260508.mbx

260508.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, May 8, 2026, Vol. 29, No. 92 Headlines A U S T R A L I A A & S WHOLESALE: First Creditors' Meeting Set for May 14 CX LAVENDER: Administrators in Talk to Sell Business FISHBURNERS LIMITED: Enters Voluntary Administration FISHBURNERS LIMITED: First Creditors' Meeting Set for May 18 JACK PURCELL: Closes Doors as Business Enters Liquidation LA TROBE 2026-2: S&P Assigns Prelim. B(sf) Rating on Class F Notes LIGHTHOUSE 2026-1 BB: Fitch Assigns 'Bsf' Rating on Class F Notes LIGHTHOUSE 2026-1 FF: Fitch Assigns 'Bsf' Rating on Class F Notes METRO FINANCE 4: Moody's Ups Rating on AUD21.30MM E Notes to B1 METRO FINANCE 4: Moody's Withdraws B1 Rating on Class E Notes MME PL 2026-1: Fitch Assigns 'B(EXP)sf' Rating on Class F Notes MOMENTUM CONSULTING: Second Creditors' Meeting Set for May 12 MPF ADMIN: First Creditors' Meeting Set for May 14 NEPTUNE MARINE: Second Creditors' Meeting Set for May 12 WISR MOMENTUM 2026-1: Moody's Assigns (P)B2 Rating to Cl. F Notes C H I N A METCOLD GROUP: BlackRock Faces Test in Recovering Defaulted Loan [] CHINA: Bad-Debt Managers Turn to Bank Stakes to Buffer Losses H O N G K O N G NEW WORLD: Says No Deal Signed on Hotel Sale Talks I N D I A BALAJI VIDYAPEETH: CRISIL Keeps B Debt Rating in Not Cooperating COSMIC EXTRACTION: Voluntary Liquidation Process Case Summary DHANVRIDHI COMMERCIAL: CRISIL Keeps D Ratings in Not Cooperating GAJRAJ MINING: Insolvency Resolution Process Case Summary KANHANGAD LINKS: Voluntary Liquidation Process Case Summary LAZONA TIEUP: Voluntary Liquidation Process Case Summary MILLENNIUM STARCH: Insolvency Resolution Process Case Summary MOTOCRUIZER RENTAL: Insolvency Resolution Process Case Summary ODICEA DISTRIBUTION: Insolvency Resolution Process Case Summary PS IT: Insolvency Resolution Process Case Summary ROHTAS BIO: Insolvency Resolution Process Case Summary S S M FOUNDATION: CRISIL Keeps D Debt Ratings in Not Cooperating SAI KRISHNA: CRISIL Keeps D Debt Ratings in Not Cooperating SARVAJANIK SEWA: CRISIL Moves B Debt Rating to Not Cooperating SEVENHILLS HEALTHCARE: CRISIL Keeps D Ratings in Not Cooperating SHAMBHAVI COTTON: CRISIL Keeps B Debt Ratings in Not Cooperating SHANKAR SAHAKARI: CRISIL Keeps D Debt Rating in Not Cooperating SHIVA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating SHIVA SHREE: CRISIL Keeps D Debt Ratings in Not Cooperating SHREENATHJI COTTON: CRISIL Keeps B Ratings in Not Cooperating SONI K. D.: CRISIL Keeps B Debt Rating in Not Cooperating SPARKLET ENGINEERS: CRISIL Keeps D Ratings in Not Cooperating SR FOILS: CRISIL Keeps D Debt Ratings in Not Cooperating Category SUMANGALEE JEWELLERS: CRISIL Keeps B Rating in Not Cooperating SUPREME PACKERS: CRISIL Keeps B Debt Ratings in Not Cooperating SWAMI SAMARTH: CRISIL Keeps B Debt Ratings in Not Cooperating TAIKO PLASTIC: CRISIL Keeps B Debt Ratings in Not Cooperating TIRUPATI OIL: CRISIL Keeps B Debt Rating in Not Cooperating TMR DEVELOPERS: CRISIL Keeps D Debt Rating in Not Cooperating TOKAI ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating USM HEALTHCARE: CRISIL Lowers Rating on INR8.92cr LT Loan to B VAASUDEVA MILK: Insolvency Resolution Process Case Summary VARDHAN AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating VIRAJ ALCHOHOL: CRISIL Keeps D Debt Ratings in Not Cooperating WK CONSULTANTS: Voluntary Liquidation Process Case Summary YUGA BUILDERS: CRISIL Keeps B Debt Rating in Not Cooperating N E W Z E A L A N D ADAIRS LIMITED: To Close Seven Stores in New Zealand ANCO CONSTRUCTION: Court to Hear Wind-Up Petition on May 14 ANCO PROPERTIES: Court to Hear Wind-Up Petition on May 14 CROWN & BADGER: Pub Closes 'For Good' After 26 Years KEENAN BROTHERS: Creditors' Proofs of Debt Due on May 29 KJ HORTICULTURE: Creditors' Proofs of Debt Due on June 4 MOANA FARMS: Placed in Receivership S I N G A P O R E ASPEN & CO: Court Enters Wind-Up Order GOLDEN ENERGY: Moody's Downgrades CFR to B2, Outlook Negative HANSENS SWITZERLAND: Creditors' Meetings Set for May 15 TKIL GLOBAL: Court to Hear Wind-Up Petition on May 15 VICTORY SHIPPING: Court to Hear Wind-Up Petition on May 15 VIVA ENGINEERING: Court Enters Wind-Up Order T A I W A N NANYA TECHNOLOGY: Fitch Affirms 'BB+' LongTerm IDRs, Outlook Stable V I E T N A M VIETNAM: Moody's Alters Outlook on 'Ba2' Issuer Rating to Positive - - - - - ================= A U S T R A L I A ================= A & S WHOLESALE: First Creditors' Meeting Set for May 14 -------------------------------------------------------- A first meeting of the creditors in the proceedings of A & S Wholesale Fruit & Vegetables Pty Ltd will be held on May 14, 2026, at 1:30 p.m. at the offices of Cor Cordis, at Level 29, 360 Collins Street, in Melbourne, VIC, and via online video conference. Daniel Peter Juratowitch and Rachel Burdett of Cor Cordis were appointed as administrators of the company on May 4, 2026. CX LAVENDER: Administrators in Talk to Sell Business ---------------------------------------------------- Chris Pash at AdNews reports that creditors of experience agency CX Lavender, established almost three decades ago by Will Lavender, was told on May 7 the company's administrators are in the middle of negotiating a sale of the business. Vaughan Strawbridge and Matthew O'Keefe of FTI Consulting were appointed voluntary administrators in late March. Their latest investigations was presented to a creditors' meeting on May 7. The administrators estimate total liabilities at nearly AUD1.6 million. But the company also has AUD827,717 cash plus other, so far unrealised, assets. According to AdNews, the administrators are keeping the business, which has had a string of high profile clients including Westpac and American Express, running as a going concern. Eight staff, from a total 38, were made redundant last month. "We are currently in advanced discussions with a number of interested parties regarding the purchase of all, or some, (of) the CX Lavender business," the administrators said in a report to be presented to the meeting. "The commercial terms remain the subject of negotiation, so we are unable to communicate with creditors as to the likely outcome at this stage." The administrators identified 33 potentially interested parties, AdNews discloses. Of those eight signed NDAs and were provided with due diligence material. AdNews relates that the administrators said about AUD93,600 is owing to trade creditors, mainly to contractors, business development activities and utilities. There is also AUD192,800 owing to the Australian Taxation Office for income tax expense and some GST. CX Lavender, established in 1997, a pioneer in the development of the customer experience sector in Australia, went into voluntary administration after a reduction in contracts and projects. The administrators said the director of the company, Will Lavender, also reported that AI had been altering client requirements, reducing demand for existing products and services. He also said there was a "lack of traction to expand or win new businesses". And there was an insufficient cash flow for redundancies to bring headcount to the right size, AdNews relays. There is no (no) suggestion the company was operating while insolvent. "The group maintained sufficient available cash to meet its obligations as and when they became due up until the date of our appointment, supported by ongoing director/shareholder funding," the administrators, as cited by AdNews, said. "In the months leading up to the appointment, the director took multiple proactive steps to address the fixed cost base of the business." This includes reducing staff headcount, with an annual reduction in wages of about AUD400,000, and moving offices, reducing rent expenses by AUD720,000 effective from February 2026. Vaughan Strawbridge and Matthew O. Keefe of FTI Consulting were appointed as administrators of the company on March 23, 2026. FISHBURNERS LIMITED: Enters Voluntary Administration ---------------------------------------------------- SmartCompany reports that Fishburners, the Sydney co-working space that grew into one of Australia's most influential startup communities, has entered voluntary administration. The administration spells an uncertain future for the not-for-profit, which evolved from a single hub in Ultimo to a community spanning over 35,000 entrepreneurs. Documents listed by the Australian Securities and Investments Commission show Fishburners Limited on Wednesday appointed Phil Quinlan and Gayle Dickerson of KPMG as administrators. In a statement provided to SmartCompany, the voluntary administrators confirmed they will continue trading Fishburners, as they "undertake an immediate assessment of the business, in tandem with an accelerated sale and recapitalisation process". SmartCompany relates that the board of Fishburners said the decision to appoint administrators was linked to "failed efforts to resolve long-standing rental legacy debt" at the government-backed Sydney Startup Hub, which it called home for several years. Those debts, combined with "subsequent operating losses", convinced the board a "formal restructuring process is the most effective way to achieve a sustainable future and continuity for the thousands of tech entrepreneurs who rely on Fishburners' support services". The board has been "actively engaging in consolidation and investment discussions, which the Administrator will now pursue," they added. Fishburners "has been a pillar of the Australian startup ecosystem, fostering innovation and entrepreneurship for over 15 years," added Dickerson. "We will seek expressions of interest from parties within the innovation and technology sectors and work with all stakeholders, including the board, employees and founders, to maximise the outcome." A first meeting of creditors is set for May 18, SmartCompany discloses. SmartCompany has contacted CEO Majella Campbell for comment, who referred to the KPMG statement. Founders to have participated in Fishburners include Koala co-founder and CEO Dany Milham, v2food founder and CEO Nick Hazell, and Natalie Nguyen, co-founder of Hyper Anna, now Alteryx Auto Insights. Launched in 2011 by entrepreneurs Mike Casey and Pete Davison, Fishburners intended to connect ambitious founders and technology professionals in Sydney's developing startup scene. Unlike other co-working spaces, Fishburners launched as a not-for-profit, reliant on financial support from paid members and corporate sponsors. FISHBURNERS LIMITED: First Creditors' Meeting Set for May 18 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Fishburners Limited will be held on May 18, 2026, at 12:00 p.m. via Microsoft teams. Phil Quinlan and Gayle Dickerson of KPMG were appointed as administrators of the company on May 6, 2026. JACK PURCELL: Closes Doors as Business Enters Liquidation --------------------------------------------------------- SkyNews.com.au reports that a major Queensland butchery that once had an "empire" of stories throughout Brisbane has shut down as the business enters liquidation. According to SkyNews.com.au, Brisbane-based Jack Purcell Meats, which had operated for more than seven decades, had until last month been advertising weekly meat specials via social media. However, a liquidator has now been appointed to the butchery following a winding up order, The Courier Mail reported. SkyNews.com.au says the butchery, which was originally opened by a World War II veteran, previously had nearly two dozen locations throughout the city. Jack Purcell Meats' remaining Pritchard Road location in Brisbane's north is permanently closed, its Google listing showed. The business' last post on its Facebook page was April 29, when it advertised its Labour Day opening hours, SkyNews.com.au relates. According to SkyNews.com.au, Asset Restructuring Group's Alan Walker has been named as the liquidator to oversee the winding up of Snag Pty Ltd ATF the Snag Investment Trust – the company behind the butchery. A notice of the winding up order was published by Australian Securities and Investments Commission. The butchery's website detailed that the business was started in 1943 by Australian Defence Force veteran Jack Purcell, who served as an Army butcher during WWII. Mr. Purcell's first shop was opened on Junior Terrace, Northgate, before expanding to 23 shops in the Brisbane area. "The Jack Purcell Meats empire operated successfully through the 50s, 60s and 70s until Jack gradually sold off the majority of the shops, preferring to concentrate on a smaller number of outlets and to personally attend to his customers in the Northgate and Taigum stores," the website read. Mr. Purcell retired in 1980, when his son Paul bought the Northgate store, SkyNews.com.au says. The butchery eventually moved its operations to its last location at Pritchard Road. Adam Purcell, Jack's grandson, purchased the butchery's smallgoods division in 2004, before the business was handed over to him in 2015. The business had sold a range of fruit and vegetables and other grocery items, along with its meat products. LA TROBE 2026-2: S&P Assigns Prelim. B(sf) Rating on Class F Notes ------------------------------------------------------------------ S&P Global Ratings assigned its preliminary ratings to eight of the 10 classes of residential mortgage-backed securities (RMBS) to be issued by Perpetual Corporate Trust Ltd. as trustee for La Trobe Financial Capital Markets Trust 2026-2. La Trobe Financial Capital Markets Trust 2026-2 is a securitization of nonconforming and prime residential mortgage loans originated by La Trobe Financial Services Pty Ltd. The preliminary ratings reflect the following factors. The credit risk of the underlying collateral portfolio and the credit support provided to each class of notes are commensurate with the ratings assigned. Credit support is provided by subordination and excess spread. S&P's assessment of credit risk takes into account La Trobe Financial's underwriting standards and approval process, and La Trobe Financial's servicing quality. The transaction's cash flows can meet timely payment of interest and ultimate repayment of principal to the noteholders under the rating stresses. Key factors are the level of subordination provided, an amortizing liquidity reserve sized at 1.5% of the note balance funded by over issuance of notes, the principal draw function, the yield reserve, the retention amount built from excess spread before, and including, the call date, the amortization amount built from excess spread after the call date or upon a servicer default, and the provision of an extraordinary expense reserve. All rating stresses are made on the basis that the trust does not call the notes at or beyond the call date, and that all rated notes must be fully redeemed via the principal waterfall mechanism under the transaction documents. S&P said, "We also have factored into our ratings the legal structure of the trust, which has been established as a special-purpose entity and meets our criteria for insolvency remoteness. "Our ratings also reflect the counterparty support provided by the Commonwealth Bank of Australia as the bank account provider. The transaction documents for the bank accounts include downgrade remedy language consistent with our counterparty criteria, that requires the replacement of the counterparty or other remedy, should our rating fall below the applicable level." Preliminary Ratings Assigned La Trobe Financial Capital Markets Trust 2026-2 Class A1S, A$277.500 million: AAA (sf) Class A1L, A$337.500 million: AAA (sf) Class A2, A$75.000 million: AAA (sf) Class B, A$24.000 million: AA (sf) Class C, A$15.750 million: A (sf) Class D, A$12.225 million: BBB (sf) Class E, A$3.900 million: BB (sf) Class F, A$1.500 million: B (sf) Equity 1, A$2.250 million: Not rated Equity 2, A$0.375 million: Not rated LIGHTHOUSE 2026-1 BB: Fitch Assigns 'Bsf' Rating on Class F Notes ----------------------------------------------------------------- Fitch Ratings has assigned ratings to Lighthouse 2026-1 BB Trust's pass-through floating-rate notes. The notes are backed by a pool of first-ranking Australian secured auto and equipment finance receivables originated by Bank of Queensland Limited (A-/Stable). The notes were issued by Perpetual Corporate Trust Limited in its capacity as trustee of Lighthouse 2026-1 BB Trust, a separate and distinct trust created under a master trust deed. Entity/Debt Rating ----------- ------ Lighthouse 2026-1 BB Trust A LT NRsf New Rating A-X LT NRsf New Rating B LT AAsf New Rating C LT Asf New Rating D LT BBBsf New Rating E LT BBsf New Rating F LT Bsf New Rating G LT NRsf New Rating Transaction Summary The total collateral pool consisted of 39,791 receivables totalling about AUD3.6 billion with a weighted-average (WA) remaining term of 36.0 months at the cut-off date. Portfolio composition by collateral type is 46.3% vehicles, trucks and buses (VTB), 36.6% other wheels and 17.1% other equipment. KEY RATING DRIVERS Stress Commensurate with Ratings: Its base-case gross-loss expectations and default multiples are as follows: VTB: 1.0% (7.75x at AAAsf, 6.2x at AAsf, 4.65x at Asf, 3.3x at BBBsf, 2.33x at BBsf, 1.48x at Bsf) Other wheels: 1.0% (same multiples as VTB) Other equipment: 1.8% (6.75x at AAAsf, 5.40x at AAsf, 4.05x at Asf, 2.90x at BBBsf, 2.03x at BBsf, 1.38x at Bsf) The recovery base case is 30.0% for VTB and other wheels, and 15.0% for other equipment, with a recovery haircut of 60.0%, 48.0%, 36.0%, 27.0%, 18.0% and 12.0% at the 'AAAsf', 'AAsf', 'Asf', 'BBBsf', 'BBsf' and 'Bsf' rating levels, respectively. The WA base-case default assumption is 1.2% and the 'AAAsf' default multiple is 7.5x. Tight Labour Market Supports Outlook: Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 2.6% in 2025 and unemployment was 4.3% in March 2026. Fitch forecasts GDP growth of 2.4% in 2026 and 2.1% in 2027, with unemployment at 4.5% in both years. Excess Spread Limited by Commission Note Repayment: The transaction includes a commission note to fund the purchase-price component of the commission paid to introducers for the origination of receivables. The note will not be collateralised and will amortise in line with an amortisation schedule. Failure to make payments on the commission note in line with its amortisation schedule will not constitute an event of default. Its repayment reduces the availability of excess spread to cover losses, as it ranks senior in the interest waterfall, above the class B to F notes. Structural Risks Addressed: Counterparty risk is mitigated by documented structural mechanisms that ensure remedial action takes place should the ratings of the swap provider, liquidity facility provider or transaction account bank fall below a certain level. The class A to G notes will receive principal repayments pro rata upon satisfaction of stepdown criteria. The percentage of credit enhancement provided by the G notes will increase as the A to F notes amortise. Fitch's cash flow analysis incorporates the transaction's structural features and tests each note's robustness by stressing default and recovery rates, prepayments, interest-rate movements and default timing. All notes have passed their relevant rating stresses. Low Operational and Servicing Risk: All receivables were originated by Bank of Queensland, which demonstrated adequate capability as originator, underwriter and servicer. Fitch undertook an operational review and found that the operations of the originator and servicer were comparable with those of other auto lenders. No Residual Value Risk: The transaction has no residual value exposure. However, 47.6% of the portfolio by receivable value has balloon amounts payable at maturity, which Fitch has incorporated into the rating analysis. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The rating sensitivity section provides insight into the model-implied sensitivities the transaction faces when assumptions - defaults or recoveries - are modified, while holding others equal. The modelling process uses the modification of default and loss assumptions to reflect asset performance in up and down environments. The results should only be considered as one potential outcome, as the transaction is exposed to multiple dynamic risk factors. Notes: B / C / D / E / F Rating: AAsf / Asf / BBBsf / BBsf / Bsf 10% defaults increase: AA-sf / A-sf / BBB-sf / BBsf / Bsf 25% defaults increase: A+sf / BBB+sf / BB+sf / BB-sf / less than Bsf 50% defaults increase: A-sf / BBBsf / BBsf / Bsf / less than Bsf 10% recoveries decrease: AAsf / Asf / BBBsf / BBsf / Bsf 25% recoveries decrease: AAsf / Asf / BBBsf / BBsf / Bsf 50% recoveries decrease: AAsf / A-sf / BBB-sf / BB-sf / less than Bsf 10% defaults increase / 10% recoveries decrease: AA-sf / A-sf / BBB-sf / BB-sf / Bsf 25% defaults increase / 25% recoveries decrease: A+sf / BBB+sf / BB+sf / B+sf / less than Bsf 50% defaults increase / 50% recoveries decrease: A-sf / BBB-sf / BB-sf / Bsf / less than Bsf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Economic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal, may lead to positive rating action. Notes: B / C / D / E / F Rating: AAsf / Asf / BBBsf / BBsf / Bsf 10% defaults decrease / 10% recoveries increase: AA+sf / A+sf / BBB+sf / BB+sf / B+sf USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch reviewed the results of a third-party assessment conducted on the asset portfolio information and concluded that there were no findings that affected the rating analysis. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. LIGHTHOUSE 2026-1 FF: Fitch Assigns 'Bsf' Rating on Class F Notes ----------------------------------------------------------------- Fitch Ratings has assigned ratings to Lighthouse 2026-1 FF Trust's pass-through floating-rate notes. The notes are backed by a pool of first-ranking Australian secured auto and equipment finance receivables originated by Bank of Queensland Limited (A-/Stable). The notes were issued by Perpetual Corporate Trust Limited in its capacity as trustee of Lighthouse 2026-1 FF Trust, a separate and distinct trust created under a master trust deed. Entity/Debt Rating ----------- ------ Lighthouse 2026-1 FF Trust B LT AAsf New Rating C LT Asf New Rating D LT BBBsf New Rating E LT BBsf New Rating F LT Bsf New Rating A LT NRsf New Rating A-X LT NRsf New Rating G LT NRsf New Rating Transaction Summary The transaction is revolving and can purchase new receivables during its availability period. Triggers are in place to protect noteholders from a deterioration in the portfolio's credit quality that requires rectification or may otherwise end the availability period, after which all collections will be used to pay down the notes. KEY RATING DRIVERS Stress Commensurate with Ratings: Its base-case gross-loss expectations and default multiples are as follows: Vehicles, trucks and buses (VTB): 1.0% (8.0x at AAAsf, 6.4x at AAsf, 4.8x at Asf, 3.4x at BBBsf, 2.4x at BBsf, 1.5x at Bsf) Other wheels: 1.0% (same multiples as VTB) Other equipment: 1.8% (7.0x at AAAsf, 5.6x at AAsf, 4.2x at Asf, 3.0x at BBBsf, 2.1x at BBsf, 1.4x at Bsf) The recovery base case is 30.0% for VTB and other wheels and 15.0% for other equipment, with a recovery haircut of 60.0%, 48.0%, 36.0%, 27.0%, 18.0% and 12.0% at the 'AAAsf', 'AAsf', 'Asf', 'BBBsf', 'BBsf' and 'Bsf' rating levels, respectively. Portfolio Parameters Drive Losses: The transaction's portfolio parameters shaped the stress portfolio used to drive the asset analysis. The stress portfolio reflects the assumption that the portfolio's characteristics may migrate towards the limits during the availability period. The pool parameters limit the proportion of the pool secured by other wheels at 55% and other equipment at 20%. Fitch assumed the remaining 25% was all VTB. The weighted-average (WA) base-case default assumption is 1.2% and the 'AAAsf' default multiple is 7.7x. Structural Features Support Ratings: The transaction features an availability period ending in April 2027 with the ability to be extended. It is bound by stop-funding event and amortisation event triggers to mitigate risk from potential losses. These include a trigger that ensures the availability of sufficient excess spread. The class A, B, C, D, E and F notes also have documented minimum credit enhancement percentages during the availability period. Principal is paid sequentially during amortisation, from the class A to G notes. When the step-down conditions are satisfied, principal paydown will switch to a pro-rata basis between the class A to G notes until each class is repaid in full. Excess Spread Limited by Commission Note Repayment: The transaction includes a class A-x note, which is a commission note to fund the purchase-price component of the commission paid to introducers for the origination of receivables. The note will not be collateralised and will amortise in line with an amortisation schedule. Its repayment limits the availability of excess spread to cover losses, as it ranks senior in the interest waterfall, above all other notes. Structural Risks Addressed: Fitch's cash flow analysis incorporates the transaction's structural features and tests each note's robustness by stressing default and recovery rates, prepayments (base case 8.0%), interest-rate movements and default timing. All notes have passed relevant rating stresses. Counterparty Risks Addressed: Counterparty risk is mitigated by documented structural mechanisms that ensure remedial action takes place should the ratings of the swap provider or transaction account bank fall below a certain level. Low Operational and Servicing Risk: All receivables were or will be originated by Bank of Queensland, which has demonstrated adequate capability as originator, underwriter and servicer. Fitch undertook an operational review and found that the operations of the originator and servicer were comparable with those of other auto lenders. Tight Labour Market Supports Outlook: Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 2.6% in 2025 and unemployment was 4.3% in March 2026. Fitch forecasts GDP growth of 2.4% in 2026 and 2.1% in 2027, with unemployment at 4.5% in both years. No Residual Value Risk: There is no residual value exposure in this transaction. The transaction allows balloon amounts subject to limits, which has been incorporated into the rating analysis. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Transaction performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce credit enhancement available to the notes. Downgrade Sensitivities Unanticipated increases in the frequency of defaults and decreased recoveries on defaulted receivables could produce loss levels higher than Fitch's base case, and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions; these include increasing WA defaults and decreasing the WA recovery rate. The rating sensitivity section provides insight into the model-implied sensitivities the transaction faces when assumptions - defaults or recoveries - are modified, while holding others equal. The modelling process uses the modification of default and loss assumptions to reflect asset performance in up and down environments. The results should only be considered as one potential outcome, as the transaction is exposed to multiple dynamic risk factors. Notes: B / C / D / E / F Rating: AAsf / Asf / BBBsf / BBsf / Bsf 10% defaults increase: AA-sf / A-sf / BBB-sf / BB-sf / less than Bsf 25% defaults increase: A+sf / BBB+sf / BB+sf / B+sf / less than Bsf 50% defaults increase: A-sf / BBBsf / BBsf / Bsf / less than Bsf 10% recoveries decrease: AAsf / Asf / BBBsf / BBsf / Bsf 25% recoveries decrease: AAsf / Asf / BBBsf / BBsf / less than Bsf 50% recoveries decrease: AA-sf / A-sf / BBB-sf / BB-sf / less than Bsf 10% defaults increase / 10% recoveries decrease: AA-sf / A-sf / BBB-sf / BB-sf / less than Bsf 25% defaults increase / 25% recoveries decrease: Asf / BBB+sf / BB+sf / B+sf / less than Bsf 50% defaults increase / 50% recoveries decrease: BBB+sf / BBB-sf / BB-sf / Bsf / less than Bsf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Economic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal, may lead to positive rating action. Notes: B / C / D / E / F Rating: AAsf / Asf / BBBsf / BBsf / Bsf 10% defaults decrease / 10% recoveries increase: AA+sf / A+sf / BBB+sf / BB+sf / Bsf USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch reviewed the results of a third-party assessment conducted on the asset portfolio information and concluded that there were no findings that affected the rating analysis. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. METRO FINANCE 4: Moody's Ups Rating on AUD21.30MM E Notes to B1 --------------------------------------------------------------- Moody's Ratings has assigned definitive rating to the new Class SCN Notes and taken rating actions on three classes of notes issued by Perpetual Corporate Trust Limited as trustee of Metro Finance Trust No.4 Warehouse Series 1, following the execution of the Amending Deed effective on April 30, 2026. The affected ratings are as follows: AUD6.00 million Class SCN Notes, Assigned Aaa (sf) AUD12.40 million Class B Notes, Upgraded to Aa3 (sf); previously on Apr 30, 2025 Affirmed A1(sf) AUD14.20 million Class D Notes, Upgraded to Baa2 (sf); previously on Apr 30, 2025 Affirmed Baa3 (sf) AUD21.30 million Class E Notes, Upgraded to B1 (sf); previously on Apr 30, 2025 Downgraded to B2 (sf) The AUD17.89 million Class F Notes are not rated by us. A comprehensive review of all credit ratings for the respective transaction(s) has been conducted during a rating committee. The transaction is a securitisation backed by a revolving portfolio of Australian prime commercial and consumer auto and equipment loans and leases, and novated leases originated by Metro Finance Pty Limited (Metro Finance). Metro Finance was established in 2011 as a commercial auto/equipment lender. It targets prime borrowers, for small-ticket auto and equipment assets in low volatility industries. Metro Finance originates its lending through the commercial auto and equipment broker and aggregator industry and novated lease introducers nationally. Significant origination growth began in 2014. Metro also started originating prime consumer auto loans through broker channels in 2022. RATINGS RATIONALE The ratings take into account, among other factors, (1) Moody's evaluations of the underlying receivables and their expected performance; (2) the revolving nature of the underlying portfolio; (3) evaluation of the capital structure and credit enhancement provided to the notes; (4) availability of excess spread over the transaction's life; (5) the liquidity reserve sized to cover two months of required payments subject to a floor of AUD300,000; (6) the legal structure; (7) Metro's experience as servicer; and (8) presence of AMAL Asset Management Limited (AMAL) as back-up servicer. 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. According to Moody's analysis, the transaction benefits from the prime nature of the underlying borrower, the highly diversified nature of the portfolio, and strong historical performance data which compares favourably to other originators of commercial auto and equipment loans and leases. Key challenges in the transaction include 1) a substantial portion of the portfolio extended on a streamlined basis; 2) the issuance of Class SCN Notes which are not collateralised and are repaid through the interest waterfall reducing excess spread available to cure portfolio losses and; 3) a 12-month portfolio replenishment period which exposes noteholders to possible adverse collateral pool changes. KEY PORTOLIO AND STRUCTURAL FEATURES The portfolio consists of prime consumer and commercial auto and equipment fixed rate loans and leases extended to obligors located in Australia. Key transactional features include a 12-month portfolio replenishment period, the portfolio parameters and stop funding events which protect noteholders against a deterioration in the quality and performance of the collateral during the portfolio replenishment period. The revolving period continues until a stop funding event or an amortisation event is triggered. If a stop funding event or an amortisation event is triggered, then all the notes are paid sequentially from the principal waterfall starting from the Class A Notes. Stop funding events include: -- There is a breach of the pool parameters subsisting for 10 consecutive business days; -- 30 days past due arrears rate is greater than 5.0% on any determination date; -- 90 days past due arrears rate is greater than 2.0% on any determination date; -- The average annualised net loss ratio in respect of a determination date is greater than 2.0% Pool parameters include: -- Vehicle loans must be greater than 70% of the pool balance; -- Balloon or residual payments must be less than 35% of the pool balance; -- The top 10 obligors must be less than 4% of the portfolio; -- Novated leases must be more than 25% but less than 60% of the portfolio; -- Consumer receivables must be less than 15% of the portfolio; and -- The portfolio yield must be greater than portfolio swap rate by at least 3% All notes are variable funding notes which can be redeemed and redrawn during the transaction revolving period subject to required notes subordination levels being maintained. However Class B, Class C, Class D, and Class E Notes cannot be redeemed below 70% of their facility limit. The notes subordination levels for the Class A, Class B, Class C, Class D, and Class E Notes following the Amendment are 10.0%, 8.6%, 6.0%, 4.4%, and 2.0% respectively. The Class SCN Notes are repaid according to a scheduled amortisation profile. These notes are not collateralised and are repaid senior through the interest waterfall. The notional size of the Class SCN Notes is equal to the aggregate of commission expense on each consumer loan. The Class SCN Notes scheduled amortization profile is sized to ensure each loans commission expense is amortised over the shorter of 3 years or the loan term less 12 months. Should the underlying loan prepay or default the related component of the Class SCN Notes will be immediately due. The notes also benefit from access to principal draw. Interest rate risk will be addressed by the interest rate swap provided by Westpac Banking Corporation (Aa2/P-1/Aa1(cr)/P-1(cr)). The notional balance of the swap will follow a schedule based on the amortisation of the portfolio, assuming no prepayments. The swap will be extended and the fixed rate will be adjusted on a monthly basis to hedge new receivables added to the trust during the revolving period. AMAL Asset Management Limited (AMAL) is the back-up servicer. If Metro is terminated as servicer, AMAL will take over the servicing role in accordance with the standby servicing deed and back-up servicing plan. MAIN MODEL ASSUMPTIONS Moody's portfolio credit enhancement ("PCE") — representing the loss that Moody's expects the portfolio to suffer in the event of a severe recession scenario — is 12.0%. Moody's mean default rate for this transaction is 2.0% and the assumed recovery rate is 45.0%. The default rate, recovery rate and PCE are parameters used by us to calibrate Moody's lognormal portfolio loss distribution curve and to associate a probability with each potential future loss scenario in the cash flow model to rate auto ABS. Moody's assumed mean default rate is stressed compared to the extrapolated observed levels of default, estimated at 1.1%. The stress Moody's have applied in determining its mean default rate reflects the lack of a full economic cycle in the historical data, the exposure to consumer loans in the portfolio, and the exposure to balloon loans in the portfolio. It also reflects the current macroeconomic trends, and other similar transactions used as a benchmark. The PCE of 12.00% is broadly in line with other Australian prime auto and equipment ABS and is based on Moody's assessments of the pool taking into account (i) historical data variability; (ii) quantity, quality and relevance of historical performance data; and (iii) originator quality and servicer quality. The principal methodology used in these ratings was "Moody's Global Approach to Rating Auto Loan- and Lease-Backed ABS" published in June 2025. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in the notes' required subordination amount. 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' required subordination amount, and (3) a deterioration in the credit quality of the transaction counterparties. METRO FINANCE 4: Moody's Withdraws B1 Rating on Class E Notes ------------------------------------------------------------- Moody's Ratings has withdrawn the rating on one note issued by Metro Finance Trust No.4 Warehouse Series 1. Class E Notes, Withdrawn (sf); previously on April 30, 2026 upgraded to B1 (sf) RATINGS RATIONALE Moody's have decided to withdraw the rating(s) following a review of the issuer's request to withdraw its rating(s). MME PL 2026-1: Fitch Assigns 'B(EXP)sf' Rating on Class F Notes --------------------------------------------------------------- Fitch Ratings has assigned expected ratings to MME PL 2026-1 Trust's pass-through floating-rate notes. The notes are backed by a pool of first-ranking Australian unsecured personal loans originated by MoneyMe Financial Group Pty Ltd. The notes will be issued by Perpetual Corporate Trust Limited as trustee for the trust. Entity/Debt Rating ----------- ------ MME PL 2026-1 Trust A LT AAA(EXP)sf Expected Rating B LT AA(EXP)sf Expected Rating C LT A(EXP)sf Expected Rating Comission LT AAA(EXP)sf Expected Rating D LT BBB(EXP)sf Expected Rating E LT BB(EXP)sf Expected Rating F LT B(EXP)sf Expected Rating G1 LT NR(EXP)sf Expected Rating G2 LT NR(EXP)sf Expected Rating Transaction Summary The total collateral pool at the 31 March 2026 cut-off date was AUD250 million and consisted of 11,929 receivables with weighted-average (WA) seasoning of seven months, WA remaining maturity of 65 months and an average contract balance of AUD20,958. KEY RATING DRIVERS Stress Commensurate with Ratings: Fitch derived default base-case expectations for borrowers with Equifax scores of 600-699, 700-799 and 800+. Its default assumptions (and 'AAAsf' default multiples) are 14.00% (3.50x), 12.0% (4.00x) and 5.0% (5.25x), respectively, for each sub-pool, with a weighted-average (WA) of 10.2% (4.0x). The recovery base case is 23.0%, with a 'AAAsf' recovery haircut of 60.0%, for the three sub-pools. The 600-699 Equifax score band was not included in the previous transaction, MME PL 2025-1 Trust, and has been introduced in this transaction. Fitch's base-case gross loss assumptions, default multiples, recovery base cases and recovery haircuts are unchanged from the previous transaction, except for the default base-case assumption for the 700-799 score band, which increased to 12.0% from 10.0% to reflect higher default rates seen in the latest data, and the inclusion of the 600-699 Equifax score band. Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 2.6% in 2025 and unemployment was 4.3% in March 2026. Fitch forecasts GDP growth of 2.4% in 2026 and 2.1% in 2027, with unemployment at 4.5% for 2026 and 2027. Excess Spread Limited by Commission Note Repayment: The transaction includes a commission note to fund the purchase-price component related to the unamortised commission paid to introducers for the origination of the receivables. The note will not be collateralised, and will amortise in line with an amortisation schedule. Its repayment limits the availability of excess spread to cover losses, as it ranks senior in the interest waterfall, above the class B to F notes. Structural Risks Addressed: Counterparty risk is mitigated by documented structural mechanisms that ensure remedial action takes place should the ratings of the transaction account bank, liquidity facility provider or swap provider fall below a certain level. The class A to F notes will receive principal repayments pro rata upon satisfaction of the step-down conditions. The percentage of credit enhancement provided by the G1 and G2 notes will increase as the A to F notes amortise. Fitch's cash flow analysis incorporates the transaction's structural features and tests the robustness of each note by stressing default and recovery rates, prepayments, interest-rate movements and default timing. All notes have passed their relevant rating stresses. Low Operational and Servicing Risk: All receivables were originated by MoneyMe, which demonstrated adequate capability as originator, underwriter and servicer. Servicer disruption risk is mitigated by standby servicing arrangements. The nominated standby servicer is Perpetual Corporate Trust Limited. Fitch undertook an operational review and found that the operations of the originator and servicer were comparable with those of other non-bank lenders. No Residual Value Risk: There is no residual value exposure in this transaction. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Transaction performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce credit enhancement available to the notes. Downgrade Sensitivities Unanticipated increases in the frequency of defaults and decreases in recoveries on defaulted receivables could produce loss levels higher than Fitch's base case, and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions; these include increasing WA defaults and decreasing the WA recovery rate. Downside Sensitivities Classes: Commission / A / B / C / D / E / F Expected Ratings: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf Increase default rates by 10%: AAAsf / AA+sf / AA-sf / A-sf / BBB-sf / BBsf / Less than Bsf Increase default rates by 25%: AAAsf / AAsf / A+sf / BBBsf / BB+sf / B+sf / Less than Bsf Increase default rates by 50%: AAAsf / A+sf / A-sf / BBB-sf / BBsf / Less than Bsf / Less than Bsf Reduce recovery rates by 10%: AAAsf / AAAsf / AAsf / A-sf / BBBsf / BBsf / Less than Bsf Reduce recovery rates by 25%: AAAsf / AA+sf / AAsf / A-sf / BBB-sf / BBsf / Less than Bsf Reduce recovery rates by 50%: AAAsf / AA+sf / AA-sf / A-sf / BBB-sf / BBsf / Less than Bsf Increase default rates by 10% and reduce recovery rates by 10%: AAAsf / AA+sf / AA-sf / A-sf / BBB-sf / BBsf / Less than Bsf Increase default rates by 25% and reduce recovery rates by 25%: AAAsf / AAsf / Asf / BBBsf / BB+sf / Bsf / Less than Bsf Increase default rates by 50% and reduce recovery rates by 50%: AAAsf / Asf / BBB+sf / BB+sf / BB-sf / Less than Bsf / Less than Bsf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Economic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. Upgrade Sensitivities The commission and class A notes are at the highest level on Fitch's scale and cannot be upgraded. Classes: B / C / D / E / F Expected Ratings: AAsf / Asf / BBBsf / BBsf / Bsf Reduce defaults by 10% and increase recoveries by 10%: AA+sf / A+sf / BBB+sf / BB+sf / B+sf USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Prior to the transaction closing, Fitch sought to receive a third-party assessment conducted on the asset portfolio information, but none was made available to Fitch. As part of its ongoing monitoring, Fitch reviewed a small, targeted sample of MoneyMe's origination files and found the file information to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Prior to the transaction closing, Fitch sought to receive a third-party assessment of the asset portfolio information, but none was made available. Overall, Fitch's assessment of the information relied upon for the agency's rating analysis, according to its applicable rating methodologies, indicates that it is adequately reliable. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. MOMENTUM CONSULTING: Second Creditors' Meeting Set for May 12 ------------------------------------------------------------- A second meeting of creditors in the proceedings of Momentum Consulting Group Pty Ltd has been set for May 12, 2026, at 11:00 a.m. via 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 May 11, 2026 at 4:00 p.m. Jeff Marsden and Duncan Clubb of BDO were appointed as administrators of the company on March 26, 2026. MPF ADMIN: First Creditors' Meeting Set for May 14 -------------------------------------------------- A first meeting of the creditors in the proceedings of MPF Admin Pty Ltd will be held on May 14, 2026, at 10:30 a.m. at the offices of Cor Cordis, at Level 29, 360 Collins Street, in Melbourne, VIC, and via online video conference. Daniel Peter Juratowitch and Rachel Burdett of Cor Cordis were appointed as administrators of the company on May 4, 2026. NEPTUNE MARINE: Second Creditors' Meeting Set for May 12 -------------------------------------------------------- A second meeting of creditors in the proceedings of Neptune Marine and Towage Pty Ltd has been set for May 12, 2026, at 10:30 a.m. via virtual meeting technology. 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 May 11, 2026 at 4:00 p.m. Antonetta Carroll and Hayden Leigh White of FTI Consulting were appointed as administrator of the company on April 3, 2026. WISR MOMENTUM 2026-1: Moody's Assigns (P)B2 Rating to Cl. F Notes ----------------------------------------------------------------- Moody's Ratings has assigned the following provisional ratings to the notes to be issued by AMAL Trustees Limited as trustee of Wisr Momentum Trust 2026-1. Issuer: AMAL Trustees Limited as trustee of Wisr Momentum Trust 2026-1 AUD234.30 million Class A Notes, Assigned (P)Aaa (sf) AUD3.40 million Class A-X Notes, Assigned (P)Aaa (sf) AUD21.30 million Class B Notes, Assigned (P)Aa2 (sf) AUD12.00 million Class C Notes, Assigned (P)A2 (sf) AUD5.70 million Class D Notes, Assigned (P)Baa2 (sf) AUD12.60 million Class E Notes, Assigned (P)Ba2 (sf) AUD3.60 million Class F Notes, Assigned (P)B2 (sf) The AUD7.35 million Class G1 Notes and the AUD3.15 million Class G2 Notes are not rated by us. The transaction is a cash securitisation of a portfolio of Australian consumer personal loans and consumer auto loans originated by Wisr Finance Pty Ltd (Wisr). This is Wisr's sixth asset-backed securitisation (ABS) transaction. It has issued four previous consumer personal loan ABS deals, as well as one consumer auto loan ABS. Wisr is an Australian non-bank lender providing consumer loans, including consumer personal loans and secured auto loans, to borrowers in Australia. As of December 2025, Wisr's total loan book, including consumer loan and auto loan portfolio, amounted to approximately AUD928 million. RATINGS RATIONALE The provisional ratings take into account, among other factors: -- Evaluation of the underlying receivables and their expected performance; -- Evaluation of the capital structure and credit enhancement provided to the rated notes; -- The availability of excess spread over the life of the transaction; -- The interest rate swap provided by National Australia Bank Limited (NAB, Aa2/P-1/Aa1(cr)/P-1(cr)); -- The liquidity facility provided by NAB in the amount of 1.50% of the note balance; and -- The experience of Wisr as servicer, and the back-up servicing arrangements with AMAL Asset Management Limited. According to Moody's analysis, the transaction benefits from the high level of excess spread available to cover losses arising from the portfolio. The portfolio has a high proportion of full-time salaried borrowers. The key challenge in the transaction is the limited historical data available for the consumer auto loan portfolio. Wisr is a relatively new originator, with relevant historical default data only available from the first quarter of 2018 for personal loans and 2020 for auto loans. As such, the pool's performance could be subject to greater variability than the currently available default data indicates. Moody's portfolio credit enhancement (PCE) — representing the loss that Moody's expects the portfolio to suffer in the event of a severe recession scenario — is 23.8%. Moody's mean default rate for this transaction is 5.1% and Moody's recovery rate is 15.7%. Expected defaults, recoveries and PCE are parameters used by us to calibrate its lognormal portfolio loss distribution curve and to associate a probability with each potential future loss scenario in Moody's cash flow model to rate consumer ABS. The key transactional features are as follows: -- The notes will be repaid on a sequential basis initially. Once step-down conditions are satisfied, all notes, excluding Class A-X, Class G1 and Class G2 Notes, will receive their pro-rata share of principal. Step-down conditions include, among others, a minimum 1.5x subordination to the Class A Notes and no unreimbursed charge-offs. The notes' principal repayment priority will revert to sequential on or after the first call option date. -- The Class A-X Notes are repaid according to a scheduled amortisation profile. These notes are not collateralised and are repaid through the income waterfall only. The Class A-X Notes also benefit from access to principal draw. Further, these notes interest and scheduled principal payments are senior in the waterfall and repaid from income proceeds, which will reduce the availability of excess spread for other notes. As a result, the amount of excess spread, and, in certain scenarios, principal, available to mezzanine and junior notes is lower than for comparable structures. Moody's notes that in the case of continuously exceptionally high prepayment rates over the first three years of the transaction, there is a high risk of default on the Class A-X Notes. However, Moody's views the likelihood of such scenario occurring as consistent with the ratings of the Class A-X Notes. -- A swap provided by NAB will hedge the interest rate mismatch between the assets bearing a fixed rate of interest, and floating rate liabilities. The notional balance of the swap will follow a schedule based on amortisation of the assets assuming a certain prepayment rate. -- AMAL Asset Management Limited is the back-up servicer. If Wisr is terminated as servicer, AMAL will take over the servicing role in accordance with the standby servicing deed and its back-up servicing plan. Key pool features are as follows: -- Consumer auto loans constitute 60.0% of the pool, unsecured personal loans constitute 40.0% of the pool. -- The weighted average interest rate of the portfolio is 10.4%, with interest rates ranging from around 3.5% to 24.0%. -- 78.8% of loans are to borrowers who are in full-time employment. -- The weighted average Equifax credit score of the portfolio is 816. -- The weighted average remaining term of the portfolio is 61.7 months. The weighted average seasoning of the portfolio is 11.2 months. Methodology Underlying the Rating Action: The methodologies used in these ratings were "Moody's Approach to Rating Consumer Loan-Backed ABS" published in July 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the notes include a rapid build-up of credit enhancement due to sequential amortization or a better-than-expected collateral performance. The Australian job market is a primary driver of performance. A factor that could lead to a downgrade of the notes is worse-than-expected collateral performance. Other reasons that could lead to a downgrade include poor servicing, error on the part of transaction parties, a deterioration in credit quality of transaction counterparties, fraud or lack of transactional governance. ========= C H I N A ========= METCOLD GROUP: BlackRock Faces Test in Recovering Defaulted Loan ---------------------------------------------------------------- Bloomberg News reports that BlackRock Inc. is trying to recoup money it's owed on a private credit loan in China, setting up a test for how Asia's burgeoning reputation as a comparatively safer market for such deals will play out in reality. After a unit of Chinese cold-chain logistics provider Metcold defaulted on a $27.5 million portion of a BlackRock loan in early April, the US investment giant has been looking to enforce a personal guarantee from Henry Ha, Metcold's founder and CEO, people familiar with the matter said, requesting anonymity discussing private matters, Bloomberg relays. Bloomberg relates that the episode, while relatively small, is drawing scrutiny within Asia's private credit circles as the first default in BlackRock's Asia Pacific Private Credit Opportunities Fund II. That's making it one of the most recent test cases as regional practitioners continue to pitch Asia as a sanctuary from pressures in the $1.8 trillion global asset class, citing more conservative lending practices. BlackRock has other collateral in the loan's security package, according to documents seen by Bloomberg News. But the money manager has no claims on the operating companies that own the underlying physical assets, according to the people. BlackRock declined to comment. Metcold said the points are factually incorrect and incomplete, without elaborating. Underwriting in Asia tends to be "more disciplined" than in the US, in part out of necessity given that some parts of the region are developing markets with "not very strong legal frameworks," Neeraj Seth, chief investment officer at hedge fund 3R Investment Management, recently said, according to Bloomberg. The region has also dodged a surge in redemption requests that rocked at least a dozen funds elsewhere recently, in part as it has less exposure to software firms threatened by artificial intelligence. But Asia isn't entirely immune to broader concerns about lending standards and deteriorating loan quality, Bloomberg notes. Authorities in Australia, Japan, and South Korea are pushing for greater disclosure as they seek to get ahead of any such risks. Meanwhile, more funds are pouring into Asia, intensifying competition for a limited pool of deals. Private credit in the region is projected to grow to $92 billion in 2027 from $59 billion in 2024, Bloomberg adds citing an industry report. About Metcold Group Metcold Group is a Chinese cold-chain infrastructure and food logistics provider founded in 2015. It develops modern, temperature-controlled, and automated facilities to support food safety and e-commerce. [] CHINA: Bad-Debt Managers Turn to Bank Stakes to Buffer Losses ---------------------------------------------------------------- Caixin Global reports that two of China's unlisted state-owned bad-debt managers reported surging asset-impairment losses for 2025, though paper gains tied to strategic investments in domestic banks helped shield their earnings from deteriorating loan quality. China Great Wall Asset Management Co. Ltd. and China Orient Asset Management Co. Ltd. recently disclosed annual results showing asset-impairment losses jumped eightfold and threefold, respectively, Caixin discloses. Despite taking a combined hit of nearly CNY44.2 billion (US$6.5 billion), both firms remained profitable. ================= H O N G K O N G ================= NEW WORLD: Says No Deal Signed on Hotel Sale Talks -------------------------------------------------- Dimsum Daily reports that New World Development has confirmed it has not entered into any binding agreement to dispose of its Hong Kong hotel assets, despite recent market speculation suggesting a multibillion‑dollar sale is under discussion. In a statement issued on May 5 pursuant to Rule 13.10(1) of the Hong Kong Listing Rules, the developer said it was aware of media reports regarding a possible disposal of its stake in certain local hotels, Dimsum Daily relates. After making reasonable enquiries, the company clarified that although potential buyers approach the group from time to time in relation to various assets - including its Hong Kong hotel portfolio - no agreement has been concluded that would trigger a disclosure obligation. Dimsum Daily says the company added that any future announcement would be made in accordance with the Listing Rules, the Securities and Futures Ordinance and other applicable regulations. It also urged shareholders, bondholders and prospective investors not to rely on market rumours and to exercise caution when trading in its securities. According to Dimsum Daily, the clarification follows reports that New World is in negotiations to sell its 50 per cent interest in three flagship hotels - the Grand Hyatt Hong Kong, the Renaissance Harbour View Hotel and the Hyatt Regency in Kowloon - in a transaction valuing the portfolio at around US$2 billion (approximately HK$15.6 billion). The remaining stake is held by the Abu Dhabi Investment Authority. According to market sources cited in earlier coverage, Singapore‑based property investment manager Aravest Pte, backed by Sumitomo Mitsui Finance & Leasing, is among the potential bidders, Dimsum Daily says. If completed, the deal could generate roughly US$300 million in net proceeds for New World after debt repayment. However, negotiations are said to be ongoing and remain subject to change. As at the end of 2025, the group reported net debt of about HK$122.7 billion, Dimsum Daily discloses. In recent years, it has accelerated the disposal of non‑core assets in a bid to strengthen its balance sheet, including the sale of a major shopping centre for approximately HK$4 billion last year. Even so, analysts note that a hotel transaction of this scale would only partially ease its overall leverage. About New World New World Development Company Limited -- https://www.nwd.com.hk/ -- an investment holding company, operates in the property development and investment business in Hong Kong and Mainland China. Its property portfolio includes residential, retail, office, and industrial properties. The company is also involved in the loyalty program, fashion retailing and trading, and land development businesses; and development and operation of sports park. In addition, it operates club houses, golf and tennis academies, and shopping malls; constructs and operates Skycity complex; and operates department stores. New World is still facing challenges even after it pulled off one of Hong Kong's biggest refinancing deals worth US$11 billion earlier last year. NWD secured a HKD5.9 billion term loan facility led by Deutsche Bank AG, announced on Sept. 25, 2025. The facility is secured by a first-ranking mortgage on the Victoria Dockside property. This loan, part of a larger refinancing effort, was smaller than the initially targeted HKD15.6 billion, highlighting continued lender caution, Bloomberg News said. Controlled by Hong Kong's Cheng family, New World carries the heaviest debt burden among major developers in the city, amid a prolonged real estate downturn in the financial hub and mainland China. Its net debt reached 95.5 per cent of shareholders' equity as at December, according to Bloomberg Intelligence. ========= I N D I A ========= BALAJI VIDYAPEETH: CRISIL Keeps B Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Sri Balaji Vidyapeeth (SBV) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Secured Overdraft 9 Crisil B/Stable (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with SBV for obtaining information through letter and email dated March 23, 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 SBV, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SBV is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SBV continues to be 'Crisil B/Stable Issuer not cooperating'. SBV was registered as trust in 2001. It is engaged in providing higher educational services in the field of medical, dental and nursing education, tertiary level clinical care and interdisciplinary research. SBV recognized as Deemed-to-be-University approved by the UGC and accredited by NAAC with 'A' Grade. Trust has campus near Pillaiyarkuppam- Pondicherry and runs seven medical & health science colleges, six educational centers and one 260 bedded multi-specialty hospital. Mr. M. K. Rajagopalan is founder member and chancellor of SBV. COSMIC EXTRACTION: Voluntary Liquidation Process Case Summary ------------------------------------------------------------- Debtor: Cosmic Extraction Private Limited Room No-D-8, 1st Floor, 54 Ezra Street, Hare Street, Kolkata, West Bengal, India, 700001 Liquidation Commencement Date: April 25, 2026 Court: National Company Law Tribunal, Kolkata Bench Liquidator: Mohan Ram Goenka 46 B.B. Ganguly Street, 406, 4th Floor, Kolkata - 700012, West Bengal Tel No: 98310 74332 Email: goenkamohan@gmail.com Last date for submission of claims: May 24, 2026 DHANVRIDHI COMMERCIAL: CRISIL Keeps D Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Dhanvridhi Commercial Private Limited (DCPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2.26 CRISIL D (Issuer Not Cooperating) Cash Credit 3.88 CRISIL D (Issuer Not Cooperating) Proposed Long Term 4.08 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 4.28 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with DCPL for obtaining information through letter and email dated March 23, 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 DCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of DCPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. DCPL was incorporated by the Tantia family in Kolkata in 2005. Till 2012, the company traded in materials used in manufacture of railway wagons/components. It now manufactures railway wagons through Besco Ltd (foundry division). GAJRAJ MINING: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Gajraj Mining Private Limited Behind Telephone Exchange Nehru Nagar, Singrauli, Madhya Pradesh - 486889 Insolvency Commencement Date: April 24, 2026 Court: National Company Law Tribunal, Indore Bench Estimated date of closure of insolvency resolution process: October 21, 2026 Insolvency professional: Jitendra Lohia Interim Resolution Professional: Jitendra Lohia Klass Insolvency Resolution Professionals Pvt. 2/7, Sarat Bose Road, Vasundhara Building, 2nd Floor, Kolkata - 700020 Email: jitulohia@knjainco.com cirp.gajrajmining@gmail.com Last date for submission of claims: May 14, 2026 KANHANGAD LINKS: Voluntary Liquidation Process Case Summary ----------------------------------------------------------- Debtor: Kanhangad Links Private Limited Building No.5/745-B10, Anu Pharma Behind PVS Bus Stand, Kanhngad, Kasaragod, Kerala, India, 671315 Liquidation Commencement Date: March 26, 2026 Court: National Company Law Tribunal, Kochi Bench Liquidator: Midhuna K. C. Door No. 23/1126, (Old No.18/21 (16)), 2nd Floor, Fort Centre, Stadium Bye-Pass Road, Stadium Bye-Pass JN, Palakkad - 678001 Tel No: +91 9995217298 Email: csmidhuna@gmail.com Last date for submission of claims: April 25, 2026 LAZONA TIEUP: Voluntary Liquidation Process Case Summary -------------------------------------------------------- Debtor: Lazona Tieup Private Limited CK-264, Sector II, Ground Floor, Salt Lake City, Bidhan Nagar CK Market, North 24 Parganas, Saltlake, West Bengal, India, 700091 Liquidation Commencement Date: April 25, 2026 Court: National Company Law Tribunal, Kolkata Bench Liquidator: Mohan Ram Goenka 46 B.B. Ganguly Street, 406, 4th Floor, Kolkata - 700012, West Bengal Tel No: 98310 74332 Email: goenkamohan@gmail.com Last date for submission of claims: May 24, 2026 MILLENNIUM STARCH: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Millennium Starch India Private Limited Survey No. 1078/1079, KSSIDC Industrial Estate, Satti Road, Athani, Belgaum, Athani, Karnataka, 591304 Insolvency Commencement Date: April 28, 2026 Court: National Company Law Tribunal, Bengaluru Bench Estimated date of closure of insolvency resolution process: October 25, 2026 Insolvency professional: Rahul Sudhakar Kavathekar Interim Resolution Professional: Rahul Sudhakar Kavathekar J 901 The Trees, Pirojshanagar, Eastern Express Highway, Vikhroli East, Mumbai - 400079 Email: kavathekarco@hotmail.com millennium.cirp@hotmail.com Last date for submission of claims: May 12, 2026 MOTOCRUIZER RENTAL: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Motocruizer Rental LLP 10th Floor NESCO Tower 4, C Wing, Western Express Highway, NESCO IT Park, Goregaon East, Mumbai City, Maharashtra, India, 400063 Insolvency Commencement Date: April 28, 2026 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: October 25, 2026 Insolvency professional: Kanhaiya Maheshwari Interim Resolution Professional: Kanhaiya Maheshwari 506, Amlesh Apartment, Malviya Nagar, Khamla Nagpur, 440025 (M.H.) Email: kanhaiya_maheshwarica@yahoo.com cirpmotocruizerllp@gmail.com Last date for submission of claims: May 12, 2026 ODICEA DISTRIBUTION: Insolvency Resolution Process Case Summary --------------------------------------------------------------- Debtor: Odicea Distribution Technologies Private Limited 45-A, 1st Floor, Flat B-2, Begumpur, Malviya Nagar, New Delhi, Delhi, India - 110017 Insolvency Commencement Date: April 8, 2026 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: October 5, 2026 Insolvency professional: KDRA Insolvency Professionals Private Limited Interim Resolution Professional: KDRA Insolvency Professionals Private Limited 1601, Chandak Unicorn, Dattaji Salve Marg, Off Veera Desai Road, Andheri West, Mumbai, 400053 Email: irp@kdraip.com cirp.odicea@gmail.com Last date for submission of claims: April 30, 2026 PS IT: Insolvency Resolution Process Case Summary ------------------------------------------------- Debtor: PS IT Infrastructure & Services Limited Office No. 308, B2B Agarwal Centre, Near Malad Industrial Estate, Kanchpada, Malad West, Mumbai, 400064 Insolvency Commencement Date: April 29, 2026 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: October 26, 2026 Insolvency professional: Rajneesh Kumar Aggarwal Interim Resolution Professional: Rajneesh Kumar Aggarwal C-60, 3rd Floor, C-Block, Community Centre, Janak Cinema Complex, Janak Puri, New Delhi - 110058 Email: ca@arkadvisors.in feedbackinfra.cirp@gmail.com Last date for submission of claims: May 13, 2026 ROHTAS BIO: Insolvency Resolution Process Case Summary ------------------------------------------------------ Debtor: Rohtas Bio Energy Limited The IL & FS Financial Centre Plot No. C-22 G Block, Bandra - Kurla Complex, Bandra - East, Mumbai Maharashtra, India 400051 Insolvency Commencement Date: April 16, 2026 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: October 13, 2026 Insolvency professional: Hemendra Paliwal Interim Resolution Professional: Hemendra Paliwal A-1901 Raheja Eternity, Thakur Village, Kandivali East, Mumbai - 400101 201-206, Shiv Smriti Chambers, 2nd Floor, 49A, Dr. Annie Beasant Road, Above Corporation Bank, Worli, Mumbai - 400018 Email: paliwal.hemendra@gmail.com cirp.rbel@gmail.com Last date for submission of claims: May 8, 2026 S S M FOUNDATION: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of S S M Foundation Trust For Educational and Social Development (SSM) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 4.4 CRISIL D (Issuer Not Cooperating) Overdraft Facility 1.6 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SSM for obtaining information through letter and email dated March 23, 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 SSM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SSM continues to be 'Crisil D Issuer not cooperating'. SSM, set up in 1998, operates SSM College of Engineering, which offers engineering under-graduation and post-graduation courses, at Komarapalayam in Tamil Nadu. The trust is recognised by the All India Council for Technical Education and is affiliated to Anna University, Tamil Nadu. SAI KRISHNA: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sri Sai Krishna Educational Society (SSKES) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Bank 3.5 CRISIL D (Issuer Not Facility Cooperating) Secured Overdraft 4 CRISIL D (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up SSKES for obtaining information through letter and email dated March 23, 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 SSKES, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSKES is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SSKES continues to be 'Crisil D Issuer not cooperating'. Set up in 2006, SSKES operates two institutes in Kurnool, G Pullaiah College of Engineering & Technology and Ravindra College of Engineering for Women. SARVAJANIK SEWA: CRISIL Moves B Debt Rating to Not Cooperating -------------------------------------------------------------- CRISIL Ratings has migrated the rating on bank facilities of Sarvajanik Sewa Sansthan (SSS) to 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 1 Crisil B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with SSS for obtaining information through letter and email dated April 21, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SSS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSS is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of SSS to 'Crisil B/Stable Issuer not cooperating'. Set up in 2022, SSS is a not-for-profit NGO registered under the Societies Registration Act 1860, recognized as a social organization working for the upliftment and training of people living in rural parts of Uttar Pradesh. It undertakes projects for children's education, skill development of women, literacy, environment and natural resource management, health and nutrition, rural development and poverty alleviation, among other areas. SSS is managed by Mr Mohd Riyaz Khan. SEVENHILLS HEALTHCARE: CRISIL Keeps D Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of SevenHills Healthcare Private Limited (SHPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Funded Interest 56.44 CRISIL D (Issuer Not Term Loan Cooperating) Overdraft Facility 50 CRISIL D (Issuer Not Cooperating) Proposed Long Term 98.92 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Proposed Long Term 7.89 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 24.06 CRISIL D (Issuer Not Cooperating) Term Loan 14.06 CRISIL D (Issuer Not Cooperating) Term Loan 27.3 CRISIL D (Issuer Not Cooperating) Term Loan 55.17 CRISIL D (Issuer Not Cooperating) Term Loan 16.84 CRISIL D (Issuer Not Cooperating) Term Loan 17.84 CRISIL D (Issuer Not Cooperating) Term Loan 23.67 CRISIL D (Issuer Not Cooperating) Term Loan 23.59 CRISIL D (Issuer Not Cooperating) Term Loan 28.66 CRISIL D (Issuer Not Cooperating) Term Loan 16.33 CRISIL D (Issuer Not Cooperating) Term Loan 214.75 CRISIL D (Issuer Not Cooperating) Term Loan 47.84 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SHPL for obtaining information through letter and email dated March 23, 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 SHPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SHPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SHPL continues to be 'Crisil D Issuer not cooperating'. SHPL, incorporated in 2004, is currently operating two super-speciality hospitals under the name of Sevenhills Hospital; one is in in Visakhapatnam (Andhra Pradesh) and other in Andheri, Mumbai. Sevenhills Hospital, Visakhapatnam was started in 1988 by Sevenhills Hospitals Pvt Ltd, which was later merged with SHPL in 2009. Sevenhills Hospital, Mumbai, commenced operations in 2009. SHPL is currently promoted by Dr. Jitendra Das Maganti, his wife, Dr. Renuka Jitendra Maganti, and AIRRO (Mauritius) Holdings I, Mauritius (AIRRO; a fund affiliated to JP Morgan). SHAMBHAVI COTTON: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sri Shambhavi Cotton Ginning & Pressing (SSCGP) continue to be 'CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL B/Stable (ISSUER NOT COOPERATING) Long Term Loan 3 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with SSCGP for obtaining information through letter and email dated March 23, 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 SSCGP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSCGP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SSCGP continues to be 'Crisil D Issuer not cooperating'. SSCGP was set up in 2013 as a partnership between Mr Siddesh Angadi, Ms Poornima and Ms Drakshayani. This Koppal (Karnataka)-based firm gins and presses cotton. SHANKAR SAHAKARI: CRISIL Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Shri Shankar Sahakari Sakhar Karkhana Limited (SSSSKL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Short Term Loan 25 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SSSSKL for obtaining information through letter and email dated March 23, 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 SSSSKL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSSSKL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SSSSKL continues to be 'Crisil D Issuer not cooperating'. SSSSKL was established in 1968 as a co-operative society by the late Mr. Shankarrao Mohite-Patil. Its manufacturing facility is at Sadashivnagar in Solapur, Maharashtra. It has installed sugar cane crushing capacity of 2500 tonne per day, a 30-kilolitre-per-day distillery, and a 20-megawatt cogeneration plant. SHIVA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shiva Agro Industries - Haryana (SAI) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Rupee Term Loan 2 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SAI for obtaining information through letter and email dated March 23, 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 SAI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SAI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SAI continues to be 'Crisil D Issuer not cooperating'. SAI, set up in 2009, mills and sorts basmati and non-basmati rice. The manufacturing facility in Kaithal (Haryana) has milling and sorting capacities of 6 tonne per hour, utilised at 85-90%. The firm is managed by Mr Naresh Kumar. SHIVA SHREE: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shiva Shree Builders (SSB) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL D (Issuer Not Cooperating) Project Loan 1.9 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Proposed Long Term 1.93 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 1.25 CRISIL D (Issuer Not Cooperating) Term Loan 1.92 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SSB for obtaining information through letter and email dated March 23, 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 SSB, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSB is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SSB continues to be 'Crisil D Issuer not cooperating'. SSB was set up in 1990, promoted by Mr V Shivarajan and his family members. The firm is currently developing residential real estate projects in Coimbatore, Tamil Nadu. SHREENATHJI COTTON: CRISIL Keeps B Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shreenathji Cotton Industries (SCI; part of the Shree Krishna group) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cash Credit 7.45 Crisil B/Stable (Issuer Not Cooperating) Term Loan 1.9 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SCI for obtaining information through letter and email dated March 23, 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 SCI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SCI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SCI continues to be 'Crisil B/Stable Issuer not cooperating'. SCI was established as a partnership firm in 2004 by Mr Shivji Karshan Chhbhadiya, Mr Shamji Mavji Hirani, Mr Mavji Kanji Hirani, Mr Haresh Premji Chhbhadiya and Mr Bharat Pravind Chandra Vasani. It manufactures cotton bales and processes cotton seeds at its unit in Kutch, Gujarat. SONI K. D.: CRISIL Keeps B Debt Rating in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Soni K. D. Bhindi Jewellers (SKDBJ) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SKDBJ for obtaining information through letter and email dated March 23, 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 SKDBJ, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SKDBJ is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SKDBJ continues to be 'Crisil B/Stable Issuer not cooperating'. Set up as a proprietorship firm in Junagadh (Gujarat), SKDBJ retails gold jewellery. It has a single showroom in Junagadh. SPARKLET ENGINEERS: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sparklet Engineers Private Limited (SEPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 6 CRISIL D (Issuer Not Cooperating) Cash Credit 1 CRISIL D (Issuer Not Cooperating) Export Packing 10 CRISIL D (Issuer Not Credit Cooperating) Letter of Credit 3.65 CRISIL D (Issuer Not Cooperating) Post Shipment 6.65 CRISIL D (Issuer Not Credit Cooperating) Post Shipment 3.35 CRISIL D (Issuer Not Credit Cooperating) Crisil Ratings has been consistently following up with SEPL for obtaining information through letter and email dated March 23, 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 SEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SEPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. SEPL, set up by Mr R B Ghosh in 2000, is a Mumbai-based oil and gas upstream and downstream equipment design, fabrication, and supply company. It has market presence across the Middle East and North Africa. It provides end-to-end solutions to oil & gas players located in Iraq, UAE, Kuwait, Oman, and Nigeria, among other regions. SEPL has manufacturing units at Thane in Maharashtra. Mr R B Ghosh and his son Mr Shukanto Ghosh oversee the operations. SEME, is a wholly owned subsidiary of SEPL with manufacturing unit located in Dubai. It is also engaged in same line of activity. SR FOILS: CRISIL Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of SR Foils and Tissue Limited (SRFTL) 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 SRFTL for obtaining information through letter and email dated March 23, 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 SRFTL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SRFTL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SRFTL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 1993, SRFTL (formerly SR Foils Ltd) manufactures aluminium foils (under the Homefoil brand), cling film rolls (Clean Wrap), and tissue paper products (Mistique). The company has two manufacturing units, one in Bhiwadi and another in Sotanala, both in Rajasthan. SUMANGALEE JEWELLERS: CRISIL Keeps B Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of AMR Sumangalee Jewellers (AMRSJ) continues to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SJ for obtaining information through letter and email dated March 23, 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 SJ, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SJ is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SJ continues to be 'Crisil B/Stable Issuer not cooperating'. SJ, is a Salem, Tamil Nadu based company, involved in manufacturing and trading of gold jewellery and other ornaments. Mr. Arumugam, Mr. Manivel and Mr. Ravikumar are the partners of the firm. SUPREME PACKERS: CRISIL Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Supreme Packers (SP) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.5 CRISIL B/Stable (ISSUER NOT COOPERATING) Long Term Loan 6 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with SP for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SP continues to be 'Crisil B/Stable Issuer not cooperating'. SP was established in 1995 as a partnership firm by Mr Vinay Aggarwal and Mr Hetram Aggarwal. It manufactures paper and paper products such as corrugated boxes at its facility in Haryana. SWAMI SAMARTH: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shri Swami Samarth Shetkari Wa Vinkari Sahakari Soot Girni Niyamit (SS Samarth) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 2.34 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Working Capital 8.00 CRISIL B/Stable (ISSUER NOT Facility COOPERATING) Crisil Ratings has been consistently following up with SS Samarth for obtaining information through letter and email dated March 23, 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 SS Samarth, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SS Samarth is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SS Samarth continues to be 'Crisil B/Stable Issuer not cooperating'. Samarth Shetkari was set up in 1984 as a co-operative society. It manufactures cotton yarn in Sholapur, Maharashtra, and is currently chaired by Mr Gurunath Raju Shivdare. TAIKO PLASTIC: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Taiko Plastic Technologies Private Limited (TPTPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.5 CRISIL B/Stable (ISSUER NOT COOPERATING) Term Loan 11.5 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with TPTPL for obtaining information through letter and email dated March 23, 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 TPTPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TPTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of TPTPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2017, TPTPL is setting up a unit to manufacture tarpaulin in Valsad, Gujrat. The company is promoted by Mr. Hemant Phatak and Ms. Rituja Phatak who have more than 2 decades of experience in manufacturing of tarpaulin. TIRUPATI OIL: CRISIL Keeps B Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Tirupati Oil Industries (Tirupati) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12.25 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Tirupati for obtaining information through letter and email dated March 23, 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 Tirupati, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Tirupati is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Tirupati continues to be 'Crisil B/Stable Issuer not cooperating'. Tirupati was established as partnership firm in 1996. It is engaged in cotton ginning and pressing. Its produces cotton bales, cotton seed cake, cotton wash oil, etc. It has manufacturing unit located in Mehsana- Gujarat and owned by Mr. Babubhai Patel other 8 family partners. TMR DEVELOPERS: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of TMR Developers Private Limited (TMR) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 18 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with TMR for obtaining information through letter and email dated March 23, 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 TMR, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TMR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of TMR continues to be 'Crisil D Issuer not cooperating'. Established in August 2012, TMR is engaged in residential real estate construction business in Bangalore, Karnataka. The company has two on-going projects under the name 'Tulips Blossoms and Tulips Orchids. The company is promoted by Mr.T.Madhava Rao and Ms.T.V.Venkata Sirisha who are the directors. The day to day operations are managed by Mr. T.Madhava Rao. TOKAI ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Tokai Engineering Private Limited (TEPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1 CRISIL D (Issuer Not Cooperating) Cash Credit 4 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1.25 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Rupee Term Loan 1.75 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with TEPL for obtaining information through letter and email dated March 23, 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 TEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of TEPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. TEPL, incorporated in 2006, manufactures jigs and fixtures, testing machines, and special purpose machines for automotive components. Its plant is in Manesar, Haryana. TEPL's promoters are Mr Rajesh Khanna and his wife Ms Shilu Khanna. USM HEALTHCARE: CRISIL Lowers Rating on INR8.92cr LT Loan to B -------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of USM Healthcare (USMH), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.08 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Long Term Loan 8.92 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with USMH for obtaining information through letter and email dated March 23, 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 USMH, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on USMH is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of USMH revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. USMH is a partnership firm running a super specialty hospital in Bhopal under the name 'Siddhanta Red Cross Super-specialty Hospital'? since July 2015. USMH has signed a memorandum of understanding with Red Cross Society (Madhya Pradesh) to run a superspecialty hospital in a building modified by the Society as required. Hospital requirement of equipment, manpower and operations were the responsibility of USMH. VAASUDEVA MILK: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Vaasudeva Milk Foods Private Limited D No: 54-11-1/1, Plot No: 79, III Phase, Jawahar Autonagar, Vijayawada, Krishna, Andhra Pradesh - 520007 Insolvency Commencement Date: April 22, 2026 Court: National Company Law Tribunal, Amaravati Bench Estimated date of closure of insolvency resolution process: October 19, 2026 Insolvency professional: Atkuru Sai Prasad Interim Resolution Professional: Atkuru Sai Prasad Flat No. 506, SV's Srinivasam Apartments Nehru Nagar, Ramanthapur, Near Hyderabad Public School, Hyderabad - 500013, Telangana Email: atkurusaiprasad@gmail.com vasudevamilk.cirp@gmail.com Last date for submission of claims: May 12, 2026 VARDHAN AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Vardhan Agro Processing Limited (VAPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.32 CRISIL D (Issuer Not Cooperating) Cash Credit 18 CRISIL D (Issuer Not Cooperating) Proposed Fund- 1.85 CRISIL D (Issuer Not Based Bank Limits Cooperating) Term Loan 28.83 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with VAPL for obtaining information through letter and email dated March 23, 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 VAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of VAPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. VAPL, was incorporated in 2011. It is engaged in manufacturing of a wide range of cane jaggery, jaggery powder, sulphurless khandasari sugar, etc. It has manufacturing facility located in Satara, Maharashtra, having an annual capacity of 1500 Metric ton per day. It has started its commercial production from January 2018 and promoted by Kadam family. VIRAJ ALCHOHOL: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Viraj Alchohol and Allied Industries Limited (VAAIL) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 Crisil D (Issuer Not Cooperating) Proposed Long Term 5.5 Crisil D (Issuer Not Bank Loan Facility Cooperating) Term Loan 11.5 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with VAAIL for obtaining information through letter and email dated March 23, 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 VAAIL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VAAIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VAAIL continues to be 'Crisil D Issuer not cooperating'. Set up at Sangli (Maharashtra) in 2002 as a private limited company, VAAIL was reconstituted as a closely held public limited company in 2005. VAAIL is a grain-based alcohol producer, and manufactures extra neutral alcohol, rectified spirit, distillery dry grain soluble, distillery wet grain soluble, and country liquor. Its ENA production facility at Sangli has a capacity of 60 kilo litres per day (klpd). WK CONSULTANTS: Voluntary Liquidation Process Case Summary ---------------------------------------------------------- Debtor: WK Consultant Private Limited 5th Floor, Gedore House 51-52, Nehru Place, New Delhi, Delhi, India, 110019 Liquidation Commencement Date: April 27, 2026 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Devesh A. Pathak 1st Floor, 51, Udyognagar Society, Near Ayurvedic College, Outside Panigate, Vadodara - 390019 Tel: 0265-2562175/58 Email: maildeveshpathak@rediffmail.com Last date for submission of claims: April 26, 2026 YUGA BUILDERS: CRISIL Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating for the bank facilities of Yuga Builders (YB) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 13.5 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with YB for obtaining information through letter and email dated March 23, 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 YB, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on YB is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of YB continues to be 'Crisil B/Stable Issuer not cooperating'. Set up in 2006, YB is a partnership firm and an equal joint venture between Yuga Homes Ltd (YHL) and Consolidated Construction Consortium Ltd (CCCL). The firm develops residential real estate in Chennai. Operations are managed by Mr. R Viswanathan. ===================== N E W Z E A L A N D ===================== ADAIRS LIMITED: To Close Seven Stores in New Zealand ---------------------------------------------------- Dita De Boni at The Post reports that an Australasian retail icon has signalled it will not survive the downturn in New Zealand - with bedding, bath, homewares and furniture store Adairs closing all its seven retail stores in the country. According to The Post, the stores are closing due to being "commercially unviable" following recent financial losses, with Australia's AFR reporting the Kiwi stores were "bleeding cash". Those stores include its first in Sylvia Park, opened in 2016, Albany, Botany, and the Manawa Bay Outlet in Auckland, at the Tower Junction in Christchurch, at The Base in Hamilton, Bayfair in Tauranga and at Capital Gateway in Wellington, The Post discloses. Adairs Limited (ASX:ADH) -- https://www.adairs.com.au/ -- operates as a specialty retailer of home furnishings, furniture, and decoration products in Australia and New Zealand. The company operates through three segments: Adairs, Focus on Furniture, and Mocka. It offers bedroom products, such as bedlinen, bedding, and bedroom furniture and accessories; bathroom and laundry products, including towels, bath mats and runners, bathrobes and slippers, bathroom accessories, and laundry and home care products; furniture products, such as bedroom, office, living room, and kids furniture; and floor rugs and mats. The company also home and outdoor products comprising of home styling, home care and gifting, pets, outdoor, storage, and kitchen products; kid's products, including kids bedlinen, bedding, décor, bathroom, furniture, and nursery, as well as gifting products. It sells its products under Adairs, Focus on Furniture, and Mocka brands and through online stores. ANCO CONSTRUCTION: Court to Hear Wind-Up Petition on May 14 ----------------------------------------------------------- A petition to wind up the operations of Anco Construction Limited will be heard before the High Court at Auckland on May 14, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on March 31, 2026. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 ANCO PROPERTIES: Court to Hear Wind-Up Petition on May 14 --------------------------------------------------------- A petition to wind up the operations of Anco Properties Development Limited will be heard before the High Court at Auckland on May 14, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on March 31, 2026. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 CROWN & BADGER: Pub Closes 'For Good' After 26 Years ---------------------------------------------------- Stuff.co.nz reports that Tauranga pub The Crown & Badger has pulled its last pint, after announcing it is closing "for good". In a message on its website, the pub, which is located on The Strand, said it had made the "tough decision" to close after 26 years of "memories," Stuff relates. Posting about the closure on social media, the pub's general manager, Jessica Rafferty, said it was "tough", but they had a "bloody good run". "Big nights, live bands, a few too many beers, and plenty of familiar faces at the bar," she said. The Crown & Badger traded under the company Good Hospitality Limited, which, according to the Companies Office, has gone into liquidation. Ms. Rafferty, who is a shareholder in Good Hospitality Ltd, thanked the pub's customers and staff, saying they made the "place what it was," Stuff relays. She said the last few years "haven't been easy", but that they had "given this place everything we've got". "It's unfortunately time to pull the pin," Rafferty said. "We're gutted, not gonna lie. But also really proud of what this little pub was and the community around it." Stuff says reaction to the closure saw people reminiscing, with pub goers saddened by the news. One person said, "It takes a lot to build something like The Crown. You gave it everything and created a place with real character and loyal customers." Another said she and her husband had their first drink together at the pub 23 years ago. "Omg the memories we have created on the dance floor and the laughs we have had. This is extremely sad," she said. KEENAN BROTHERS: Creditors' Proofs of Debt Due on May 29 -------------------------------------------------------- Creditors of Keenan Brothers Limited are required to file their proofs of debt by May 29, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 24, 2026. The company's liquidator is: Emma Margaret Laing Laing Insolvency Specialists Limited PO Box 2468 Dunedin 9044 KJ HORTICULTURE: Creditors' Proofs of Debt Due on June 4 -------------------------------------------------------- Creditors of KJ Horticulture Limited are required to file their proofs of debt by June 4, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 29, 2026. The company's liquidator is: Craig Young Restructuring Services Limited PO Box 87340 Auckland MOANA FARMS: Placed in Receivership ----------------------------------- Malcolm Hollis and Richard Nacey of Teneo Financial Advisory were appointed receivers of Moana Farms Limited on April 28, 2026. The receivers may be reached at: Wendy Somerville Malcolm Hollis c/o Teneo Financial Advisory New Zealand Limited Unit 8/28 Saint Asaph Street Christchurch 8011 ================= S I N G A P O R E ================= ASPEN & CO: Court Enters Wind-Up Order -------------------------------------- The High Court of Singapore entered an order on April 24, 2026, to wind up the operations of Aspen & Co Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Mr. Gary Loh Weng Fatt Mr. Dev Kumar Harish Nandwani c/o BDO Advisory Pte. Ltd. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 GOLDEN ENERGY: Moody's Downgrades CFR to B2, Outlook Negative ------------------------------------------------------------- Moody's Ratings has downgraded Golden Energy and Resources Pte. Ltd.'s (GEAR) corporate family rating to B2 from B1 and downgraded the rating on its senior secured notes due 2027 to B2 from B1. The outlook remains negative. "The downgrade reflects tight holding company interest coverage and liquidity at GEAR, alongside risks around the company's management of its mining investments, including the liquidity stress at its Ravenswood Gold joint venture. While Ravenswood is legally non-recourse to GEAR, the situation could weaken creditor confidence as GEAR approaches the refinancing of its 2027 US dollar bond," says Yu Sheng Tay, a Moody's Ratings Assistant Vice President and Analyst. "The negative outlook reflects Moody's views that refinancing risk at the holding company is increasing. Without concrete progress on the refinancing of its US dollar bond over the next six months, GEAR's credit quality could weaken further," adds Tay. Governance considerations are a key factor in the rating action. RATINGS RATIONALE GEAR's credit quality has weakened amid rising refinancing risk at the holding company. This reflects tight interest coverage and liquidity at the holding company level, alongside execution risks related to the management of its mining investments. GEAR holds a 50% stake in Ravenswood Gold alongside EMR Capital. The joint venture faces a funding shortfall related to out-of-the-money gold hedge settlement obligations. If unresolved, the situation could lead to a default at Ravenswood. Although Ravenswood is not part of GEAR's restricted group and a default would not trigger cross-default provisions under GEAR's bond documentation, Moody's views that the situation could weaken creditor confidence in GEAR and impede its access to capital. This is credit negative because GEAR must rely on external funding to repay its $506 million bond due November 2027, as Moody's do not expect sufficient organic cash flow generation at the holding company to address this maturity. These risks outweigh recent improvements in operating conditions at GEAR's core subsidiaries. Force majeure declarations at Stanmore Resources Limited (Stanmore) and Illawarra Coal Holdings Pty Ltd (Illawarra) in January 2026 were resolved by February, with production at both subsidiaries tracking broadly in line with full-year guidance. Metallurgical coal prices have averaged around $236 per ton year in the first four months of April 2026, compared with around $190 per ton for full-year 2025, providing a more supportive earnings environment. Holding company interest coverage, measured as dividends received over holding company interest expense, will improve in 2026 following higher dividends declared by Stanmore. However, the ratio will remain weak at 1.3x. Moody's do not expect dividends from Golden M NSW Pty Ltd (GM3), which holds GEAR's 51% stake in Illawarra, because GM3's credit quality remains under pressure from high debt service and capital spending needs. GM3 has obtained covenant waivers through the June 2026 testing period. The B2 CFR continues to reflect GEAR's ownership of metallurgical coal assets with meaningful scale across Queensland and New South Wales, a track record of maintaining operations through the cycle, and exposure to volatile commodity prices. LIQUIDITY Moody's expects GEAR to maintain adequate holding company liquidity over the next 12-15 months. Higher dividends from Stanmore, together with GEAR's existing cash balance and a shareholder facility, will help to cover holding company overheads of around $20 million, annual bond coupon payments of about $43 million, and equity contributions to the Ravenswood Gold joint venture. However, this buffer will likely narrow by end-2026, increasing refinancing risk for the $506 million bond due in November 2027. GEAR has alternative liquidity of about $306 million, represented by its 8% stake in Stanmore and its 7% stake in PT Golden Energy Mines Tbk (GEMS) as of April 2026, which it could divest if needed. ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS Moody's have revised GEAR's management track record score to 4 from 3. This reflects challenges in managing its investments in mining projects, as reflected in the operational challenges and liquidity risks at its Ravenswood Gold joint venture. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Given the negative outlook, an upgrade is unlikely. Moody's could revise the outlook to stable if operating performance at Stanmore and GM3 improves such that earnings and cash flow increase, and if liquidity at the holding company strengthens through higher dividend inflows, asset divestments, and timely progress in refinancing the 2027 notes. Specific indicators Moody's would consider to stabilize the outlook include interest coverage at GEAR on a standalone basis above 1.0x and consolidated adjusted debt/EBITDA below 3.5x. Conversely, Moody's could downgrade the ratings if GEAR's cash flows cannot cover interest expense and overheads on a standalone basis; if the company provides additional funding support to subsidiaries or joint ventures that weakens liquidity; if it adopts aggressive financial policies such as high shareholder returns or maintains a materially lower holding company cash balances than historical levels; if credit quality at Stanmore or GM3 deteriorates significantly; or if there is insufficient progress in refinancing the senior secured notes due 2027. Specific indicators Moody's would consider for a downgrade include interest coverage at GEAR on a standalone basis below 1.0x or consolidated adjusted debt/EBITDA rising above 3.5x. The principal methodology used in these ratings was Mining published in February 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Headquartered in Singapore, Golden Energy and Resources Pte. Ltd. (GEAR) is a privately-owned energy and resources company with investments in coal and gold in Australia. GEAR's primary investments include a 59% effective stake in Stanmore Resources Limited, a 51% effective stake in Illawarra Metallurgical Coal, and a 50% joint venture stake in gold producer Ravenswood Gold Mine. HANSENS SWITZERLAND: Creditors' Meetings Set for May 15 ------------------------------------------------------- Hansens Switzerland Pte. Ltd. will hold a meeting for its creditors on May 15, 2026, at 11:30 a.m., via Zoom Platform. 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. TKIL GLOBAL: Court to Hear Wind-Up Petition on May 15 ----------------------------------------------------- A petition to wind up the operations of TKIL Global Investments Limited will be heard before the High Court of Singapore on May 15, 2026, at 10:00 a.m. The Petitioner's solicitors are: Oon & Bazul LLC 36 Robinson Rd #08-01/06 City House Singapore 068877 VICTORY SHIPPING: Court to Hear Wind-Up Petition on May 15 ---------------------------------------------------------- A petition to wind up the operations of Victory Shipping Pte. Ltd. will be heard before the High Court of Singapore on May 15, 2026, at 10:00 a.m. Bunker Partner OÜ filed the petition against the company on April 13, 2026. The Petitioner's solicitors are: M/S Ming Law Asia 28 Maxwell Road #02-15 Maxwell Chambers Suites Singapore 069120 VIVA ENGINEERING: Court Enters Wind-Up Order -------------------------------------------- The High Court of Singapore entered an order on April 24, 2026, to wind up the operations of Viva Engineering Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Mr. Gary Loh Weng Fatt Mr. Dev Kumar Harish Nandwani c/o BDO Advisory Pte. Ltd. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 =========== T A I W A N =========== NANYA TECHNOLOGY: Fitch Affirms 'BB+' LongTerm IDRs, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has affirmed Taiwan-based Nanya Technology Corporation's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BB+' and National Long-Term Rating at 'A-(twn)'. The Outlook is Stable. Fitch has also affirmed the Short-Term Foreign- and Local-Currency IDRs at 'B' and National Short-Term Rating at 'F2(twn)'. Fitch rates Nanya using a top-down approach based on its expectation of support from its stronger parent, Formosa Plastic Group (FPG), according to its Parent and Subsidiary Linkage Rating Criteria. Fitch assesses that FPG has 'Low' legal, 'High' strategic and 'Medium' operational incentives to support Nanya, leading to the 'BB+' rating. Fitch has also revised Nanya's Standalone Credit Profile (SCP) to 'bb' from 'bb-'. The upgrade reflects its expectation that the current up-cycle in the DRAM market will significantly improve profitability over at least the next two years. Strategic investments in Nanya by Sandisk Corporation (BB+/Stable), Cisco Systems, Inc., Solidigm Inc., and Kioxia Corporation (BB+/Stable) have further strengthened its liquidity headroom. Fitch believes Nanya's customised memory products for artificial intelligence (AI) applications are strategically promising and could be transformational for the company over the medium to longer term. Key Rating Drivers Top-Down Rating: Fitch regards FPG's four largest subsidiaries as the parent in its rating approach. Formosa Petrochemical Corporation, Formosa Chemicals & Fibre Corporation, Formosa Plastics Corporation and Nan Ya Plastics Corporation collectively own 55% of Nanya. Fitch assesses the strategic incentive to support as 'High'. Nanya's planned capex is over 50% of the four entities' consolidated capex. Fitch expects Nanya to contribute over 70% of the parent's EBITDA in 2026-2027, as it has higher growth potential than the other group businesses. The operational incentive is 'Medium' due to significant management and brand overlap, as well as some related-party transactions with other group companies in the semiconductor industry. The legal incentive is 'Low' in the absence of debt guarantees or cross-default clauses. Weaker Technology Position: Nanya's SCP reflects its smaller scale and weaker market position in the global DRAM industry, which is an oligopolistic market. Over 90% of DRAM revenue market share is controlled by the three largest vendors: Samsung Electronics Co., Ltd. (AA-/Stable), SK hynix Inc. (BBB+/Stable) and Micron Technology Inc. (BBB/Stable). Nanya's technology lags behind the top-three vendors', but Fitch expects it to close the DRAM market gap with its continued investments and development of in-house technologies. Shortage-Driven Growth: Fitch expects Nanya's profitability to improve significantly over at least the next two years in a strong DRAM market, supported by robust AI infrastructure spending and the three incumbents' exit from DDR4 production, before new capacity comes online. Fitch expects revenue to rise by over 220% yoy to above TWD210 billion in 2026, driven by a sharp increase in average selling prices and mid-teen bit shipment growth, then remain strong in 2027. Fitch expects the EBITDA margin to stay at 60%-70% in 2026-2027 on product-mix optimisation to enhance profitability and cash generation. Progress in Customised Memory: Fitch views Nanya's customised memory products for AI applications as strategically promising and potentially transformational. Fitch sees scope for Nanya to build a differentiated position in edge AI and on-device AI, as its main product, customised Ultra Wide Input/Output (UWIO) DRAM, could offer a more efficient and potentially lower-cost solution for inference workloads. The programme is set to continue, with some products already in trial production and mass production likely from 2027. Customised UWIO DRAM is aimed at applications requiring high bandwidth, low power consumption and compact memory-logic integration. Combined with wafer-on-wafer packaging, the technology appears better suited to AI inference and embedded computing. Strategic Equity Support: The strategic investments by Sandisk, Kioxia, Cisco and Solidigm have strengthened Nanya's financial profile and support its growth strategy. The investors injected around TWD79 billion for a combined 10% equity stake, reinforcing Nanya's capital structure and liquidity. They have also entered into long-term supply agreements with Nanya, improving shipment visibility beyond 2027. Fitch expects the proceeds, together with stronger operating cash generation, to help fund capex for the new Fab 5A plant without additional debt. Elevated Capex: Nanya's capex is likely to remain elevated over the next few years, driven by construction of the new fab and investments in UWIO memory technology. The company's announced capex budget of TWD52 billion for 2026 compares with TWD14 billion in 2025. Fitch expects total capex in 2027-2030 to reach TWD310 billion, with spending peaking in 2027 before tapering in 2028 and 2029, depending on market conditions. Total investment in the new Taishan plant is planned to reach USD10 billion across multiple phases. Conservative Financial Structure: Fitch expects Nanya to maintain a conservative capital structure with a large net cash position over the next three to four years, despite elevated capex. Fitch expects the strong DRAM market to boost operating cash flow to about TWD120 billion-130 billion per year in 2026 and 2027, which should be sufficient to cover higher capex and cash dividends. Fitch does not expect a material deterioration in the company's financial position in 2028, despite potentially greater uncertainty in the DRAM market. Cyclical Operating Results: Nanya's operating results are likely to remain more cyclical than those of stronger and more diversified memory peers. The current AI investment super-cycle, following one of the most severe corrections in the sector's history, may prove to be an industry aberration. Over the longer term, Fitch expects more typical inventory corrections in the DRAM industry, as the current AI-driven upcycle is unlikely to alter the sector's structurally cyclical supply-demand dynamics. Peer Analysis Fitch views Nanya's business profile as commensurate with the 'BB' rating category. Its SCP is primarily constrained by its weaker business profile, characterised by limited market share, narrower product breadth and lower economies of scale. Fitch views the current supply-driven tightening in the DRAM market as insufficient to offset Nanya's structurally weaker business profile relative to larger memory peers, although it has been supporting profitability and financial metrics across memory producers. That said, successful migration to self-developed advanced products, such as customised memory products for AI applications, could lead to a structural improvement in its business profile over time. Nanya's SCP is three to four notches below that of larger DRAM peers, such as SK hynix and Micron, reflecting its smaller scale, weaker market position and less advanced technological capabilities in the DRAM industry. SK hynix and Micron also benefit from stronger diversification, with meaningful exposure to both the DRAM and NAND markets. In addition, Nanya faces higher capex intensity and execution risk as it upgrades technology and builds a new fab. Nanya's SCP is slightly weaker than that of Sandisk, mainly due to Sandisk's stronger market position and lower capex intensity. Sandisk was the fifth-largest NAND vendor in 2025, with a revenue share of around 12%, compared with Nanya's about 1% share of the DRAM market. Like Nanya, Sandisk is focused on a single memory technology and competes against larger players with substantially greater financial resources. However, Sandisk's stronger market standing underpins a somewhat stronger business profile. Both companies maintain net cash positions, but this does not fully offset Nanya's weaker competitive position. Nanya's national SCP of 'BBB+(twn)' is three notches below the credit profile of Taiwan-based outsourced semiconductor assembly and test company ASE Technology Holding Co., Ltd. (ASEH, BBB/A+(twn)/Stable). ASEH benefits from a leading market position, with over 30% revenue share among the world's top 10 outsourced semiconductor assembly and test companies in 2025. Fitch expects ASEH's business profile to strengthen further as it gains share in leading-edge advanced packaging. ASEH is also well positioned to benefit from strong AI demand and continued share gains in chip testing services, although higher growth capex may moderate deleveraging. Fitch’s Key Rating-Case Assumptions - Revenue to increase by over 220% (2025: 95%) to over TWD210 billion in 2026 and 2027, before tapering to a more normalised level in 2028-2030; - EBITDA margin to reach 68%-71% in 2026-2027 (2025: 29%) before falling back to around 37%-56% in 2028-2030; - Capex of TWD52 billion in 2026 (2025: TWD14 billion) and TWD310 billion in 2027-2030, driven mainly by capex on Fab 5A expansion; - Dividend payout ratio of 45%-55%. 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 (bbb-, lower), sector characteristics (bb+, higher), market and competitive positioning (bb-, higher), diversification and asset quality (bb, moderate), company operational characteristics (bb, moderate), profitability (bb, moderate), financial structure (aa+, lower) and financial flexibility (a, moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027, 20% for the forecast year 2028 and 20% for the forecast year 2029. - The governance assessment of 'Good' results in no adjustment. - The operating environment assessment of 'a' results in no adjustment. - The SCP is 'bb'. To derive the Long-Term IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in a top-down -1 approach. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Upgrade - A weakening in FPG's incentives to support Nanya, although Fitch believes this is unlikely; - A prolonged industry downturn and/or high capex in the industry, leading to EBITDA leverage sustained above 4.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Downgrade - Its assessment of the combined credit profile of the big-four FPG entities improves; - Sustained significant increase in scale and market share and successful migration to self-developed advanced products with EBITDA leverage maintained below 2.5x, provided there is no deterioration in the combined credit profile of the big-four FPG entities. Liquidity and Debt Structure Fitch expects the company to maintain adequate liquidity over the medium term. Nanya had readily available cash of TWD86 billion at end-March 2026, compared with total debt of TWD18 billion. The company raised about TWD79 billion from share placements to Sandisk, Cisco, Solidigm (a wholly owned subsidiary of SK hynix), and Kioxia in April 2026, further boosting Nanya's liquidity headroom. Issuer Profile Nanya, based in Taiwan, is a memory semiconductor company with around 1% revenue share in the global DRAM industry in 2025, according to TrendForce. It designs, manufactures and sells DRAM memory chips. Public Ratings with Credit Linkage to other ratings Fitch rates Nanya on a top-down basis from its assessment of the combined credit profile of the big-four FPG entities. 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 Nanya. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Nanya Technology Corporation LT IDR BB+ Affirmed BB+ ST IDR B Affirmed B LC LT IDR BB+ Affirmed BB+ LC ST IDR B Affirmed B Natl LT A-(twn) Affirmed A-(twn) Natl ST F2(twn) Affirmed F2(twn) ============= V I E T N A M ============= VIETNAM: Moody's Alters Outlook on 'Ba2' Issuer Rating to Positive ------------------------------------------------------------------ Moody's Ratings has affirmed the Government of Vietnam's issuer and senior unsecured ratings at Ba2 and changed the outlook to positive from stable. The outlook change reflects rising confidence in Vietnam's capacity to strengthen its credit profile over the medium term. Moody's assesses that institutional quality and governance are improving, supported by administrative, regulatory and public-sector reforms that have gained traction since late 2024. At the same time, Vietnam's economic competitiveness continues to strengthen through accelerating digitalization, infrastructure investments, workforce upskilling and capital market development. In addition, downside risks from US trade measures have eased relative to earlier expectations, while Vietnam has demonstrated resilience through strong economic growth and sustained foreign direct investment inflows, reinforcing its position in global supply chains. The affirmation of the Ba2 rating reflects Vietnam's strong growth potential, improving macroeconomic stability and sustained attractiveness as a foreign investment destination. Low and stable government debt, strong debt affordability and declining reliance on external financing support credit strength, while risks from banking system vulnerabilities, the property sector and relative institutional weaknesses, although improving, continue to constrain the rating. Vietnam's local- and foreign-currency ceilings remain unchanged at Baa2 and Ba1 respectively. The Baa2 local currency ceiling, three notches above the sovereign rating, reflects relatively opaque government decision-making and the significant, though reducing, government footprint in the economy, balanced by moderate political risks and low external imbalances. The foreign currency ceiling at Ba1, two notches below the local-currency ceiling, reflects a managed FX and capital account framework that implies existing constraints on capital flows, under which transfer or convertibility restrictions could be tightened during periods of acute external stress, though actual recourse to such measures has been limited and policy credibility remains strong. RATINGS RATIONALE RATIONALE FOR CHANGING THE OUTLOOK TO POSITIVE ACCELERATING INSTITUTIONAL AND GOVERNANCE REFORMS SUPPORT A STRONGER CREDIT TRAJECTORY Vietnam's outlook revision is primarily driven by rising confidence that reforms to enhance institutional quality and governance will deliver durable improvements over the medium term. Since late 2024, the authorities have intensified efforts to streamline administrative structures, reduce bureaucratic overlaps and strengthen regulatory clarity, marking a departure from previously slow reform implementation. These measures are intended to improve policy effectiveness and predictability, areas where Vietnam has historically lagged similarly rated peers, and represent a positive shift in governance outcomes. Evidence of progress is emerging. Institutional restructuring has reduced administrative layers, merged ministries and strengthened coordination across government agencies, potentially contributing to more efficient project approvals and regulatory processes. Judicial reforms, including the establishment of specialized courts and a restructured court hierarchy, along with enhanced anti-corruption initiatives, could foster greater enforcement and transparency. Moody's views this evolving reform track record as credit positive because stronger institutions enhance policymaking effectiveness, support macroeconomic stability and reduce contingent risks that weigh on institutional strength. STRUCTURAL REFORMS ARE ENHANCING ECONOMIC COMPETITIVENESS AND RESILIENCE Vietnam's ongoing structural reforms are reinforcing its economic competitiveness and strengthening resilience to external shocks. Policy initiatives supporting digitalization, infrastructure development, workforce training and capital market deepening are complementing institutional improvements and facilitating a transition toward higher value-added activities. These reforms aim to address long-standing structural constraints, including infrastructure bottlenecks and skills shortages, which have limited Vietnam's ability to attract more complex investment and upgrade its production base. The reforms have coincided with robust economic performance and sustained foreign investment. Strong export growth and record tourism inflows underscore Vietnam's entrenched role in global supply chains, while resilient foreign direct investment highlights investor confidence despite periods of external uncertainty. Strategic policies and incentives supporting the development of digital technologies, artificial intelligence and data infrastructure have begun to attract investment in high-technology sectors, with the potential to improve economic complexity over time. Moody's views these developments as supportive of Vietnam's economic strength by broadening growth drivers, enhancing productivity potential and mitigating vulnerability to shifts in global trade conditions. RATIONALE FOR AFFIRMING THE RATING The affirmation of Vietnam's Ba2 rating reflects Moody's assessments that the sovereign's core credit strengths remain firmly intact and continue to support creditworthiness at the current rating level. Vietnam's strong growth potential remains a key anchor, underpinned by a diversified export base, resilient domestic demand and sustained foreign direct investment inflows, which support improving macroeconomic stability over time. Fiscal metrics remain a central strength, with low and stable government debt and favourable debt affordability compared with similarly rated peers, supported by low domestic borrowing costs and prudent debt management. The authorities' long-standing efforts to reduce reliance on external financing have lowered foreign currency exposure and external liquidity risks, increasing the economy's capacity to absorb shocks. At the same time, the Ba2 rating remains constrained by structural weaknesses that continue to weigh on Vietnam's credit profile, despite gradual improvement. Vulnerabilities in the banking system and the property sector pose contingent liability risks, given the size of the financial system relative to the economy and banks' exposure to real estate developers, although ongoing regulatory and sectoral reforms are expected to mitigate these risks over time. Institutional and governance strength remains weaker than that of higher-rated peers, constraining policy predictability and effectiveness, even as recent reforms point to greater prospects for such gaps to narrow. In addition, geopolitical developments, including the conflict in the Middle East, are creating near-term headwinds through higher energy prices, shipping costs and inflationary pressures. However, Moody's assesses Vietnam to be resilient to these shocks due to strong growth fundamentals, robust external buffers, low foreign currency exposure and a diversified energy and export structure. As a result, while such pressures may weigh on near-term economic performance, they are unlikely to materially weaken Vietnam's credit profile at the current rating level. ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS Vietnam's CIS-4 credit impact score indicates the rating is lower than it would have been if ESG risk exposures did not exist. Environmental exposure is a primary driver, encapsulating coastal flooding and water management risk that may lead to losses in major economic centers and increase adaptation costs over time. Governance limitations, including weak legislative and executive institutions, constrain policy effectiveness and transparency, as well as institutional capacity to respond to shocks. Vietnam's E-4 issuer profile score (IPS) for environmental risk largely reflects physical climate risks from potentially adverse exposure to coastal flooding and heat waves. Over time, rising sea levels and increasing frequency of severe climate change-related weather shocks could create significant adaptation and reconstruction costs, while requiring resettlement of some urban populations. The reliance of a substantial part of the population on agriculture for employment exacerbates the potential economic and fiscal impacts of weather-related shocks, such as flooding and storm surges, as well as spillovers from the country's large and fast-growing manufacturing sector, such as pollution. Upstream hydropower development and pollution on agricultural production in the Mekong River Delta also drives exposure to water management risk. Vietnam's S-3 IPS for social risk balances Vietnam's large and relatively young population compared with peers with risks to longer-term social stability from the young workforce's rising expectations of continued improvement in living standards. A decline in the working-age population from 2037 is also likely to hamper growth and productivity, although government investments in education could enhance worker skills and productivity over time. Compared with peers at similar levels of economic development, Vietnam's government has prioritized the provision of housing, healthcare and education. However, rising economic and social inequality reflect generally weak provision of social services, with high levels of undernourishment and lack of access to clean drinking water. Vietnam's G-4 IPS for governance incorporates weak legislative and executive institutions that reduce the predictability and transparency of policy, which can hinder investor confidence. Challenges remain in rule of law, regulatory quality and voice and accountability, with varying progress amidst institutional reforms adopted by the government. GDP per capita (PPP basis, US$): 16,337 (2024) (also known as Per Capita Income) Real GDP growth (% change): 7.0% (2024) (also known as GDP Growth) Inflation Rate (CPI, % change Dec/Dec): 3.6% (2024) Gen. Gov. Financial Balance/GDP: 3.8% (2024) (also known as Fiscal Balance) Current Account Balance/GDP: 6.7% (2024) (also known as External Balance) External debt/GDP: 28.9% (2024) Economic resiliency: baa2 Default history: No default events (on bonds or loans) have been recorded since 1983. On April 27, 2026, a rating committee was called to discuss the rating of the Vietnam, Government of. The main points raised during the discussion were: The issuer's economic fundamentals, including its economic strength, have not materially changed. The issuer's institutions and governance strength has not materially changed. The issuer's fiscal or financial strength, including its debt profile, has not materially changed. The issuer's susceptibility to event risks has not materially changed. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS Moody's would consider upgrading the ratings if reforms lead to material progress in addressing institutional and structural bottlenecks in areas such as power capacity and regulatory quality, while containing negative spillovers from higher levels of public investment. Further sustained growth in foreign direct investments into higher-value added sectors like semiconductors or the artificial intelligence space, would also be credit positive, enhancing economic complexity and growth quality. Progress in enhancing data quality, maintaining macroeconomic stability and improving banking sector regulation would also support improvements in policy effectiveness. FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS The positive outlook signals that a downgrade is unlikely in the near term. Moody's would likely stabilize the outlook should a reversal or a material reduction in reform momentum result in an inability to address structural and institutional challenges. Faster than expected increase in economy-wide leverage that raises risk to macro-financial stability would also be credit negative. Evidence that a rise in geopolitical tensions or structural shift in trade patterns is disrupting Vietnam's access to critical manufacturing inputs or eroding export and FDI competitiveness would also be negative for the rating. The principal methodology used in these ratings was Sovereigns published in November 2022. The weighting of all rating factors is described in the methodology used in this credit rating action, if applicable. Vietnam's "a2" economic strength is set below the initial score of "a1" due to structural gaps relative to peers, though ongoing reforms have the potential to address such challenges. The "a2" fiscal strength score is set below the initial score of "aa3" to reflect potential for materialization of contingent liabilities from State-Owned Enterprises and potential increases in foreign currency exposure and higher-than-expected fiscal deficits amid the government's infrastructure drive. The "b" susceptibility to event risk score is also set below the initial score of "ba", driven by banking sector risk, reflecting the large size of the banking system and the risk of severe stress in a downside economic shock, given the banking system's low capital levels and weak regulation. These lead to a final scorecard-indicated outcome of Baa3-Ba2, compared to an initial scorecard-indicated outcome of A3-Baa2. The assigned rating is within the final scorecard-indicated outcome. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***