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260514.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 Thursday, May 14, 2026, Vol. 29, No. 96 Headlines A U S T R A L I A 22 RUNNYMEDE: First Creditors' Meeting Set for May 21 AUSPOD STYRENE: First Creditors' Meeting Set for May 19 CONCERT RESOURCES: First Creditors' Meeting Set for May 21 FIVE OAKLEIGH: First Creditors' Meeting Set for May 21 GFG ALLIANCE: Whyalla Steelworks Bailout Heads Past AUD2.6 Billion MB STAR: Grant Thornton Helps Secure Future of Observation Wheel PALLADIUM HEALTHCARE: First Creditors' Meeting Set for May 21 RESIMAC BASTILLE 2026-1NC: Moody's Assigns (P)B2 Rating to F Notes C H I N A BINHAI INVESTMENT: Fitch Alters Outlook on 'BB+' IDR to Negative HENGLI GROUP: Ex-Singapore Arm Dismisses Staff After US Sanctions H O N G K O N G NEW WORLD: Blackstone Drops US$4 Billion Deal Over Control Clash TTM TECHNOLOGIES CHINA: Fitch Affirms 'BB+' LongTerm IDR I N D I A AMAR AUTOTECH: CRISIL Lowers Rating on INR4.5cr Cash Loan to B AROHUL FOODS: CRISIL Lowers Rating on INR45cr Cash Loan to B ARPANA W FLOUR: Insolvency Resolution Process Case Summary ARTLAY AGRITECH: Insolvency Resolution Process Case Summary BACKBONE CONSTRUCTION: CRISIL Withdraws B Rating on INR6.8cr Loan CNS COMNET: Voluntary Liquidation Process Case Summary DCS INTERNATIONAL: CRISIL Lowers Rating on INR25cr Loan to B DESAI AGRIFOODS: Insolvency Resolution Process Case Summary EASTERN TREADS: CRISIL Lowers Rating on INR9.88cr Term Loan to B- EM PEE: CRISIL Lowers Rating on INR43.5cr Inventory Loan to B GVK COAL: Insolvency Resolution Process Case Summary JAMMU JEWEL: Voluntary Liquidation Process Case Summary JPM INDUSTRIES: CRISIL Lowers Rating on INR6cr Cash Loan to B KAVED REALTY: Liquidation Process Case Summary KEECHERY ENGINEERING: CRISIL Lowers Rating on INR10cr Loan to B KEEP IN TOUCH: Voluntary Liquidation Process Case Summary LEGASIS PRIVATE: CRISIL Lowers Rating on INR4.1cr LT Loan to B LIQUID PAPER: Voluntary Liquidation Process Case Summary LUMENS INDIA: CRISIL Reaffirms B+ Rating on INR4.5cr Cash Loan LUXMI RICE: CRISIL Lowers Rating on INR26cr Cash Loan to B MADAN LAL: CRISIL Lowers Rating on INR22.5cr Cash Loan to B MADESH HUMAN: Insolvency Resolution Process Case Summary OOTY MILLS: Insolvency Resolution Process Case Summary OSHO TOOLS: CRISIL Lowers Rating on INR40cr Cash Loan to B OSIA HYPER: Insolvency Resolution Process Case Summary PANDHE CONSTRUCTIONS: Insolvency Resolution Process Case Summary S. P. SOLVENT: CRISIL Lowers Rating on INR55cr Demand Loan to B S. S. B. ENGINEERS: CRISIL Lowers Rating on INR9.5cr Loan to B SAARUS INNOVATIONS: Voluntary Liquidation Process Case Summary SABASH ENGINEERING: Insolvency Resolution Process Case Summary SAKET FOODS: CRISIL Lowers Rating on INR20cr Cash Loan to B SAMAL AUTO: CRISIL Lowers Rating on INR33cr Loan to B SHIRAGUPPI SUGAR: CRISIL Lowers Rating on INR25cr Loan to B SHRIRAM FINANCE: Moody's Ups CFR from Ba1, Alters Outlook to Stable SMT. BHARTO: CRISIL Lowers Rating on INR6cr Term Loan to B SRK INFRACON: Insolvency Resolution Process Case Summary SVR SPINNING: CRISIL Lowers Rating on INR24cr Term Loan to B THEINDOGRID INFRA: CRISIL Lowers Rating on INR10cr Cash Loan to B TIRUPATI BALAJI: Liquidation Process Case Summary J A P A N NISSAN MOTOR: Posts Net Loss of JPY533.10 Billion in FY 2025 M A L A Y S I A 1MDB: Jho Low Should Not Be Pardoned, Taskforce Head Says M O N G O L I A GOLOMT BANK: Fitch Assigns B+ Rating on $500MM Sr. Unsecured Notes N E W Z E A L A N D ANGUS ROBERTSON: Creditors' Proofs of Debt Due on June 15 EFCOMM NZ: Creditors' Proofs of Debt Due on June 4 KAITIAKI PROTECTION: Court to Hear Wind-Up Petition on June 16 MAG CIVIL: Creditors' Proofs of Debt Due on June 12 SAVAGE MOTORS: Court to Hear Wind-Up Petition on May 22 S I N G A P O R E CREATION AIR: Court to Hear Wind-Up Petition on May 29 CREATION ALUMINIUM: Court to Hear Wind-Up Petition on May 29 LIBERTY INDUSTRIES: Court to Hear Wind-Up Petition on May 20 NEW SILK: Creditors' Proofs of Debt Due on June 15 PAPERMARKET: To Shutter Last Outlet After 20 Years REPUBLIC CORPORATION: Court to Hear Wind-Up Petition on May 22 V I E T N A M VINFAST AUTO: To Go Undergo Corporate Restructurings - - - - - ================= A U S T R A L I A ================= 22 RUNNYMEDE: First Creditors' Meeting Set for May 21 ----------------------------------------------------- A first meeting of the creditors in the proceedings of 22 Runnymede Holding Co Pty Ltd will be held on May 21, 2026, at 3:00 p.m. at the offices of Merchants Advisory, at Level 15, 175 Pitt Street, in Sydney, NSW. Louisa Sijabat of Merchants Advisory was appointed as administrator of the company on May 11, 2026. AUSPOD STYRENE: First Creditors' Meeting Set for May 19 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Auspod Styrene Industries Pty Ltd will be held on May 19, 2026, at 11:00 a.m. via virtual meeting only. Ernie Chou of EKC Advisory was appointed as administrator of the company on May 8, 2026. CONCERT RESOURCES: First Creditors' Meeting Set for May 21 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Concert Resources Pty Ltd will be held on May 21, 2026, at 12:00 p.m. via Microsoft Teams. David Henry Sampson of BPS Recovery was appointed as administrator of the company on May 11, 2026. FIVE OAKLEIGH: First Creditors' Meeting Set for May 21 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Five Oakleigh Pty Ltd will be held on May 21, 2026, at 10:00 a.m. via Microsoft Teams. Amanda Lott of ACRIS was appointed as administrator of the company on May 11, 2026. GFG ALLIANCE: Whyalla Steelworks Bailout Heads Past AUD2.6 Billion ------------------------------------------------------------------ Simon Evans at The Australian Financial Review reports that the taxpayer-funded bailout of the ailing Whyalla steelworks will cost more than AUD2.6 billion after Labor tipped in hundreds of millions of dollars in extra funding amid fears that the plant's ageing blast furnace – already offline for five weeks – will be difficult, if not impossible, to revive. According to the Financial Review, the cost of the support package, when the operation west of Adelaide was placed into administration more than a year ago, had originally been estimated at AUD2.4 billion. The plant, once part of BHP's vast steelmaking empire, was run by British industrialist Sanjeev Gupta until mounting bills forced the South Australian government to intervene. But the federal government has earmarked AUD223 million over the next two years in additional funding for the operation, with the state considering whether to add to the support in its budget early next month. The Financial Review relates that SA Treasurer Tom Koutsantonis said he had serious concerns about the Whyalla plant's blast furnace, which was nearing the end of its life. "This blast furnace is going through a lot of difficulties. Depending on what happens there, and its production rate will, of course, impact our ongoing subsidies to the administrator," the Financial Review quotes Mr. Koutsantonis as saying on May 13. "If the blast furnace is unable to be saved, then we're going to have to have, obviously, talks about, you know, what we do with the employees, pending the recapitalisation and the sale," he said, adding that Gupta's GFG Alliance had failed to conduct vital maintenance while operating the plant. KordaMentha, the administrator of the steelworks, has previously said that it was losing money - up to AUD1.5 million a day – partly because it was selling products too cheaply to other parts of Gupta's business, such as InfraBuild, the Financial Review relays. Last year, Sebastian Hams, a partner at KordaMentha, described the plant as "hard-wired" to make losses because of the low prices it charged. The steelworks were built in the 1960s and originally part of BHP. They were spun off as OneSteel in 2000, renamed Arrium in 2012, and fell into administration in 2016. Gupta emerged as the buyer in mid-2017 after a global process run by Morgan Stanley, and a private equity consortium that included South Korea's POSCO was the only other serious bidder. According to the Financial Review, KordaMentha has brought in experts from the United States to restart the blast furnace, as potential buyers finalise bids for the plant and large deposits of magnetite ore nearby. Those bids are due next month. Those experts, from SPIE Hotwork, have been flown to Whyalla to help restart the blast furnace, according to two people briefed on the matter who requested anonymity to speak freely. KordaMentha, which declined to comment, had previously hoped to restart the furnace by mid-May. BlueScope Steel, which is leading a consortium that includes POSCO, Japan's Nippon Steel and Indian conglomerate JSW Steel, is interested in purchasing the plant and has the right to match any rival offer, adds the Financial Review. About GFG Alliance GFG Alliance is a global group of businesses in industries including steel, aluminium, and energy. GFG Alliance has had significant operations in Australia, including the Whyalla Steelworks in South Australia run by OneSteel Manufacturing Pty Limited, Tahmoor Coal in New South Wales, and Liberty Bell Bay in Tasmania. On Feb. 19, 2025, KordaMentha partners Mark Mentha, Sebastian Hams, Michael Korda and Lara Wiggins were appointed voluntary administrators of OneSteel Manufacturing. The appointment was made by the South Australian Government. The state government took the decision to place OneSteel in administration, after losing confidence in the financial capability of GFG Alliance to pay its bills as and when they fall due, and in GFG's ability to secure funding needed for the ongoing operation of the steelworks, according to Department for Energy and Mining. Liberty Primary Metals Australia (LPMA) is the holding entity for GFG's Australian steel and mining businesses, including Tahmoor. On Nov. 3, 2025, Michael Brereton, Rashnyl Prasad and Sean Wengel of William Buck were appointed as administrators of LPMA. On Feb. 9, 2026, Joseph Hayes and Christopher Johnson of Wexted Advisors were appointed as administrators of Tahmoor Coal Pty Ltd (trading as Tahmoor Colliery). The company entered liquidation on March 6, 2026, resulting in 238 job losses. On March 23, 2026, Morgan John Kelly, Robyn Louise Duggan and Samuel John Freeman of Ernst & Young were appointed as administrators of Liberty Bell Bay Pty Ltd. MB STAR: Grant Thornton Helps Secure Future of Observation Wheel ---------------------------------------------------------------- Consultancy.com.au reports that dormant since 2021 after owners MB Star Properties entered liquidation, creditors have now accepted a 'deed of company arrangement' (DOCA) for the structure and site put forward by recently appointed voluntary administrators Grant Thornton. Built at a cost of AUD100 million, the 120-metre-tall wheel has had a cursed history, closing for an extended period soon after its 2008 launch due to structural defects, and more recently looking destined for the scrap metal heap after struggling to overcome the impact of Covid-19, Consultancy.com.au says. "The DOCA provides more certainty for stakeholders and delivers a pathway to reopen the Melbourne Star which is positive for everyone who wants to see this landmark attraction back in operation for the precinct," Consultancy.com.au quotes Grant Thornton restructuring advisory partner Andrew Hewitt as saying. "We're pleased the administration process has reached an outcome that is beneficial to all parties." Under the terms of the agreement, MB Star Properties will be restructured and recapitalised, with international backers RoBu Group and Liberty Star Investment of Switzerland and the US on board alongside Melbourne-based Skyline Attractions, which also owns the city's South Wharf Ferris wheel along with two others in Airlie Beach and the seaside suburb of Glenelg in Adelaide, according to Consultancy.com.au. "Our team has been working closely on the recommissioning of the Melbourne Star since August and have made fantastic progress," Consultancy.com.au quotes Skyline business manager Jay Jones as saying. "It's a privilege to support the safe return of this much-loved attraction, welcoming locals and visitors back to enjoy the views and see the wheel light up the Docklands skyline once again." Mr. Jones further noted that the company is gearing up to reopen the attraction in the second half of this year, while Melbourne Lord Mayor Nick Reece described the previous investment announcement as a "wheely big deal" for the city, Consultancy.com.au relays. Jonathan Codman, director of precincts for Docklands, added that the "Melbourne Star has long been integral to the Docklands and is a world-class attraction." Reliable sales data for the 30-minute ride, with adult tickets priced at around AUD35 prior to its last shut-down almost five years ago, is hard to come by, but projections are for a quarter of a million visitors to pass through in its first year after reopening. According to reports, its new collection of owners have already put in more than AUD11 million in getting the wheel back up and spinning, Consultancy.com.au notes. PALLADIUM HEALTHCARE: First Creditors' Meeting Set for May 21 ------------------------------------------------------------- A first meeting of the creditors in the proceedings of Palladium Healthcare Pty Ltd will be held on May 21, 2026, at 2:00 p.m. via Microsoft Teams. Shaun McKinnon and Duncan Clubb of BDO were appointed as administrators of the company on May 11, 2026. RESIMAC BASTILLE 2026-1NC: Moody's Assigns (P)B2 Rating to F Notes ------------------------------------------------------------------ Moody's Ratings has assigned the following provisional ratings to the notes to be issued by Perpetual Trustee Company Limited as trustee of the RESIMAC Bastille Trust in respect of the RESIMAC Series 2026-1NC. Issuer: Perpetual Trustee Company Limited as trustee of the RESIMAC Bastille Trust in respect of the RESIMAC Series 2026-1NC AUD270.00 million Class A1 Notes, Assigned (P)Aaa (sf) AUD385.00 million Class A2-a Notes, Assigned (P)Aaa (sf) AUD165.00 million Class A2-b Notes, Assigned (P)Aaa (sf) AUD73.00 million Class AB Notes, Assigned (P)Aaa (sf) AUD50.00 million Class B Notes, Assigned (P)Aa2 (sf) AUD17.00 million Class C Notes, Assigned (P)A2 (sf) AUD13.00 million Class D Notes, Assigned (P)Baa2 (sf) AUD12.00 million Class E Notes, Assigned (P)Ba2 (sf) AUD7.00 million Class F Notes, Assigned (P)B2 (sf) The AUD8.00 million Class G Notes are not rated by us. The transaction is a securitisation of first-ranking mortgage loans secured over residential properties located in Australia. The loans were originated and are serviced by Resimac Limited (RESIMAC). RESIMAC is an Australian non-bank lender, specialising in non-conforming and prime residential mortgage lending. In 2020, RESIMAC expanded its lending into asset finance, providing auto and equipment loans to commercial and consumer obligors. As of December 31, 2025, RESIMAC's Australian assets under managment were around AUD15.7 billion. RATINGS RATIONALE The provisional ratings take into account, among other factors, an evaluation of the underlying receivables and their expected performance, evaluation of the capital structure and credit enhancement provided to the notes, availability of excess spread over the life of the transaction, the liquidity facility in the amount of 1.5% of the rated notes balance, the legal structure, the experience of RESIMAC as servicer and the presence of Perpetual Trustee Company Limited as the backup servicer. Moody's MILAN Stressed Loss — representing the loss that Moody's expects the portfolio to suffer in the event of a severe recession scenario — is 9.2%. Moody's expected loss for this transaction is 1.1%. The Class A Notes, which include Class A1, Class A2-a and Class A2-b Notes, benefit from 18% subordination, compared with the 9.2% MILAN Stressed Loss. The transaction challenges include a relatively high proportion of loans to self-employed borrowers at 81.3% (based on Moody's classifications), with further 12.3% of loans to company borrowers and high proportion of alternative documentation loans of around 92.5% of the pool. Transactional features are as follows: -- Initially, principal payments will be made sequentially, starting with the Class A1 Notes until fully repaid, and then Class A2 Notes. All classes of notes, excluding Class G and Class Z Notes, will start receiving their pro-rata share of principal, provided that step-down test is met. The step down conditions include, among others, no unreimbursed charge-offs, no Class A1 Notes outstanding, and payment date falling on or after 24 months after closing. -- Under the retention mechanism, prior to the call date, a certain proportion of excess spread remaining after reimbursement of losses and carry-over charge-offs will be used to repay principal on the junior notes, starting with the Class F Notes, thereby limiting their exposure to losses. Issuance of an equivalent amount of subordinated Class Z Notes at the same time will preserve the level of credit enhancement available to the more senior ranking notes. -- The servicer is required to maintain the weighted average interest rates on the mortgage loans at a level sufficient for the trust to meet the required payments when due, plus 0.25%. Other pool features are as follows: -- The pool has a weighted average scheduled LTV of 72.0%. -- The pool has a weighted average seasoning of 13.6 months. -- The pool has a relatively high exposure to Gold Coast, Queensland (8.3%). The principal methodology used in these ratings was "Residential Mortgage-Backed Securitizations" published in October 2024. Factors that would lead to an upgrade or downgrade of the ratings: Levels of credit protection that are greater than necessary to protect investors against current expectations of loss could lead to an upgrade of the ratings. Moody's current expectations of loss could be better than its original expectations because of fewer defaults by underlying obligors or higher recoveries on defaulted loans. The Australian job and the housing markets are primary drivers 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 the credit quality of transaction counterparties, or lack of transactional governance, and fraud. ========= C H I N A ========= BINHAI INVESTMENT: Fitch Alters Outlook on 'BB+' IDR to Negative ---------------------------------------------------------------- Fitch Ratings has revised the Outlook on China-based gas distributor Binhai Investment Company Limited 's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to Negative, from Stable, and affirmed the IDRs and senior unsecured rating at 'BB+'. Binhai's ratings benefit from a one-notch uplift from its Standalone Credit Profile (SCP) of 'bb'. This reflects Fitch's strong expectation of support from the Tianjin municipal government under its Government-Related Entities Rating Criteria. The Outlook revision reflects downward pressure on the SCP, while the government support assessment remains unchanged. The Negative Outlook reflects risks to Binhai's deleveraging from the Iran conflict, which can lead to higher gas costs that delay volume recovery and narrow margins. As a result, leverage could stay above Fitch's downgrade trigger of 5.3x. Fitch currently expects Binhai's EBITDA net leverage to decline to 5.3x in 2026 (2025: 5.5x), on gas sales recovery, stable margin and continued prudent cash management. Leverage rose in 2025 due to weak non-trading gas sales due to warm winter (mainly in 4Q25), a rise in low-margin gas trading and deterioration in gas connections. Better working capital and capex discipline partly offset the impact. Key Rating Drivers Uncertainties in Deleveraging: Binhai's deleveraging depends on whether a gas volume recovery in 1Q26 is sustainable, especially if gas costs rise. Binhai reported 23% growth in gas sales volume in 1Q26. City gas sales also recovered as 1Q26 was colder than a year earlier. Commercial and industrial (C&I) gas sales grew despite maintenance at key customers, which indicates better resilience at other users. The margin impact from higher costs, lower connection volume and management's financial policy adds to the uncertainties. Stable Gas Margin Despite Higher Cost: Fitch expects stable city gas dollar margin in 2026 despite higher spot LNG prices following the closure of the Strait of Hormuz. However, its forecast depends on the duration and effects of the Iran war. Binhai plans to source most gas from national oil companies (NOCs) in 2026 to reduce spot market exposure. It may also receive a special discount on purchases from its second-largest shareholder, China Petroleum & Chemical Corporation (Sinopec, A/Stable). A small share of NOC purchases is linked to spot LNG and crude prices in the pricing formula. However, Binhai can generally pass on higher costs to C&I customers. The strong dollar margin in 1Q26 also provides a buffer against future cost increases. Geographical Concentration; Higher Profit Volatility: Binhai's profitability is more volatile than that of rated city gas peers. Concentration in Tianjin and Hebei increases volume volatility from winter weather. Exposure to a small number of key industrial customers raises risk from outages as seen in 2025. Its relatively small scale also makes margins more sensitive to fuel cost changes than those of national peers. In addition, one-off connections accounted for 16% of EBITDA, above that of peers. Connection Business Remains Weak: Fitch expects connection EBITDA to continue to decline because Fitch expects new property sales to keep falling, although at a slower pace. Binhai's new connections for households fell 35% in 2025 as the property market remained subdued. C&I new-connection volume fell 37% as economic activity weakened in its concession areas. Connection EBITDA margin also narrowed because lower-margin renovation projects contributed more. Management expects higher C&I connections in 2026 after increasing promotion. Links to Tianjin Government: Binhai is 42%-owned by TEDA Investment Holding Company Ltd., which is fully owned by the Tianjin State-owned Assets Supervision and Administration Commission (SASAC). Fitch applies its Government-Related Entities Rating Criteria directly to Binhai because Fitch believes the Tianjin government has ultimate control and can provide support directly if needed, while TEDA is not likely to prevent such support. Strong Responsibility to Support: Fitch assesses the Tianjin government's decision-making and oversight as 'Strong'. The government approves Binhai's major financing and investment decisions through TEDA or directly and monitors financial performance through monthly reports. Fitch also assesses support precedents as 'Strong', reflecting state support for Binhai's predecessor when it was in distress. The government also helped Binhai refinance its US dollar debt. Strong Preservation of Policy Role: Fitch assesses the preservation of government policy role as 'Strong'. Binhai is a key gas supplier with 10 concessions in Tianjin. Gas accounts for around 20% of energy consumption in Tianjin and is a key source of heating. Its natural monopoly for gas supply means there will be no immediate substitute should Binhai default, which would lead to disruptions in industrial activity and affect the well-being of residents. Contagion Risk: Fitch assesses the contagion risk of a Binhai default as not strong enough mainly due to its small size compared with other government-related entities in Tianjin and the lack of capital-market debt. Peer Analysis Binhai's SCP of 'bb' is weaker than the 'bbb-' SCP of Foran Energy Group Co.,Ltd. (BBB+/Stable). Both are regional city-gas distributors, with most of the gas sales from their home markets. Foran Energy is larger in size, with gas sales volume and EBITDA about three times those of Binhai. Foran Energy's financials are also stronger, with EBITDA net leverage of 2.3x and EBITDA interest coverage of over 7.9x in 2025. Fitch rates Binhai on a bottom-up basis and one notch above the SCP under its Government-Related Entities Rating Criteria based on its government support score and the difference between its SCP and its internal assessment of the sponsor's creditworthiness. Fitch assesses Binhai's decision-making and oversight, precedents of support and preservation of government policy role factors as 'Strong', which is the same as for Foran, which is indirectly owned by Foshan SASAC, reflecting their important public service roles. Fitch assesses contagion risk as 'not strong enough' for Binhai, and 'Strong' for Foran. This mainly reflects Foran's larger size relative to other Foshan government-related entities, and its higher exposure in capital markets as a key bond issuer in Foshan. Fitch’s Key Rating-Case Assumptions - Gas sales volume to grow by 5.8% in 2026 and 5.9% in 2027, and to decline by less than 3% a year in 2028 and 2029 - Blended gas sales dollar margin (incl. VAT) of CNY0.39/cubic metre in 2026 and gradually improve to CNY0.42 by 2029 - New residential connections to decline by 10% a year in 2026 and 2027, and 5% a year in 2028 and 2029 - Gas transmission volume to fall by 6% in 2026 due to maintenance of gas-fired power plants, and then gradually return to normal levels of around 650 million cubic metres by 2028 - Cash capex (excluding capitalised interest) of around CNY360 million in 2026, CNY380 million in 2027, and CNY340 million each in 2028 and 2029 - Cash dividend paid reflecting dividend per share of HKD0.083 in 2026, HKD0.091 in 2027, and HKD0.010 in 2028-2029 Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): management (bbb, lower), sector characteristics (bbb, lower), market and competitive positioning (bb+, moderate), diversification and asset quality (bb-, higher), company operational characteristics (bbb-, moderate), profitability (bb-, moderate), financial structure (bb, higher), and financial flexibility (bb+, moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The governance assessment of 'Good' results in no adjustment. - The operating environment assessment of 'bbb-' results in no adjustment. - The SCP is 'bb'. To derive the IDR: - Application of Fitch's Government-Related Entities Rating Criteria results in a bottom-up +1 approach. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA net leverage above 5.3x in the medium term; - Lower likelihood of support from Tianjin municipality. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch would revise Outlook to Stable if the negative sensitivities are not triggered. Liquidity and Debt Structure Binhai had short-term debt of CNY1,128 million at end-2025, of which USD81.4 million (CNY572million) was from its US dollar syndicated loan that will be refinanced by a new syndicate loan of USD45 million and CNY172.5 million (equivalent to CNY487.5million). Binhai had readily available cash of CNY163 million, short-term bank deposits of CNY21 million and undrawn loan facilities of CNY1,747million at end-2025, which are more than enough to cover the remaining short-term debt. Fitch expects Binhai's share of US dollar debt to decline to 10% in 2026 from 20% previously as it refinances part of the US dollar debt with local-currency debt. This will help to bring down its effective interest cost and reduce exposure to foreign-exchange volatility. Issuer Profile Binhai is a regional city gas distributor. Its key businesses include piped gas sales, gas connection service, value-added services, and long-distance gas transmission. Public Ratings with Credit Linkage to other ratings Binhai's IDR benefits from a one-notch uplift due to the Tianjin government's support, in line with Fitch's Government-Related Entities Rating Criteria. 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 indicate some potential exposure to physical climate risk for Binhai Investment Company Limited. However, this does not influence the current rating because previous floods in the area did not interrupt Binhai's operations. 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 ----------- ------ ----- Binhai Investment Company Limited LT IDR BB+ Affirmed BB+ LC LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed BB+ HENGLI GROUP: Ex-Singapore Arm Dismisses Staff After US Sanctions ----------------------------------------------------------------- Bloomberg News reports that Hengli Petrochemical International dismissed some Singapore-based staff, according to people with knowledge of the matter, weeks after its then-parent was slapped with US sanctions. Bloomberg relates that some employees were let go, while others were offered roles in other entities, the people said, asking not to be identified as the information isn't public. The Singapore trading entity – which was used to channel crude to one of China's largest private refiners – is now at risk of being wound down, they said. According to Bloomberg, the US has stepped up efforts to clamp down on entities linked to Tehran's oil trade, as Washington presses on with its war against Iran. While official data indicates China hasn't taken oil from the Islamic Republic for years, many cargoes have arrived indirectly – providing an essential and usually cheap source of supply, especially for privately owned processors such as Hengli. Bloomberg says the US push has jolted the commodity trading industry in Singapore, which is an important base for many China-based firms seeking to source crude and metals. The Southeast Asian city-state sits on the trade routes that run from the energy-rich Middle East to larger Asian markets, including China. A slew of Chinese private refiners had set up shop in the city-state in recent years to capitalise on the well-established commodity-trading environment. Placing traders in the country had meant easier access to potential counterparties – ranging from the biggest oil supermajors to nimble trading houses – as well as to other vital services such as banking and shipping. Until end-April, Hengli Petrochemical International had been wholly owned by Hengli Petrochemical (Dalian) Refinery, when its ownership changed following the US curbs. Hengli Petrochemical (Dalian) Refinery was blacklisted by the US Treasury Department's Office of Foreign Assets Control, or OFAC, over alleged links to Iran - a claim it denied. After the US move, state-linked Dalian Changxing International became the majority owner of the Singapore unit. In recent years, OFAC has sanctioned a handful of Chinese companies, including those involved in port operations, shipping and financing, but they have typically been far smaller than Hengli, according to Bloomberg. In a separate move this week, the US sanctioned a dozen entities and individuals over the sale of Iranian oil to China, stepping up pressure just days before President Donald Trump meets his counterpart Xi Jinping, Bloomberg relays. The pair will meet on Thursday morning in Beijing, according to the White House. Hengli Petrochemical (Dalian) Refinery is China's second-largest private refiner. It operates a modern oil-processing and chemical complex in Liaoning province. The Singapore unit was responsible for the trading and sourcing of feedstock for Hengli's China-based processing plants. ================= H O N G K O N G ================= NEW WORLD: Blackstone Drops US$4 Billion Deal Over Control Clash ---------------------------------------------------------------- Bloomberg News reports that Blackstone has walked away from a proposed US$4 billion tie-up with New World Development after the embattled property developer refused to hand over the reins, people familiar with the matter said. Bloomberg relates that the New York-based real estate investment firm has informed the company of its decision, ending a protracted yearlong negotiation that stalled in recent months, according to the people, who asked not to be identified because the information is private. Goldman Sachs Group advised Blackstone on the deal, the people added. Talks drifted since March as New World held parallel discussions with other suitors, including a consortium led by RRJ Capital and Ares Management, the people said. Unlike Blackstone, those groups are not pushing for a controlling stake, opting instead for minority positions that would allow the Cheng family to remain as the largest shareholder, the people said. Under the original plan, Blackstone would become the largest shareholder, proposing to inject about US$2.5 billion into a special‑purpose vehicle, while the Cheng family would contribute US$1 billion to US$1.5 billion, one of the people said in March. According to Bloomberg, RRJ is still assembling a consortium and has proposed acquiring less than 30 per cent in New World via a share sale. Ares has offered a capital injection to shore up the company's balance sheet, but has insisted that the Cheng family pledge shares as collateral. It has also invited some Asian sovereign funds to join the consortium, the people said. It stands in contrast with Blackstone's plan. The US alternative asset manager had sought to restructure the property firm to reduce leverage, reset bank loan terms and review assets, the people said. CapitaLand Investment also held talks previously with the developer. It is unclear whether those discussions are still ongoing. Any investment the firm evaluates must align with its platform strategy and must meet its financial return thresholds and adhere to its governance framework, a representative for the Singapore firm said. The competing groups are pressing New World to resolve about HK$70 billion (SGD11.4 billion) of liabilities tied to a long-term rental agreement for a shopping mall at the Hong Kong airport as a pre-requisite for any deal. The developer is currently in negotiations with the Hong Kong Airport Authority to terminate its previous agreement and transfer the HK$30 billion mall to the authority at no cost, people familiar have said. The clock is ticking for the cash-strapped developer to devise a plan by the end of June, when its annual audit is released, the people said. Banks need to reset loan terms based on the latest balance sheet figures. There is still a possibility that the billionaire Cheng family will forgo a deal altogether by injecting capital via a rights issue after its finances were bolstered by the recent US$4.3 billion sale of Australia power generator Alinta Energy, the people said. 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. TTM TECHNOLOGIES CHINA: Fitch Affirms 'BB+' LongTerm IDR -------------------------------------------------------- Fitch Ratings has affirmed TTM Technologies, Inc. and its subsidiary TTM Technologies China Limited's (collectively, TTM) Long-Term Issuer Default Ratings (IDRs) at 'BB+' with a Stable Outlook. Fitch has also assigned TTM's proposed term loan a 'BBB-' rating with an 'RR1' Recovery Rating. It will replace the existing term loan as part of a broader financing that replaces existing ABLs with a multicurrency RCF. Fitch expects to withdraw the ratings on the existing term loan and ABLs when the transaction closes. The Stable Outlook reflects TTM's leading position in printed circuit boards (PCBs), radio-frequency (RF) components and microelectronic assemblies. Fitch expects durable AI data center and defense demand to keep EBITDA leverage well below TTM's 3.0x negative sensitivity. Key Rating Drivers Comprehensive Financing Package: TTM plans to replace its existing ABLs with a new multicurrency revolving credit facility of up to $1.0 billion, more than tripling its previous $300 million revolver availability. The company also plans to refinance its existing term loan, which will be pari passu with the new facility rather than junior to the ABLs. The increased borrowing capacity strengthens TTM's liquidity and provides flexibility to fund capacity expansions and potential acquisitions, while remaining within Fitch's leverage expectations for the rating. Solid Financial Position: TTM benefits from strong demand in data center and defense markets. Broad-based strength, including healthcare and networking, has driven solid recent results, with EBITDA leverage improving to 1.9x at March 30, 2026 from 2.8x at year-end 2024. Management targets 15%-20% organic revenue growth annually over the next three years and aims to double earnings from 2025 to 2027. The Fitch-adjusted EBITDA margin expanded to 15.4% in 2025 from 13.8% in 2024, driven primarily by a shift toward higher-margin products. Continued favorable mix and reduced drag from the Penang facility ramp-up should support further margin improvement. Moderate Financial Policy: TTM generally adheres to its long-term net leverage target of 1.5x-2.0x (1.0x at March 30, 2026). Fitch assumes acquisition activity will keep gross leverage in the 2x-3x range from 2026-2028. The company is also expanding organically through capacity additions, with elevated capex at 7%-8% of revenue (versus 4%-5% maintenance) constraining FCF growth. Fitch expects balance sheet cash and cash generation to largely fund these investments, with potential for moderate incremental debt. Key capacity projects include Penang, Malaysia (ramping up now), Syracuse, NY (ramping up 2H 2026), China (under construction), and a future site in Eau Claire, WI. Secular Demand Growth: TTM has shifted toward end markets with strong growth, long product lifecycles, and differentiation beyond commodity PCBs. Aerospace and defense accounts for 44% of 2025 revenue, supported by global defense spending, inventory replenishment, and the shift to digitized military systems. Data center demand is also surging to support AI infrastructure buildout. TTM is moving up the value chain, supplying more complex printed circuit boards, substrates, and advanced packaging. Many of these products require stringent customer qualifications. TTM's defense facilities also require security clearances, which limit competition. Customer Concentration: TTM's original equipment manufacturer customers operate in concentrated markets, including A&D, data center hyperscalers, wireless infrastructure, and autos. Its two largest customers represented 23% of 2025 sales, and the five largest customers made up 44%. Customer concentration has increased in recent years. However, TTM has a relatively broad program portfolio within its A&D business, including more than 200 distinct programs, with no single program contributing more than 6% of total revenue. Geopolitical and Tariff Risk: TTM's significant manufacturing presence in China creates exposure to U.S.-China geopolitical tensions. Escalating conflict could disrupt supply chains or result in regulatory restrictions that complicate operations at Chinese facilities. The company has partially mitigated this risk by expanding capacity in Malaysia and the U.S. TTM faces limited direct tariff exposure, but a meaningful portion of revenue comes from Chinese manufactured finished products that are exported globally. Higher tariffs on finished products could reduce demand for TTM's components, indirectly pressuring the company's sales, though the near-term risk seems modest. Parent-Subsidiary Relationship: TTM is the stronger parent of its subsidiary, TTM Technologies China Limited (the weaker subsidiary). Fitch views the strategic and operational incentives for TTM to support the subsidiary as high and the legal incentive as medium. As a result, Fitch equalizes the notching between the two entities. TTM Technologies China Limited and co-borrower TTM Technologies Trading (Asia) Company Limited are the borrowers under the Asia ABL. Peer Analysis Among similarly rated peers, Qnity Electronics, Inc. (BB+/Stable) and Amkor Technology, Inc. (BB+/Positive) share TTM's rating level but differ in profile. Qnity maintains comparable leverage with significantly stronger profitability, while Amkor operates with lower leverage and similar margins but faces higher customer concentration. Lower-rated peers Coherent Corp. (BB/Positive) and MKS Inc. (BB/Stable) show varied credit characteristics. Coherent has stronger profitability with improving leverage, while MKS carries higher leverage despite robust margins. TTM's cash flow generation relative to debt currently lags these peers due to substantial facility buildouts, though Fitch expects meaningful improvement as earnings grow over the next few years. Flex Ltd. (BBB-/Stable) and Jabil Inc. (BBB-/Stable/F3) operate at significantly greater scale. Both exceed $25 billion in revenue and have comparable leverage but thinner EBITDA margins of 7%-8%. Their investment-grade ratings reflect broader diversification across customers and end markets, supporting more stable cash flows and stronger financial flexibility that offset lower profitability. Fitch’s Key Rating-Case Assumptions - Revenue growth of 25% in 2026, 23% in 2027 and 5% in 2028, mainly driven by significant expansion in data center computing, strength in A&D and inclusion of revenues from a Fitch-assumed acquisition in mid-2026; - Fitch-adjusted EBITDA margin improves to 16.2% in 2026, from 15.4% in 2025, due to a mix shift toward higher margin products and reduced drag from the ramp-up of the Penang, Malaysia, facility. Fitch expects further EBITDA margin improvement to approximately 17.5% in 2027 and 2028, driven by a continued favorable mix shift, improved efficiencies at Penang and modestly higher margin associated with the assumed acquisition; - Floating SOFR rates of 3.75% in 2026, 3.50% in 2027 and 3.75% in 2028; - Cash tax rate of 22% as a percentage of pre-tax income; - Capex assumed to be 7% of revenue in 2026-2028, reflecting ongoing facility buildouts; - M&A of $1 billion in the middle of 2026, with acquisitions 65% debt funded. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb-, Moderate), Market and Competitive Positioning (bb+, Higher), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bbb, Lower), Profitability (bb+, Moderate), Financial Structure (bbb-, Higher), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - 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 IDR: - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in an equalized approach. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Expectation for EBITDA leverage to be sustained above 3.0x; - A structural deterioration in the company's market position, potentially highlighted by the loss of major customers or pricing power; - Expectation for (CFO-capex)/debt to be sustained below 10% on a normalized capital spending basis (i.e., capex approximately 4.5%-5.0% of revenue). Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Sustained scale expansion with improved business diversification, including material growth in long-duration defense programs that reduces cyclicality and enhances revenue visibility; - Expectation for EBITDA leverage to be sustained below 2.5x; - Expectation for (CFO-capex)/debt to be sustained above 20%. Liquidity and Debt Structure TTM maintains a solid liquidity position, supported by $410 million in cash and cash equivalents and $190 million in aggregate ABL availability as of March 30, 2026. Following the close of the financing transaction, Fitch expects availability under the new RCF to meaningfully exceed prior ABL capacity. Term loan amortization is minimal at 1% per annum and there are no debt maturities until the senior unsecured notes come due in 2029. Combined with Fitch's expectation of sustained positive FCF throughout the forecast period, TTM is well-positioned with ample financial flexibility. Issuer Profile TTM Technologies, Inc. is a global manufacturer of PCBs, engineered technology systems, RF components and RF microwave and microelectronic assemblies. 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 TTM Technologies, Inc. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- TTM Technologies, Inc. LT IDR BB+ Affirmed BB+ senior secured LT BBB- New Rating RR1 TTM Technologies China Limited LT IDR BB+ Affirmed BB+ ========= I N D I A ========= AMAR AUTOTECH: CRISIL Lowers Rating on INR4.5cr Cash Loan to B -------------------------------------------------------------- CRISIL Ratings has migrated the ratings on certain bank facilities of Amar Autotech Private Limited (AAPL; part of the Amar group), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB+/Stable') Cash Credit 4.5 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB+/Stable') Proposed Fund- 4 Crisil B/Stable (ISSUER NOT Based Bank Limits COOPERATING; Migrated from 'Crisil BB+/Stable') Crisil Ratings has been consistently following up with AAPL for obtaining NDS through letters/emails dated February 27, 2026, March 31, 2026 and April 30, 2026 among others, apart from telephonic communication to seek the same. After non-receipt of NDS for 2 consecutive months, we also sent a letter dated April 23, 2026 reminding the issuer to share the NDS. However, the issuer has remained non cooperative. Crisil Ratings has also tried to reach out to the lenders of AAPL to confirm timely debt servicing during these months, but awaits any feedback. '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 NDSs from AAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Further, non-sharing of NDS by issuers may reflect operational issues faced by issuers in some cases. On the other hand, it may be a beginning of a general non-cooperation and may extend to non-submission of other information. Crisil Ratings believes that rating action on AAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AAPL migrated to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB+/Stable'. AAPL manufactures sheet metal, pipe components and assemblies for the auto industry. The company is promoted by Mr Arun Thapar, Ms Sunita Thapar, Mr Uday Thapar, Mr Saurabh Thapar, Mr Ashrut Thapar and Ms Reena Dhir. The manufacturing facilities of AAPL are located in Ludhiana, Punjab; Haridwar, Uttarakhand; and Waghodia, Gujarat. AROHUL FOODS: CRISIL Lowers Rating on INR45cr Cash Loan to B ------------------------------------------------------------ CRISIL Ratings has migrated the ratings on certain bank facilities of Arohul Foods Private Limited (AFPL; a part of the Arohul group), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 20 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BBB/Stable') Cash Credit 45 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BBB/Stable') Crisil Ratings has been consistently following up with AFPL for obtaining NDS through letters/emails dated February 27, 2026, March 31, 2026 and April 30, 2026 among others, apart from telephonic communication to seek the same. After non-receipt of NDS for 2 consecutive months, we also sent a letter dated April 23, 2026 reminding the issuer to share the NDS. However, the issuer has remained non cooperative. Crisil Ratings has also tried to reach out to the lenders of AFPL to confirm timely debt servicing during these months, but awaits any feedback. '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 NDSs from AFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Further, non-sharing of NDS by issuers may reflect operational issues faced by issuers in some cases. On the other hand, it may be a beginning of a general non-cooperation and may extend to non-submission of other information. Crisil Ratings believes that rating action on AFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AFPL migrated to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BBB/Stable'. About the Group Incorporated in 2004, AFPL manufactures solvent rice bran oil and operates a rice unit. The facility is located in Bahraich, Uttar Pradesh. Established in 1995, SFPL produces agricultural products such as red lentil and sortex rice at its facility in Bahraich. Incorporated in 2007, MLPDFPL manufactures agricultural products such as mustard oil and rice at its facility in Bahraich. The group is owned and managed by Mr Atul Agarwal (managing director). ARPANA W FLOUR: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Arpana W Flour Mills Private Limited S.No. 56/B, Kharosa Nilanga Road, Latur, Maharashtra, India - 413520 Insolvency Commencement Date: May 6, 2026 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: November 2, 2026 Insolvency professional: Ashok Mittal Interim Resolution Professional: Ashok Mittal S-138, B Wing, Express Zone Mall, Western Express Highway, Goregaon East, Mumbai Suburban, Maharashtra, 400063 Email: ashokmittal2020@gmail.com cirp.arpanawfm@gmail.com Last date for submission of claims: May 20, 2026 ARTLAY AGRITECH: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Artlay Agritech Private Limited Front of Indu Motors, Govindpura, Jhotwara, Jaipur, Rajasthan, India, 302012 Insolvency Commencement Date: May 6, 2026 Court: National Company Law Tribunal, Jaipur Bench Estimated date of closure of insolvency resolution process: November 2, 2026 Insolvency professional: Sudhir Bhansali Interim Resolution Professional: Sudhir Bhansali 52, Sangram Colony, C-Scheme Jaipur, 302001 Email: sbhansalico@gmail.com artlaycirp@gmail.com Last date for submission of claims: May 20, 2026 BACKBONE CONSTRUCTION: CRISIL Withdraws B Rating on INR6.8cr Loan ----------------------------------------------------------------- Crisil Ratings has withdrawn its ratings on the bank facilities of BCPL on the request of the company and after receiving no objection certificate from the bank. The rating action is in line with Crisil Rating's policy on withdrawal of its rating on bank loan facilities. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 12 Crisil A4/Issuer Not Cooperating (Withdrawn) Bank Guarantee 23.7 Crisil A4/Issuer Not Cooperating (Withdrawn) Overdraft Facility 6.8 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Overdraft Facility 3 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Proposed Fund- Based Bank Limits 0.66 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Term Loan 2.5 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Term Loan 4.69 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Term Loan 1.65 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Crisil Ratings has been consistently following up with BCPL for obtaining information through letter and email dated February 13, 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-cooperation 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 BCPL. This restricts Crisil Ratings' ability to take a forward-looking view on the credit quality of the entity. Crisil Ratings believes that rating action on BCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BCPL continues to be 'Crisil B/Stable/Crisil A4 Issuer Not Cooperating'. BCPL was incorporated in 1994 and is located in Rajkot Gujarat. The company is engaged in civil construction works, such as construction of roads and bridges, canal works, irrigation works and allied work. It operates in Gujarat, Chhattisgarh, Odisha, Jharkhand, Karnataka, Maharashtra, Haryana, etc. and undertakes work for government and semi-government bodies of Gujarat. Mr Sanjaybhai Jakasania, Mr Kishorbhai Jakasania, Mr Dineshbhai Jakasania, Mr Ghanshyambhai Jakasania own and manage the business. CNS COMNET: Voluntary Liquidation Process Case Summary ------------------------------------------------------ Debtor: CNS Comnet Solution Private Limited 1st Floor, Enkay Tower, Plot No. B&B1, Vanijya Kunj, Udyog Vihar, Phase V, Industrial Complex Dundahera, Gurgaon, Haryana, India 122016 Liquidation Commencement Date: May 5, 2026 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Pankaj Kumar Singhal WP-509, 3rd Floor, Wazirpur Village, Ashok Vihar 1, Near Airtel Store Delhi - 110052 Email: liquidation.cns@gmail.com Last date for submission of claims: June 4, 2026 DCS INTERNATIONAL: CRISIL Lowers Rating on INR25cr Loan to B ------------------------------------------------------------ CRISIL Ratings has migrated the ratings on certain bank facilities of dcs International trading co. (DITC), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Export Packing 25 Crisil B/Stable (ISSUER NOT Credit COOPERATING; Migrated from 'Crisil BB/Stable') Crisil Ratings has been consistently following up with DITC for obtaining NDS through letters/emails dated February 27, 2026, March 31, 2026 and April 30, 2026 among others, apart from telephonic communication to seek the same. After non-receipt of NDS for 2 consecutive months, we also sent a letter dated April 23, 2026 reminding the issuer to share the NDS. However, the issuer has remained non cooperative. Crisil Ratings has also tried to reach out to the lenders of DITC to confirm timely debt servicing during these months, but awaits any feedback. '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 NDSs from DITC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Further, non-sharing of NDS by issuers may reflect operational issues faced by issuers in some cases. On the other hand, it may be a beginning of a general non-cooperation and may extend to non-submission of other information. Crisil Ratings believes that rating action on DITC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of DITC migrated to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB/Stable'. DCS International Trading the Delhi-based firm trades in human hair. DCS was incorporated in 1996 by 2 brothers Mr. Prem Kumar Solanki & Mr. Harsh Kumar Solanki, however the family was engaged in the business started by their father Mr. Dal Chand Solanki in early 1970s. DCS was formed as a proprietorship firm of Mr Prem Kumar Solanki in 2018 & currently the firm is managed & being run by Mr. Prem Kumar Solanki alone. DESAI AGRIFOODS: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Desai Agrifoods Private Limited 27, Ground Floor, Virbhaddra Complex, Opposite Yogeshwar Vada Pav, Station Road, Navsari, Gujarat, India, 396445 Insolvency Commencement Date: April 27, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Estimated date of closure of insolvency resolution process: October 24, 2026 Insolvency professional: Prem Chand Goyal Interim Resolution Professional: Prem Chand Goyal Value Plus Insolvency Resolution Professionals (P) Ltd. 1-B, 1/17, Lalita Park, Laxmi Nagar, East Delhi - 110092 Email: valueplusip@gmail.com desaiagrifoods.ip@gmail.com Last date for submission of claims: May 11, 2026 EASTERN TREADS: CRISIL Lowers Rating on INR9.88cr Term Loan to B- ----------------------------------------------------------------- Crisil Ratings has downgraded its rating on the long term bank facilities of Eastern Treads Limited (ETL) to 'Crisil B-/Stable' from 'Crisil B/Stable' and has reaffirmed its 'Crisil A4' rating on the short term bank facility. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 5 Crisil A4 (Reaffirmed) Cash Credit 9 Crisil B-/Stable (Downgraded from 'Crisil B/Stable') Proposed Term Loan 9.88 Crisil B-/Stable (Downgraded from 'Crisil B/Stable') Term Loan 6.62 Crisil B-/Stable (Downgraded from 'Crisil B/Stable') The downgrade factors in the expected impact on volumes and profitability on account of increase in prices of the key input costs, leading to impact on the business risk profile. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of ETL. Key Rating Drivers - Weaknesses * Below-average financial risk profile: The financial risk profile is constrained by leveraged capital structure and modest debt protection metrics. Total outside liabilities to tangible networth (TOLTNW) ratio was negative 4.54 times as on March 31, 2025, on account of losses faced. Debt protection metrics have significantly weakened after reduced profitability, as indicated by interest coverage and net cash accrual to total debt (NCATD) ratios of negative 0.88 time and negative 0.09 time in fiscal 2025. Furthermore, the company's working capital-intensive operations are likely to result in higher dependence on external borrowings. Consequently, the financial metrics are likely to remain at a similar range in the near term. * Susceptibility to volatility in crude linked raw materials prices, impacting profitability and volume: The company's operations remain exposed to significant volatility in key raw materials such as PBR and carbon black, both of which are largely linked to crude oil–derived feedstocks. During recent periods, prices of these inputs have witnessed sharp fluctuations, particularly due to geopolitical developments in the Middle East affecting crude oil dynamics and supply chains. Such volatility results in elevated and unpredictable input costs. Consequently, profitability remains vulnerable to cost spikes, and higher input prices can in turn have an impact on volumes. Hence, the company's ability to sustain volumes and improve margins amid continued raw material price volatility will remain a key monitorable. Key Rating Drivers - Strengths * Extensive experience of the promoters in the rubber treads industry and longstanding relationships with key customers and suppliers: The promoters have been in the rubber treads industry for over three decades now and this has enabled them to have a strong understanding of the market dynamics. Benefits from their experience and established relationships with customers and suppliers should continue to support the business. Liquidity Stretched Bank limit utilization was high at 95.04% on average for the 12 months through December 2025. Net cash accrual is expected to remain modest, over the medium term, owing to reduced profitability. However, need-based unsecured loans from promoters' support liquidity. The current ratio remains moderate at 0.55 times as on March 31, 2025. The promoters are likely to extend support in the form of unsecured loans to meet the working capital requirement and debt obligation. Outlook Stable Crisil Ratings believes ETL will continue to benefit from its extensive experience and support from its promoters Rating sensitivity factors Upward Factors * Improvement in volume and margins leading to operating income of Rs 65-70 crores * Improvement in financial risk profile Downward Factors * Further deterioration in the TOLTNW ratio due to stretched working capital cycle or large debt-funded capital expenditure * Decline in profitability by more than 500 basis points or significant decline in revenue leading to further weakening of the business risk profile Incorporated in 1993 and based in Kochi, Kerala, ETL manufactures rubber treads. Promoted by Mr M E Meeran, the company is managed by Mr Navas Meeran. EM PEE: CRISIL Lowers Rating on INR43.5cr Inventory Loan to B ------------------------------------------------------------- CRISIL Ratings has migrated the ratings on certain bank facilities of EM Pee Motors Limited (EMPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Inventory Funding 21.5 Crisil B/Stable (ISSUER NOT Facility COOPERATING; Migrated from 'Crisil BBB/Stable') Inventory Funding 43.5 Crisil B/Stable (ISSUER NOT Facility COOPERATING; Migrated from 'Crisil BBB/Stable') Inventory Funding 32 Crisil B/Stable (ISSUER NOT Facility COOPERATING; Migrated from 'Crisil BBB/Stable') Crisil Ratings has been consistently following up with EMPL for obtaining NDS through letters/emails dated February 27, 2026, March 31, 2026 and April 30, 2026 among others, apart from telephonic communication to seek the same. After non-receipt of NDS for 2 consecutive months, we also sent a letter dated April 23, 2026 reminding the issuer to share the NDS. However, the issuer has remained non cooperative. Crisil Ratings has also tried to reach out to the lenders of EMPL to confirm timely debt servicing during these months, but awaits any feedback. '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 NDSs from EMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Further, non-sharing of NDS by issuers may reflect operational issues faced by issuers in some cases. On the other hand, it may be a beginning of a general non-cooperation and may extend to non-submission of other information. Crisil Ratings believes that rating action on EMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of EMPL migrated to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BBB/Stable'. EMPL, incorporated in November 1999, is an authorised dealer of TKM vehicles. It operates through showrooms and a service centre in Chandigarh. Mr Sampat Singh, Mr Perminder Singh and Ms Bhopinder Kaur are the promoters. GVK COAL: Insolvency Resolution Process Case Summary ---------------------------------------------------- Debtor: GVK Coal (Tokisud) Company Private Limited 156-159, Paigah House, Sardar Patel Road, Secunderabad, Hyderabad, Telangana, India, 500003 Insolvency Commencement Date: May 4, 2026 Court: National Company Law Tribunal, Hyderabad Bench Estimated date of closure of insolvency resolution process: October 31, 2026 Insolvency professional: Dhaval Jitendrakumar Mistry Interim Resolution Professional: Dhaval Jitendrakumar Mistry 9-B, Vardan Complex, Near Vimal House, Lakhudi Circle, Navrangpura, Ahmedabad - 380009 Email: cadhavalmistry@gmail.com cirp.gvktokisud@gmail.com Last date for submission of claims: May 19, 2026 JAMMU JEWEL: Voluntary Liquidation Process Case Summary ------------------------------------------------------- Debtor: Jammu Jewel Hotel & Restaurant Private Limited Jewel Cinema Complex, Jammu, Jammu & Kashmir, India - 180001 Liquidation Commencement Date: May 8, 2026 Court: National Company Law Tribunal, Chandigarh Bench Liquidator: Vishwajeet Gupta #51, Adarsh Enclave, Dhakoli, Near Zirakpur, District Mohali (Punjab), 160104 Tel No: +91 98152 84474 Email: vishawjeetgupta@gmail.com Last date for submission of claims: June 7, 2026 JPM INDUSTRIES: CRISIL Lowers Rating on INR6cr Cash Loan to B ------------------------------------------------------------- CRISIL Ratings has migrated the ratings on certain bank facilities of JPM Industries Limited (JPMIL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 15 Crisil A4 (ISSUER NOT COOPERATING; Migrated from 'Crisil A4+') Cash Credit 6 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB/Stable') Cash Credit 15 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB/Stable') Letter of Credit 30 Crisil A4 (ISSUER NOT COOPERATING; Migrated from 'Crisil A4+') Packing Credit 5 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB/Stable') Packing Credit 15 Crisil A4 (ISSUER NOT in Foreign Currency COOPERATING; Migrated from 'Crisil A4+') Proposed Fund- 1.5 Crisil B/Stable (ISSUER NOT Based Bank Limits COOPERATING; Migrated from 'Crisil BB/Stable') Term Loan 2.5 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB/Stable') Crisil Ratings has been consistently following up with JPMIL for obtaining NDS through letters/emails dated February 27, 2026, March 31, 2026 and April 30, 2026 among others, apart from telephonic communication to seek the same. After non-receipt of NDS for 2 consecutive months, we also sent a letter dated April 23, 2026 reminding the issuer to share the NDS. However, the issuer has remained non cooperative. Crisil Ratings has also tried to reach out to the lenders of JPMIL to confirm timely debt servicing during these months, but awaits any feedback. '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 NDSs from JPMIL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Further, non-sharing of NDS by issuers may reflect operational issues faced by issuers in some cases. On the other hand, it may be a beginning of a general non-cooperation and may extend to non-submission of other information. Crisil Ratings believes that rating action on JPMIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of JPMIL migrated to 'Crisil B/Stable/Crisil A4 Issuer not cooperating' from 'Crisil BB/Stable/Crisil A4+'. JPMIL is a closely held public limited company which was incorporated in 2005. The company is engaged in the manufacturing of automotive components such as injection moulded parts, painted parts, switches and energy meter. JPMIL is headquartered in Manesar (Haryana) and has its manufacturing unit in Manesar (Haryana), Pune (Maharashtra, Gurgaon (Haryana) and Roorkee (Uttarakhand). JPMIL is promoted by the JPM Group comprising of Mr. JP Minda and his sons Mr. Ashwani Minda and Mr. Anil Minda. KAVED REALTY: Liquidation Process Case Summary ---------------------------------------------- Debtor: Kaved Realty Private Limited Office No. 531, Clover Center, Moledina Road, Camp, Pune, 411001 Liquidation Commencement Date: April 22, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Rajkumar Jaiswal 102, 1st Floor, Sangeetashram CHS, Saint Ramdas Road, Mulund East, Above Kadams Cafe, Mumbai City, Maharashtra, 40008 Email: iprajkumarjaiswal@gmail.com 101, Kanakia Atrium 2, Cross Road A, Chakala MIDC, Anheri East, Mumbai - 400093 Email: Liq.krpl@gmail.com Last date for submission of claims: May 22, 2026 KEECHERY ENGINEERING: CRISIL Lowers Rating on INR10cr Loan to B --------------------------------------------------------------- CRISIL Ratings has migrated the ratings on certain bank facilities of Keechery Engineering Co. (KEC), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1 Crisil A4 (ISSUER NOT COOPERATING; Migrated from 'Crisil A4+') Cash Credit/ 10 Crisil B/Stable (ISSUER NOT Overdraft facility COOPERATING; Migrated from 'Crisil BB/Stable') Corporate Credit - Crisil B /Stable (ISSUER NOT Rating COOPERATING*; Migrated from 'Crisil BB/Stable') Crisil Ratings has been consistently following up with KEC for obtaining information through letter and email dated April 15, 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 KEC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KEC is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the ratings on bank facilities and Corporate Credit Rating of KEC to 'Crisil B/Stable/Crisil A4 Issuer not cooperating' from 'Crisil BB/Stable/Crisil A4+'. KEC was set up in 1997 by Mr K Sudhakaran as a proprietorship concern. The firm is engaged in interior design and fit-out execution for commercial spaces. It is based in Chennai. KEEP IN TOUCH: Voluntary Liquidation Process Case Summary --------------------------------------------------------- Debtor: Keep in Touch Clothing Private Limited 128, Hog Market, Rajendra Place, Delhi - 110008 Liquidation Commencement Date: April 28, 2026 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Brijesh Singh Bhadauriya 122, 1st Floor, Vardhman Sunrise Plaza, Vasundhara Enclave, Delhi - 110096 Email: bsb@bsbandassociates.in G-40, Ground Floor, Vardhman Sunrise Plaza, Vasundhara Enclave, Delhi - 110096 Email: cirp.kitcpl@gmail.com Last date for submission of claims: May 28, 2026 LEGASIS PRIVATE: CRISIL Lowers Rating on INR4.1cr LT Loan to B -------------------------------------------------------------- CRISIL Ratings has migrated the ratings on certain bank facilities of Legasis Private Limited (LPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 2 Crisil A4 (ISSUER NOT COOPERATING; Migrated from 'Crisil A4+') Cash Credit 2 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB+/Stable') Long Term Loan 4.1 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB+/Stable') Crisil Ratings has been consistently following up with LPL for obtaining NDS through letters/emails dated February 27, 2026, March 31, 2026 and April 30, 2026 among others, apart from telephonic communication to seek the same. After non-receipt of NDS for 2 consecutive months, we also sent a letter dated April 23, 2026 reminding the issuer to share the NDS. However, the issuer has remained non cooperative. Crisil Ratings has also tried to reach out to the lenders of LPL to confirm timely debt servicing during these months, but awaits any feedback. '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 NDSs from LPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Further, non-sharing of NDS by issuers may reflect operational issues faced by issuers in some cases. On the other hand, it may be a beginning of a general non-cooperation and may extend to non-submission of other information. Crisil Ratings believes that rating action on LPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of LPL migrated to 'Crisil B/Stable/Crisil A4 Issuer not cooperating' from 'Crisil BB+/Stable/Crisil A4+'. Incorporated in 2006, LPL is engaged in providing legal support services which include Compliance, Governance, Ethics and Intellectual Property Rights (IPR). The company is promoted by Mr. Suhas Tuljapurkar, who has experience of over four decades in corporate law and intellectual property, and the company is based out of Mumbai, Maharashtra. LIQUID PAPER: Voluntary Liquidation Process Case Summary -------------------------------------------------------- Debtor: Liquid Paper Finserve Private Limited Unit No-500, 5th Floor ITL Twin Tower, Plot No-B-9 NSB Pitampura, Saraswati Vihar, North West Delhi, Delhi, India 110034 Liquidation Commencement Date: May 4, 2026 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Deepak Kumar Garg 7A, Atmaram House No-1, Tolstoy Marg, New Delhi, 110001 I-702A, Ajnara Integrity, Rajnagar Extension, Ghaziabad, Uttar Pradesh, 201017 Tel No: +91-98712 12610 Email: liquidpaperfinserve.vol@gmail.com deepakgarg07@rediffmail.com Last date for submission of claims: June 3, 2026 LUMENS INDIA: CRISIL Reaffirms B+ Rating on INR4.5cr Cash Loan -------------------------------------------------------------- Crisil Ratings has reaffirmed its 'Crisil B+/Stable/Crisil A4' ratings on the bank facilities of Lumens India. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.5 Crisil B+/Stable (Reaffirmed) Packing Credit 4.5 Crisil A4 (Reaffirmed) Proposed Working Capital Facility 1.5 Crisil B+/Stable (Reaffirmed) The ratings continue to reflect the firm's modest scale of operations amid intense competition and large working capital requirement. These weaknesses are partially offset by the extensive experience of the partners in the leather and leather goods industry. Analytical approach Crisil Ratings has considered the standalone business and financial risk profiles of Lumens India. Key rating drivers - Weaknesses * Modest scale of operations amid intense competition: Intense competition, primarily from unorganised players, constrains scalability as reflected in modest revenue of INR28 crore estimated in fiscal 2026, profitability and operating flexibility. * Large working capital requirement: Gross current assets were estimated at 318 days as on March 31, 2026. Moreover, owing to the business need, large inventory is maintained. Key rating drivers - Strengths * Extensive experience of the partners: The partners' experience of four decades in the leather and leather goods industry, robust understanding of market dynamics and strong relationships with suppliers and customers will continue to support the business. The firm has recently commenced exports to Australia and plans to expand its presence in other international markets over the medium term. The management expects increasing export contributions to support revenue growth and strengthen the overall business risk profile. Liquidity Stretched Bank limit utilisation was high at 99% on average for the 12 months ended March 31, 2026. Annual cash accrual is expected at INR0.80-1.10 crore against yearly term debt obligation of INR0.10-0.20 crore over the medium term and will cushion liquidity. Outlook Stable Crisil Ratings believes Lumens India will continue to benefit from the extensive industry experience of the partners and their established relationships with clients. Rating sensitivity factors Upward Factors * Significant revenue growth and sustenance of operating margin at 6.5-7.0%, leading to high net cash accrual * Improvement in the working capital cycle Downward Factors * Decline in revenue or operating margin, resulting in low net cash accrual * Further stretch in the working capital cycle or any large, debt-funded capital expenditure, impacting on the liquidity and financial risk profile with interest coverage ratio below 1.5 times. Lumens India is a partnership firm by the Bagaria family based out of Kolkata and is involved in the manufacturing of leather products. LUXMI RICE: CRISIL Lowers Rating on INR26cr Cash Loan to B ---------------------------------------------------------- CRISIL Ratings has migrated the ratings on certain bank facilities of Luxmi Rice Mills (LRM), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 26 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB-/Stable') Proposed Fund- 2.66 Crisil B/Stable (ISSUER NOT Based Bank Limits COOPERATING; Migrated from 'Crisil BB-/Stable') Term Loan 0.87 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB-/Stable') Working Capital 0.47 Crisil B/Stable (ISSUER NOT Term Loan COOPERATING; Migrated from 'Crisil BB-/Stable') Crisil Ratings has been consistently following up with LRM for obtaining NDS through letters/emails dated February 27, 2026, March 31, 2026 and April 30, 2026 among others, apart from telephonic communication to seek the same. After non-receipt of NDS for 2 consecutive months, we also sent a letter dated April 23, 2026 reminding the issuer to share the NDS. However, the issuer has remained non cooperative. Crisil Ratings has also tried to reach out to the lenders of LRM to confirm timely debt servicing during these months, but awaits any feedback. '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 NDSs from LRM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Further, non-sharing of NDS by issuers may reflect operational issues faced by issuers in some cases. On the other hand, it may be a beginning of a general non-cooperation and may extend to non-submission of other information. Crisil Ratings believes that rating action on LRM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of LRM migrated to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB-/Stable'. LRM was established as a partnership firm in 1985 by Mr Ishwar Chand Goyal and his brothers, Mr Rohtash Kumar Goyal and Mr Rampal Goyal. The firm trades in, and mills and processes, basmati rice. Its production facility in Assandh, Haryana, has milling and sorting capacity of around 16 tonne per hour. MADAN LAL: CRISIL Lowers Rating on INR22.5cr Cash Loan to B ----------------------------------------------------------- CRISIL Ratings has migrated the ratings on certain bank facilities of Madan Lal Purushottam Das Foods Private Limited (MLPDFPL; a part of the Arohul group), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 22.5 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BBB/Stable') Crisil Ratings has been consistently following up with MLPDFPL for obtaining NDS through letters / emails dated February 27, 2026, March 31, 2026 and April 30, 2026 among others, apart from telephonic communication to seek the same. After non-receipt of NDS for 2 consecutive months, we also sent a letter dated April 23, 2026 reminding the issuer to share the NDS. However, the issuer has remained non cooperative. Crisil Ratings has also tried to reach out to the lenders of MLPDFPL to confirm timely debt servicing during these months, but awaits any feedback. '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 NDSs from MLPDFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Further, non-sharing of NDS by issuers may reflect operational issues faced by issuers in some cases. On the other hand, it may be a beginning of a general non-cooperation and may extend to non-submission of other information. Crisil Ratings believes that rating action on MLPDFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MLPDFPL migrated to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BBB/Stable'. About the Group Incorporated in 2004, AFPL manufactures solvent rice bran oil and operates a rice unit. The facility is located in Bahraich, Uttar Pradesh. Established in 1995, SFPL produces agricultural products such as red lentil and sortex rice at its facility in Bahraich. Incorporated in 2007, MLPDFPL manufactures agricultural products such as mustard oil and rice at its facility in Bahraich. The group is owned and managed by Mr Atul Agarwal (managing director). MADESH HUMAN: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Madesh Human Resources Private Limited Flat No. 12, 3rd Street Hudco Nagar, Kattupakkam, Chennai, Tamil Nadu, India 641019 Insolvency Commencement Date: May 5, 2026 Court: National Company Law Tribunal, Chennai Bench Estimated date of closure of insolvency resolution process: November 1, 2026 Insolvency professional: B. Akhila Interim Resolution Professional: B. Akhila 1st Floor, No. 80, 5th Cross, 2nd A Main, Subashnagar, T.C. Palya Main Road, Bhatarahalli, Bangalore, Karnataka - 560049 Email: ip.akhilabolla@gmail.com cirp.madesh@gmail.com Last date for submission of claims: May 22, 2026 OOTY MILLS: Insolvency Resolution Process Case Summary ------------------------------------------------------ Debtor: The Ooty Mills Private Limited Mill Premises, No. 500, Chinnamathamapalyam, Bilichi Post, Coimbatore, Tamil Nadu, India 641019 Insolvency Commencement Date: April 30, 2026 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: November 3, 2026 Insolvency professional: Dipti Narayan Mundra Interim Resolution Professional: Dipti Narayan Mundra DBS House, 31, Floor-G-2, Plot-31, Marzban Road, Bombay Gymkhana, Fort, Mumbai City, Maharashtra 400001 Email: ip.dipti@gmail.com Last date for submission of claims: May 21, 2026 OSHO TOOLS: CRISIL Lowers Rating on INR40cr Cash Loan to B ---------------------------------------------------------- CRISIL Ratings has migrated the ratings on certain bank facilities of Osho Tools Private Limited (OTPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.5 Crisil A4 (ISSUER NOT COOPERATING; Migrated from 'Crisil A2') Cash Credit 40 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BBB+/Stable') Cash Credit 20 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BBB+/Stable') Letter of Credit 0.5 Crisil A4 (ISSUER NOT COOPERATING; Migrated from 'Crisil A2') Long Term Loan 15 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BBB+/Stable') Secured Overdraft 4 Crisil B/Stable (ISSUER NOT against term COOPERATING; Migrated from deposits 'Crisil BBB+/Stable') Crisil Ratings has been consistently following up with OTPL for obtaining information through letter and email dated April 28, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of OTPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on OTPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the ratings on bank facilities of OTPL to 'Crisil B/Stable/Crisil A4 Issuer not cooperating' from 'Crisil BBB+/Stable/Crisil A2'. OTPL manufactures hand operated tools such as wrenches, pliers, sockets, plumbing tools and other specialised garage and special application service tools. The company markets its products under the Venus brand. Its manufacturing facility is in Jandiali (Punjab). The operations are managed by Mr Ashok Kumar Gupta OSIA HYPER: Insolvency Resolution Process Case Summary ------------------------------------------------------ Debtor: Osia Hyper Retail Limited Basement Store 1, 4D Square, Opposite IIT Eng College, Near D-Mart, Visat Gandhinagar Highway, Motera, Ahmedabad, Gujarat - 380005 Insolvency Commencement Date: April 28, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Estimated date of closure of insolvency resolution process: October 25, 2026 Insolvency professional: NPV Insolvency Profssionals Private Interim Resolution Professional: NPV Insolvency Profssionals Private Limited H-35, 1st Floor Jangpura Extension, Jungpura, South Delhi, New Delhi, - 110014 Email: ipe@npvca.in 10th Floor, 1003, Zion Z1, Near Avalon Hotel, Sindhu Bhavan Road, Thaltej, Ahmedabad - 380054 Email: cirp.osia@npvinsolvency.in Last date for submission of claims: May 16, 2026 PANDHE CONSTRUCTIONS: Insolvency Resolution Process Case Summary ---------------------------------------------------------------- Debtor: Pandhe Constructions Private Limited 157, Railway Lines, Sushila Apartments, Solapur, Maharashtra - 413001 Insolvency Commencement Date: March 13, 2026 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: November 4, 2026 Insolvency professional: Brijendra Kumar Mishra Interim Resolution Professional: Brijendra Kumar Mishra Flat No. 202, 2nd Floor, Bhoj Bhavan, Plot No-18-D, Chembur, Mumbai - 400071 Email: mishrabk1959@gmail.com 1-21/22, Paragon Centre, Pandurang Budhkar Marg, Worli, Mumbai - 400013 Email: Pandheconstructions.insolvency@gmail.com Last date for submission of claims: May 21, 2026 S. P. SOLVENT: CRISIL Lowers Rating on INR55cr Demand Loan to B --------------------------------------------------------------- CRISIL Ratings has migrated the ratings on certain bank facilities of S. P. Solvent Private Limited (SPS), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit & 55 Crisil B/Stable (ISSUER NOT Working Capital COOPERATING; Migrated from Demand Loan 'Crisil BB+/Stable') Crisil Ratings has been consistently following up with SPS for obtaining information through letter and email dated April 28, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SPS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SPS 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 SPS to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB+/Stable'. SPS is a pioneering company in the Solvent Extraction Industry, established in 1975. It has majorly 3 segments i.e. Solvent Extraction, Animal-Feed and Refinery segment with a total of 4 plants having a combined manufacturing capacity of 419 TPD in Rudrapur, Uttarakhand. Its product portfolio primarily consists of Refined Rice-Bran oil, De-Oiled Rice Bran, Animal Feed, Rice bran wax etc. S. S. B. ENGINEERS: CRISIL Lowers Rating on INR9.5cr Loan to B -------------------------------------------------------------- CRISIL Ratings has migrated the ratings on certain bank facilities of S. S. B. Engineers Private Limited (SSBEPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9.5 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB/Stable') Cash Credit 3 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB/Stable') Term Loan 5 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB/Stable') Term Loan 6 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB/Stable') Crisil Ratings has been consistently following up with SSBEPL for obtaining NDS through letters/emails dated February 27, 2026, March 31, 2026 and April 30, 2026 among others, apart from telephonic communication to seek the same. After non-receipt of NDS for 2 consecutive months, we also sent a letter dated April 23, 2026 reminding the issuer to share the NDS. However, the issuer has remained non cooperative. Crisil Ratings has also tried to reach out to the lenders of SSBEPL to confirm timely debt servicing during these months, but awaits any feedback. '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 NDSs from SSBEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Further, non-sharing of NDS by issuers may reflect operational issues faced by issuers in some cases. On the other hand, it may be a beginning of a general non-cooperation and may extend to non-submission of other information. Crisil Ratings believes that rating action on SSBEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SSBEPL migrated to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB/Stable'. Incorporated in 1995 by Mr Deven Bhatia and Mr Yashveer Singh Malik, SSBEPL manufactures auto components. Its unit in Alwar, Rajasthan, has capacity of 16,000 tonne per annum. SAARUS INNOVATIONS: Voluntary Liquidation Process Case Summary -------------------------------------------------------------- Debtor: Saarus Innovations Private Limited Shed No. 2, Pinnacle Logistic Park, S.No. 194/A, 194/P/7A, 194/P/7B, 195/3, Near Sanand Toll Tax, Village, Vasna, Ahmedabad, Sanand, Gujarat, 382170 - India Liquidation Commencement Date: May 3, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Liquidator: Nidhi Amit Poddar 7, Akshat, Vijay Nagar, Kalol Road, Near Durga Mata Mandir, Nagpur - 440013 3rd Floor, Meera Apartments, Above Durva Restaurant, Opposite Yeshwant Stadium, Dhantoli, Nagpur, 440012 Tel No: +91 93737 96000 Email: saarus.vl@gmail.com Last date for submission of claims: April 2, 2026 SABASH ENGINEERING: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Sabash Engineering (Chennai) Private Limited Door No. 37, Karuneekar Street, Nelikuppam Village, Thirupporur Taluk, Kancheepuram, Chengalpattu, Tamil Nadu, India 603108 Insolvency Commencement Date: April 28, 2026 Court: National Company Law Tribunal, Chennai Bench Estimated date of closure of insolvency resolution process: October 25, 2026 Insolvency professional: K.J. Vinod Interim Resolution Professional: K.J. Vinod Flat No B-602, Santha Towers, Paruthipattu, Avadi, Chennai, PIN - 600071 Email: kjvinod05@rediffmail.com cirp.sabashengpl@gmail.com Last date for submission of claims: May 18, 2026 SAKET FOODS: CRISIL Lowers Rating on INR20cr Cash Loan to B ----------------------------------------------------------- CRISIL Ratings has migrated the ratings on certain bank facilities of Saket Foods Private Limited (SFPL; a part of the Arohul group), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 20 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BBB/Stable') Crisil Ratings has been consistently following up with SFPL for obtaining NDS through letters/emails dated February 27, 2026, March 31, 2026 and April 30, 2026 among others, apart from telephonic communication to seek the same. After non-receipt of NDS for 2 consecutive months, we also sent a letter dated April 23, 2026 reminding the issuer to share the NDS. However, the issuer has remained non cooperative. Crisil Ratings has also tried to reach out to the lenders of SFPL to confirm timely debt servicing during these months, but awaits any feedback. '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 NDSs from SFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Further, non-sharing of NDS by issuers may reflect operational issues faced by issuers in some cases. On the other hand, it may be a beginning of a general non-cooperation and may extend to non-submission of other information. Crisil Ratings believes that rating action on SFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SFPL migrated to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BBB/Stable'. About the Group Incorporated in 2004, AFPL manufactures solvent rice bran oil and operates a rice unit. The facility is located in Bahraich, Uttar Pradesh. Established in 1995, SFPL produces agricultural products such as red lentil and sortex rice at its facility in Bahraich. Incorporated in 2007, MLPDFPL manufactures agricultural products such as mustard oil and rice at its facility in Bahraich. The group is owned and managed by Mr Atul Agarwal (managing director). SAMAL AUTO: CRISIL Lowers Rating on INR33cr Loan to B ----------------------------------------------------- CRISIL Ratings has migrated the ratings on certain bank facilities of Samal Auto India Private Limited (SAIPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Channel Financing 27 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BBB-/Stable') Channel Financing 33 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BBB-/Stable') Crisil Ratings has been consistently following up with SAIPL for obtaining NDS through letters / emails dated February 27, 2026, March 31, 2026, and April 30, 2026 among others, apart from telephonic communication to seek the same. After non-receipt of NDS for 3 consecutive months, we also sent a letter dated April 23, 2026, reminding the issuer to share the NDS. However, the issuer has remained non cooperative. Crisil Ratings has also tried to reach out to the lenders of SAIPL to confirm timely debt servicing during these months but awaits any feedback. '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 NDSs from SAIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Further, non-sharing of NDS by issuers may reflect operational issues faced by issuers in some cases. On the other hand, it may be a beginning of a general non-cooperation and may extend to non-submission of other information. Crisil Ratings believes that rating action on SAIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SAIPL migrated to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BBB-/Stable'. SAIPL is an authorised and exclusive dealer for the heavy commercial vehicles (HCVs) of TML for five districts of Odisha. In Odisha, SAIPL operates four sales-service-spares (3S) showrooms (Angul, Baleshwar and two in Keonjhar) and has three sales offices (Mayurvhanj, Bhadrak and Keonjhar) across its dealership areas. SAIPL was incorporated in 2006, and commenced its dealership in May 2007. The company is a part of the group of companies promoted by Mr. Gangadhar Samal and is managed by Mr. Samal and his family. SHIRAGUPPI SUGAR: CRISIL Lowers Rating on INR25cr Loan to B ----------------------------------------------------------- CRISIL Ratings has migrated the ratings on certain bank facilities of Shiraguppi Sugar Works Limited (SSWL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Pledge Loan 17 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB/Stable') Pledge Loan 25 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB/Stable') Pledge Loan 18 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB/Stable') Pledge Loan 15 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB/Stable') Pledge Loan 25 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB/Stable') Proposed Term Loan 103.56 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB/Stable') Term Loan 38.8 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB/Stable') Term Loan 9.2 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB/Stable') Term Loan 47 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB/Stable') Term Loan 34.44 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB/Stable') Term Loan 67 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB/Stable') Crisil Ratings has been consistently following up with SSWL for obtaining NDS through letters/emails dated February 27, 2026, March 31, 2026 and April 30, 2026 among others, apart from telephonic communication to seek the same. After non-receipt of NDS for 2 consecutive months, we also sent a letter dated April 23, 2026 reminding the issuer to share the NDS. However, the issuer has remained non cooperative. Crisil Ratings has also tried to reach out to the lenders of SSWL to confirm timely debt servicing during these months, but awaits any feedback. '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 NDSs from SSWL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Further, non-sharing of NDS by issuers may reflect operational issues faced by issuers in some cases. On the other hand, it may be a beginning of a general non-cooperation and may extend to non-submission of other information. Crisil Ratings believes that rating action on SSWL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SSWL migrated to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB/Stable'. Incorporated in 1997, SSWL manufactures sugar at its plant in Athani, Karnataka, which has installed capacity of 7,500 tonne crushing per day (TCD). The company began operations with a 5,000 TCD sugar mill and a 20 MW co-gen unit from October 2012 (sugar season 2012-2013). Its current sugar mill capacity is 7,500 TCD and cogen capacity is 37 MW; while ethanol capacity was 120KLPD. SHRIRAM FINANCE: Moody's Ups CFR from Ba1, Alters Outlook to Stable ------------------------------------------------------------------- Moody's Ratings has upgraded Shriram Finance Limited's (SFL) long-term corporate family rating to Baa3 from Ba1. The outlook has been changed to stable from positive. RATINGS RATIONALE The rating upgrade to Baa3 reflects the material strengthening of SFL's credit profile following the completion of a strategic equity investment by MUFG Bank, Ltd. (A1/A1 stable, a3), alongside SFL's strong underlying franchise, diversified funding profile and improved financial flexibility. In April 2026, MUFG Bank acquired a 20% stake in SFL through an equity infusion of INR396 billion (approximately US$4.4 billion). The investment has materially strengthened SFL's capital position and enhanced its access to domestic and international capital markets. Over time, the affiliation with MUFG Bank will help improve SFL's funding diversity, risk management and governance. The stable outlook reflects Moody's expectations that SFL will sustain its strengthened financial profile over the next 12–18 months while maintaining prudent growth and conservative balance sheet management. On a pro forma basis, the capital infusion has strengthened SFL's tangible common equity to tangible managed assets (TCE/TMA) ratio to approximately 29% from around 20% as of March 2026, among the highest levels for non-bank finance companies in India that Moody's rates. Moody's expects the company to maintain a TCE/TMA ratio above 22% over the next 3-4 years after considering expected credit growth. Moody's expects SFL's profitability to improve, supported by lower funding costs as the company refinances maturing debt at more favorable rates, leveraging its stronger credit profile and MUFG Bank's global funding access. In the near term, the excess liquidity from the capital infusion will also allow SFL to repay a portion of its maturing debt, reducing interest expense. That said, inflationary pressures due to elevated crude oil prices amid the ongoing Middle East conflict could moderate the pace of funding cost reduction. Like global peers, the company largely relies on wholesale sources for its funding needs, rendering its credit profile susceptible to refinancing risk. SFL has diversified its funding sources by securing bank loans, accessing both domestic and international capital markets, and increased its share of granular retail deposits in its funding mix. SFL's asset quality has improved, with its problem loan ratio declining to 4.6% as of March 2026, from 6.2% as of March 2023. Despite these strengths, lending to subprime borrowers remains a key vulnerability, and asset risk will continue to be influenced by economic conditions and borrower repayment capacity. Moody's expects asset quality to weaken over the next 12–18 months from cyclically low levels, particularly in the MSME segment affected by supply chain disruptions, and in the commercial vehicle segment if fuel prices increase materially. This rating action assumes a baseline scenario of a contained impact on energy markets and limited damage to production or infrastructure. Nevertheless, Moody's recognizes that SFL's credit profile may be susceptible to a more adverse scenario in the Middle East conflict, reflecting its activity in a sector exposed to the macro financial risks, which could lead to a more consequential impact on creditworthiness. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The ratings could be upgraded if Moody's were to revise Moody's assessments of affiliate support from MUFG Bank to SFL in the event of financial stress to moderate from current low level of support. This could be driven by SFL assuming greater importance within the MUFG Group, including a sustained increase in its contribution to consolidated earnings, more explicit and documented support mechanisms such as committed funding lines or increased operational and brand integration. Absent a change in Moody's assessments of affiliate support, given that SFL's rating is aligned with India's sovereign rating, it is unlikely that the ratings would be considered for an upgrade. Moody's could downgrade the rating if its asset quality deteriorates significantly amid a worsening operating environment, resulting in materially lower profitability and capitalization. Specifically, a sustained increase in its net charge-offs to above 2.5% of its average gross loans which hurts its profitability, bringing net income to average managed assets to below 2.5%, could result in a rating downgrade. Additionally, Moody's could downgrade the rating if the TCE/TMA ratio declines to below 21% without clear visibility on a capital raising plan or if the company's access to funding weakens. The principal methodology used in this rating was Finance Companies published in July 2024. Shriram Finance's Baa3 rating is two notches above the scorecard-indicated outcome of Ba2. This uplift reflects the company's strong franchise and scale in Indian retail finance, conservative risk management practices, and the material strengthening of its financial flexibility and capitalization following MUFG Bank's strategic investment. Shriram Finance Limited is headquartered in Mumbai and reported consolidated assets of INR3.0 trillion (US$31.7 billion) as of March 31, 2026. SMT. BHARTO: CRISIL Lowers Rating on INR6cr Term Loan to B ---------------------------------------------------------- CRISIL Ratings has migrated the ratings on certain bank facilities of Smt. Bharto Devi Educational Trust (SBD), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 1.5 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil B+/Stable') Term Loan 6 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil B+/Stable') Crisil Ratings has been consistently following up with SBD 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 SBD, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SBD 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 SBD to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable'. Set up in 2017 in Haryana, SBD operates a school in Gurugram named Imperial Heritage School. The school offers education from nursery to standard XII and is affiliated with CBSE. The trust is run by Mr Yogesh Dahiya. SRK INFRACON: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: SRK Infracon (India) Private Limited 6-3-665, Flat No. 501, Lumbini Enclave Panjagutta, Hyderabad, Telangana, India - 500082 Insolvency Commencement Date: April 29, 2026 Court: National Company Law Tribunal, Hyderabad Bench Estimated date of closure of insolvency resolution process: October 26, 2026 Insolvency professional: Prashant Jain Interim Resolution Professional: Prashant Jain Solvenza Advisory LLP Office No. 1, 1st Floor, Gami Tera, Plot No. 45, 51, Sector 6, Sandapa, Navi, Mumbai - 400705 Email: solvenza.ipe@gmail.com cirp.srkinfracon@gmail.com Last date for submission of claims: May 13, 2026 SVR SPINNING: CRISIL Lowers Rating on INR24cr Term Loan to B ------------------------------------------------------------ Crisil Ratings has migrated the ratings on bank facilities of SVR Spinning Mills Private Limited (SVR; part of the RK Hair group) to 'Crisil B/Stable/Crisil A4 Issuer not cooperating' from 'Crisil BB+/Stable/Crisil A4+'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.5 Crisil A4 (ISSUER NOT COOPERATING; Migrated from 'Crisil A4+') Cash Credit 10 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB+/Stable') Proposed Long Term 10.5 Crisil B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Migrated from 'Crisil BB+/Stable') Term Loan 24 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB+/Stable') Crisil Ratings has been consistently following up with SVR for obtaining information through letter and email dated April 30, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SVR, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SVR is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the ratings on bank facilities of SVR to 'Crisil B/Stable/Crisil A4 Issuer not cooperating' from 'Crisil BB+/Stable/Crisil A4+'. Set up in 2010 by, SVR manufactures cotton yarn at its unit in the West Godavari district, Andhra Pradesh. It operates as a wholly owned subsidiary of RKPL. THEINDOGRID INFRA: CRISIL Lowers Rating on INR10cr Cash Loan to B ----------------------------------------------------------------- CRISIL Ratings has migrated the ratings on certain bank facilities of Theindogrid Infra Private Limited (TIPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2 Crisil A4 (ISSUER NOT COOPERATING; Migrated from 'Crisil A4+') Cash Credit 10 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB-/Stable') Crisil Ratings has been consistently following up with TIPL for obtaining NDS through letters/emails dated February 27, 2026, March 31, 2026 and April 30, 2026 among others, apart from telephonic communication to seek the same. After non-receipt of NDS for 2 consecutive months, we also sent a letter dated April 23, 2026 reminding the issuer to share the NDS. However, the issuer has remained non cooperative. Crisil Ratings has also tried to reach out to the lenders of TIPL to confirm timely debt servicing during these months, but awaits any feedback. '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 NDSs from TIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Further, non-sharing of NDS by issuers may reflect operational issues faced by issuers in some cases. On the other hand, it may be a beginning of a general non-cooperation and may extend to non-submission of other information. Crisil Ratings believes that rating action on TIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of TIPL migrated to 'Crisil B/Stable/Crisil A4 Issuer not cooperating' from 'Crisil BB-/Stable/Crisil A4+'. Incorporated in 2019, Ludhiana (Punjab)-based TIPL undertakes civil construction works, such as construction of commercial and residential buildings. The company is owned and managed by Mr Gurtej Grewal, Mr Khushwant Singh and Mr Kulveer Bhati. TIRUPATI BALAJI: Liquidation Process Case Summary ------------------------------------------------- Debtor: Tirupati Balaji Enterprises Private Limited Registered Office: A-2, Rana Pratap Nagar, Kalwar Road, Jhotwara, Jaipur - 302012 Rajasthan Principal Office/Asset Location: Khasra No. 204, 205, 206 & 207, Gram Thikariya, Tehsil Sanganer, Main Ajmer Road, Jaipur - 302029, Rajasthan Liquidation Commencement Date: May 8, 2026 Court: National Company Law Tribunal, Jaipur Bench Liquidator: Shyam Sundar Maheshwari 35, Flat No. F-2, Shanti Vihar, Kalyan Nagar, Tonk Road, Sanganer, Jaipur, Rajasthan - 302029 Email: mhswr.shyam@gmail.com cirp.tirupatibajaji@gmail.com Last date for submission of claims: June 7, 2026 ========= J A P A N ========= NISSAN MOTOR: Posts Net Loss of JPY533.10 Billion in FY 2025 ------------------------------------------------------------ Kyodo News reports that Nissan Motor Co. said May 13 it posted a net loss of JPY533.10 billion (US$3.4 billion) for the year ended March due to restructuring costs, marking the second straight year of red ink. Kyodo News relates that the struggling Japanese automaker reported an operating profit of JPY58.01 billion for the period, down 16.9 percent from the previous year, but in line with its earlier estimate. It had earlier projected an operating loss of JPY60 billion before revising it in late April citing faster-than-expected progress in reform efforts, the weaker yen and one-time gains from U.S. emissions regulations changes. Sales slipped 4.9 percent to JPY12.01 trillion, with U.S. car sales falling 3.4 percent to 906,000 units. According to Kyodo News, the company, which logged a JPY670.90 billion net loss a year earlier, has been pushing ahead with massive streamlining efforts to restore profitability, including the closure of seven vehicle plants in Japan and overseas and the cutting of 20,000 jobs globally by fiscal 2027. Kyodo News says the latest earnings report comes after U.S. President Donald Trump imposed in April last year a 27.5 percent tariff on cars from Japan, sharply raised from 2.5 percent. The rate was later negotiated down to 15 percent in July and formally implemented in September. The company said the tariff impact on its operating profit totaled JPY286 billion, higher than the earlier estimate of JPY275 billion. During the just-ended business year, global sales totaled 3.15 million units, down 5.8 percent from the previous year. For the current business year through next March, the company forecasts a net profit of JPY20 billion. Its operating profit is projected to jump 3.4-fold to JPY200 billion on sales of JPY13 trillion, up 8.3 percent. Nissan said in April that it plans to add an autonomous driving system employing artificial intelligence to 90 percent of its future models to help revive sluggish sales, while outlining a strategy to reduce its model lineup by 20 percent and expand sales in its three core markets of Japan, the United States and China. About Nissan Motor Japan-based Nissan Motor Co., Ltd. manufactures and distributes automobiles and related parts. The Company produces luxury cars, sports cars, commercial vehicles, and more. Nissan Motor markets its products worldwide. Fitch Ratings, on April 15, 2026, affirmed Nissan Motor Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BB'. The Outlook remains Negative. Fitch has also affirmed Nissan's senior unsecured rating at 'BB' and its Short-Term Foreign- and Local-Currency IDRs at 'B'. S&P Global Ratings, in November 2025, lowered its long-term ratings on Nissan Motor and its overseas subsidiaries to 'BB-' from 'BB' and affirmed its short-term ratings at 'B'. The negative outlook reflects S&P's view that prolonged weak profitability and negative FOCF may further deteriorate the company's creditworthiness. Moody's Ratings, in February 2025, also downgraded to Ba1 from Baa3 the senior unsecured rating for Nissan Motor Co., Ltd. At the same time, Moody's have assigned a Ba1 corporate family rating and withdrawn the company's Baa3 issuer rating. Moody's have also maintained the negative rating outlook. =============== M A L A Y S I A =============== 1MDB: Jho Low Should Not Be Pardoned, Taskforce Head Says --------------------------------------------------------- Reuters reports that fugitive Malaysian financier Low Taek Jho, a central figure in the multibillion-dollar scandal at state fund 1Malaysia Development Berhad (1MDB), should not be pardoned, the chairman of the 1MDB taskforce said on May 13, after a report said Low was seeking clemency from U.S. President Donald Trump. According to Reuters, Low, widely known as Jho Low, faces multiple charges including corruption and money laundering in the United States and Malaysia for the key role he allegedly played in the misappropriation of at least $4.5 billion from 1MDB. He has consistently denied wrongdoing and his whereabouts are unknown. Low recently filed a request for a pardon that if ⁠granted, would remove U.S. criminal charges against him, The Wall Street Journal reported on May 12, citing people familiar with the matter, Reuters relays. A White House official said Low's request was not currently on the White House's radar, the report said. The U.S. Justice Department website lists a pending request for a "Pardon after Completion of Sentence" under Taek Jho Low that was filed this year. Reuters relates that Johari Abdul Ghani, the chairman of a Malaysian taskforce seeking to recover funds and assets linked to 1MDB worldwide, said Low's request should be denied and the United States should instead assist Malaysia in locating Low for further investigations. "As far as ⁠I'm concerned, I'm against the pardon," Johari, who is also trade minister, said in a text message when asked about the WSJ report. Johari added he was unaware of any talks between Low and Malaysia to return assets. According to Reuters, the WSJ reported that Malaysia had temporarily lifted an Interpol red notice against Low that would make him subject ⁠to arrest almost anywhere in the world to facilitate the return of significant assets to the country. In 2019, the United States struck a deal to recoup about $1 billion from Low, with the fugitive agreeing to give up ⁠a private jet and high-end real estate in Beverly Hills, New York and London among other assets. Malaysian Prime Minister Anwar Ibrahim said in 2023 the government was negotiating with other countries to ⁠speed up Low's return, though he declined to name the nations involved. Authorities have previously said Low was believed to be in China, though Beijing has denied it, Reuters notes. About 1MDB Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent Malaysian strategic development company, wholly owned by the Malaysian Minister of Finance. 1MDB was established in 2009 to foster long-term economic development for the country by forging global partnerships, particularly in energy, real estate, tourism, and agribusiness. The Company was founded shortly after Dato Sri Najib Razak became Prime Minister of Malaysia in July 2009. Najib said the establishment of 1MDB into a federal entity was to benefit a majority of Malaysians. 1MDB is said to have raised billions of dollars in bonds, for investment projects and joint ventures, between 2009 and 2013. Among those projects are the Tun Razak Exchange, Tun Razak Exchange's sister project Bandar Malaysia, and the acquisition of three independent power producers. The Company came into heavy scrutiny in 2015 for suspicious money transactions and evidence pointing to money laundering, fraud and theft. The corruption scandal in 1MDB has implicated high-level officials, including Prime Minister Najib Razak, as wells as banks and financial institutions around the world. In 2016, the U.S. Department of Justice filed a lawsuit, alleging that at least US$3.5 billion has been stolen from 1MDB. In September 2020, the alleged amount stolen had been raised to US$4.5 billion and a Malaysian government report listed 1MDB's outstanding debts to be US$7.8 billion. In July 2020, the High Court convicted former Prime Najib Razak on all seven counts of abuse of power, money laundering and criminal breach of trust and was sentenced to 12 years imprisonment and fined MYR210 million. Malaysia has been filing lawsuits over the years in an effort to recover the missing billions of dollars. Among others, in May 2021, Malaysia filed 22 civil suits against entities and people involved in the corruption scandal, including units of Deutsche Bank and JP Morgan. Malaysia said in September 2020 it has so far recovered about US$3.24 billion in assets linked to the 1MDB matter. This amount includes about US$600 million cash and assets returned by U.S. authorities; about US$2.5 billion paid by Goldman Sachs as settlement; as well as $780 million in settlement amounts from Malaysian banking group AmBank and audit firm Deloitte. =============== M O N G O L I A =============== GOLOMT BANK: Fitch Assigns B+ Rating on $500MM Sr. Unsecured Notes ------------------------------------------------------------------ Fitch Ratings has assigned Mongolia-based Golomt Bank JSC's (B+/Stable) USD500 million 7.95% three-year senior unsecured notes a final rating of 'B+' with a Recovery Rating of 'RR4'. The assignment of the final rating follows the receipt of documents conforming to the information previously received. The final rating is the same as the expected rating assigned on 5 May 2026. Key Rating Drivers The rating on the notes is in line with Golomt's Long-Term Issuer Default Rating (IDR) of 'B+'. The notes will represent direct, unsecured and unsubordinated obligations, and rank pari passu with all other unsecured and unsubordinated obligations of Golomt. Golomt's Long-Term IDR is driven by its Government Support Rating, which is in line with Mongolia's sovereign rating (B+/Stable). Fitch believes the Mongolian authorities have a higher propensity to support a large domestic systemically important bank (D-SIB) such as Golomt than smaller D-SIBs. The 'RR4' Recovery Rating of the notes reflects Fitch's expectation of average recovery prospects in a default scenario. For more details on Golomt's ratings and credit profile, see Fitch Assigns Mongolia's Golomt Bank First-Time 'B+' Rating; Outlook Stable, dated 11 March 2025. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A downgrade of Golomt's Long-Term IDR would lead to a similar downgrade of the senior unsecured notes. The rating of the notes would also be downgraded if its assessment of recovery prospects becomes more adverse. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade of Golomt's Long-Term IDR would lead to a similar upgrade of the senior unsecured notes. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS The senior unsecured long-term rating ex-government support (xgs) is assigned at the same level as the Long-Term IDR (xgs), which is driven by Golomt's 'b' Viability Rating. OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES A change in Golomt's Long-Term IDR (xgs) would lead to similar action on the xgs ratings of its senior unsecured notes. Date of Relevant Committee 01-Sep-2025 Public Ratings with Credit Linkage to other ratings The long-term rating on the notes is driven by Golomt's Long-Term IDR, which is linked to Mongolia's sovereign rating, based on its assumption of state support. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Golomt Bank JSC senior unsecured LT B+ New Rating RR4 B+(EXP) senior unsecured LT (xgs) B(xgs)New Rating B(xgs)(EXP) ===================== N E W Z E A L A N D ===================== ANGUS ROBERTSON: Creditors' Proofs of Debt Due on June 15 --------------------------------------------------------- Creditors of Angus Robertson Mechanical Limited are required to file their proofs of debt by June 15, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 6, 2026. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 EFCOMM NZ: Creditors' Proofs of Debt Due on June 4 -------------------------------------------------- Creditors of Efcomm NZ Pty Limited and Platinum Chauffeur Drive 2012 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 May 5, 2026. The company's liquidator is: Victoria Toon Corporate Restructuring Limited PO Box 10100 Dominion Road Auckland 1446 KAITIAKI PROTECTION: Court to Hear Wind-Up Petition on June 16 -------------------------------------------------------------- A petition to wind up the operations of Kaitiaki Protection Limited will be heard before the High Court at Rotorua on June 16, 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: Charles David Walmsley Inland Revenue, Legal Services 21 Home Straight (PO Box 432) Hamilton MAG CIVIL: Creditors' Proofs of Debt Due on June 12 --------------------------------------------------- Creditors of Mag Civil Drainage Limited are required to file their proofs of debt by June 12, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 5, 2026. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 SAVAGE MOTORS: Court to Hear Wind-Up Petition on May 22 ------------------------------------------------------- A petition to wind up the operations of Savage Motors Limited will be heard before the High Court at Auckland on May 22, 2026, at 10:45 a.m. Ashish Arora filed the petition against the company on March 31, 2026. The Petitioner's solicitor is: John Terence Burley McVeagh Fleming Level 9, 188 Quay Street Auckland ================= S I N G A P O R E ================= CREATION AIR: Court to Hear Wind-Up Petition on May 29 ------------------------------------------------------ A petition to wind up the operations of Creation Air Pte. Ltd. will be heard before the High Court of Singapore on May 29, 2026, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on May 4, 2026. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 CREATION ALUMINIUM: Court to Hear Wind-Up Petition on May 29 ------------------------------------------------------------ A petition to wind up the operations of Creation Aluminium Pte. Ltd. will be heard before the High Court of Singapore on May 29, 2026, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on May 4, 2026. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 LIBERTY INDUSTRIES: Court to Hear Wind-Up Petition on May 20 ------------------------------------------------------------ A petition to wind up the operations of Liberty Industries Holdings Pte. Ltd. will be heard before the High Court of Singapore on May 20, 2026, at 2:30 p.m. Aqcel Synergies (Hong Kong) Limited filed the petition against the company on Jan. 21, 2026. The Petitioner's solicitors are: Allen & Gledhill LLP 1 Marina Boulevard #28-00, One Marina Boulevard Singapore 018989 NEW SILK: Creditors' Proofs of Debt Due on June 15 -------------------------------------------------- Creditors of New Silk Road China Master Fund Pte. Ltd. are required to file their proofs of debt by June 15, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 6, 2026. The company's liquidators are: Quar Lian Huat Lu Let Fun c/o Tricor Singapore 9 Raffles Place #26-01 Republic Plaza Singapore 048619 PAPERMARKET: To Shutter Last Outlet After 20 Years -------------------------------------------------- VnExpress.net reports that PaperMarket, a local brand selling lifestyle and craft products in Singapore, is set to close its last brick-and-mortar store after two decades in operation. "We've done everything we could to keep going, including months of difficult conversations behind the scenes," the business said in a recent social media post. "But with rising costs, it is no longer sustainable for us to continue as a small, home-grown brand." PaperMarket added in the comments that the store will remain open until May 31, 2026, and that its online business will continue to operate, VnExpress.net relates. Founded in 2005 by entrepreneur Elaine Ong, the retailer offers craft supplies such as stickers, stationery, DIY kits and scrapbooking materials. It also stocks items from lifestyle labels including Lynk Artisan, Muzik Tiger and Baggu, according to The Straits Times. It previously had outlets at Raffles City and Plaza Singapura malls, AsiaOne reported. According to VnExpress.net, the retailer has begun a clearance sale with discounts of up to 70% and has also put its store fixtures and furniture up for sale. The closure announcement prompted an outpouring of reactions online, with many social media users expressing sadness over the news and recalling their experiences with the brand. "Sad to see spaces like PaperMarket go . . . they've inspired so many people to create and gift with meaning," one Instagram comment said. REPUBLIC CORPORATION: Court to Hear Wind-Up Petition on May 22 -------------------------------------------------------------- A petition to wind up the operations of Republic Corporation Pte. Ltd. will be heard before the High Court of Singapore on May 22, 2026, at 10:00 a.m. Maritime And Port Authority of Singapore filed the petition against the company on April 28, 2026. The Petitioner's solicitors are: Legal Solutions LLC 80 Raffles Place #44-01 UOB Plaza 1 Singapore 048624 ============= V I E T N A M ============= VINFAST AUTO: To Go Undergo Corporate Restructurings ---------------------------------------------------- Reuters reports that VinFast Auto Ltd is planning to sell its Vietnam manufacturing facilities to a buyer group that includes its founder and chief executive Pham Nhat Vuong, with the loss-making electric vehicle maker aiming to restructure its local operations into a more "asset-light" model, a company filing showed. According to Reuters, VinFast said it will separate manufacturing assets held by subsidiary VinFast Trading and Production JSC (VFTP) and transfer the unit ⁠to a purchaser group led by Future Investment Research and Development JSC, in a deal valued at about VND13.3 trillion (US$530 million), according to the filing dated May 12. Following the restructuring, VinFast will retain its R&D, intellectual property, sales and after-sales operations, while the divested entity will continue producing VinFast-branded vehicles under a manufacturing agreement. Reuters relates that the company said the transaction would reduce future capital ⁠expenditure requirements and allow it to focus more on international expansion. The deal is expected to close in the third quarter of 2026, subject to shareholder and creditor approvals. The automaker posted a fourth-quarter ⁠net loss of $1.34 billion, up 15% from a year earlier, and has said it expects to reach EBITDA breakeven in 2027, Reuters discloses. In August last ⁠year, VinFast also announced the spin-off of its research and development unit, Novatech, to Vuong for about VND39.8 trillion (US$1.6 ⁠billion), in a move that effectively acted as a capital injection from the founder to support the company's operations and break-even goals. About VinFast Auto VinFast Auto Ltd. (NASDAQ: VFS) -- https://vinfastauto.us/ -- is an automotive manufacturer, engages in Automobiles and E-scooter related business in Vietnam and the United States. The company operates through Automobiles, E-scooter, Spare Parts, and Aftermarket Services segments. The Automobiles segment offers design, development, manufacturing, and sale of cars and electric buses. The E-scooter segment provides design, development, manufacturing, and sales of e-scooters. The Spare Parts, and Aftermarket Services segment engages in sale of spare parts and aftermarket services for automobiles and e-scooters. VinFast Auto Ltd. is based in Hai Phong City, Vietnam. The company operates as a subsidiary of Vingroup Joint Stock Company. VinFast Auto's working capital deficit was VND106.7 million at December 31, 2024. The deficit was VND101.4 million at December 31, 2023. At December 31, 2024, the Company had total current assets of VND64.8 million and total current liabilities of VND171.5 million. At December 31, 2023, the Company had total current assets of VND50.6 million and total current liabilities of VND152.0 million. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. 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