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260529.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, May 29, 2026, Vol. 29, No. 107 Headlines A U S T R A L I A CORPORATE TRAVEL: PwC Whistleblower Alleges Firm Ignored Red Flags CREDABL ABS 2026-1: Moody's Assigns (P)Ba2 Rating to Class E Notes FIRSTMAC MORTGAGE 2026-2: S&P Assigns B (sf) Rating to CL. F Notes GFG ALLIANCE: Whyalla Locals Concern Over Future of Steelworks GOOD KID: Streetwear and Sneaker Company Faces Liquidation MAX INTERACTIVE: First Creditors' Meeting Set for June 4 O'FLAHERTY & CO: First Creditors' Meeting Set for June 4 ORGANIC TECHNOLOGY: First Creditors' Meeting Set for June 4 OUS PROPERTY: First Creditors' Meeting Set for June 3 PROGRESS 2023-1: S&P Affirms BB (sf) Rating on Class E Notes R & B PARTNERS: Second Creditors' Meeting Set for June 3 C H I N A CHINA VANKE: Fitch Cuts Long-Term IDRs to 'RD' XINYUAN REAL ESTATE: 20-F Filing Overdue as Audit Process Continues I N D I A ANIL NEERUKONDA: ICRA Withdraws B+ Rating on INR62.55cr Term Loan AXORA RESOURCES: ICRA Keeps D Debt Ratings in Not Cooperating DEEP STAR: Liquidation Process Case Summary FINSTONE GRANITO: CRISIL Keeps D Debt Ratings in Not Cooperating G RAMAMOORTHI: ICRA Keeps B+ Debt Rating in Not Cooperating INDIA POWER: Insolvency Resolution Process Case Summary JAIGO AGRO: ICRA Keeps B+ Debt Rating in Not Cooperating Category JAIPRAKASH ASSOCIATES: Adani Ports to Acquire Jaypee Fertilizers KNISS LABORATORIES: CRISIL Keeps D Ratings to Not Cooperating MADURAI TUTICORIN: ICRA Keeps D Debt Rating in Not Cooperating MAX PROPERTIES: ICRA Keeps D Debt Ratings in Not Cooperating MEERA AND COMPANY: ICRA Keeps D Debt Ratings in Not Cooperating N I ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating OKINAWA AUTOTEC: ICRA Keeps B+ Debt Ratings in Not Cooperating OMNIBAY PRIVATE: Insolvency Resolution Process Case Summary PANCHWATI PRAYOGSHALA: ICRA Keeps B+ Ratings in Not Cooperating PATEL MICRON: ICRA Keeps B+ Debt Ratings in Not Cooperating PONNU FOOD: ICRA Keeps D Debt Ratings in Not Cooperating Category R.B. RICE: ICRA Keeps D Debt Ratings in Not Cooperating Category R.K. AGRO: ICRA Keeps B Debt Ratings in Not Cooperating Category RAMKUMAR MILLS: ICRA Keeps B+ Debt Ratings in Not Cooperating RATHI FEEDS: CRISIL Keeps C Debt Ratings in Not Cooperating RAVINDRA RICE: CRISIL Keeps D Debt Rating in Not Cooperating ROSEBERRY DEVELOPERS: ICRA Withdraws D Rating on INR300cr NCDs S.K. AGROS: ICRA Lowers Rating on INR9.50cr LT Loan to C SHRI TRADCO: Liquidation Process Case Summary SIDDARTH ORGANISATION: ICRA Keeps B+ Ratings in Not Cooperating SUPRABHA PROTECTIVE: ICRA Withdraws B+ Rating on INR27cr LT Loan TRIMURTHI HITECH: ICRA Keeps C+ Debt Ratings in Not Cooperating UJAAS ENERGY: CRISIL Keeps D Debt Ratings in Not Cooperating ZINZUWADIA BROTHERS: ICRA Keeps B+ Debt Rating in Not Cooperating J A P A N UNIVERSAL ENTERTAINMENT: S&P Affirms 'B-' LT ICR, Outlook Now Neg. M O N G O L I A MONGOLIAN MORTGAGE:S&P Alters Outlook to Neg., Affirms 'B-' LT ICR N E W Z E A L A N D BMC SOLUTIONS: Court to Hear Wind-Up Petition on June 4 LDW LIMITED: Court to Hear Wind-Up Petition on June 18 LINK LAKESIDE: Commences Wind-Up Proceedings MCCAIN ANZ: Rejects Hawke's Bay Mayors' Call to Delay Plant Closure SHARP STRUCTURES: Creditors' Proofs of Debt Due on July 20 WILD POPPIES: Creditors' Proofs of Debt Due on June 20 [] NEW ZEALAND: 772 Corporate Insolvencies Recorded in Q1 of 2026 S I N G A P O R E CONVERSANT PARTNERS: Creditors' Meetings Set for June 12 ESMEGEN COMMUNICATIONS: Court Enters Wind-Up Order GRACE OCEAN: Bid to Stay Proceedings Nixed; June 1 Trial to Proceed NAN JING: Court Enters Wind-Up Order ONEANALYTIX PTE: Court Enters Wind-Up Order SWIFTSERVE PTE: Creditors' Meeting Set for June 12 S O U T H K O R E A SK INNOVATION: To Sell Loss-Making Separator Unit to Semcorp - - - - - ================= A U S T R A L I A ================= CORPORATE TRAVEL: PwC Whistleblower Alleges Firm Ignored Red Flags ------------------------------------------------------------------ The Australian Financial Review reports that PwC has brought in a law firm for an external review of its auditing work after an insider raised concerns that its auditors turned a blind eye to red flags in scandal-plagued Corporate Travel Management's accounts. The Financial Review relates that the big four firm also launched an internal investigation into the auditing work after Corporate Travel shares were suspended last year. The investigation remains ongoing. Shares in Corporate Travel have not traded since August when auditors at Deloitte Australia, who took over from PwC at the end of 2024, first identified issues relating to the earnings dating back to 2023, the Financial Review says. In February, Corporate Travel chief executive Jamie Pherous said he would leave the company he founded in 1994 after the company admitted to overcharging the United Kingdom government for travel services, the Financial Review recalls. In correspondence sent to PwC's board on April 27, and viewed by The Australian Financial Review, the whistleblower claimed the firm's auditors overlooked or inadequately addressed "a number of irregularities" in Corporate Travel's financial reporting and client billing. PwC's independent chairman, John Green, a former lawyer and investment banker, quickly responded to the whistleblower email and within days commissioned law firm Webb Henderson to investigate. The firm acknowledged the whistleblower complaint while revealing details of its internal investigation into the work. "We are aware of the whistleblower allegations, which were raised late last month," the Financial Review quotes a PwC spokeswoman as saying. "We immediately appointed external law firm, Webb Henderson, to investigate and engage directly with the individual. We respect this process. When [Corporate Travel] entered into a trading halt last year, we started reviewing our prior work, including [into] the extensive consultations, escalations and risk reviews that were undertaken during the course of our audits. This review is ongoing, and we will consider new information as it comes to light." The Financial Review relates that the whistleblower said the firm's auditing work on Corporate Travel had repeatedly encountered serious issues that were not properly investigated. "There were multiple times during the audit engagement that red flags, that should have been investigated further, were overlooked, ignored or otherwise not investigated to the level required," the whistleblower said. "The failure to escalate or qualify these issues calls into question both the execution and judgment of the audit process." The whistleblower wrote they are "a current employee of PwC Australia and a former member of the audit team for the Corporate Travel Management (CTM) engagement". They attribute the lack of action to concern over other controversies the firm was dealing with at the time. This included the PwC Australia tax leaks scandal, which involved the misuse of confidential government data to win work, and the collapse of Chinese property company Evergrande, which had been audited by PwC China. The scandals led to PwC International taking over both member firms. PwC audited Corporate Travel's accounts from its listing in 2010 until 2024. Its role has come into the spotlight after Corporate Travel told the market on April 22 that it first knew it had overcharged the UK government by GBP54 million ($101 million) in 2022. Corporate Travel's chairman Ewen Crouch reasoned that because the board believed the UK government did not require a full refund, the issue did not need to be disclosed to the market at the time. But Corporate Travel then admitted in April that one of the documents it relied upon to form this conclusion "may not have been authentic". The Financial Review adds that the whistleblower said the "audit approach and actions of our firm did not reflect the gravity of the situation" including alerting the corporate regulator, the Australian Securities and Investments Commission. "There was no meaningful challenge to [Corporate Travel's] management's representations in areas where such scrutiny would have been expected. Additionally, no attempt was made to bring these matters to the attention of the broader firm or external stakeholders such as the regulator," the person wrote. The whistleblower also makes other allegations relating to inaction by PwC executives over the Corporate Travel auditing issues, with the problems being downplayed internally as "a matter of professional opinion" and "professional discretion". Corporate Travel Management Limited (ASX:CTD) -- https://au.travelctm.com/ -- a travel management solutions company, manages the procurement and delivery of travel services in Australia and New Zealand, North America, Asia, and Europe. The company provides corporate travels, meetings and event travel management, resources travel, sports travel, leisure travel, loyalty travel, and wholesale travel services, as well as accommodation agency services. CREDABL ABS 2026-1: Moody's Assigns (P)Ba2 Rating to Class E Notes ------------------------------------------------------------------ Moody's Ratings has assigned provisional ratings to notes to be issued by AMAL Trustees Limited as trustee of the Credabl ABS 2026-1 Trust. Issuer: AMAL Trustees Limited as trustee of the Credabl ABS 2026-1 Trust AUD410.00 million Class A Notes, Assigned (P)Aaa (sf) AUD42.50 million Class B Notes, Assigned (P)Aa2 (sf) AUD13.50 million Class C Notes, Assigned (P)A2 (sf) AUD10.00 million Class D Notes, Assigned (P)Baa2 (sf) AUD15.50 million Class E Notes, Assigned (P)Ba2 (sf) The AUD5.00 million Class G1 Notes and AUD3.50 million Class G2 Notes are not rated by us. The transaction is a securitisation of a portfolio of practice premises (commercial real estate), equipment, practice purchase, fixture and fitting, auto loans, escrow facilities and overdraft facilities, including amortising and revolving facilities to Australian medical and healthcare professionals. Practice premise loans represent 39.8% of the portfolio and benefit from security over commercial real estate. All portfolio receivables were originated by Credabl Pty Ltd (Credabl). This is Credabl's fourth asset-backed securitisation (ABS) transaction. Credabl is a finance business that provides commercial loans and residential mortgage loans to medical, dental, veterinary and allied health professionals. Credabl started originating loans in 2018 and has originated approximately AUD6.7 billion since inception. Credabl has a loan book of AUD1.3 billion as at April 30, 2026. RATINGS RATIONALE The provisional ratings take into account, among other factors, (1) Moody's evaluations of the underlying receivables and their expected performance; (2) evaluation of the capital structure and credit enhancement provided to the rated notes; (3) availability of excess spread over the transaction's life; (4) the liquidity facility in the amount of 1.8% of all notes; (5) the legal structure; (6) experience of Credabl as servicer; and (7) presence of AMAL Asset Management Limited (AMAL) as the back-up servicer. In Moody's views, the credit strengths of this transaction include, among others: -- The strong obligor credit quality as demonstrated by the very low levels of historical portfolio losses and arrears. As of April 30, 2026, 1.28% of Credabl's portfolio is 30+ days in arrears. As at April 30, 2026, Credabl has written off loans totaling AUD6.8 million which represents 0.26% of approximately AUD2.6 billion of origination. Over 91.9% of the portfolio are loans to businesses operated by general/specialist dentists, specialist medical doctors, general medical practitioners or veterinary surgeons. These businesses and individuals are prime obligors with high incomes relative to the general Australian population. -- High proportion of secured loans with 40% of the loans are secured by commercial real estate, 12% of the loans are secured by equipment and 3% of the loans are secured by vehicles. In addition all loans benefit from personal guarantees from the related medical, dental, veterinary and allied health professionals. -- An excess spread reserve will be available to cover portfolio losses. The excess spread reserve will be funded from the income waterfall to a target of 0.5% of the initial invested amount should any of: 1) an unreimbursed charge-off to the Class G2 Notes, 2) 3 month rolling average 90+ days delinquent loans exceed 2% of the portfolio, or 3) a servicer default having occurred at any point in time. The excess spread reserve will be funded to an uncapped target from the call date. However, the transaction has several challenging features, such as: -- Credabl has a limited origination and servicing track record with loan originations starting in early 2018. This risk is partly mitigated by the fact that Credabl has an experienced management and operational team with a long track record in medical, dental, veterinary and allied health lending in Australia, a niche asset class with over thirty years of strong performance. -- Portfolio granularity: The number of obligors, 1,431 individual obligor groups, is relatively low compared to other commercial ABS securitisations. There is also industry concentration to medical and healthcare professionals with 100% of the pool related to this industry. The lack of granularity is partly mitigated by the absence of significant over exposure to individual obligors, diversity at a geographical level and the fact that healthcare is a non-cyclical industry. The largest obligor exposure is about 1.0% of the portfolio and the top 10 obligors account for about 8.2%. -- Balloon and bullet loans: Balloon loans constitute a significant proportion of the portfolio (40.5%), with balloon payments representing 29.1% of the portfolio balance. This is driven primarily by practice premise loans with 1 to 5 year maturities, and to a lesser extent, practice purchase loans, where repayments rely on refinancing at maturity. In addition, the portfolio has material exposure to bullet structures (22.5% of the portfolio balance), arising from non-amortising products such as escrows, overdrafts and secured lines of credit. Moody's have stressed the default probabilities of these exposures to account for the refinancing risk associated with balloon and bullet maturities. -- The pro-rata amortisation of the subordinate classes of notes will lead to reduced credit enhancement of the senior notes in absolute terms. This exposes the senior notes to the risk of loss in the tail end of the transaction, particularly should the timing of defaults prove to be backloaded. MAIN MODEL ASSUMPTIONS -- Mean default rate: Moody's assumed a mean default rate of 2.53% over a weighted average life of 4.39 years (equivalent to a Baa3 proxy rating). The default rate assumption was based on (1) the historical performance data of Credabl's portfolios; (2) benchmarking to comparable portfolios performance, in particular the performance of other specialist healthcare lender portfolios; (3) the high proportion of balloon loans and the corresponding impact on the assumed default rate and (4) the characteristics of the loan-by-loan portfolio information. -- Default rate volatility: Moody's assumed a coefficient of variation (i.e. the ratio of standard deviation over the mean default rate explained above) of 88.3%, as a result of the analysis of the portfolio concentrations in terms of single obligors and industry sectors. -- Recovery rate: Moody's assumed a 43.0% stochastic recovery rate with a standard deviation of 20.0%. The recovery rate assumption is primarily based on the characteristics of the collateral-specific loan-by-loan portfolio information. In particular, 40% of the portfolio is secured by real estate collateral on which third-party valuation has been obtained. -- SME Stressed Loss: Moody's SME Stressed Loss for the collateral pool – representing the loss that Moody's expects the portfolio to suffer in the event of a severe recession scenario – is 17.5%. PORTFOLIO CHARACTERISTICS The initial portfolio balance was AUD499,996,891, composed of loans to 1,431 obligor groups. The average obligor group exposure was AUD349,404. The portfolio consists of practice premise loans (39.8%), equipment loans (11.5%), practice purchase loans (21.0%), fixture and fittings loans (13.8%), auto loans (3.4%), escrow facilities (6.5%), and overdraft facilities (4.0%). The top obligor exposure is 1.0% and the top ten obligors constitute 8.2% of the portfolio. The weighted average portfolio yield was 8.1%. KEY TRANSACTION STRUCTURAL FEATURES -- The notes will be repaid on a sequential basis initially. On and after the payment date occurring twelve months after the deal closing date, Class A to Class E Notes will receive their pro-rata share of principal, provided step-down conditions are satisfied. These include, among others, the Class A subordination percentage is equal to or greater than 1.5x initial credit support percentage, no unreimbursed charge-offs and payment date occurring prior to the call option date. If step-down conditions are no longer met, the repayment of principal will revert to sequential. The call option date will occur on the earlier of the payment date in March 2030 or the date on which the aggregate outstanding amount of the trust receivables is less than or equal to 20% of the aggregate outstanding amount of the trust receivables as at settlement date. The transaction benefits from a funded liquidity facility that is sized at 1.8% of the aggregate invested amount of notes, subject to a floor of AUD900,000, and is sufficient to cover approximately 3 months of required payments. Methodology Underlying the Rating Action The principal methodology used in these ratings was "SME Asset-backed Securitizations" published in June 2025. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the notes include better-than-expected collateral performance. The Australian economy is a primary driver of performance. A factor that could lead to a downgrade of the notes is worse-than-expected collateral performance. Additionally, Moody's could downgrade the ratings in case of 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. FIRSTMAC MORTGAGE 2026-2: S&P Assigns B (sf) Rating to CL. F Notes ------------------------------------------------------------------ S&P Global Ratings assigned its preliminary ratings to eight of the nine classes of prime residential mortgage-backed securities (RMBS) to be issued by Firstmac Fiduciary Services Pty Ltd. as trustee for Firstmac Mortgage Funding Trust No.4 Series 2026-2. The preliminary ratings reflect the following factors. S&P said, "We have assessed that the credit risk of the underlying collateral portfolio and the credit support provided to each class of notes are commensurate with the ratings assigned. The credit support provided to the rated notes is sufficient to cover the assumed losses at the applicable rating stress. Our assessment of credit risk takes into account Firstmac Ltd.'s (Firstmac) underwriting standards and approval processes, which are consistent with industry-wide practices, the strong servicing quality of Firstmac, and the support provided by the LMI policies on 7.3% of the loan portfolio." The notes can meet timely payment of interest--excluding the residual interest (if applicable) due on the class B, class C, class D, class E, and class F notes--and ultimate repayment of principal under the rating stresses. Key rating factors considered include the level of subordination provided, the interest-rate swap, the cross-currency swap, the principal draw function, the provision of a liquidity reserve funded by note over-issuance, and the provision of an extraordinary expense reserve. S&P's analysis is on the basis that the notes are fully redeemed by their legal final maturity date, and it does not assume the notes are called at or beyond the call date. S&P has also considered the transaction's counterparty exposure. National Australia Bank Ltd. (NAB) will provide a fixed-rate swap to hedge the mismatch between receipts from any fixed-rate mortgage loans and the variable-rate RMBS. NAB will also provide a cross-currency swap to hedge the mismatch between the Australian-dollar receipts from the underlying assets and the yen payments on the class A1-Y notes. Westpac Banking Corp. is the bank account provider. The transaction documents include downgrade remedy language for the swaps and bank account that is consistent with our counterparty criteria. S&P's ratings also take into account the legal structure of the trust, which is established as a special-purpose entity and meets its criteria for insolvency remoteness. Preliminary Ratings Assigned Firstmac Mortgage Funding Trust No.4 Series 2026-2 Class A1-A, A$620.00 million: AAA (sf) Class A1-Y, ¥6,270.00 million: AAA (sf) Class A2: A$30.00 million: AAA (sf) Class B: A$21.00 million: AA (sf) Class C: A$12.00 million: A (sf) Class D: A$4.80 million: BBB (sf) Class E: A$3.60 million: BB (sf) Class F: A$1.10 million: B (sf) Class G: A$2.50 million: Not rated GFG ALLIANCE: Whyalla Locals Concern Over Future of Steelworks -------------------------------------------------------------- ABC News reports that locals in the town of Whyalla, north-east of Eyre Peninsula, have expressed their concerns about the uncertainty around the steelworks and its future. They have welcomed the announcement on May 27 of two companies shortlisted as buyers for the Whyalla steelworks, the ABC relates. Premier Peter Malinauskas announced on May 27 that M Resources and Jindal Steel had been chosen as the two remaining bidders for the troubled steelworks, while BlueScope Steel retains its right of last offer. The administrator expects the sale to be completed by the end of September, the ABC adds. 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. GOOD KID: Streetwear and Sneaker Company Faces Liquidation ---------------------------------------------------------- Daily Telegraph reports that The Good Kid Services, a well-known sneaker and clothing company with stores in Parramatta and Hurstville, is subject to wind-up action in the Supreme Court over an unpaid debt, while a related company is already in liquidation. Good Kid Services specializes in high-end, rare, and limited-edition items, including footwear, streetwear brands, curated luxury and hype apparel from labels like Fear of God Essentials, Amiri, Palm Angels, and Geedup Co. and collectibles. MAX INTERACTIVE: First Creditors' Meeting Set for June 4 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Max Interactive Pty Ltd will be held on June 4, 2026, at 12:00 p.m. at the offices of AL Restructuring, at Level 13, 50 Margaret Street, in Sydney, NSW, and via virtual technology. Andre Lakomy of AL Restructuring was appointed as administrator of the company on May 25, 2026. O'FLAHERTY & CO: First Creditors' Meeting Set for June 4 -------------------------------------------------------- A first meeting of the creditors in the proceedings of O'Flaherty & Co Transport Services Pty Ltd will be held on June 4, 2026, at 10:30 a.m. via videoconference only. Kathleen Vouris, Richard Albarran and John Vouris of Hall Chadwick were appointed as administrators of the company on May 25, 2026. ORGANIC TECHNOLOGY: First Creditors' Meeting Set for June 4 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Organic Technology Holdings (Global) Pty Ltd will be held on June 4, 2026, at 11:00 a.m. via telephone conference facilities. Ozem Kassem and Ian Niccol of KPT Restructuring were appointed as administrators of the company on May 25, 2026. OUS PROPERTY: First Creditors' Meeting Set for June 3 ----------------------------------------------------- A first meeting of the creditors in the proceedings of OUS Property Pty Ltd as trustee for OUS Property Unit Trust will be held on June 3, 2026, at 3:00 p.m. via teleconference facilities. Nelson Huang and Domenico Alessandro Calabretta of Mackay Goodwin were appointed as administrators of the company on May 22, 2026. PROGRESS 2023-1: S&P Affirms BB (sf) Rating on Class E Notes ------------------------------------------------------------ S&P Global Ratings affirmed its ratings on 12 classes of notes issued by Perpetual Trustee Co. Ltd. as trustee of Progress 2022-2 Trust and Progress 2023-1 Trust. S&P's rating affirmations reflect the following factors. S&P has assessed the credit risk of the underlying collateral portfolios, which have been amortizing in line with its expectations. Current loan-to-value (LTV) ratios for both pools have decreased as principal has been repaid. As of February 28, 2026, the Progress 2022-2 pool has a weighted-average effective LTV ratio of 66.10%, weighted-average seasoning of 90.9 months, and pool factor of about 33.9%. The Progress 2023-1 pool has a weighted-average effective LTV ratio of 67.2%, weighted-average seasoning of 67.1 months, and pool factor of about 38.3%. As of Feb. 28, 2026, 1.28% of the Progress 2022-2 loan pool is more than 30 days in arrears. For Progress 2023-1, 1.61% of the pool balance is more than 30 days in arrears. There are no losses for either portfolio, with no charge-offs to notes. The credit support provided to each class of notes is sufficient to withstand the stresses S&P applies at each respective rating level. For both transactions, credit support comprises subordination from junior notes and lenders' mortgage insurance. The various mechanisms to support liquidity within the transactions, including principal draws, amortizing liquidity reserves, and the trapping of excess spread following the call option date, are sufficient under S&P's cash flow stress assumptions to ensure timely payment of interest for each class of notes at its respective rating level. There is a fixed- to floating-rate interest-rate swap provided by BNP Paribas for both portfolios to hedge the mismatch between receipts from any fixed-rate mortgage loans and the variable-rate RMBS. Ratings Affirmed Progress 2022-2 Trust Class A1-L: AAA (sf) Class AB: AAA (sf) Class B: AA (sf) Class C: A (sf) Class D: BBB (sf) Class E: BB (sf) Progress 2023-1 Trust Class A: AAA (sf) Class AB: AAA (sf) Class B: AA (sf) Class C: A (sf) Class D: BBB (sf) Class E: BB (sf) R & B PARTNERS: Second Creditors' Meeting Set for June 3 -------------------------------------------------------- A second meeting of creditors in the proceedings of R & B Partners Pty Ltd (trading as The Cabinet House) has been set for June 3, 2026, at 11:00 a.m. at the offices of SV Partners, at 22 Market Street, in Brisbane, QLD. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by June 2, 2026 at 4:00 p.m. Matthew Hudson and Abdul Chambal of SV Partners were appointed as administrators of the company on April 29, 2026. ========= C H I N A ========= CHINA VANKE: Fitch Cuts Long-Term IDRs to 'RD' ---------------------------------------------- Fitch Ratings has downgraded Chinese homebuilder China Vanke Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'RD' from 'CC', and affirmed the Long-Term IDR on China Vanke's wholly owned subsidiary, Vanke Real Estate (Hong Kong) Company Ltd (Vanke HK) at 'CC'. Fitch has also affirmed Vanke HK's senior unsecured rating and the rating on its outstanding senior notes at 'C', with a Recovery Rating of 'RR5'. The downgrade follows China Vanke's recent completion of an onshore bond restructuring, which Fitch views as a distressed debt exchange (DDE) in accordance with its Corporate Rating Criteria. Fitch maintained the rating at 'RD' despite the DDE completion, as Fitch believes further debt restructuring or missed payments are likely in the coming weeks, given the company's tight liquidity and significant upcoming capital market debt maturities. Key Rating Drivers Completion of DDE: China Vanke has completed the restructuring of CNY2 billion in bonds originally maturing on 12 May 2026. It repaid 40% of the principal of these onshore bonds and extended the maturity date of the remaining 60% by one year. Fitch considers these measures as a DDE in accordance with its Corporate Rating Criteria. Fitch views the extension of the maturity dates of the principal by one year as a material reduction in terms, while the restructuring allows the issuer to avoid a probable eventual default. Further Debt Restructuring Likely: China Vanke will have CN11 billion in capital market debt maturing from May to December 2026. It reported CNY55 billion in cash as of end-March 2026, against debt maturing in one year of CNY168 billion. Fitch believes most of the cash balance may be restricted and not readily available for debt repayment. As such, China Vanke may not be able to repay its upcoming capital market debt maturities, which may result in further DDEs. Negative FCF Persists: Fitch expects China Vanke's free cash flow (FCF), including potential asset disposal proceeds, to remain negative in 2026, as Fitch expects sales to fall by about 50% in 2026 after a 46% decline in 2025. China Vanke reported a 53% decline in contracted sales and negative CNY4 billion in FCF after asset disposal proceeds in 1Q26. Rated on Standalone Basis: China Vanke's largest shareholder, with a 27.18% stake, is Shenzhen Metro Group Co. Ltd (SZMC), which is wholly owned by Shenzhen municipality's State-owned Assets Supervision and Administration Commission. Fitch rates China Vanke on a standalone basis as SZMC has a minority stake in China Vanke, does not control its board and does not consolidate China Vanke. Vanke HK's Ratings: Vanke HK's ratings are based on its standalone credit profile of 'cc', as its parent, China Vanke, is in financial distress. Vanke HK is the group's sole offshore financing platform. It has remained current on interest payments on its outstanding debt obligations, but liquidity is limited relative to debt maturities due in 2026 and 2027. Vanke HK's ratings reflect very high credit risk. Peer Analysis China Vanke's 'RD' rating reflects the company's recent DDE and Fitch's expectation of further DDEs, as its liquidity remains tight to meet capital market debt requirements due in the coming months. Vanke HK's 'CC' rating reflects its high credit risk related to the repayment of debt obligations, as it is reliant on funds from China Vanke to repay the obligations. Fitch’s Key Rating-Case Assumptions - Sales to drop by 50% in 2026 and 30% per year in 2027 and 2028 (2025: 46% drop). - FCF outflow after asset disposal proceeds of CNY10 billion-15 billion in 2026-2028 (2025: CNY14 billion outflow). - Trade and bill payables to drop by CNY30 billion in 2026 and CNY25 billion per year in 2027 and 2028 (2025: CNY30 billion drop). Recovery Rating Assumptions The recovery analysis assumes that Vanke HK would be liquidated in a bankruptcy. The liquidation value approach usually results in a higher value than the going-concern approach, given the nature of homebuilding. Fitch assumes a 10% administrative claim. Liquidation Approach The liquidation estimate reflects its view of the value of balance-sheet assets that can be realised in sale or liquidation processes conducted during a bankruptcy or insolvency proceeding and distributed to creditors. - 0% advance rate applied to net inventory. The onshore property projects are mostly co-owned with China Vanke and Fitch therefore believes the recovery prospects are unclear, as China Vanke is in financial distress. - 50% advance rate applied to Vanke HK's equity stake in GLP Holdings, L.P. at a book value of CNY15 billion. - 50% advance rate applied to property, plant and equipment, and investment properties, which are of insignificant value. - 0% advance rate applied to excess cash. China's homebuilding regulatory environment means that available cash, including regulated pre-sale deposits, is typically prioritised for project completion, including payment of trade payables. Net payables (trade payables - available cash) are included in the debt waterfall ahead of secured debt. However, Fitch does not assume that available cash in excess of outstanding trade payables is available for other debt-servicing purposes and therefore apply an advance rate of 0%. - Vanke HK's bank loans are offshore unsecured bank loans that rank pari passu with its offshore bonds. The allocation of value in the liability waterfall results in a Recovery Rating of 'RR5' for the offshore senior unsecured debt. Corporate Rating Tool Inputs and Scores Fitch scored China Vanke as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): management (b, lower), sector characteristics (b+, moderate), market and competitive positioning (b+, lower), diversification and asset quality (bb, lower), company operational characteristics (ccc-, higher), profitability (ccc-, moderate), financial structure (b, lower), and financial flexibility (ccc-, higher). - 'B+' to 'CC' considerations apply in its analysis and result in an adjustment of -1 notch. - The governance assessment of 'Some Deficiencies' results in no adjustment. - The operating environment assessment of 'bbb-' results in no adjustment. - Other risk elements apply in its analysis and result in an adjustment of -2 notch. - The SCP is 'rd'. To derive the Long-Term IDR: - No further adjustments made to the SCP, resulting in an IDR of 'RD'. Fitch scored Vanke HK as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): management (b, lower), sector characteristics (b+, moderate), market and competitive positioning (ccc+, lower), diversification and asset quality (b+, lower), company operational characteristics (ccc-, higher), profitability (ccc-, moderate), financial structure (ccc-, moderate), and financial flexibility (ccc-, higher). - 'B+' to 'CC' considerations apply in its analysis and result in an adjustment of -1 notch. - The governance assessment of 'Good' results in no adjustment. - The operating environment assessment of 'bbb-' results in no adjustment. - The SCP is 'cc'. To derive the Long-Term IDR: - No further adjustments made to the SCP, resulting in an IDR of 'CC'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade For China Vanke: The IDRs would be downgraded to 'D' upon initiation of any formal bankruptcy procedure. For Vanke HK: Fitch would downgrade the IDR to 'C' if a default or default-like process has begun. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade For China Vanke: Fitch will reassess China Vanke's IDR once the expected debt restructurings have been completed in the coming weeks. For Vanke HK: - No positive rating action is anticipated in the near term, as Fitch believes a default or debt restructuring is probable. Liquidity and Debt Structure China Vanke reported CNY55 billion in cash at end-March 2026, including regulated pre-sale funds, against short-term debt of CNY168 billion. About CNY11 billion in capital market debt will mature during May-December 2026. Issuer Profile China Vanke is one of China's 10 largest developers by contracted sales in 2024 and 2025, with a nationwide footprint. Its main businesses are real-estate development and property services. Vanke HK is China Vanke's main offshore fundraising entity. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for China Vanke and Vanke HK. ESG Considerations China Vanke Co., Ltd. has an ESG Relevance Score of '4' for Group Structure due to opaque funding arrangements for its development projects, which have a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. China Vanke Co., Ltd. has an ESG Relevance Score of '4' for Financial Transparency due to the cessation of disclosure of its monthly sales data, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Vanke Real Estate (Hong Kong) Company Ltd LT IDR CC Affirmed CC senior unsecured LT C Affirmed RR5 C China Vanke Co., Ltd. LT IDR RD Downgrade CC LC LT IDR RD Downgrade CC XINYUAN REAL ESTATE: 20-F Filing Overdue as Audit Process Continues ------------------------------------------------------------------- Xinyuan Real Estate Co., Ltd. provided an update regarding the filing status of its annual report on Form 20-F for the fiscal year ended December 31, 2025. As disclosed in the Company's Form 12b-25 filed on April 30, 2026, the Company extended the filing deadline for its annual report to May 15, 2026. However, the Company was not able to complete the filing by such date. The Company's management team is still in the process of compiling the information required for the annual report and requires additional time to finalize the consolidated financial statements. The Company and its independent registered public accounting firm also require additional time to conduct further audit testing and complete the necessary documentation. The Company will continue to work diligently with all relevant parties to advance the foregoing process and expects to file the annual report as soon as practicable. About Xinyuan Real Estate Co. Ltd. Xinyuan Real Estate Co. Ltd., headquartered in Beijing, is a residential real estate developer primarily focused on China's tier-one and tier-two cities. Founded in 1997, the Company targets middle-income homebuyers with large-scale, high-quality housing projects and has extended its operations to the U.S., U.K., and Malaysia. Xinyuan also offers property management and ancillary services, and its shares trade on the New York Stock Exchange under the ticker symbol XIN. Creditors of Xinyuan Real Estate Co. Ltd. sought involuntary petition under Chapter 11 of the U.S. Bankruptcy (Bankr. S.D.N.Y. Case No. 25-10745) on April 14, 2025. The Debtor is represented by Paul R. DeFilippo, Esq., at Wollmuth Maher & Deutsch, LLP. ========= I N D I A ========= ANIL NEERUKONDA: ICRA Withdraws B+ Rating on INR62.55cr Term Loan ----------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Anil Neerukonda Educational Society, at the request of the company and based on the No Objection Mail received from its lenders and in accordance with ICRA's policy on withdrawal. However, ICRA does not have information to suggest that the credit risk has changed since the time the rating was last reviewed. The Key Rating Drivers and their Description, Liquidity Position, Rating Sensitivities, Key financial indicators have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 35.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Overdraft Long Term- 62.55 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Term Loan Short Term- 16.00 [ICRA]A4 ISSUER NOT Non Fund Based- COOPERATING; Withdrawn Bank Guarantee Anil Neerukonda Educational Society (ANES) was founded by Dr. N. B. R. Prasad in 2000 with the objective of providing technical and non-technical education through establishment of educational institutions. The society presently has engineering colleges, Medical, Dental, Nursing Physiotherapy colleges and two hospitals. All these institutions are located in Visakhapatnam, Andhra Pradesh. AXORA RESOURCES: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Axora resources Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 50.00 [ICRA]D; ISSUER NOT COOPERATING; Fund Based- Rating continues to remain under Cash Credit 'Issuer Not Cooperating' category Short Term- 13.00 [ICRA]D; ISSUER NOT COOPERATING; Non-Fund Based- Rating continues to remain under Letter of Credit 'Issuer Not Cooperating' category Long Term/ 27.00 [ICRA]D/[ICRA]D; ISSUER NOT Short Term- COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Axora resources Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Axora resources Limited, ICRA has been trying to seek information from the entity so as to monitor its performance further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Founded in 1994, Axora Resources Limited specialises in processing of lead, tin, antimony and other non-ferrous metals. It started its operations in FY2020 and has a manufacturing plant in Chittoor, Andhra Pradesh. The company is promoted by Mr. Vijendra Kedia, a commerce graduate having more than 25 years of experience in the non-ferrous metals Industry. DEEP STAR: Liquidation Process Case Summary ------------------------------------------- Debtor: Deep Star Alloys and Steels Private Limited 229 S T Road, Opposite Sant Tukaram Mandir, Carnac Bunder, Mumbai - 400009 Liquidation Commencement Date: April 22, 2026 Court: National Company Law Tribunal, Mumbai Bench-V Liquidator: Vikram Bhatnagar 1412, Real Tech Park, Sector 30A, Vashi, Opposite Vashi Station, Navi Mumbai - 400703 Email: vikrambhatnagar2002@yahoo.com 244, 2nd Floor, Satra Plaza, Palm Beach Road, Sector 19D, Vashi, Navi Mumbai - 400703 Email: cirp.deepstar@gmail.com Last date for submission of claims: May 22, 2026 FINSTONE GRANITO: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Finstone Granito Private Limited (FGPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2.6 CRISIL D (Issuer Not Cooperating) Cash Credit 7 CRISIL D (Issuer Not Cooperating) Long Term Loan 18.3 CRISIL D (Issuer Not Cooperating) Working Capital 3.13 CRISIL D (Issuer Not Term Loan Cooperating) Working Capital 2.7 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with FGPL 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 FGPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on FGPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of FGPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. FGPL was set up on May 1, 2016, by the promoters, Mr Bharatkumar Lalji Bhimani, Mr Bhaveshkumar Patel, Mr Pritehkumar Harjivan Patel, Mr Ashokkumar Bhagvanji Delvadiya, Mr Tejas Rajesh Patel, and Mr Ketul Keshavlal Bhimani. The company started manufacturing vitrified tiles of various sizes from May 2018. G RAMAMOORTHI: ICRA Keeps B+ Debt Rating in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of G Ramamoorthi Constructions India Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 5.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term- 5.00 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding G Ramamoorthi Constructions India Private Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with G Ramamoorthi Constructions India Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. G. Ramamoorthi Constructions India Private Limited was incorporated in the year 2008 and the promoters of this company are Mr. G. Ramamoorthi, Mrs. Bagyam Ramamoorthi, Mrs. Arthi and Mr. R. Arun. It is a family owned and closely held company led by Mr. G. Ramamoorthi who looks after the overall operations, supported by Mr. R. Arun handling project executions and Mrs. Bagyam handling administration. The company was established as a proprietorship firm -G. Ramamoorthi & Co in the year 1990, by Mr. G Ramamoorthy and was reconstituted as private limited company in the year 2008. Currently, the company is engaged in civil construction business and has undertaken various projects such as construction of apartments, hospitals, schools, colleges, commercial buildings, industrial buildings, etc. INDIA POWER: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: India Power Corporation Limited Centre for Excellence, Plot No. X-1, 2 & 3, Block EP, Sector V, Salt Lake, Kolkata - 700091, West Bengal, India Insolvency Commencement Date: May 15, 2026 Court: National Company Law Tribunal, Hyderabad Bench-I Estimated date of closure of insolvency resolution process: November 14, 2026 Insolvency professional: Mano Ranjani Interim Resolution Professional: Mano Ranjani Flat 122, Vasavi Indraprastha, Street 1, Czech Colony, Sanathnagar Hyderabad, 500018, Telangana Email: mano3ranjani@gmail.com MetLaws, Unit 208, Fairmount Fortune One Near Erragadda Metro Station, Czech Colony, Sanathnagar, Hyderabad, Telangana - 500018 Email: ipcl.ibc@gmail.com Last date for submission of claims: May 29, 2026 JAIGO AGRO: ICRA Keeps B+ Debt Rating in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term rating of Jaigo Agro Industries in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Jaigo Agro Industries's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Jaigo Agro Industries, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Jaigo Agro Industries was incorporated in 2015 as a partnership firm by merging four proprietorship concerns owned by the managing partner and his family members, namely, Murrali Modern Rice Mill engaged in operating a rice mill since 2004, Sumathi Traders and Perumal Traders which have been engaged in the trading of dhal and rice since 2013 and Goutham Dhall Mill which has been operating a dhal mill from 2015. It is engaged in milling, processing, sorting and trading of rice and dhal. JAIPRAKASH ASSOCIATES: Adani Ports to Acquire Jaypee Fertilizers ---------------------------------------------------------------- The Hindu reports that Adani Ports and Special Economic Zone on May 21 said it will acquire a 100% stake in Jaypee Fertilizers & Industries from Jaiprakash Associates for INR1,500 crore, as part of the National Company Law Tribunal (NCLT) approved resolution plan for Jaiprakash Associates Ltd. (JAL). According to The Hindu, Adani Ports and Special Economic Zone Ltd (APSEZ), in a regulatory filing, said the acquisition will further consolidate the company's inland logistics presence and service capabilities in North India. The acquisition aligns with the company's ambition to expand its Multi-Modal Logistics Park (MMLP) network from 12 to 16 and warehousing capacity by 4X by 2031, it added. "As part of the implementation of the approved resolution plan, the company has entered into a share purchase agreement with JAL for the acquisition of 100% of the shareholding of Jaypee Fertilizers & Industries Limited (JFIL), held by JAL," the country's largest private port operator said, The Hindu relays. JFIL is the holding company of Kanpur Fertilizers and Chemicals Limited (KFCL), which has certain industrial and commercial land parcels in Kanpur. KFCL holds 243 acres of land in Kanpur, strategically ideal for the development of a world-class logistics park and warehousing facilities aligned with the company's logistics business. The Hindu says the acquisition is expected to be consummated on the 'effective date' under the approved resolution plan, which will not be later than 90 days from March 17, 2026. Competition Commission of India approval has already been obtained on August 26, 2025, The Hindu notes. The resolution plan was approved by the National Company Law Tribunal, Allahabad bench in Prayagraj on March 17, 2026, which was further upheld by the National Company Law Appellate Tribunal on May 4, 2026. JFIL is engaged in the business directly or by making investments in other companies having similar objectives, including manufacturers, fabricators, processors, producers, importers, exporters, buyers, and sellers of all kinds of fertilisers and chemicals. About JAL Jaiprakash Associates Ltd (JAL) is the flagship company of the Jaypee group and is engaged in engineering and construction, cement, real estate and hospitality businesses. JAL was one of the leading cement manufacturers with an installed capacity of ~28 million tonnes per annum (mtpa) and under implementation capacity of ~5 mtpa on a consolidated basis as on March 31, 2018. JAL is also engaged in the construction business in the field of civil engineering, design and construction of hydro-power, river valley projects. JAL is also undertaking power generation, power transmission, real estate, road BOT, healthcare and fertilizer businesses through its various subsidiaries/SPVs. JAL featured in Reserve Bank of India's second list of at least 26 defaulters with which it wants creditors to start the process of debt resolution before initiating bankruptcy proceedings. In September 2018, ICICI Bank had filed an insolvency petition against JAL under Section 7 of IBC, claiming a default of more than INR16,000 crore. On June 3, 2024, the Allahabad bench of National Company Law Tribunal (NCLT) admitted the insolvency plea filed by ICICI Bank. The tribunal also appointed Bhuvan Madan as Interim Resolution Professional of JAL after suspending the board of the company. Bhuvan Madan is the resolution professional (RP) for the JAL. SBI has also moved NCLT against JAL, claiming a total default of INR6,893.15 crore as of Sept. 15, 2022. KNISS LABORATORIES: CRISIL Keeps D Ratings to Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kniss Laboratories Private Limited (KLPL) continue to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (ISSUER NOT COOPERATING) Letter of credit 5 CRISIL D (ISSUER NOT & Bank Guarantee COOPERATING) Long Term Loan 4 CRISIL D (ISSUER NOT COOPERATING) Proposed Long Term 1 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING) Crisil Ratings has been consistently following up with KLPL 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 KLPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KLPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KLPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 1988, Kniss Laboratories is a private limited company that specializes in the manufacture of allopathy and ayurvedic formulations. The day to day operations of the company are managed by Mr. M.D. Varadarajan. MADURAI TUTICORIN: ICRA Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term rating of Madurai Tuticorin Expressways Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 433.26 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Madurai Tuticorin Expressways Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Madurai Tuticorin Expressways Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. MTEL is a special purpose vehicle (SPV) promoted by Madhucon Projects Limited, Madhucon Granites Ltd and SREI Infrastructure Finance. MTEL has been formed to improve and widen a 128.15 km stretch on National Highway (NH) - 45B on BOT basis. The stretch extends between Km 138/800 and 264/500, connecting the cities of Madurai & Tuticorin in the State of Tamil Nadu. The project has been awarded by National Highway Authority of India (NHAI) on Build-Operate-Toll (BOT) basis, with a concession period of 20 years starting July 2006. The scheduled Commercial Operations Date (COD) of the project was January 2010; however, after a delay of more than 16 months, tolling has started in July 2011. The project road is a key arterial route connecting Tuticorin to Madurai and the rest of India. The only other highway that connects Tuticorin is NH-7A, which goes towards Tirunelveli, & southern Tamil Nadu. MAX PROPERTIES: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term rating of Max Properties Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 7.70 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 1.80 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Max Properties Private Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Max Properties Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Max Properties Private Limited is a Madurai-based real estate developer/construction company. It was established in 2009 by Mr. Elango Packiaraj who was earlier executing several government contracts in his personal capacity. Such executed projects include construction of staff quarters in Tier II and Tier III cities for Tamil Nadu Electricity Board, BSNL Telephones, TWAD Board and Tamil Nadu Police Housing Corporation. MPPL undertakes developing or codeveloping on joint venture (JV) basis real estate projects for residential or commercial-cum-residential, multi-storied projects in Madurai and Theni. The company also undertakes civil construction for the projects it develops and has the necessary labor and plant & machinery for the same. The company is closely held by the family of the company's promoter, Mr. Elango Packiaraj. The company has not disclosed any other associate/group companies. MEERA AND COMPANY: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term and Short-term ratings of Meera and Company Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING /[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 9.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term 0.10 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Meera and Company Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Meera and Company Limited, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. MACL manufactures Diesel Generating Sets for various applications. Till 2010 the company was operating as an OEM1 for DG sets for Mahindra and Leyland. However, in 2010 the company has set up its own engine manufacturing unit and is selling the DG sets under the brand name of 'Meeraco'. The company is fully owned by Mr Rajen Gupta and his family members and has a presence mainly in Punjab. MACL has two manufacturing unit located in Jammu and Ludhiana. N I ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of N I Engineering Technologies Private Limited (NIETPL) continues to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 4 CRISIL D (ISSUER NOT COOPERATING) Long Term Loan 0.5 CRISIL D (ISSUER NOT COOPERATING) Open Cash Credit 5.5 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with NIETPL 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 NIETPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NIETPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of NIETPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2007, NIETPL manufactures fabricated items primarily finding application in the mining, steel, cement and power industries and in bulk material handling equipment. Headquartered in Medak (Andhra Pradesh), NIETPL is promoted by Mr. Mohammed Ayyub and Mr. Abdul Rashid Gaffer. OKINAWA AUTOTEC: ICRA Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Okinawa Autotec Private Limited (Erstwhile Okinawa Autotech Internationall Private Limited), in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 4.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term/ 40.00 [ICRA]B+(Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Fund Based/ Rating Continues to remain Non Fund Based- under issuer not cooperating Others Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Okinawa Autotec Private Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Okinawa Autotec Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Okinawa Autotec Private Limited (Erstwhile Okinawa Autotech Internationall Private Limited), incorporated as a private limited company in 2015. It is involved in the manufacture of e2Ws in both the high-speed and low-speed varieties. The company is promoted by Mr. Jeetender Sharma and his wife, Dr. Rupali Sharma, and is based out of Gurgaon, Haryana. On a consolidated level, OAIPL has three manufacturing facilities — two operational and one under construction — at Alwar in Rajasthan. As on date, the company has a total installed assembly capacity of ~1,5 lakh units per annum. At present, OAIPL's product portfolio consists of ~10 models, which are distributed through a 500+ strong dealer network. In May 2022, OAPL entered a joint venture with Tacita, an Italian manufacturer of electric and performance motorcycles. The new company, Okinawa Tacita Internationals Private Limited, from the joint venture in June 2022, is slated to begin production from 2023-2024. OMNIBAY PRIVATE: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Omnibay Private Limited 401, 4th Floor of Premises No. 2, Barreto Lane, Esplanade, Kolkata, Kolkata, West Bengal, India - 700069 Insolvency Commencement Date: May 18, 2026 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: November 13, 2026 Insolvency professional: Swapnil Jain Interim Resolution Professional: Swapnil Jain Poddar Court, 18, Rabindra Sarani, Suite No. 517, Gate No. 2, 5th Floor, Kolkata - 700001 Email: swapniljain88@gmail.com cirp.omnibay@gmail.com Last date for submission of claims: June 1, 2026 PANCHWATI PRAYOGSHALA: ICRA Keeps B+ Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term ratings of Panchwati Prayogshala Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 7.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 1.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 1.00 [ICRA]B+ (Stable) ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Panchwati Prayogshala Private Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Panchwati Prayogshala Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Panchwati Prayogshala Private Limited (PPPL) is a manufacturer of Ayurvedic and herbal products, such as digestive tablets and powders, Chyawanprash, syrups, hair oil and other products. The company is managed by Mr. Pankaj Goel, who has more than two decades of experience in the Ayurvedic and herbal products business. The business is comanaged by Mr. Goel's partner and brother-in-law, Mr. Neeraj Agarwal. The company has two plants at Meerut (Uttar Pradesh) and Roorkee (Uttarakhand). While the Meerut plant is solely engaged in the production of digestive tablets, the Roorkee plant manufactures various products, including digestive tablets. The Roorkee plant was established in 2008 and has benefits of income tax exemption till FY2018. The company's promoter, Mr. Goel, also runs an educational trust, which provides higher education through its four colleges. PATEL MICRON: ICRA Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Patel Micron LLP in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 2.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 4.68 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Short Term- 0.50 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Patel Micron LLP's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Patel Micron LLP, ICRA has been trying to seek information from the entity so as to monitor its performance further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Patel Micron LLP was incorporated in October 2016 by Mr. Jayprakash Kaila along with 20 other partners. The key promoters, namely Mr. Jayprakash Kaila and Mr. Pravin Kaila, have adequate experience in the ceramic industry (including trading of ceramic raw materials). The firm manufactures china clay powder, which is used as a raw material in ceramic tiles industry. The firm's facility is in Morbi, Gujarat and has an installed manufacturing capacity of 48,000 metric ton of china clay powder per annum. The firm was initially incorporated to manufacture feldspar powder; however, the firm currently manufactures china clay owing to the better demand prospects for the same. The company is equipped to manufacture feldspar as well as china clay powder with the current set of machineries at its plant. PONNU FOOD: ICRA Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term rating of Ponnu Food Products in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 8.90 [ICRA]D; ISSUER NOT COOPERATING; Fund Based- Rating continues to remain under Cash Credit 'Issuer Not Cooperating' category Long Term- 0.10 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating continues to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Ponnu Food Products's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Ponnu Food Products, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Ponnu Food Products was formerly established as a proprietary concern by Ms Suja Shajilal in August 1999 at Aylara in Kollam District of Kerala which was later converted into a partnership firm in December 2012. The firm is engaged in the business of manufacturing, milling, grading and packaging of various cooking ingredients and spices. R.B. RICE: ICRA Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- ICRA has kept the Long-Term rating of R.B. Rice Industries in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 16.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding R.B. Rice Industries's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with R.B. Rice Industries, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. R.B. Rice Industries (RBRI) is a partnership firm established in 2000. The firm is primarily engaged in milling of basmati rice. RBRI's milling unit is based in Fazilka, Ferozepur, Punjab with an installed capacity of 4 tons/hr. The firm purchases paddy from the local markets in and around Jalalabad. The firm is also involved in the export of rice to countries such as Iran, the UAE and Iraq. R.K. AGRO: ICRA Keeps B Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of R.K. Agro Industries in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based- 3.00 [ICRA]B (Stable) ISSUER NOT Cash Credit COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Fund Based- 2.89 [ICRA]B (Stable) ISSUER NOT Term Loan COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Unallocated 0.29 [ICRA]B(Stable)/[ICRA]A4; ISSUER NOT COOPERATING; Continues to remain under the 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding R.K. Agro Industries's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with R.K. Agro Industries, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Halvad (Gujarat)-based, R.K. Agro Industries (RKAI) was established in 2008 and it processes and sorts various agricultural products with use of optical sortex machines,with wheat being the major product. In FY2016 and FY2017, the firm incurred capex towards expansion of plant capacity by installing Buhler sortex machines and is currently equipped with a processing capacity of 12 metric tonne (MT) of wheat per hour, translating into 32,400 MTPA. RAMKUMAR MILLS: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Ramkumar Mills Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 19.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based/CC COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term- 1.59 [ICRA]B+ (Stable) ISSUER NOT Fund Based TL COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Short Term- 4.00 [ICRA]A4 ISSUER NOT COOPERATING; Non Fund Based Rating continues to remain under 'Issuer Not Cooperating' Category Long Term/ 0.80 [ICRA]B+ (Stable)/[ICRA]A4 ISSUER Short Term- NOT COOPERATING; Rating continues Unallocated to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Ramkumar Mills Private Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Ramkumar Mills Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. RMPL is a family-owned, closely managed company engaged in the processing of cotton and various blended fabrics for the export as well as the domestic segments. It also has ISO9001:2008 certification for its manufacturing process. The company, incorporated in 1947 by late Mr. Y S Nanjaiah Setty and Mr. Y S Adinarayana Setty, had begun a spinning mill and subsequently started manufacturing and processing of textiles. Overall, the promoting family has more than seven decades of experience in cotton textile manufacturing business. Apart from the fabric processing business, RMPL is also engaged in real estate development through a joint venture with another affiliate firm –M/s Sumangala Properties. RATHI FEEDS: CRISIL Keeps C Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Rathi Feeds India Private Limited (RFPL; part of the Rathi group) continue to be 'CRISIL C Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 11.45 CRISIL C (Issuer Not Cooperating) Proposed Long Term 3.75 CRISIL C (Issuer Not Bank Loan Facility Cooperating) Term Loan 2.80 CRISIL C (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RFPL 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 RFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RFPL continues to be 'Crisil C Issuer not cooperating'. About the Group RHPL and GPPL are engaged in poultry breeding, hatching and broiling, and RFPL in feed processing. RHPL was set up in 2003 by the Haryana-based Mr. Krishan Rathi and his family members as a hatchery-cum-broiler unit. It has day-old chick breeder farms with capacity of 220,000 parent birds in Jind Haryana). GPPL, set up in 2012, also owns a hatchery-cum-broiler unit. It has day-old chick breeder farms with capacity of 150,000 parent birds in Jind. RFPL was set up in 2008 and is a feed processing unit and meets the group's feed requirements. The group internally consumes around 60 per cent of feed processed by RFPL and sells the balance in the open market. Its feed processing capacity is 200 tonne per day. RAVINDRA RICE: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of Ravindra Rice and General Mills (RRGM) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 16.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RRGM 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 RRGM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RRGM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RRGM continues to be 'Crisil D Issuer not cooperating'. RRGM is a partnership firm promoted by Mr. Ravindra and his family members. The firm is primarily involved in milling of Basmati rice. It is also involved in converting semi-processed rice into parboiled Basmati rice. RRGM's milling unit is based out of Jalalabad district, Ferozpur in close proximity to the local grain market. ROSEBERRY DEVELOPERS: ICRA Withdraws D Rating on INR300cr NCDs -------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the proposed non-convertible debenture of Roseberry Developers Private Limited (RDPL), at the company's request, and in accordance with ICRA's policy on withdrawal of credit ratings. ICRA does not have information to suggest that the credit risk has changed since the time the rating was last reviewed. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Proposed 300.00 [ICRA]D; ISSUER NOT COOPERATING; non-onvertible Withdrawn debenture The key rating drivers, liquidity position, rating sensitivities and key financial Indicators have not been captured as the rated instruments are being withdrawn. RDPL was incorporated in 2007. It was initially a part of the Shipra Group. In 2019, the company was acquired by the Saya Group through its entity, Saya Cementation Limited. Subsequently, in May 2025, the shareholding structure was reconstituted, pursuant to which 50% of the equity was acquired by the Harmony Group through Harmony Infra Ventures Private Limited, while the balance 50% stake is held by the Saya Group (Mr. Vikas Bhasin). RDPL owns a land parcel of approximately 1.93 acres in Indirapuram, Ghaziabad, on which residential project – Horizon Residences, is being developed. The project will comprise 264 luxury residential units with an aggregate saleable area of approximately 1.07 million square feet. The project is registered under RERA in October 2025, with the stipulated completion in February 2030. S.K. AGROS: ICRA Lowers Rating on INR9.50cr LT Loan to C -------------------------------------------------------- ICRA has downgraded the ratings of S.K. Agros in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]C; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 9.50 [ICRA]C; ISSUER NOT COOPERATING; Fund Based- Rating downgraded from Cash Credit [ICRA]B(Stable); ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Long Term- 0.50 [ICRA]C; ISSUER NOT COOPERATING; Fund Based- Rating downgraded from Term Loan [ICRA]B(Stable); ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category The ratings are downgraded based on the information available internally (CIBIL Database) regarding S.K. Agros's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with S.K. Agros, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. S.K. Agros is a partnership firm, engaged in the business of milling, processing and selling of basmati rice, and has a fully automated plant at Fazilka (Punjab) which has a milling capacity of 4 tonnes per hour. The byproducts of basmati rice viz husk, rice bran and 'phak' are sold in the domestic market. SHRI TRADCO: Liquidation Process Case Summary --------------------------------------------- Debtor: Shri Tradco Deesan Private Limited 26, Anantwadi, 4th Floor, Bhuleshwar, Mumbai, 400002 Liquidation Commencement Date: May 15, 2026 Court: National Company Law Tribunal, Mumbai Bench-V Liquidator: Akhil Ahuja Floor No. 8, Flat No. 803, Chandak Cornerstone, David S Barreto Road, Upper Worli, Mumbai, Maharashtra, 400018 Email: caakhilahuja@gmail.com Mavent Restructuring Services LLP S-376, Panchseel Park, New Delhi - 110017 Email: liq.tradcodesan@gmail.com Last date for submission of claims: June 14, 2026 SIDDARTH ORGANISATION: ICRA Keeps B+ Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Siddarth Organisation in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 2.16 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term/ 7.84 [ICRA]B+ (Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under issuer not cooperating category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Siddarth Organisation's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Siddarth Organisation, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Siddarth Group (SG) was established in 1984 in Jaipur. Siddarth Group is engaged in the manufacturing of ladies garments, kids garments, scarfs and fashion accessories. Siddarth Group comprises of three Independent units producing Ladies and Children Garments namely Siddarth Organisation, Siddarth Organisation Limited and Siddarth Intercraft Private Limited. The factory is geared up to deliver 2 million Garments annually. The company is engaged in manufacturing and trading of garments primarily for women (such as kurtis, cardigans, tops, coats, tunics, leggings, dresses, pants, leggings & salwar kameez). The company caters to mid-range of products with price range of the products varying from Rs 500-Rs 5000 per piece.The company's brand portfolio includes products that range from affordable and mass-market to luxurious, highend styles that cater to every age group, from children to women. Siddarth Group has four Brands -Paprika, Surasa, Jaipuri Kurti, Chickpea. SUPRABHA PROTECTIVE: ICRA Withdraws B+ Rating on INR27cr LT Loan ---------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Suprabha Protective Products Private Limited, at the request of the company and based on the No Objection Certificate/ Closure Certificate received from its lenders and in accordance with ICRA's policy on withdrawal. However, ICRA does not have information to suggest that the credit risk has changed since the time the rating was last reviewed. The Key Rating Drivers and their Description, Liquidity Position, Rating Sensitivities have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 27.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Cash Credit Long Term- 3.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Term Loan Long Term (15.00) [ICRA]B+ (Stable) ISSUER NOT Interchangeable COOPERATING; Withdrawn Limits Short Term- (7.40) [ICRA]A4 ISSUER NOT Interchangeable COOPERATING; Withdrawn limits Incorporated in 1989 and promoted by Mr. Prabhakar Bantwal and Mrs. Sumalata Bantwal, Suprabha Protective Products Pvt Ltd (SPPL) manufactures eco-friendly, anti-corrosion products and provides end-to-end packaging solutions. The company has manufacturing facilities in Saswad near Pune. TRIMURTHI HITECH: ICRA Keeps C+ Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Trimurthi Hitech Company Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]C+; ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 4.75 [ICRA]C+; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short Term- 2.75 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category Long Term/ 2.50 [ICRA]C+/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under issuer not cooperating category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Trimurthi Hitech Company Private Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Trimurthi Hitech Company Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Trimurthi Hitech Company Pvt Ltd was incorporated in the year 1989 by Mr B.L Kabra and Mr Sundeep Kabra who have close to two decades of experience as EPC contractors for various government projects. The company predominantly takes up electrification works for railway projects in southern India. By virtue of the long standing experience of the promoters in execution of such projects, the company is prequalified to take up overhead electrification works, high voltage substation contracts and civil tenders for government projects. UJAAS ENERGY: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Ujaas Energy Limited (UEL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - CRISIL D (ISSUER NOT COOPERATING) Short Term Rating - CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with UEL 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 UEL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on UEL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of UEL continues to be 'Crisil D/Crisil D Issuer not cooperating'. UEL, formerly M and B Switchgears Pvt Ltd, was incorporated in 1979. The company is engaged in the sale of solar power and setting up solar projects across three segments: engineering procurement and construction, solar park, and rooftop. It also provides operations and maintenance services for these assets. The company has an installed capacity of 14 megawatt (MW) of solar power; over the years, it has set up more than 235 MW of solar power plants. UEL has also recently ventured into the electric two-wheeler industry by launching E-Spa. Mr Shyam Sunder Mundra is the promoter, and operations are managed by his sons, Mr Vikalp Mundra and Mr Anurag Mundra. ZINZUWADIA BROTHERS: ICRA Keeps B+ Debt Rating in Not Cooperating ----------------------------------------------------------------- ICRA has kept the Long-Term rating of Zinzuwadia Brothers Jewellers in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 8.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Zinzuwadia Brothers Jewellers's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Zinzuwadia Brothers Jewellers, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Zinzuwadia Brothers Jewellers (ZBJ) was established in 1969, as a wholesaler and trader of gold, silver jewellery with operations based in Ahmedabad. The firm entered the retail jewellery business in 1993 with first retail store in C G Road, Ahmedabad and continued trading operations as well as through a sister concern called Zinzuwadia & Co. The firm is a part of the Zinzuwadia group which consists of 6 showrooms in Ahmedabad.However, the trading operations were discontinued from 2013 following the separation of the sister concern and the firm is currently engaged only in retail sale of gold, silver and diamond jewellery. The firm currently operates out of its 2100 sq. ft. showroom in C.G. Road with workforce 20 trained personnel. ========= J A P A N ========= UNIVERSAL ENTERTAINMENT: S&P Affirms 'B-' LT ICR, Outlook Now Neg. ------------------------------------------------------------------ S&P Global Ratings has revised down to negative from stable the outlook on its long-term issuer credit rating on Universal Entertainment Corp. S&P affirmed its 'B-' long-term issuer credit rating and long-term senior debt rating on the company. UE's EBITDA has consistently fallen short of S&P's expectations due to weak performance of its casino resort business in the Philippines. S&P believes the company's debt burden is likely to remain extremely high. S&P said, "The downturn in Universal Entertainment's (UE) casino resort business is highly likely to continue, in our view. Continuing stiff competition in the Philippines and rising inflation amid the Middle East war increase the likelihood of weak casino performance. "We estimate that annual EBITDA for the business will likely remain around the JPY10 billion level of fiscal 2025 (ended Dec. 31, 2025). This is significantly below our previous estimate of JPY15 billion-"16 billion. Amid difficult business conditions, UE recorded an impairment loss of about JPY220 billion in fiscal 2025. It is highly likely that recovery in the Japanese game machine business will not offset deterioration in the casino resort business. We expect annual EBITDA to stabilize at around JPY16 billion in the Japanese pachinko and pachislot machine business, which accounts for about half of UE's total sales. This is thanks to measures to stabilize machine sales and profitability. However, sluggish performance of the casino resort business will likely outweigh the improvement. Overall EBITDA will likely be just below JPY20 billion, well below our previous estimate of JPY24 billion-JPY25 billion. "We believe the debt burden will remain very heavy due to weak companywide performance. We expect the debt-to-EBITDA ratio to be around 10x for the next year or so (including lease obligations and without deducting cash and deposits). This compares significantly unfavorably with our previous estimates. The ratio for fiscal 2025 was over 11x. "We believe there is a growing risk of liquidity deteriorating. This is despite the company's cash and deposits on hand increasing to about JPY40 billion in fiscal 2025 as a result of increased bank borrowings by its subsidiary in the Philippines. "Overall business performance is sluggish, in our view. The company has heavy interest charges of around JPY15 billion per year, and we assume it will face an expenditure burden of around JPY9 billion per year for capital renewal investments in the casino resort business. We therefore estimate that free operating cash flow (FOCF) will likely remain negative, and cash and deposits on hand are likely to further decline. We also believe that the high debt burden may make it difficult for the company to refinance US$400 million due in August 2029. "We do not foresee UE having any major cash flow problems in the coming few quarters. This is because it has less than JPY5 billion of debt due over the next 12 months in its long-term fund, which consists of bonds and loans totaling more than JPY130 billion. "We rate UE's long-term unsecured senior bonds at the same level as our long-term issuer credit rating on the company. We see a low possibility of the bonds being significantly subordinated to bank loans of subsidiaries that are secured debt. The ratio of total debt to secured debt and subsidiaries' debt, which are structurally subordinated to senior unsecured bonds, was slightly above 50% at the end of March 2026. We expect the ratio will gradually decline as scheduled repayments of the bank loans progress. "If we come to determine that the priority debt ratio is likely to remain at or above 50%, for example if the company further increases secured bank loans, or if we determine that the prospects for smooth repayment or refinancing of the bonds have diminished, we may lower the rating on the bonds by one notch from the long-term issuer rating. "The negative outlook reflects our view that UE's debt burden remains very heavy due to sluggish companywide performance. The outlook also reflects our view that the company has only a small amount of debt due over the next 12 months and that the risk of a significant deterioration in liquidity is low. "We will consider a downgrade if we believe the likelihood of any of the scenarios below has increased in the next six to 12 months or so." EBITDA and cash flow do not recover, and debt repayment capacity deteriorates significantly. Specifically, if FOCF remains in deficit or consolidated cash and deposits on hand fall below JPY25 billion. There is a greater likelihood that liquidity will deteriorate or that existing debt will run afoul of financial covenants. Additionally, S&P may lower the rating on the unsecured long-term senior bonds by one notch from the long-term issuer credit rating if any of the following expectations strengthen: -- S&P determines that the company is likely to keep its priority debt ratio at 50% or more by, for example, increasing secured bank loans. -- The prospect of a smooth repayment or refinancing of the bonds is likely to decline as, for example, cash flow does not recover. S&P may consider revising up the outlook to stable if it believes the likelihood of all the following prospects: -- Its debt-to-EBITDA ratio improves significantly as profitability of the gaming machines and casino resort businesses recover significantly. -- Consolidated cash and deposits on hand continues to increase, with free cash flow in the black and prudent use of cash and deposits on hand. -- It maintains sufficient liquidity. =============== M O N G O L I A =============== MONGOLIAN MORTGAGE:S&P Alters Outlook to Neg., Affirms 'B-' LT ICR ------------------------------------------------------------------ S&P Global Ratings revised its outlook on long-term issuer credit rating on Mongolian Mortgage Corp. HFC LLC (MIK) to negative from stable. S&P affirmed its 'B-' long-term and 'B' short-term issuer credit ratings on the Mongolia-based housing finance company. S&P also affirmed its 'B-' long-term foreign currency issue rating on the company's outstanding U.S. dollar-denominated senior unsecured notes due Jan. 18, 2027. MIK faces heightened near-term liquidity risk, given an outstanding US$141.4 million in U.S. dollar-denominated senior unsecured notes will come due on Jan. 18, 2027. The company's three consecutive years of net losses in 2023-2025 materially undermined its debt-servicing capacity. S&P also believes the likelihood of extraordinary government support to MIK has weakened, albeit it is at a high level, in view of the company's continuously worsening capital structure. S&P said, "We believe MIK's debt-servicing capacity has materially weakened. This follows sizable net losses in 2023-2025 (cumulative of about US$51.7 million, return on average assets of -7.9% on average), which eroded its shareholders' equity. As a result, MIK faces a refinancing or payment risk related to the outstanding US$141.4 million notes due in January 2027. We therefore revised downward our assessment of the company's stand-alone credit profile to 'ccc' from 'ccc+'. "Although the 'B-' long-term rating on MIK still factors in high extraordinary government support, we view the likelihood of support has somewhat weakened. Further escalation of refinancing or payment risk could also indicate a weakening of government support, in our view." MIK's liquidity-provider business will continue incurring losses due to high funding costs. In this business, MIK purchases nonsubsidized residential and commercial mortgage receivables from financial institutions, using proceeds from debt issuance or borrowings, and hold on its balance sheet. S&P estimates the funding cost on the U.S. dollar-denominated notes at about 20%, based on the coupon rate of 11.5% and cross-currency swap cost of 8%-9% for conversion into Mongolian tugrik. This is moderately higher than the company's overall asset yields. The outstanding U.S. dollar notes account for about 87% of MIK's total debt. While MIK generates steady fees from the securitization business, the contribution to the total revenue is only about a quarter in recent years. S&P regards this securitization business as the key policy function where the company purchases residential mortgages disbursed under the subsidized mortgage program led by the Mongolian government. MIK offloads the purchased mortgage receivables to special-purpose companies as true sales and securitizes them under a pass-through structure. S&P considers MIK's bond repurchases as liability management to reduce interest expense. MIK has repurchased portions of the bond in a series of open-market transactions, which reduced the outstanding balance to about US$141.4 million, from initial principal of US$225 million. S&P said, "In our view, the likelihood of extraordinary government support to MIK has fallen. We now assess this likelihood as high, compared to very high previously. We believe MIK continues to play a very important role as the only authorized issuer of residential mortgage-backed securities in the country. We expect the government to remain committed to promoting the program, given the significance of housing finance to the economy and financial system. "However, we view the link between MIK and the government as strong, weaker than our previous expectation of very strong, given the absence of preemptive support measures despite the significant deterioration in the company's capital structure." The government indirectly owned about 17% of MIK Holding JSC, the parent of MIK, through Development Bank of Mongolia LLC and State Bank JSC as of end-March 2026. S&P said, "The negative outlook on the long-term issuer credit rating reflects our view that MIK faces rising refinancing risk related to its senior unsecured notes maturing in January 2027. The company's financial commitments appear unsustainable, considering its vulnerable capital structure. "We could lower the ratings on MIK by multiple notches if the company fails to make material progress in addressing its upcoming note maturity, increasing the likelihood of a distressed debt restructuring within six months." S&P could also downgrade MIK if it lowers the sovereign credit ratings on Mongolia. This could happen if: -- Mongolia's economic growth trajectory is derailed, curbing economic growth to unexceptional levels when compared with economies at similar levels of average income; or -- Mongolia's fiscal policy anchors weaken, resulting in persistently wider deficits and an increase in net general government debt to more than 30% of GDP. S&P could revise the outlook to stable if MIK successfully refinances or redeems the maturing outstanding notes in a manner that it does not view as distressed. ===================== N E W Z E A L A N D ===================== BMC SOLUTIONS: Court to Hear Wind-Up Petition on June 4 ------------------------------------------------------- A petition to wind up the operations of BMC Solutions (PN) Limited will be heard before the High Court at Palmerston on June 4, 2026, at 10:00 a.m. New Zealand Transport Agency filed the petition against the company on March 10, 2026. The Petitioner's solicitor is: Janko Marcetic Chapman Tripp Level 34, PwC Tower 15 Customs Street West Auckland LDW LIMITED: Court to Hear Wind-Up Petition on June 18 ------------------------------------------------------ A petition to wind up the operations of LDW Limited will be heard before the High Court at Auckland on June 18, 2026, at 10:00 a.m. Chunyan Hu and Deli Xu filed the petition against the company on May 4, 2026. The Petitioner's solicitor is: James Ryan Claymore Partners Limited Level 2, Claymore House 63 Fort Street Auckland 1010 LINK LAKESIDE: Commences Wind-Up Proceedings -------------------------------------------- Members of Link Lakeside Holdings Limited on May 20, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Grant Reynolds Reynolds & Associates Limited PO Box 259059 Botany Auckland 2163 MCCAIN ANZ: Rejects Hawke's Bay Mayors' Call to Delay Plant Closure ------------------------------------------------------------------- Radio New Zealand reports that McCain Foods has turned down a request from Hawke's Bay mayors asking for a pause on the factory's closure while growers try to find a solution for a possible take over. More than 100 growers are impacted by McCain closing its frozen vegetable factory in Hastings, a decision the company said it made after reviewing operations and being "unable to identify a sustainable pathway under the current model," RNZ relates. Last week, Hastings District mayor Wendy Schollum and Central Hawke's Bay mayor Will Foley wrote to McCain Foods requesting an eight-week pause on any major changes to the company's Hawke's Bay processing plant while growers explore the potential for an independent feasibility study into the future of the sector. But McCain told RNZ it will not be doing that. "McCain has advised the Hastings Council and the Central Hawke's Bay District Council that we are unable to commit to their request to pause the closure of our Hastings vegetable processing plant to allow an 8-week feasibility study of the industry to occur. "Prior to receiving the councils' request, McCain had listed the site for commercial sale and a process is currently underway for the site's sale. Our Hastings team has already commenced decommissioning certain plant equipment," a spokesperson said. RNZ relates that McCain said since announcing the closure, it has been approached by several parties about the site, including from growers. "We have engaged genuinely and constructively to respond to these parties' preliminary enquiries but these discussions have not progressed further. "McCain understands this is a challenging time for the vegetable processing industry in the Hastings region. McCain remains committed to New Zealand and to supporting our Hastings team members," the company said. Hastings mayor Wendy Schollum told RNZ it was not the outcome they had hoped for. "Obviously we were hoping for a different response . . . because the stakes are so high for our community here. "McCain has now given us a clear answer and we respect that. The focus now has to be what options remain for growers, workers and the whole food processing sector," she said. Ms. Schollum said growers were not deterred by McCain refusing to pause its process of closing down. "There is a group of growers who are seriously looking at putting in a conditional offer and so our advocacy remains with working with government to see if we can get that support to give growers the confidence to seriously look at backing themselves in investing in our local economy in this way," RNZ quotes Ms. Schollum as saying. McCain said its potato operations and other ANZ facilities were not impacted by this decision, including the Timaru facility, and it would continue to invest in areas that strengthen its long-term presence in the region, RNZ adds. McCain ANZ (Australia and New Zealand) is the regional division of McCain Foods, a Canadian manufacturer of frozen potato and appetizer products. They supply locally grown frozen chips, vegetables, and snacks to restaurants, pubs, and quick-service venues across both countries. In late March 2026, it was announced McCain ANZ would be closing the Hastings, New Zealand vegetable processing plant on Jan. 31, 2027. SHARP STRUCTURES: Creditors' Proofs of Debt Due on July 20 ---------------------------------------------------------- Creditors of Sharp Structures Limited are required to file their proofs of debt by July 20, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 20, 2026. The company's liquidator is: David Edward Thomas Don't Be Limited c/o 13C/65 Chapel Street Tauranga Central Shopping Centre WILD POPPIES: Creditors' Proofs of Debt Due on June 20 ------------------------------------------------------ Creditors of Wild Poppies Limited are required to file their proofs of debt by June 20, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 19, 2026. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 [] NEW ZEALAND: 772 Corporate Insolvencies Recorded in Q1 of 2026 ----------------------------------------------------------------- Radio New Zealand reports that business insolvencies may have peaked, but an improvement in the numbers should not be mistaken for a full recovery, according to an insolvency service. According to RNZ, BWA Insolvency's quarterly report showed 772 insolvencies recorded in the first quarter of the year, down 17 percent from the final three months of last year. However, it was 14 percent higher than the same quarter last year, indicating firms remained under pressure. RNZ relates that BWA Insolvency's principal, Bryan Williams, expected to see the economic impact of the Middle East crisis to be reflected in the numbers later this year. "There is always a latency with regard to insolvent circumstances or formal states of insolvency," the report quotes Mr. Willians as saying. "It's inevitable that will work its way through to a point where people will either be able to meet those incremental costs or not and they won't survive. But they'll be floating on reserves at this point." However, Mr. Williams said it was important to note the economic shock was driven by external factors. "When offshore conditions stabilise, the relief here will be felt quickly, although a full return to normality will take time as prices and supply rebalance." RNZ adds that Mr. Williams said the food and beverage sector remained strained despite a quarterly improvement. Food and beverage insolvencies fell 36 percent compared to the fourth quarter of 2025, but up 31 percent on the first quarter of last year. Construction recorded the highest number of insolvencies by volume, with 215 cases in the first quarter. "Consumer-facing sectors will find the next few months difficult," Mr. Williams said. "The hardest hit will be those that rely on discretionary spending for incidentals, with that demand likely to drop significantly," he said. ================= S I N G A P O R E ================= CONVERSANT PARTNERS: Creditors' Meetings Set for June 12 -------------------------------------------------------- Conversant Partners Pte. Ltd., Conversant Solutions Pte. Ltd. and Conversant Global Pte. Ltd. will hold a meeting for its creditors on June 12, 2026 (Conversant Partners), and June 11, 2026 at 10:00 a.m., 10:30 a.m., and 2:30 p.m. via audio-visual conference. Agenda of the meeting includes: a. to receive a full statement of the company's affairs together with a list of creditors and the estimated amount of their claims; b. to appoint liquidators; c. to form a committee of inspection of not more than 5 members, if thought fit; and d. any other business. Joshua James Taylor and Chew Ee Ling of Alvarez & Marsal (SE Asia) were appointed as provisional liquidators of the Companies on May 18, 2026. ESMEGEN COMMUNICATIONS: Court Enters Wind-Up Order -------------------------------------------------- The High Court of Singapore entered an order on May 15, 2026, to wind up the operations of Esmegen Communications Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Mr. Gary Loh Weng Fatt Mr. Dev Kumar Harish Nandwani c/o BDO Advisory Pte. Ltd. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 GRACE OCEAN: Bid to Stay Proceedings Nixed; June 1 Trial to Proceed ------------------------------------------------------------------- U.S. District Judge James K. Bredar, on May 21, 2026, denied a motion filed by Grace Ocean Private Limited and Synergy Marine Pte Ltd to stay civil proceedings related to the containership Dali's destruction of Baltimore's Francis Scott Key Bridge. The owner and operator of the Dali had asked the U.S. District Court in Baltimore on May 18, 2026, to pause the civil trial following the Department of Justice's unsealing of related criminal charges. The companies highlighted that the criminal and civil cases arise out of the same facts and circumstances. However, Judge Bredar ruled that Phase 1 of the civil trial will proceed as scheduled on June 1, 2026. Prior to this, Judge Bredar, who is presiding over the sprawling civil litigation, has admonished all the parties after more than a year of discovery that the trial should move forward on June 1, the Troubled Company Reporter-Asia Pacific reported, citing The Maritime Executive. It is scheduled to run at least two weeks, with the judge first considering the claim for limiting the liabilities and then apportioning the claims. It is scheduled for a bench trial without a jury. The civil case has been pending for two years, with Grace Ocean and Synergy Marine seeking to limit their liability to the value of the vessel and its cargo, notes The Maritime Executive. The families of the six roadworkers killed when the bridge collapsed, as well as the City of Baltimore, businesses hurt by the port closure and loss of the vital roadway, and others, are seeking civil damages. The State of Maryland had settled its portion of the civil claim for a record $2.25 billion. About Grace Ocean Singaporean companies Grace Ocean Private Limited and Synergy Marine Pte Ltd are the owner and manager, respectively, of MV Dali. On March 26, 2024, the Dali catastrophically allided with the Francis Scott Key Bridge, precipitating its immediate downfall, claiming lives, ravaging local property, and crippling economic lifeline at the Baltimore Harbor. Since the disastrous allision, commercial activities in and around Baltimore have virtually come to a standstill. It could take several years for the area to recover fully. The Francis Scott Key Bridge was a 1.6-mile span over the Patapsco River at the outer crossing of the Baltimore Harbor. NAN JING: Court Enters Wind-Up Order ------------------------------------ The High Court of Singapore entered an order on May 15, 2026, to wind up the operations of Nan Jing Food Trading Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Mr. Gary Loh Weng Fatt Mr. Dev Kumar Harish Nandwani c/o BDO Advisory Pte. Ltd. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ONEANALYTIX PTE: Court Enters Wind-Up Order ------------------------------------------- The High Court of Singapore entered an order on May 15, 2026, to wind up the operations of Oneanalytix Pte. Ltd. Oneempower Pte Ltd filed the petition against the company. The company's liquidators are: Abuthahir S/O Abdul Gafoor Yessica Budiman c/o AAG Corporate Advisory Pte Ltd 11 Collyer Quay #07-02 The Arcade Singapore 049317 SWIFTSERVE PTE: Creditors' Meeting Set for June 12 -------------------------------------------------- Swiftserve Pte. Ltd. will hold a meeting for its creditors on June 12, 2026, at 11:30 a.m., at 126 Beach Road, Guoco Midtown Network Hub, Level 2, in Singapore and by way of electronic means through an audio-visual conference. Agenda of the meeting includes: a. to receive a full statement of the company's affairs together with a list of creditors and the estimated amount of their claims; b. to appoint liquidators; c. to form a committee of inspection of not more than 5 members, if thought fit; and d. any other business. Joshua James Taylor and Chew Ee Ling of Alvarez & Marsal (SE Asia) were appointed as provisional liquidators of the Company on May 18, 2026. ===================== S O U T H K O R E A ===================== SK INNOVATION: To Sell Loss-Making Separator Unit to Semcorp ------------------------------------------------------------ Yicai Global reports that South Korean energy giant SK Innovation will sell its loss-making lithium battery separator assets in China to Yunnan Energy New Material, better known as Semcorp, for CNY400 million (USD59 million). According to Yicai, Semcorp will acquire a 100 percent stake in SK Hi-Tech Materials from SK Innovation's electric vehicle battery subsidiary SK IE Technology, the Chinese lithium battery separator giant announced late on May 27. The final price will be adjusted based on the balance sheet of the target asset on the closing date of the deal. SK High-Tech Materials operates SKIET's lithium battery separator plant in Changzhou, China's eastern Jiangsu province, with an annual production capacity of around 940 million square meters. It has eight base film production lines and 10 coating production lines for active material application. SK Innovation and its affiliates are the plant's main customers. Yicai relates that the acquisition will help the company rapidly expand its existing production capacity, slash the time required for self-built capacity expansion, reduce capital and time costs for capacity projects, take on more separator orders, and meet demand from downstream clients, Semcorp noted. SK High-Tech Materials has been in the red for the past two years, Yicai notes. It posted net losses of CNY388 million in 2024 and CNY438 million in 2025, with revenues of CNY477 million and CNY454 million, respectively. Its net assets totaled CNY1.9 billion (USD280.1) at the end of last year. Yicai says the target asset is equipped with sound production equipment, but weak market expansion and excessive customer concentration have long kept its operating rate at a low level, pushing up its production cost per unit and resulting in sustained losses, Semcorp explained. Once the deal is closed, Semcorp will leverage its established customer network, scale advantages, cost control capabilities, and core research and development technologies to address the root causes of SK High-Tech Materials' prolonged losses, thus revitalizing it and unlocking its production potential, the firm added. This divestment is part of SKIET's ongoing restructuring of its lithium battery and raw material businesses. The company also plans to shut down its South Korean plant by the end of the year and consolidate all lithium battery separator production at its facilities in Poland, The Asia Business Daily reported on May 27. About SK Innovation SK Innovation Co., Ltd. is engaged in the exploration and production of liquefied natural gas and petroleum in South Korea and internationally. As reported in the Troubled Company Reporter-Asia Pacific in early March 2026, Moody's Ratings has affirmed the Ba1 corporate family rating for SK Innovation Co. Ltd. (SKI) and maintained the negative outlook. In March 2024, S&P Global Ratings lowered its long-term issuer credit rating on SK Innovation Co. Ltd.'s (SKI) and its wholly owned subsidiary SK Geo Centric Co. Ltd. (SKGC) to 'BB+' from 'BBB-'. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***