in July Top 1,000 for 2nd Straight Month --------------------------------------------------------------- Japan Today reports that corporate bankruptcies in Japan rose 6.9 percent from a year earlier to 1,028 in July, topping 1,000 for the second straight month as labor shortages and rising prices continued to squeeze smaller businesses, a credit research company said Aug. 10. Total liabilities jumped 41.4 percent to JPY236.3 billion ($1.5 billion), largely due to the bankruptcy of Osaka-based credit-card transaction system provider Zentoshin, according to Tokyo Shoko Research. The company, which mainly provided restaurants and other merchants with quick settlement of credit-card sales, filed for bankruptcy in July with JPY115.16 billion in liabilities, making it likely the country's largest bankruptcy so far this year, Japan Today relates citing corporate credit research firm Teikoku Databank Ltd. Bankruptcies attributed to labor shortages hit a record 63 cases, including 36 caused by rising personnel costs, double the figure a year earlier. "Pay raises are unavoidable to secure workers, but companies are worsening their cash flow by raising wages beyond their means when they are unable to generate sufficient earnings," an official of the research firm said. According to Japan Today, bankruptcies blamed on rising prices totaled 93 cases, the most since 2022, as a weaker yen pushed up costs for materials and raw materials. By industry, bankruptcies increased from a year earlier in seven of the 10 sectors, including construction, retail and transportation. Japan Today relates that the information and communications sector saw bankruptcies jump 62.5 percent, with the tally including software-related companies affected by the growing use of artificial intelligence. The services sector recorded the largest number of bankruptcies at 342 cases. Small companies with liabilities of less than JPY100 million accounted for nearly 80 percent of the total number of bankruptcies, Japan Today adds. =============== M A L A Y S I A =============== TABUNG HAJI: BNM Issued Five Warnings on TH's Financial Standing ---------------------------------------------------------------- The Edge Malaysia reports that Bank Negara Malaysia (BNM) had issued five warning letters to the Tabung Haji (TH) chairman and the Minister of Religious Affairs regarding the gap between TH's assets and liabilities. According to The Edge, the Minister in the Prime Minister's Department (Religious Affairs), Dr Zulkifli Hasan, said that TH's management had been warned that the situation needed to be rectified immediately to ensure TH does not continue to be in violation of the law. "At the time, TH's position posed a potential systemic risk to the country's financial stability. Unfortunately, those letters were ignored by TH's leadership," he said. He said this during a ministerial briefing on the Royal Commission of Inquiry (RCI) report on TH, as well as the efforts and measures taken to restore the institution's financial position, at a special sitting of the Dewan Rakyat on Aug. 11. Zulkifli added that BNM's warnings were followed by a reprimand from the Auditor-General in the 2017 Financial Statements Report, The Edge relays. He said the Auditor-General had issued an Emphasis of Matter on changes to the impairment policy, which were made twice in the same year to show higher profits for 2017. "Following the reprimand from the authorities, TH's new board appointed the international audit firm PricewaterhouseCoopers (PwC) in 2018 to reassess TH's financial position and performance in accordance with valid and accurate accounting standards," he added. Subsequently, financial manipulation was confirmed by PwC in its report, which found that only RM556 million of the total assets of MYR4.6 billion were valued by professional valuers, according to The Edge. On July 29, the 211-page RCI report was made public, containing various findings on weaknesses in the institution's management and operations during the 2014-2020 period. The Edge adds that the report also included 25 recommendations for improvement, 75% of which had been implemented by TH as of July 30. The government announced the establishment of the RCI in 2021, followed by the appointment of its members on Jan. 20, 2022. The report was subsequently presented to the Yang di-Pertuan Agong on Aug. 30, 2022. Tabung Haji facilitates savings for the pilgrimage to Mecca through investment in Shariah-compliant vehicles. Through its subsidiaries, the company also engaged in other industries such as finance, hospitality, property, plantation and information technology. ===================== N E W Z E A L A N D ===================== BALAJI ENTERPRISES: Creditors' Proofs of Debt Due on Sept. 4 ------------------------------------------------------------ Creditors of Shree Balaji Enterprises Limited are required to file their proofs of debt by Sept. 4, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 31, 2026. The company's liquidator is: Kevyn Botes i-Business Recovery Limited PO Box 55 Greenhithe, Auckland 0756 BALLENTYNES FASHION: Closing After More Than 50 Years in Business ----------------------------------------------------------------- Radio New Zealand reports that a long-running family clothing business is shutting down. Ballentynes Fashion Central is closing after more than 50 years in business. In an online statement, the company said 10 of its 23 stores around the country will stay open and become part of the Caroline Eve chain, according to RNZ. They will be located in Blenheim, Richmond, Whanganui, Feilding, Palmerston North, Paraparaumu, Hawera, Levin, Lower Hutt and Masterton. RNZ says the remaining 13 stores will be closing over the next few months from August 15. Ballentynes Fashion Central was a family-owned New Zealand women's clothing and footwear retailer founded in 1972. Operating 23 stores, it specialized in affordable, vibrant seasonal fashion inspired by global trends. KING HOMES: Court to Hear Wind-Up Petition on Sept. 3 ----------------------------------------------------- A petition to wind up the operations of King Homes Painting Limited will be heard before the High Court at Auckland on Sept. 3, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on July 6, 2026. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 RMX TRANSPORT: Court to Hear Wind-Up Petition on Aug. 20 -------------------------------------------------------- A petition to wind up the operations of RMX Transport Limited will be heard before the High Court at Auckland on Aug. 20, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on June 18, 2026. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 VASUDHA LDV: BDO Auckland Appointed as Receivers ------------------------------------------------ George Bannerman and Andrew McKay of BDO Auckland on Aug. 5, 2026, were appointed as receivers and managers of Vasudha LDV Limited. The receivers and managers may be reached at: George Bannerman Andrew McKay BDO Auckland Level 4, BDO Centre 4 Graham Street Auckland 1010 ================= S I N G A P O R E ================= 3 M FURNISHING: Court Enters Wind-Up Order ------------------------------------------ The High Court of Singapore entered an order on July 31, 2026, to wind up the operations of 3 M Furnishing 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 No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ALUMMI PTE: Creditors' Meetings Set for Aug. 21 ----------------------------------------------- Alummi Pte. Ltd., DCA International Pte. Ltd., and ACG Holdings Pte. Ltd. will hold a meeting for its creditors on Aug. 21, 2026, at 11:00 a.m., 12:00 p.m. and 2:30 p.m., respectively, via Zoom. Agenda of the meeting includes: a. to lay before the creditors a full statement of the company's affairs, showing the assets and liabilities of the Company; b. to appoint liquidators; c. to form a Committee of Inspection if deemed necessary; and d. any other business. INNOTREND PTE: Court Enters Wind-Up Order ----------------------------------------- The High Court of Singapore entered an order on July 31, 2026, to wind up the operations of Innotrend Pte. Ltd. United Overseas Bank 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 No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 INVESTREE SINGAPORE: Court Enters Wind-Up Order ----------------------------------------------- The High Court of Singapore entered an order on July 31, 2026, to wind up the operations of Investree Singapore Pte. Ltd. SBI Ventures Asset filed the petition against the company. The company's liquidator is: Ms. Ellyn Tan Huixian c/o Forvis Mazars Consulting 135 Cecil Street #10-01, Philippine Airlines Building Singapore 069536 LAURENT CAFE: Cafe & Chocolate Bar to Close After 20 Years ---------------------------------------------------------- VnExpress reports that Singapore's artisanal chocolatier Laurent Cafe & Chocolate Bar at Robertson Quay will close on Aug. 10 after 20 years as rising costs and financial pressures force it to shut down. VnExpress relates that the cafe announced on Facebook on Aug. 6 that it would close the same day, calling it "a heavy day" for the team. It later updated the final day of operations to Aug. 10. Founded in 2006 by French pastry chef Laurent Bernard and his wife Iveta, Laurent Cafe & Chocolate Bar helped shape Singapore's artisanal chocolate scene long before locally founded specialty chocolate brands became widespread. The cafe became known for its handmade chocolate bonbons, chocolate soufflés and cakes. According to VnExpress, Mr. Bernard told AsiaOne the business could no longer cope with the "financial burden" of operating the cafe after being given seven days to vacate the premises over unpaid rent. He said the building recently changed ownership, and the new landlord would only allow the business to remain if it paid 12 months' rent in advance. The cafe had also struggled with declining foot traffic in the Robertson Quay area and rising rental costs, he added. "The biggest loss is not financial to me, it's emotional," Mr. Bernard told 8days.sg. "It touches me deeply to see so much empathy [from my customers regarding the cafe's upcoming closure]. This cafe means a great deal to many residents of the neighbourhood. I'm completely devastated by what's happening to us." Although the cafe will close on Aug. 10, the Laurent Bernard Chocolatier brand will continue operating online, Mr. Bernard said, VnExpress relays. Customers will still be able to order its products for delivery or self-pickup from the company's central kitchen on MacTaggart Road. VnExpress adds that Mr. Bernard said he has no immediate plans to open another cafe and will instead focus on growing the online business. NEXTEVO HOLDINGS: Creditors' Meetings Set for Aug. 20 ----------------------------------------------------- Nextevo Holdings Pte. Ltd. will hold a meeting for its creditors on Aug. 20, 2026, at 3:00 p.m., via electronic means. Agenda of the meeting includes: a. to lay before the creditors a full statement of the company's affairs, showing the assets and liabilities of the Company; b. to appoint liquidators; c. to form a Committee of Inspection if deemed necessary; and d. any other business. PORTUNUS SHIPPING: Creditors' Proofs of Debt Due on Sept. 7 ----------------------------------------------------------- Creditors of Portunus Shipping Pte. Ltd. are required to file their proofs of debt by Sept. 7, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 31, 2026. The company's liquidators are: Lau Chin Huat Yeo Boon Keong c/o Technic Inter-Asia 50 Havelock Road, #02-767 Singapore 160050 ================= S R I L A N K A ================= BANK OF CEYLON: Fitch Affirms 'CCC+' IDRs, Outlook Stable --------------------------------------------------------- Fitch Ratings has affirmed Bank of Ceylon's (BOC) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) at 'CCC+'. BOC's National Long-Term Rating has also been affirmed at 'AA-(lka)'. The Outlook is Stable. At the same time, Fitch has affirmed BOC's Viability Rating (VR) at 'ccc+', Short Term IDR at 'C', and Government Support Rating (GSR) of 'no support'. Key Rating Drivers Intrinsic Credit Profile Drives Ratings: BOC's local- and foreign-currency IDRs are driven by the bank's intrinsic credit profile, as reflected in its VR. The sovereign's credit profile continues to weigh on BOC's ratings due to its large direct and indirect exposure to the state relative to capital, as well as the concentration of its operations in the country. The VR is highly influenced by its operating environment (OE) assessment, as it is likely to constrain the intrinsic credit profile through its effect on financial and non-financial key rating factors. Sovereign Profile Shapes OE: The sovereign's weak credit profile continues to drive its assessment of the banks' OE score of 'ccc+'. This reflects predominant exposure to the domestic economic environment and high exposure to the sovereign through government securities and lending to the broader public sector, which links the banks closely with the state's financial health. Fitch expects the OE to remain broadly supportive; however, external headwinds may exert pressure on the domestic OE and, thereby, sector performance. Moderating State Exposure: Potential weaker economic conditions could weigh on BOC's business generation and earnings, similar to peers. Improved financial health at the sovereign and state-owned entities led to net repayments and a contraction in the bank's state-related loan book. As a result, exposure to these entities fell to about 30% of gross loans by end-2025, from nearly 50% before the crisis. Nevertheless, Fitch believes BOC remains sensitive to the state's credit profile and could be called upon to extend financing to state entities, if required, reflecting its role as a key lender to the state. Sovereign Exposure Drives Risk Profile: The bank's risk profile remains constrained by its significant sovereign exposure, which Fitch estimates at nearly 60% of assets at end-1Q26. Nearly three-quarters of this exposure is in local- and foreign-currency-denominated government securities although Fich expects this share to moderate in the near to medium term. Fitch expects the bank to maintain larger treasury holdings than peers, on account of its concentrated funding base, to manage its liquidity needs. Risks to Loan Quality: BOC's asset-quality metrics remain highly influenced by the sovereign's creditworthiness, given its large sovereign exposure via loans, off-balance-sheet liabilities and securities. The bank's gross impaired (stage 3) loan ratio edged up to 13.3% by end-1Q26, after improving to 13.1% at end-2025 (2024: 15.2%) due to deterioration in a few individual exposures. Fitch expects renewed pressure on loan quality as operating conditions tighten, though this could be offset by a reclassification of an impaired state-related loan. Profitability to Moderate: Fitch expects BOC's earnings to be highly correlated with economic and interest-rate cycles. The operating profit/risk-weighted assets ratio remained robust at 7.0% (annualised) in 1Q26 (2025: 7.4%), and continued to outperform peers, underpinned by low-risk-weight density. Fitch expects the ratio to moderate over the near-to-medium term due to margin compression, elevated credit costs and a rise in risk-weight density as the loan mix shifts towards private-sector lending. Over the longer term, Fitch expects the ratio to decline towards private-sector peer levels as the share of state-sector lending declines, reducing the benefit of zero or low risk weights. Capitalisation Prone to Sovereign Risks: BOC's capital buffers are below those of similar rated private domestic systemically important banks. Its common equity Tier 1 ratio stood at 12.1% at end-1Q26, including 1Q26 profit (2025: 11.5%). The required allocation to the special reserve for restructured foreign-currency sovereign exposures is now complete, so Fitch expects capital ratios to remain broadly around 12% over the next 12-18 months, underpinned by internal capital generation (1Q26 return on equity of 19.2% annualised). External Risks Weigh on Funding: Fitch believes BOC's access to foreign-currency funding remains sensitive to external headwinds as well as the sovereign's credit profile. BOC's loan/deposit ratio increased moderately to 61% by end-1Q26 (2025: 61%, 2024: 58%) as lending outpaced deposit growth, but remains below that of its private counterparts. Fitch does not expect the ratio to rise significantly towards the 80%-90% levels seen before the crisis, in the near to medium term. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A downgrade of BOC's Long-Term Foreign- and/or Local-Currency IDRs and VR would be most likely to stem from a deterioration in Sri Lanka's sovereign rating, which would constrain BOC's standalone credit profile, including the OE. An increased likelihood that the bank would default on, or seek a restructuring of, its senior foreign- and/or local currency obligations to non-government creditors could also lead to a downgrade of BOC's Long-Term Foreign- and/or Local-Currency IDRs. BOC's National Rating is sensitive to a change in the bank's creditworthiness relative to other Sri Lankan issuers. A downgrade of the National Rating would be most likely to stem from a deterioration in Sri Lanka's sovereign rating, through its influence on the banks' OE. A deterioration in the bank's key credit metrics beyond its base-case expectations relative to peers would also lead to greater downward pressure on the bank's National Rating, which is driven by its intrinsic financial strength, independent of any sovereign rating changes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade of BOC's Long-Term Foreign- and Local-Currency IDRs and VR would most likely result from an improvement in the sovereign's credit profile and the OE assessment. A sustained improvement in the sovereign's financial flexibility may lead to a reconsideration of state support, leading to an upgrade of the bank's GSR. BOC's National Rating is sensitive to a change in the bank's creditworthiness relative to other Sri Lankan issuers. Upside to BOC's National Rating is limited in the near term, due to its assessment of the sovereign rating and the OE. That said, an improvement in Sri Lanka's sovereign rating may lead to an upgrade of the bank's National Rating. BOC has a 1.78% equity stake in Fitch Ratings Lanka Ltd. No shareholder other than Fitch, Inc. is involved in the day-to-day rating operations of, or credit reviews undertaken by, Fitch Ratings Lanka. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS SUBORDINATED DEBT The Basel III Sri Lankan rupee-denominated subordinated debt of BOC is rated two notches below its National Long-Term Rating, in line with Fitch's baseline notching for loss severity for this type of debt and its expectations of poor recovery. There is no additional notching for non-performance risk, as the notes do not incorporate going-concern loss-absorption features. The Basel III-compliant notes include a clause whereby the notes will be converted to an Additional Tier 1 instrument on a permanent basis at the point of non-viability, subject to the occurrence of a trigger event, as determined by the Governing Board of the Central Bank of Sri Lanka. The GSR of 'no support' reflects its assessment that there is no reasonable assumption of government support for the bank. Fitch believes the sovereign's ability to provide extraordinary support, particularly in foreign currency, remains constrained, as reflected in the sovereign rating, given the challenges to the state's financial flexibility and the size of the banking sector relative to the economy. This is despite the sovereign's strong propensity to extend support to the bank due to its high systemic importance and full state ownership. OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES BOC's subordinated debt rating will move in tandem with the National Long-Term Rating. VR ADJUSTMENTS The operating environment score of 'ccc+' is below the 'b' category implied score due to the following adjustment reason: sovereign rating (negative). The earnings & profitability score of 'b-' is below the 'bb' category implied score due to the following adjustment reason: risk-weight calculation (negative). ESG Considerations BOC has an ESG Relevance Score of '4' for Governance Structure due to ownership concentration, with a 100% state shareholding and several related-party transactions with the state and state-owned entities, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Bank of Ceylon LT IDR CCC+ Affirmed CCC+ ST IDR C Affirmed C LC LT IDR CCC+ Affirmed CCC+ Natl LT AA-(lka) Affirmed AA-(lka) Viability ccc+ Affirmed ccc+ Gov't Support ns Affirmed ns Subordinated Natl LT A(lka) Affirmed A(lka) ********* 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. 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