260601.mbx

260601.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 Monday, June 1, 2026, Vol. 29, No. 108 Headlines A U S T R A L I A BLACKWATTLE SERIES NO.7: S&P Assigns Prelim B(sf) Rating to F Notes CAR STORAGE: First Creditors' Meeting Set for June 5 COGWORKS PTY: First Creditors' Meeting Set for June 8 CORPORATE TRAVEL: ASIC Investigates Company and Directors DYLAN TOWNER: First Creditors' Meeting Set for June 5 ENDEAVOUR GROUP: To Sells Some Key Vineyards, Shut Bottling Plant FLEXICO PTY: First Creditors' Meeting Set for June 5 FLOAT DOCKS: First Creditors' Meeting Set for June 5 GREENSILL BANK: Insurance Australia Settles in Federal Court Case LA TROBE 2026-2: S&P Assigns B (sf) Rating to Class F Notes MME PL 2026-1: Fitch Assigns 'Bsf' Final Rating to Class F Notes ONE RAIL: S&P Affirms 'BB' Issuer Credit Rating, Outlook Stable PROGRESS 2026-1: S&P Assigns BB (sf) Rating to Class E Notes SAPPHIRE XXXV 2026-2: S&P Assigns B (sf) Rating to Class F Notes TURQUOISE IV: S&P Affirms B+ (sf) Rating to Class F Notes C H I N A AIXIN LIFE: Christopher Lee Steps Down From Board, Committees AIXIN LIFE: Delays 10-Q Filing Due to Incomplete Financials CBAK ENERGY: Q1 Loss Widens to $9MM; Going Concern Doubt Persists RETO ECO-SOLUTIONS: Board Director Wei Steps Up to Chief Executive I N D I A AMEYA PRECISION: CRISIL Keeps B Debt Rating in Not Cooperating AMMAN CARS: CRISIL Keeps B Debt Ratings in Not Cooperating CREATIVE LIMITED: CRISIL Keeps D Debt Ratings in Not Cooperating DHRUVTARA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating EMERALD JEWEL: CRISIL Keeps B Debt Rating in Not Cooperating FINSTONE GRANITO: CRISIL Keeps D Debt Ratings in Not Cooperating GRANDCITY HOSPITALITY: CRISIL Keeps D Ratings in Not Cooperating GUDIMETLA SUNDARA: CRISIL Keeps D Debt Ratings in Not Cooperating GYAN FRUIT: CRISIL Keeps B Debt Rating in Not Cooperating KSD ZONNE: CRISIL Keeps B Debt Rating in Not Cooperating Category M VENKATACHALAPATHI: ICRA Keeps B+ Ratings in Not Cooperating MAVERICK HOLDINGS: CRISIL Keeps D Debt Ratings in Not Cooperating OKARA ROADLINES: CRISIL Keeps B Debt Ratings in Not Cooperating OM BALAJEE: CRISIL Keeps B Debt Ratings in Not Cooperating PC JEWELLER: CRISIL Keeps D Debt Ratings in Not Cooperating PONNU FOOD: CRISIL Keeps D Debt Ratings in Not Cooperating RAJA UDYOG: CRISIL Keeps B- Debt Ratings in Not Cooperating RATHI FEEDS: CRISIL Keeps C Debt Ratings in Not Cooperating RKS FUTURE: CRISIL Keeps B Debt Ratings in Not Cooperating SGK FLOURS: CRISIL Keeps B Debt Rating in Not Cooperating SIDDHBALI STEELS: Liquidation Process Case Summary SUMER BUILDCORP: Insolvency Resolution Process Case Summary SUMER RADIUS: Insolvency Resolution Process Case Summary TRIG DETECTIVES: Insolvency Resolution Process Case Summary VEDANSH PULSES: CRISIL Keeps B Debt Ratings in Not Cooperating VIDEOCON INDUSTRIES: Dhoot Takes Foreign Asset Dispute to SC VIRAJ STEEL: CRISIL Keeps B- Debt Rating in Not Cooperating VKC PLASTOMERS: CRISIL Keeps B Debt Rating in Not Cooperating J A P A N NISSAN MOTOR: Execs Receive JPY1.39BB Remuneration Despite Losses N E W Z E A L A N D AIR CHATHAMS: Seeks More Time to Repay Loan, Warns of Route Risk COSMETICS AND AESTHETICS: Creditors' Proofs of Debt Due on June 24 JCK HOLDINGS: Verona Cafe Owner Owes More Than NZD700k to Creditors MOANA PASIFIKA: Sign Off From Super Rugby With a Win MOUNT METAL: Court to Hear Wind-Up Petition on July 6 PROVOST MERCARI: Court to Hear Wind-Up Petition on June 18 WAIRAU DETAILING: Creditors' Proofs of Debt Due on June 22 YARD CARE: Creditors' Proofs of Debt Due on June 18 S I N G A P O R E CO ZONE: Court to Hear Wind-Up Petition on June 12 CURRY HUT: Court to Hear Wind-Up Petition on June 5 INDIAN PARU'S: Court to Hear Wind-Up Petition on June 5 MM2 ASIA: H2 Net Loss Widens to SGD166.6MM Amid Fair-Value Losses NATIONAL HEALTH: Court to Hear Wind-Up Petition on June 5 ORIGINAL PTE: Court Enters Wind-Up Order - - - - - ================= A U S T R A L I A ================= BLACKWATTLE SERIES NO.7: S&P Assigns Prelim B(sf) Rating to F Notes ------------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to eight classes of residential mortgage-backed securities (RMBS) to be issued by Permanent Custodians Ltd. as trustee for Blackwattle Series RMBS Trust No.7. Blackwattle Series RMBS Trust No.7 is a securitization of prime residential mortgage loans originated by Sintex Consolidated Pty Ltd. The preliminary ratings assigned reflect the following factors. The credit risk of the underlying collateral portfolio and the credit support provided to each class of notes are commensurate with the ratings assigned. Credit support is provided by subordination, lenders' mortgage insurance (LMI), and excess spread. S&P's assessment of credit risk takes into account Sintex's underwriting standards and approval process, the servicing quality of Sintex, and the support provided by the LMI policies on 0.7% of the loan portfolio. The rated notes can meet timely payment of interest and ultimate repayment of principal under the rating stresses. Key rating factors are the level of subordination provided, the interest-rate swap, the loss reserve, the liquidity facility, the principal draw function, and the provision of an extraordinary expense reserve. Our analysis is on the basis that the notes are fully redeemed by their legal final maturity date, and S&P assumes the notes are not called at or beyond the call-option date. S&P said, "Our ratings also consider the counterparty exposure to Westpac Banking Corp. as interest-rate swap provider, bank account provider, and liquidity facility provider. An interest-rate swap will be provided to hedge the mismatch between the fixed-rate mortgage loans and the floating-rate obligations on the notes. As of closing, there will be no fixed-rate loans in the portfolio. The transaction documents for the swap and facilities include downgrade language consistent with our counterparty criteria. "We have also factored into our ratings the legal structure of the trust, which is established as a special-purpose entity and meets our criteria for insolvency remoteness." Preliminary Ratings Assigned Blackwattle Series RMBS Trust No.7 Class A1-S, A$175.00 million: AAA (sf) Class A1-L, A$250.00 million: AAA (sf) Class A2, A$43.25 million: AAA (sf) Class B, A$11.20 million: AA (sf) Class C, A$10.50 million: A (sf) Class D, A$4.90 million: BBB (sf) Class E, A$2.40 million: BB (sf) Class F, A$1.00 million: B (sf) Class G1, A$0.85 million: Not rated Class G2, A$0.90 million: Not rated CAR STORAGE: First Creditors' Meeting Set for June 5 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Car Storage Partners Pty Ltd will be held on June 5, 2026, at 11:00 a.m. via Microsoft Teams. Andrew Michael Smith and Robert Allan Jacobs of Auxilium Partners were appointed as administrators of the company on May 25, 2026. COGWORKS PTY: First Creditors' Meeting Set for June 8 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Cogworks Pty Ltd will be held on June 8, 2026, at 2:00 p.m. at the offices of Worrells, at Level 15, 300 Queen Street, in Brisbane, QLD, and via Microsoft Teams. Christopher Richard Cook of Worrells was appointed as administrator of the company on May 27, 2026. CORPORATE TRAVEL: ASIC Investigates Company and Directors --------------------------------------------------------- The Australian Financial Review reports that the corporate regulator is investigating Corporate Travel Management and its directors for possible breaches of their duties and said it has refused any further extension to its trading halt, as the embattled travel company fights to return to the ASX board by the end of June. In a Senate hearing on May 29, deputy chairperson Sarah Court said the Australian Securities and Investments Commission was looking at "a range of different limbs of the issues" with Corporate Travel, including investigating its auditor PwC, the Financial Review relays. "In relation to CTM itself, the issue of the lodgement of financial reports and delays in providing up-to-date financial reports, you may be aware that CTM are late in filing more recent financial year records," Ms. Court said after confirming an active investigation was under way. "They have requested extensions from ASIC for the filing of those reports on a number of occasions and ASIC has refused now any further extensions. "From our perspective the financial year records are well overdue so we are considering action we might take in relation to that." The Financial Review relates that Ms. Court said the regulator was also reviewing Corporate Travel's announcements to the sharemarket since last year. "We have an open investigation looking at continuous disclosure issues and directors duties. The third limb that we are considering relates to the work that PwC did in relation to the audit of CTM over many years," she said. On May 27, The Australian Financial Review revealed that PwC had appointed legal firm Webb Henderson to investigate a whistleblower complaint alleging that the firm failed to properly audit Corporate Travel Management's accounts. Ms. Court said she expected the firms involved in investigating Corporate Travel would claim legal privilege over information that could help ASIC's probe. "We've got an active investigation under way and I can't help myself but wryly observe that having independent law firms appointed to do these reviews will inevitably mean that we'll be facing the same issues as we're facing with KPMG and that privilege will be claimed over the contents of that report," the Financial Review quotes Ms. Court as saying. A PwC spokeswoman said it was made aware of ASIC's investigation into Corporate Travel's auditing on May 28 and that it would "cooperate and provide assistance if and when required". Shares in Corporate Travel, which is chaired by Ewen Crouch, 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, according to the Financial Review. At that time, Corporate Travel claimed the issues Deloitte was investigating were non-cash in nature. In November, it admitted it had overcharged a customer – the British government – by AUD161 million for travel services. It called in forensic accounting specialists from KPMG UK to conduct a full investigation. In February, Corporate Travel chief executive Jamie Pherous said he would leave the company he founded in 1994 after the company admitted to the overcharging scandal, recalls the Financial Review. In April, Corporate Travel revealed it had known about the overcharging of the British government since 2022 and that the amount it owed had blown out to AUD242 million. However, it refused to release the full KPMG report to shareholders, instead blaming the issue on its UK chief executive Michael Healy and claiming it had relied on a document that "may have been inauthentic" to conclude that the British government did not want all of its money back. Before admitting the full extent of refunds due had swelled to AUD242 million, Corporate Travel said it was aiming to restate and issue its accounts and resume trading on the ASX by the end of this financial year, the Financial Review relays. Analysts noted at the time that Corporate Travel would have to negotiate staggered payments or potentially seek fresh capital, given its liabilities exceeded the amount of cash and credit available. Ms. Court said ASIC had been investigating the issues at Corporate Travel since last year, adds the Financial Review. About Corporate Travel Management Based in Brisbane, Australia, 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. DYLAN TOWNER: First Creditors' Meeting Set for June 5 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Dylan Towner Excavations Pty Ltd will be held on June 5, 2026, at 11:30 a.m. at the offices of Vincents, at Level 34, 32 Turbot Street, in Brisbane, QLD and via Microsoft Teams. Nick Combis of Vincents was appointed as administrator of the company on May 26, 2026. ENDEAVOUR GROUP: To Sells Some Key Vineyards, Shut Bottling Plant ----------------------------------------------------------------- ABC News reports that Endeavour Group, which owns Dan Murphy's and BWS, has announced it will step away from some key vineyards and wineries in South Australia, Victoria and Tasmania and close a major South Australian bottling plant. The ABC relates that the VinPac facility at McLaren Vale will shut at the end of the year, while its Angaston site in the Barossa will stay open. According to the ABC, Endeavour will retain key South Australian brands, including Chapel Hill from McLaren Vale, Riddoch Coonawarra and Krondorf Barossa, but sell off associated vineyards and facilities and instead source grapes from the market. In an statement published on the Endeavour Group website, the company positioned the announcement as a "strategic transformation of its Pinnacle Drinks business, repositioning the portfolio to focus on brands and regions that generate the strongest returns and resonate with customers". Australian Grape and Wine chief executive Lee McLean said the announcement was not a surprise given the state of the industry, the ABC relays. "Certainly, it's reflective of the conditions that the industry is facing at the moment more broadly," he said. It is not expected the move will have an impact on prices for consumers. The ABC relates that Mr. McLean said while much of the focus had been on the problems of inland wine-grape producing regions, such as the Riverland, Riverina and Murray Valley, the tough times were spreading to other regions. "What we are now seeing is that some of that pain has started to spread into more premium regions," the ABC quotes Mr. McLean as saying. "There is an oversupply situation, not just in commercial product but also in some of our more premium regions as well that needs to be addressed." According to McLaren Vale Wine Region chief executive Erin Leggat, the move indicates a lack of faith in wine production, even in some of Australia's most high-quality regions. "It's interesting to see someone like Endeavour, one of the most profitable companies in the Australian beverage market not seeing value in some of these iconic brands," Ms Leggat said. "It signals a little bit of a lack of faith in the region and where it's going. "That's where the disappointment has come, particularly for the community and the industry, to see one of the big players really pull out of their support for the region." The ABC adds that Ms Leggat said the closure of the VinPac facility might lead to job losses in the region and could drive up bottling costs at a time when small producers were already under pressure. "The wine industry is so competitive that these costs can't really be passed on to the consumer . . . so the industry has just been asked to absorb more and more and more costs, making it far less sustainable than it ever has been," the ABC quotes Ms. Leggat as saying. "People are really struggling. FLEXICO PTY: First Creditors' Meeting Set for June 5 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Flexico Pty Ltd will be held on June 5, 2026, at 10:30 a.m. via Microsoft Teams. Andrew Michael Smith and Robert Allan Jacobs of Auxilium Partners were appointed as administrators of the company on May 25, 2026. FLOAT DOCKS: First Creditors' Meeting Set for June 5 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Float Docks Australia Pty Ltd will be held on June 5, 2026, at 10:00 a.m. via Microsoft Teams. Andrew Michael Smith and Robert Allan Jacobs of Auxilium Partners were appointed as administrators of the company on May 25, 2026. GREENSILL BANK: Insurance Australia Settles in Federal Court Case ----------------------------------------------------------------- Bloomberg News reports that Insurance Australia Group Ltd. said it has agreed to a settlement of proceedings brought by Greensill Bank AG and its insolvency administrators. IAG said that the settlement won't have a material impact on its financial position, according to a statement on May 29. Terms of the settlement are confidential, it said, Bloomberg relays. According to Bloomberg, the Greensill Bank proceedings are a subset of the litigation against Insurance Australia and other parties in the Federal Court of Australia. They relate to policies issued by BCC Trade Credit Pty on behalf of Insurance Australia to Greensill entities. The face value of the claimed amounts was about AUD4 billion ($2.9 billion), the statement said. Bloomberg says the remaining proceedings brought by Credit Suisse and White Oak entities against Insurance Australia and other parties remain ongoing. The aggregate face value of those claims is around AUD3 billion and Insurance Australia continues to defend those proceedings. Greensill, once valued at AUD3.5 billion and founded by Lex Greensill, collapsed into insolvency in March 2021, sparking myriad legal disputes and regulatory investigations. About Greensill Greensill was an independent financial services firm and principal investor group based in the United Kingdom and Australia. It offered structures trade finance, working capital optimization, specialty financing and contract monetization. Greensill Capital Pty was the parent company for the Greensill Group. Greensill Capital (UK) Limited and Greensill Capital Management Company (UK) Limited both entered into administration on March 8, 2021. Greensill Limited entered into Creditors' Voluntary Liquidation on July 30, 2021. Greensill Capital Securities Limited entered into Creditors' Voluntary Liquidation on June 24, 2022. Greensill Capital Pty Limited was the parent company to the Greensill Group of which Greensill Capital (UK) Limited and Greensill Limited formed a part. It entered into administration in Australia on March 9, 2021 and then subsequently into liquidation in Australia on April 22, 2021. LA TROBE 2026-2: S&P Assigns B (sf) Rating to Class F Notes ----------------------------------------------------------- S&P Global Ratings assigned its ratings to eight of the 10 classes of residential mortgage-backed securities (RMBS) issued by Perpetual Corporate Trust Ltd. as trustee for La Trobe Financial Capital Markets Trust 2026-2. La Trobe Financial Capital Markets Trust 2026-2 is a securitization of nonconforming and prime residential mortgage loans originated by La Trobe Financial Services Pty Ltd. The ratings reflect the following factors. The credit risk of the underlying collateral portfolio and the credit support provided to each class of notes are commensurate with the ratings assigned. Credit support is provided by subordination and excess spread. S&P's assessment of credit risk takes into account La Trobe Financial's underwriting standards and approval process, and La Trobe Financial's servicing quality. The transaction's cash flows can meet timely payment of interest and ultimate repayment of principal to the noteholders under the rating stresses. Key factors are the level of subordination provided, an amortizing liquidity reserve sized at 1.5% of the note balance funded by over issuance of notes, the principal draw function, the yield reserve, the retention amount built from excess spread before, and including, the call date, the amortization amount built from excess spread after the call date or upon a servicer default, and the provision of an extraordinary expense reserve. All rating stresses are made on the basis that the trust does not call the notes at or beyond the call date, and that all rated notes must be fully redeemed via the principal waterfall mechanism under the transaction documents. S&P also has factored into its ratings the legal structure of the trust, which has been established as a special-purpose entity and meets its criteria for insolvency remoteness. S&P said, "Our ratings also reflect the counterparty support provided by the Commonwealth Bank of Australia as the bank account provider. The transaction documents for the bank accounts include downgrade remedy language consistent with our counterparty criteria, that requires the replacement of the counterparty or other remedy, should our rating fall below the applicable level." Ratings Assigned La Trobe Financial Capital Markets Trust 2026-2 Class A1S, A$370.000 million: AAA (sf) Class A1L, A$450.000 million: AAA (sf) Class A2, A$100.000 million: AAA (sf) Class B, A$32.000 million: AA (sf) Class C, A$21.000 million: A (sf) Class D, A$16.300 million: BBB (sf) Class E, A$5.200 million: BB (sf) Class F, A$2.000 million: B (sf) Equity 1, A$3.000 million: Not rated Equity 2, A$0.500 million: Not rated MME PL 2026-1: Fitch Assigns 'Bsf' Final Rating to Class F Notes ---------------------------------------------------------------- Fitch Ratings has assigned final ratings to MME PL 2026-1 Trust's pass-through floating-rate notes. The notes are backed by a pool of first-ranking Australian unsecured personal loans originated by MoneyMe Financial Group Pty Ltd. The notes were issued by Perpetual Corporate Trust Limited as trustee for the trust. Entity/Debt Rating Prior ----------- ------ ----- MME PL 2026-1 Trust A AU3FN0109104 LT AAAsf New Rating AAA(EXP)sf Commission AU3FN0109112 LT AAAsf New Rating AAA(EXP)sf B AU3FN0109120 LT AAsf New Rating AA(EXP)sf C AU3FN0109138 LT Asf New Rating A(EXP)sf D AU3FN0109146 LT BBBsf New Rating BBB(EXP)sf E AU3FN0109153 LT BBsf New Rating BB(EXP)sf F AU3FN0109161 LT Bsf New Rating B(EXP)sf G1 AU3FN0109179 LT NRsf New Rating NR(EXP)sf G2 LT NRsf New Rating NR(EXP)sf Transaction Summary The total collateral pool was upsized to AUD360 million from AUD250 million at the expected rating. The pool consisted of 17,154 receivables, with weighted-average (WA) seasoning of seven months, WA remaining maturity of 65 months and an average contract balance of AUD20,987, at the 31 March 2026 cut-off date. KEY RATING DRIVERS Stress Commensurate with Ratings: Fitch derived default base-case expectations for borrowers with Equifax scores of 600-699, 700-799 and 800+. Its default assumptions (and 'AAAsf' default multiples) are 14.0% (3.50x), 12.0% (4.00x) and 5.0% (5.25x), respectively, for each sub-pool, with a WA of 10.2% (4.0x). The recovery base case is 23.0%, with a 'AAAsf' recovery haircut of 60.0%, for the three sub-pools. These assumptions are unchanged from expected ratings. The 600-699 Equifax score band was not included in the previous transaction, MME PL 2025-1 Trust, and has been introduced in this transaction. Fitch's base-case gross loss assumptions, default multiples, recovery base cases and recovery haircuts are unchanged from the previous transaction, except for the default base-case assumption for the 700-799 score band, which increased to 12.0% from 10.0% to reflect higher default rates seen in the latest data, and the inclusion of the 600-699 Equifax score band. Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 2.6% in 2025 and unemployment was 4.3% in March 2026. Fitch forecasts GDP growth of 2.4% in 2026 and 2.1% in 2027, with unemployment at 4.5% in both years. Excess Spread Limited by Commission Note Repayment: The transaction includes a commission note to fund the purchase-price component related to the unamortised commission paid to introducers for the origination of the receivables. The note will not be collateralised, and will amortise in line with an amortisation schedule. Its repayment limits the availability of excess spread to cover losses, as it ranks senior in the interest waterfall, above the class B to F notes. Structural Risks Addressed: Counterparty risk is mitigated by documented structural mechanisms that ensure remedial action takes place should the ratings of the transaction account bank, liquidity facility provider or swap provider fall below a certain level. The class A to F notes will receive principal repayments pro rata upon satisfaction of the step-down conditions. The percentage of credit enhancement provided by the G1 and G2 notes will increase as the A to F notes amortise. Fitch's cash flow analysis incorporates the transaction's structural features and tests the robustness of each note by stressing default and recovery rates, prepayments, interest-rate movements and default timing. All notes have passed their relevant rating stresses. Low Operational and Servicing Risk: All receivables were originated by MoneyMe, which demonstrated adequate capability as originator, underwriter and servicer. Servicer disruption risk is mitigated by standby servicing arrangements. The nominated standby servicer is Perpetual Corporate Trust Limited. Fitch undertook an operational review and found that the operations of the originator and servicer were comparable with those of other non-bank lenders. No Residual Value Risk: There is no residual value exposure in this transaction. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Transaction performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce credit enhancement available to the notes. Downgrade Sensitivities Unanticipated increases in the frequency of defaults and decreases in recoveries on defaulted receivables could produce loss levels higher than Fitch's base case, and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions; these include increasing WA defaults and decreasing the WA recovery rate. Downside Sensitivities Classes: Commission / A / B / C / D / E / F Ratings: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf Increase default rates by 10%: AAAsf / AA+sf / AA-sf / A-sf / BBB-sf / BBsf / Less than Bsf Increase default rates by 25%: AAAsf / AAsf / A+sf / BBB+sf / BB+sf / BB-sf / Less than Bsf Increase default rates by 50%: AAAsf / A+sf / A-sf / BBB-sf / BBsf / Less than Bsf / Less than Bsf Reduce recovery rates by 10%: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf Reduce recovery rates by 25%: AAAsf / AA+sf / AAsf / A-sf / BBBsf / BBsf / Less than Bsf Reduce recovery rates by 50%: AAAsf / AA+sf / AA-sf / A-sf / BBB-sf / BBsf / Less than Bsf Increase default rates by 10% and reduce recovery rates by 10%: AAAsf / AA+sf / AA-sf / A-sf / BBB-sf / BBsf / Less than Bsf Increase default rates by 25% and reduce recovery rates by 25%: AAAsf / AAsf / Asf / BBBsf / BB+sf / B+sf / Less than Bsf Increase default rates by 50% and reduce recovery rates by 50%: AAAsf / Asf / BBB+sf / BB+sf / BB-sf / Less than Bsf / Less than Bsf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Economic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. Upgrade Sensitivities The commission and class A notes are at the highest level on Fitch's scale and cannot be upgraded. Classes: B / C / D / E / F Ratings: AAsf / Asf / BBBsf / BBsf / Bsf Reduce defaults by 10% and increase recoveries by 10%: AA+sf / A+sf / BBB+sf / BBB-sf / BB-sf USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Prior to the transaction closing, Fitch sought to receive a third-party assessment conducted on the asset portfolio information, but none was made available to Fitch. As part of its ongoing monitoring, Fitch reviewed a small, targeted sample of MoneyMe's origination files and found the file information to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Prior to the transaction closing, Fitch sought to receive a third-party assessment of the asset portfolio information, but none was made available. Overall, Fitch's assessment of the information relied upon for the agency's rating analysis, according to its applicable rating methodologies, indicates that it is adequately reliable. REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING The issuer has informed Fitch that not all relevant underlying information used in the analysis of the rated notes is public. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. ONE RAIL: S&P Affirms 'BB' Issuer Credit Rating, Outlook Stable --------------------------------------------------------------- S&P Global Ratings lowered its recovery estimates on Magnetic Rail Group Pty Ltd.'s (MRG) debt to 30% (rounded estimate) from 40%. The 'BB' issue rating and '4' recovery rating on this debt remains unchanged. S&P also affirmed the long-term issuer credit rating on One Rail Australia Holdings Ltd. (OneRail) and MRG at 'BB'. At the same time, it affirmed the senior secured issue ratings at OneRail at 'BBB-'. The stable rating outlooks on OneRail and MRG reflect steady cash flow from OneRail's contract with Glencore Coal Pty Ltd., incremental earnings from new contracts, and supportive financial policies. OneRail has issued additional senior debt of A$65 million to fund potential new haulage contracts. This somewhat reduces the recovery prospects for debtholders at the intermediate holding company, MRG. S&P said, "We affirmed our 'BB' issuer credit rating on OneRail to reflect the group's stable contracted revenue base. The group has resilient operating cash flow, and we expect earnings growth from new customer contracts and expansion projects over the next three to five years. We also expect rating headroom to improve as EBTIDA growth and disciplined capital management support gradual deleveraging." Full-year earnings from new contracts during calendar year 2025, along with incremental growth opportunities will see EBITDA improve toward A$190 million over the next three years from A$140 million in calendar year 2025. This forecast hinges on OneRail winning some new contracts and no material weather-related disruptions. The company continues to benefit from its take-or-pay arrangements under the marquee Glencore contract, and contracted price increases. S&P said, "We affirmed the 'BB' rating on MRG's structurally subordinated debt. However, our recovery expectations have declined to 30% (rounded estimate) from 40% following the issuance of additional senior debt at OneRail, which reduces recovery prospects for MRG's creditors in a default scenario. The recovery rating on the MRG debt remains at '4', signifying average levels of recovery. OneRail will use the additional debt to fund potential new haulage contracts. The 'BBB-' issue ratings on the senior secured debt at OneRail remain unchanged. "The group's growth projects will require additional debt-funded investment. We expect capital expenditure (capex) to remain elevated at about A$85million-A$100 million a year over the next couple of years at least. We expect this expenditure to be largely debt-funded from new senior debt of A$65 million raised in April 2026 and an undrawn capex facility of A$70 million. "We expect the group's rating headroom to improve over the next few years, supported by new growth projects and disciplined capital management. We anticipate the MRG/MIG consolidated group's ratio of funds from operations (FFO) to debt will be about 13%-13.5% in 2026, before improving to 15.5%-21.5% over the next three years. "We expect OneRail's stand-alone FFO to-debt ratio to be about 23% in 2026, before improving to 26%-30% from 2027. Covenants and the amortization profile of the U.S. private placement (USPP) senior debt, along with cash sweeps, should support this improvement. Tightening senior debt leverage covenant thresholds should also encourage debt reduction and an improvement in metrics over the next three to five years. "While dividends in 2025 were higher than we previously anticipated, we expect some restraint during the growth phase over the next two years. "The stable rating outlooks on OneRail and MRG reflect our view that steady cash flow from OneRail's contract with Glencore and incremental earnings from new contracts will continue to support the group's financial position over the next two to three years. "We expect OneRail's stand-alone FFO-to-debt ratio to remain at 23%-30% over the next two to three years. Earnings growth and some amortization of debt under the company's existing USPP facility will support this. "We expect the group's consolidated FFO-to-debt ratio to trend at 13.0%-18.5% over the next few years, providing an improving buffer that supports our rating and outlook." The rating on OneRail and MRG could come under pressure if the group's consolidated FFO-to-debtratio were to fall below 13%. This could stem from debt-funded capital investment, more aggressive shareholder returns, or if OneRail's stand-alone business materially weakens. S&P's assessment of OneRail's stand-alone credit profile (SACP), currently 'bb+', could deteriorate if the company's FFO-to-debt ratio falls below 23%without a timely and credible plan to restore the metric with sufficient headroom. This could happen if: -- There are major disruptions or operating performance/earnings are below S&P's expectations, leading to lower above-rail coal volumes. -- Capex or dividend outflows are materially higher than S&P expects, indicating a higher risk appetite. S&P said, "We could raise the rating if the group maintains its consolidated FFO-to-debt ratio above 23%, with supportive financial policies. This could happen if earnings improve materially, and the company is committed to maintaining this profile. "We could revise upward our assessment of OneRail's SACP if, all other things being equal, the company maintains an FFO-to-debt ratio above 30% on sustainable basis. In addition, the company may need to maintain higher metrics thresholds as its business profile weakens, for example from a reduction of take-or-pay obligations and pricing resets under the Glencore contract. "A revision of the SACP would not, in itself, improve the rating. This is because we consider the company to be a core part of the group and equate the rating with our view on the group." PROGRESS 2026-1: S&P Assigns BB (sf) Rating to Class E Notes ------------------------------------------------------------ S&P Global Ratings assigned its ratings to six classes of prime residential mortgage-backed securities (RMBS) issued by Perpetual Trustee Co. Ltd. as trustee for Progress 2026-1 Trust. Progress 2026-1 Trust is a securitization of prime residential mortgages originated by AMP Bank Ltd. S&P said, "The ratings reflect our view of the credit risk of the underlying collateral portfolio, and that the credit support provided to each class of rated notes is commensurate with the ratings assigned. Credit support is provided by subordination, lenders' mortgage insurance (LMI) and excess spread, if any. Our assessment of credit risk considers AMP Bank's underwriting standards and approval process, which are consistent with industrywide practices, the servicing quality of AMP Bank, and the support provided by the LMI policies on 11.2% of the portfolio. "We believe the rated notes can meet timely payment of interest and ultimate payment of principal under the rating stresses. Key rating factors are the level of subordination provided, the LMI cover, the mechanism for trapping excess spread into an excess reserve, the provision of a liquidity facility, and the provision of an income reserve--funded by AMP Bank at closing to cover extraordinary expenses--sized at a level consistent with the ratings. All rating stresses are made on the basis that the trust does not call the notes at or beyond the first call-option date, and that all rated notes must be fully redeemed via the principal waterfall mechanism under the transaction documents. "Our ratings also consider the counterparty exposure to Australia and New Zealand Banking Group Ltd. and MUFG Bank Ltd. as bank account providers and AMP Bank as liquidity facility provider. The transaction documents include downgrade remedies consistent with our counterparty criteria. The legal structure of the trust is established as a special-purpose entity and meets our criteria for insolvency remoteness." Ratings Assigned Progress 2026-1 Trust Class A, A$920.00 million: AAA (sf) Class AB, A$38.10 million: AAA (sf) Class B, A$18.80 million: AA (sf) Class C, A$9.90 million: A (sf) Class D, A$4.60 million: BBB (sf) Class E, A$4.30 million: BB (sf) Class F, A$4.30 million: Not rated SAPPHIRE XXXV 2026-2: S&P Assigns B (sf) Rating to Class F Notes ---------------------------------------------------------------- S&P Global Ratings assigned its ratings to eight classes of nonconforming and prime residential mortgage-backed securities (RMBS) issued by Permanent Custodians Ltd. as trustee of Sapphire XXXV Series 2026-2 Trust. Sapphire XXXV Series 2026-2 Trust is a securitization of nonconforming and prime residential mortgages originated by Bluestone Mortgages Pty Ltd. (Bluestone). The ratings S&P has assigned to the floating-rate RMBS reflect the following factors. The credit risk of the underlying collateral portfolio and the credit support provided to each class of notes are commensurate with the ratings assigned. Note subordination and excess spread provide credit support. Our assessment of credit risk considers Bluestone's underwriting standards and approval process as well as its servicing quality. The rated notes can meet timely payment of interest and ultimate payment of principal under the rating stresses. Key rating factors are the level of subordination provided, the provision of a liquidity facility, the principal draw function, the yield reserve, retention amount built from excess spread, and the provision of an extraordinary expense reserve. S&P's analysis is on the basis that the rated notes are fully redeemed via the principal waterfall mechanism under the transaction documents by their legal final maturity date, and it assumes the notes are not called at or beyond the call-option date. S&P said, "Our ratings also consider the counterparty exposure to Westpac Banking Corp. as liquidity facility provider and Commonwealth Bank of Australia as bank account provider. The transaction documents for the facilities include downgrade language consistent with our counterparty criteria. "We have also factored into our ratings the legal structure of the trust, which is established as a special-purpose entity and meets our criteria for insolvency remoteness." Ratings Assigned Sapphire XXXV Series 2026-2 Trust Class A1S, A$350.00 million: AAA (sf) Class A1L, A$450.00 million: AAA (sf) Class A2, A$85.00 million: AAA (sf) Class B, A$41.50 million: AA (sf) Class C, A$37.50 million: A (sf) Class D, A$17.00 million: BBB (sf) Class E, A$8.50 million: BB (sf) Class F, A$6.50 million: B (sf) Class G1, A$2.00 million: Not rated Class G2, A$2.00 million: Not rated TURQUOISE IV: S&P Affirms B+ (sf) Rating to Class F Notes --------------------------------------------------------- S&P Global Ratings affirmed its ratings on five classes of prime and nonconforming residential mortgage-backed securities (RMBS) issued by Permanent Custodians Ltd. as trustee of Turquoise IV Trust. Turquoise IV Trust is a securitization of prime and nonconforming residential mortgages originated by Bluestone Mortgages Pty Ltd. The rating affirmations follow the substitution of about A$273.84 million of residential mortgage loan assets out of the Turquoise IV Trust and A$370.58 million into the Turquoise IV Trust, with the difference being funded by further issuance of notes, with A$1.50 million of G1 notes, and the cash proceeds remaining in the collection account. The aggregate amount of notes issued remains A$1.00 billion. The credit risk of the underlying collateral portfolio and the credit support provided to each class of notes are commensurate with the ratings affirmed. Note subordination and excess spread provide credit support. S&P has assessed the revised underlying collateral portfolio as of April 30, 2026. The portfolio consists of 1,463 consolidated loans, with a weighted-average effective loan-to-value ratio of 72.8% and weighted-average loan seasoning of 8.1 months. Loans that are more than 30 days in arrears make up 0.97% of the pool, of which 0.37% is more than 90 days in arrears. About 74.0% of the pool consists of loans for which Bluestone has not carried out full income verification but has instead used alternative means to verify income. S&P has assumed a higher default frequency for low-documentation loans in our calculation of credit support for the corresponding rating levels. Some 73.7% of the loans in this portfolio are to self-employed borrowers. S&P said, "We expect self-employed borrowers to experience higher cash flow variability and, thus, higher loan arrears, making them more susceptible to defaults should there be a downturn in the Australian economy. We assume higher default frequencies for such loans." By current balance, 1.7% of the loans in the portfolio are to borrowers with unfavorable credit records in the five years before settlement of the loan and 3.8% of the borrowers have been in arrears at least once during the past 12 months. Market experience has shown that such borrowers are more likely to default than the general population. S&P assumes higher default frequencies for loans to nonconforming borrowers. The rated notes can meet timely payment of interest and ultimate payment of principal under the rating stresses. Key rating factors are the level of subordination provided, the liquidity facility and the principal draw function. Our analysis is on the basis that the rated notes are fully redeemed via the principal waterfall mechanism under the transaction documents by their legal final maturity date, and S&P assumes the notes are not called at or beyond the call-option date. Ratings Affirmed Turquoise IV Trust Class A, A$918.50 million: Not rated Class B, A$10.00 million: AA (sf) Class C, A$37.50 million: A (sf) Class D, A$15.00 million: BBB (sf) Class E, A$8.00 million: BB (sf) Class F, A$3.50 million: B+ (sf) Class G1, A$5.50 million: Not rated Class G2, A$2.00 million: Not rated ========= C H I N A ========= AIXIN LIFE: Christopher Lee Steps Down From Board, Committees ------------------------------------------------------------- Aixin Life International, Inc. announced in a regulatory filing that it accepted the resignation of Mr. Xinliang Li, also known as Christopher Lee, from the Company's Board of Directors. Mr. Lee was a member of the Company's Compensation Committee, Nominating and Corporate Governance Committee and the Chair of its Audit Committee. Corporate Mr. Lee's resignation was not due to any disagreement with the Company on any matter relating to the Company's operations, policies or practices (financial or otherwise). About AiXin Life International Sichuan Province, China-based AiXin Life International, Inc. is a Colorado holding company and conducts substantially all of its operations through its operating companies established in the People's Republic of China, or the PRC. The Company focuses on providing health and wellness products to the growing middle class in China. It currently develops, manufactures, markets, and sells premium-quality healthcare, nutritional products, and wellness supplements, including herbs and greens, traditional Chinese remedies, functional products such as weight management products, probiotics, foods, and drinks. The Company also provides advertising and marketing services to clients who engage us to market and distribute their products. Irvine, California-based YCM CPA INC., the Company's auditor since 2025, issued a "going concern" qualification in its report dated May 15, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company had a working capital deficit as of December 31, 2025 and a net loss and negative cash flows from operations for the year ended December 31, 2025. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company reported total assets of $3.2 million, total liabilities of $9.8 million and total stockholders' deficit of $6.6 million. AIXIN LIFE: Delays 10-Q Filing Due to Incomplete Financials ----------------------------------------------------------- AiXin Life International, Inc. has filed a Form 12b-25 with the U.S. Securities and Exchange Commission notifying the Commission of a delay in filing its Quarterly Report on Form 10-Q for the period ended March 31, 2026. The Company stated that the 10-Q could not be filed by the prescribed due date without unreasonable effort or expense, due to a delay in completing the financial statements required to be included therein, and the review procedures related thereto, which delay could not be eliminated by the Company without unreasonable effort and expense. The Company confirmed that all other periodic reports required during the preceding 12 months have been filed. AiXin Life International does anticipate a significant change in results of operations compared to the corresponding period of the prior fiscal year. However, due to the ongoing work on the financial statements, the Company is currently unable to provide specific guidance regarding the expected changes. About AiXin Life International Sichuan Province, China-based AiXin Life International, Inc. is a Colorado holding company and conducts substantially all of its operations through its operating companies established in the People's Republic of China, or the PRC. The Company focuses on providing health and wellness products to the growing middle class in China. It currently develops, manufactures, markets, and sells premium-quality healthcare, nutritional products, and wellness supplements, including herbs and greens, traditional Chinese remedies, functional products such as weight management products, probiotics, foods, and drinks. The Company also provides advertising and marketing services to clients who engage us to market and distribute their products. Irvine, California-based YCM CPA INC., the Company's auditor since 2025, issued a "going concern" qualification in its report dated May 15, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company had a working capital deficit as of December 31, 2025 and a net loss and negative cash flows from operations for the year ended December 31, 2025. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company reported total assets of $3.2 million, total liabilities of $9.8 million and total stockholders' deficit of $6.6 million. CBAK ENERGY: Q1 Loss Widens to $9MM; Going Concern Doubt Persists ----------------------------------------------------------------- CBAK Energy Technology, Inc. has filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting a net loss of $9.0 million for the three months ended March 31, 2026, compared to a net loss of $2.1 million for the same period in 2025. Net revenues increased by $34.7 million, or 99%, to $69.6 million for the three months ended March 31, 2026, from $34.9 million for the same period in 2025. Net revenues from the Battery Business were $37.52 million in the first quarter of 2026, an increase of 84.3% from $20.36 million in the first quarter of 2025. The Company successfully drove explosive international growth, with revenues from Light Electric Vehicles (LEV) skyrocketing by 441.6% to $15.41 million, up from $2.84 million in Q1 2025, underscoring the strong global appetite for the Company's products. Net revenues from the Hitrans segment were $32.10 million in the first quarter of 2026, a massive 120.2% surge from $14.58 million in the first quarter of 2025. This hyper-growth directly reflects the expanding market share and strong pricing power in the raw materials sector. Cost of revenues for the first quarter of 2026 was $68.58 million, an increase of 127.6% compared to $30.14 million in the first quarter of 2025. Gross profit for the first quarter of 2026 was $1.04 million, representing a gross margin of 1.5%, compared to a gross profit of $4.80 million and a margin of 13.7% in the first quarter of 2025. The temporary decline in gross margin was primarily attributable to higher unit production costs during the ramp-up stage of the Company's newly added production capacity. In addition, the rapid increase in raw material costs has not yet been fully passed through to customers. However, as the new capacity matures and is more fully utilized, and as pricing adjustments in response to higher raw material costs gradually take effect, the Company expects to benefit from greater economies of scale, higher sales revenue and a recovery in margins. Research and development (R&D) expenses in the first quarter were aggressively expanded to $4.20 million, compared to $3.02 million in the prior year period. This proactive increase primarily resulted from the expanded use of materials and consumables for the development of next-generation series 60 batteries, along with strategic investments in talent acquisition at CBAK Power and Nanjing CBAK to secure technological leadership. Sales and marketing expenses were $2.00 million in the first quarter, compared to $0.90 million in the first quarter of 2025. This targeted increase was largely driven by a $0.5 million increase in delivery charges, directly supporting the highly successful overseas sales expansion. General and administrative (G&A) expenses were $4.51 million in the first quarter, up from $3.80 million in Q1 2025, absorbing the heightened personnel, utilities, and trial-run administrative overhead associated with capacity expansion efforts in Dalian and Nanjing. Operating loss for the first quarter of 2026 was $9.70 million, compared to an operating loss of $2.86 million in the first quarter of 2025. Liquidity and Capital Resources The Company have financed its liquidity requirements from a variety of sources, including short-term bank loans, other short-term loans and bills payable under bank credit agreements, advances from our related and unrelated parties, investors and issuance of capital stock and other equity-linked securities. As of March 31, 2026, the Company had cash and cash equivalents of $98.6 million. Total current assets were $238.4 million and total current liabilities were $368.2 million as of March 31, 2026, resulting in a net working capital deficit of $129.8 million. As of March 31, 2026, the Company had an accumulated deficit of $143.1 million. It had an accumulated deficit from recurring net losses and significant short-term debt obligations maturing in less than one year as of March 31, 2026. These factors raise substantial doubt about the Company's ability to continue as a going concern. Management Remarks Zhiguang Hu, Chief Executive Officer of CBAK Energy, commented, "As we noted in previous quarters, the Company has been experiencing strong customer demand and, at times, capacity constraints for certain products. With newly added production capacity gradually coming online as ramp-up continues, our sales volume has grown significantly. In addition, our market presence in key growth markets, including India, Vietnam and Africa, has continued to strengthen, which will position our battery business on track to deliver unprecedented annual sales this year. At the same time, supported by rising raw material prices, Hitrans, our raw materials production unit, has maintained strong growth momentum for three consecutive quarters. We expect Hitrans to achieve record-high net revenues since its acquisition by the Company in 2021, along with a solid profitability performance." Jiewei Li, Director and Chief Financial Officer of CBAK Energy, added, "From a financial perspective, the Company delivered near-doubling top-line growth, reflecting strong market demand for our products. As our CEO noted, rising raw material prices have created a favorable operating environment for Hitrans. Conversely, our battery segment experienced short-term gross margin pressure during the first quarter, as the pass-through of higher raw material costs to customers is still in progress and takes time to implement. In addition, the Company's three newly added production lines -- one Model 40135 production line at our Dalian facility and two Model 32140 production lines at our Nanjing facility -- remain in the ramp-up stage, during which unit production costs are typically higher. As these lines are expected to complete their ramp-up in the second half of this year and pricing adjustments in response to higher raw material costs gradually take effect, we expect the battery segment's gross margin to improve." A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/4wzu88ky About CBAK Energy Technology Liaoning Province, People's Republic of China-based CBAK Energy -- www.cbak.com.cn -- is a manufacturer of new energy high power lithium and sodium batteries that are mainly used in light electric vehicles, electric vehicles, energy storage such as residential energy supply & uninterruptible power supply (UPS) application, and other high-power applications. The Company's primary product offering consists of new energy high power lithium and sodium batteries. In addition, after completing the acquisition of 81.56% of registered equity interests (representing 75.57% of paid-up capital) of Hitrans in November 2021, the Company entered the business of developing and manufacturing NCM precursor and cathode materials. Hitrans is a leading developer and manufacturer of ternary precursor and cathode materials in China, whose products have a wide range of applications on batteries that would be applied to electric vehicles, electric tools, high-end digital products, and storage, among others. As of March 31, 2026, the Company had $491 million in total assets, $388.8 million in total liabilities, and $102.2 million in total equity. Hong Kong, China -based ARK Pro CPA & Co, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has a working capital deficiency, accumulated deficit from recurring net losses and significant short-term debt obligations maturing in less than one year as of December 31, 2025. RETO ECO-SOLUTIONS: Board Director Wei Steps Up to Chief Executive ------------------------------------------------------------------ ReTo Eco-Solutions, Inc. announced in a regulatory filing that it made the following executive changes that became effective immediately. Mr. Johnny Tiong Sie Wei, currently a director of the Company, has been appointed to serve as the Chief Executive Officer of the Company. Mr. Guangfeng Dai stepped down as Chief Operating Officer and President but will remain as the Chairman of the board. Mr. Xinyang Li will remain as a director and transition from the role of Chief Executive officer into President and Chief Operating Officer of the Company. In connection with his appointment, Mr. Wei entered into a labor contract with the Company and Beijing ReTo Hengda Technology Co., Ltd., a subsidiary of the Company, for a term of two years. The Johnny Wei Labor Contract provides for a base salary of RMB420,000 annually and social insurance and other employee benefits (including health insurance, vacation and expense reimbursement), each in accordance with laws in the People's Republic of China and the Company's policy. The Johnny Wei Labor Contract may be terminated in accordance with the Labor Contract Law of the People's Republic of China and relevant local regulations in Beijing. The full text copy of the Johnny Wei Labor Contract is available at https://tinyurl.com/585cmvaz Both Mr. Dai and Mr. Li continue to be party to their respective employment agreements with the Company, as amended, under substantially similar terms, despite changes in their roles and responsibilities. About Reto Eco-Solutions Reto Eco-Solutions, Inc., through its operating subsidiaries in China, is engaged in the manufacture and distribution of eco-friendly construction materials (aggregates, bricks, pavers and tiles), made from mining waste (iron tailings), as well as equipment used for the production of these eco-friendly construction materials. Headquartered in Beijing, Peoples Republic of China, the Company also provides consultation, design, project implementation and construction of urban ecological protection projects through its operating subsidiaries in China. It also provides parts, engineering support, consulting, technical advice and service, and other project-related solutions for its manufacturing equipment and environmental protection projects. Irvine, California-based YCM CPA INC., the Company's auditor since 2021, issued a going concern qualification in its report dated May 1, 2026, attached to the Company's Annual Report on Form 20-F for the year ended December 31, 2025, citing that the Company incurred recurring losses from operations and has an accumulated deficit, which raises substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $31.8 million in total assets, $7.1 million in total liabilities, and $24.7 million in total shareholders' equity. ========= I N D I A ========= AMEYA PRECISION: CRISIL Keeps B Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ameya Precision Engineers Limited (APEPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.25 CRISIL B/Stable (ISSUER NOT COOPERATING) Proposed Long Term 1.75 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Crisil Ratings has been consistently following up with APEPL 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 APEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on APEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of APEPL continues to be 'Crisil B/Stable Issuer not cooperating'. Established in 1987 as a partnership firm and reconstituted as a private limited company in 2012, APEPL is promoted by Mr Shirish Madhukar Pande, Mr Nikhil Pande and Mr Bipin Pande. It manufactures pump and valve components such as shafts, flanges, hardfacing and overlays, and sub-assemblies parts at its facility in Pune, Maharashtra. AMMAN CARS: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sri Amman Cars India Private Limited (SACPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Inventory Funding 9.5 CRISIL B/Stable (Issuer Not Facility Cooperating) Inventory Funding 8 CRISIL B/Stable (Issuer Not Facility Cooperating) Overdraft Facility 1.5 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SACPL 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 SACPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SACPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SACPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2007 and promoted by Mr. Senthil Kumar and Mr. V Vadivelu, SACPL is a dealer for passenger vehicles manufactured by MSIL. Registered office is in Omalur in Salem, Tamil Nadu. CREATIVE LIMITED: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Creative Limited (Creative) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Funded Interest 0.6 CRISIL D (Issuer Not Term Loan Cooperating) Funded Interest 1.4 CRISIL D (Issuer Not Term Loan Cooperating) Packing Credit 1.0 CRISIL D (Issuer Not Cooperating) Working Capital 12.6 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with Creative 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 Creative, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Creative is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Creative continues to be 'Crisil D Issuer not cooperating'. Creative was established as a partnership firm by Mr. P K Bothra and Mr. T K Duggar in Kolkata in 1974. The firm was reconstituted as a limited company in 1993. The company manufactures leather wallets, bags, and accessories, and exports these to the United Kingdom, the Netherlands, and Switzerland. Creative's overseas subsidiary, CUL, has been inactive since 2012. DHRUVTARA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Dhruvtara Agro and Allied Industries Private Limited (DAAIPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 4 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with DAAIPL 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 DAAIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DAAIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of DAAIPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2013 as a private limited company, DAAIPL processes food items such as wheat flour, maida, and sooji. Mr Baban Phatke is the promoter. EMERALD JEWEL: CRISIL Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating on Fixed Deposits of Emerald Jewel Industry India Limited (EJIIL) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Fixed Deposits 100 Crisil B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with EJIIL 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 EJIIL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on EJIIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on Fixed Deposits of EJIIL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2004, EJIIL is engaged in manufacturing and trading of gold, platinum, diamond and silver jewellery. The company has four manufacturing facilities in Coimbatore, Tamil Nadu, and 14 retail stores across India. Mr K Srinivasan is the promoter. EJIIL retails gold under the brand, JewelOne, through its 14 showrooms across the country. The company also derives a small amount of revenue through the shop-in-shop model. It also has presence in silver jewellery under the brand, Zilara. 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. GRANDCITY HOSPITALITY: CRISIL Keeps D Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Grandcity Hospitality Private Limited (GCH) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 2.7 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 12.3 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GCH 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 GCH, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GCH is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GCH continues to be 'Crisil D Issuer not cooperating'. GCH was incorporated in 2011. The company has recently established a 51 room four star hotel in Lucknow (UP) for which it has a marketing and management tie up with Lemon tree. The hotel operations have commenced from 29th January 2019 onwards. The firm is being managed by Mr. Praveen Kumar and Mr. Paramjeet Singh. GUDIMETLA SUNDARA: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Gudimetla Sundara Rami Reddy & Co (GSRR) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (Issuer Not Cooperating) Cash Credit 15 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GSRR 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 GSRR, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GSRR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GSRR continues to be 'Crisil D Issuer not cooperating'. Set up as a partnership firm in 1985, GSRR mills and processes paddy into rice, and produces by-products such as broken rice, bran, and husk. Its rice milling unit is in West Godavari (Andhra Pradesh). Mr Gudimetla Rama Krishna, Mr Gudimetla Tulasi, Mr Gudimetla Nagamani, and Mr Gudimetla Sundara Rami Reddy are the partners. GYAN FRUIT: CRISIL Keeps B Debt Rating in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Gyan Fruit Company (GFC) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 13 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GFC 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 GFC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GFC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GFC continues to be 'Crisil B/Stable Issuer not cooperating'. GFC was set up as a proprietorship in 2001 and converted into a partnership in 2018. The firm holds the Agricultural Produce Market Committee license, and trades in fruits (majorly apples procured from J&K) at Azadpur Mandi, New Delhi. It has also started selling imported fruits (in the Mumbai region) since fiscal 2018. The firm is owned and managed by Mr Banarsi Bajaj and his son, Mr Jatin Bajaj. KSD ZONNE: CRISIL Keeps B Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of KSD Zonne Energie LLP (KSD) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 13 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KSD 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 KSD, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KSD is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KSD continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2015, KSD has set up a solar power plant of 3 megawatt at Udumalpet in Tiruppur, Tamil Nadu. The project was commissioned in December 2016 and the company has entered into a PPA with Ran at a price of Rs 5.3 per kilowatt hour, under the group captive consumption scheme of Tamil Nadu. M VENKATACHALAPATHI: ICRA Keeps B+ Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of M Venkatachalapathi 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- 3.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term- 6.00 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category Long Term/ 0.50 [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 M Venkatachalapathi'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 M Venkatachalapathi, 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. M Venkatachalapathi is a sole proprietorship firm based in Bengaluru, Karnataka. It is into the business of construction of commercial and residential buildings. It is also into the business of construction of roads and irrigation projects. The firm generally works on government civil projects with Bruhat Bengaluru Mahanagar Palike (BBMP), Karnataka PWD and Shimoga Smart City Limited. MAVERICK HOLDINGS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings for the bank facilities of Maverick Holdings and Investments Private Limited (MHIPL; part of the Maverick group) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 15 CRISIL D (Issuer Not Cooperating) Lease Rental 12.49 CRISIL D (Issuer Not Discounting Loan Cooperating) Lease Rental 8 CRISIL D (Issuer Not Discounting Loan Cooperating) Lease Rental 37.51 CRISIL D (Issuer Not Discounting Loan Cooperating) Lease Rental 100 CRISIL D (Issuer Not Discounting Loan Cooperating) Overdraft Facility 4 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MHIPL for obtaining information through letter and email dated April 16, 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 MHIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MHIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MHIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. The Maverick group is engaged in real estate development, and earns a substantial portion of its revenue through lease rental. MHIPL, established in 1991, operates two shopping malls (Garuda Mall and Garuda Swagath) in Bengaluru. EGRIPL was established in 1999 to develop a luxury resort complex, Suncity, in Bengaluru. The project is currently on hold, and is unlikely to be executed over the medium term. OKARA ROADLINES: CRISIL Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Okara Roadlines (Okara) continue to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 5.8 CRISIL B/Stable (Issuer Not Cooperating) Term Loan 4.2 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Okara 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 Okara, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Okara is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Okara continues to be 'Crisil B/Stable Issuer not cooperating'. Okara was set up in 1989 and taken over by the existing management in 2000. It is currently being managed by Mr Wadhwa and his son, Mr Jigyasu Wadhwa. The Delhi-based firm provides transportation services to various industries. OM BALAJEE: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Om Balajee Automobile India Private Limited (OBAIPL) continue to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 Crisil B/Stable (Issuer Not Cooperating) Proposed Long Term 2 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 3 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with OBAIPL 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 OBAIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on OBAIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of OBAIPL continues to be 'Crisil B/Stable Issuer not cooperating'. OBAIPL, incorporated in 2005, is engaged in manufacture of e-rickshaws. From current year, company has also started CNG and diesel 3 wheeler manufacturing at its new plant in Sikandrabad, UP. The company is managed and promoted by Mr Sahab Singh along with his son. PC JEWELLER: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of PC Jeweller Limited (PCJ; part of the PCJ group) 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 PCJ 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 PCJ, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PCJ is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PCJ continues to be 'Crisil D/Crisil D Issuer not cooperating'. About the Group Established in 2005, Delhi-based PCJ manufactures, retails, and exports jewellery. The product range includes gold, diamond, and other jewellery and silver articles. The company is promoter by Mr. Balram Garg and family. PCJ is listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). The company has four subsidiaries: PC Universal Pvt Ltd, Transforming Retail Pvt Ltd, Luxury Products Trendsetter Pvt Ltd, and PC Jeweller DMCC (incorporated in Dubai). PONNU FOOD: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ponnu Food Products (PFP) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8.9 CRISIL D (ISSUER NOT COOPERATING) Rupee Term Loan 1.1 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with PFP for obtaining information through letter and email dated April 16, 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 PFP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PFP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PFP continues to be 'Crisil D Issuer not cooperating'. Established in 1999 as a Partnership firm by Mrs. S. Suja, PFP is an Agmark-approved firm that manufactures, grades, and markets spices, dry fruits, curry powder, rice and wheat products, instant foods, and other edible items. It uses technology from the Central Food & Technology Research Institute in Mysore, and also has a research and development wing for curry powder and allied products. RAJA UDYOG: CRISIL Keeps B- Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Raja Udyog Private Limited (RUPL) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 56 CRISIL B-/Stable (ISSUER NOT COOPERATING) Cash Credit 8 CRISIL B-/Stable (ISSUER NOT COOPERATING) Term Loan 5 CRISIL B-/Stable (ISSUER NOT COOPERATING) Term Loan 15.26 CRISIL B-/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with RUPL 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 RUPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RUPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RUPL continues to be 'Crisil B-/Stable Issuer not cooperating'. RUPL was set up as Raja Biscuit Industries Pvt Ltd (RBIPL) in 2001 and got its present name in 2008. The company manufactures biscuits, cakes, and namkeen products. Additionally, it has started manufacturing cookies and has a small presence in coconut oil. All its product ranges are sold under the Raja brand 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. RKS FUTURE: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of RKS Future Foods And Cold Chain Private Limited (RKS) continue to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL B/Stable (Issuer Not Cooperating) Proposed Term Loan 5.65 CRISIL B/Stable (Issuer Not Cooperating) Term Loan 12.35 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RKS 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 RKS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RKS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RKS continues to be 'Crisil B/Stable Issuer not cooperating'. RKS was incorporated in 2013 in Baddi, Himachal Pradesh for setting up cold chain facilities for fruits and vegetables with a capacity of 5000 metric tonne. SGK FLOURS: CRISIL Keeps B Debt Rating in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of SGK Flours and Oils Private Limited (SGK) continue to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Cash 25 CRISIL B/Stable (Issuer Not Credit Limit Cooperating) Crisil Ratings has been consistently following up with SGK 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 SGK, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SGK is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SGK continues to be 'Crisil B/Stable Issuer not cooperating'. About the Group SGK, incorporated in 2017, is engaged in trading of refined edible oils such as palm oil, sunflower, rice bran, soya and groundnut. Incorporated in 2015, YRIPL is planning to acquire an edible oil refinery of 200 tpd capacity based out of Kadapa, Andhra Pradesh. Currently it is into trading of edible oil. KOCIPL, incorporated in 2017, is engaged in trading of crude edible oils such as palm oil, sunflower, rice bran, soya and groundnut. SIDDHBALI STEELS: Liquidation Process Case Summary -------------------------------------------------- Debtor: Siddhbali Steels & Strips Private Limited 1401-D Building, Marvel Albero Society, Khadi Machine Chowk, Pune, Maharashtra, 411048, India Liquidation Commencement Date: May 12, 2026 Court: National Company Law Tribunal, Mumbai Bench-V Liquidator: Nandish Sunilbhai Vin C/53, Shanti Niketan Row House, Anand Mahal Road, Opposite Sagar Complex, Besides Sneh Sankul Wadi, Surat, Gujarat - 395009 Email: ip.nandish.vin@gmail.com 301, Sovereign Shoppers, Near Sneh Sankul Wadi, Besides Sindhu Seva Samiti School, Anand Mahal Road, Surat - 395009 Email: liquidation.siddhbalisteels@gmail.com Last date for submission of claims: June 11, 2026 SUMER BUILDCORP: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Sumer Buildcorp Private Limited 203, Peninsula Corporate Park, Tower No. 1, 2nd Floor, G.K. Marg, Lower Parel, Mumbai City, Mumbai, Maharashtra, India, 400013 Insolvency Commencement Date: May 15, 2026 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: November 10, 2026 Insolvency professional: Siddhant Agrawal Interim Resolution Professional: Siddhant Agrawal Aegis Resolution Services Private Limited 106, 1st Floor, Kanakia Atrium 2, Cross Road A, Behind Courtyard Marriott, Chakala, Andheri East, Mumbai - 400093 Email: ip.siddhantagrawal@gmail.com irp.avenue@54@aegisipe.com Authorized Representatives of creditors in a class: 1. Jitender Kothari E-mail: jitenderkothari@rediffmail.com 2. Ashish Vyas E-mail: ashishvyas2006@gmail.com 3. Rishabh Sethi E-mail: ip.rishabhsethi@gmail.com Last date for submission of claims: May 29, 2026 SUMER RADIUS: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Sumer Radius Realty Private Limited 220, Commerce House, 140 NM Road Fort, Mumbai City, Mumbai - 400023 Insolvency Commencement Date: May 15, 2026 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: November 10, 2026 Insolvency professional: Siddhant Agrawal Interim Resolution Professional: Siddhant Agrawal Aegis Resolution Services Private Limited 106, 1st Floor, Kanakia Atrium 2, Cross Road A, Behind Courtyard Marriott, Chakala, Andheri East, Mumbai - 400093 Email: ip.siddhantagrawal@gmail.com irp.avenue@54@aegisipe.com Authorized Representatives of creditors in a class: 1. Jitender Kothari E-mail: jitenderkothari@rediffmail.com 2. Ashish Vyas E-mail: ashishvyas2006@gmail.com 3. Rishabh Sethi E-mail: ip.rishabhsethi@gmail.com Last date for submission of claims: May 29, 2026 TRIG DETECTIVES: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Trig Detectives Private Limited Office No. 3, 4, 5, 6, Shitladevi Co-Op Hsg Soc Ltd, Opposite Indian Oil Nagar, D N Nagar, Andheri West, Mumbai, Maharashtra, India, 400053 Insolvency Commencement Date: May 13, 2026 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: November 9, 2026 Insolvency professional: Deepali Jinesh Parekh Interim Resolution Professional: Deepali Jinesh Parekh 702-Mithila Building, Neelkanth Kingdom, Near Vidyavihar Bus Depot, Vidyavihar West, Mumbai, Maharashtra, 400086 Email: ca.deepaliparekh@gmail.com C-23 Satyam Shopping Center, MG Road, Ghatkopar East, Mumbai - 400077 Emai: tdpl.cirp@gmail.com Last date for submission of claims: May 27, 2026 VEDANSH PULSES: CRISIL Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Vedansh Pulses Private Limited (VPPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 Crisil B/Stable (Issuer Not Cooperating) Term Loan 2 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with VPPL 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 VPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VPPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2013, VPPL primarily processes urad dal at its manufacturing unit in Indore (Madhya Pradesh). The company started operations from April 2016 and is promoted by Mr. Vaibhav Gupta, Mr. Luv Gupta, Mr. Anuj Gupta and Mr. Sunil Gupta. VIDEOCON INDUSTRIES: Dhoot Takes Foreign Asset Dispute to SC ------------------------------------------------------------ The Economic Times reports that Videocon Group's former chairman and managing director Venugopal N Dhoot has moved the Supreme Court seeking inclusion of the foreign oil and gas assets of various Videocon entities in the insolvency process of Videocon Industries (VIL), a plea rejected by the National Company Law Appellate Tribunal (NCLAT) last month. The appeal filed last week is yet to be listed for hearing before the SC, ET notes. According to ET, Dhoot has sought that all foreign assets, properties, rights, and claims of Videocon Oil Ventures (VOV), Videocon Hydrocarbon Holdings, Videocon Energy Brasil, and Videocon Indonesia Nunkan Inc be included as assets and properties of VIL for insolvency resolution purposes. Dismissing Dhoot's challenge, the NCLAT held that bringing the foreign assets into the Videocon Industries insolvency process would amount to interference with the commercial wisdom exercised by the Committee of Creditors, which argued that VIL's insolvency would erode the value of other companies' assets, ET relates. ET adds that VIL and VOV underwent separate insolvency proceedings, even as their creditors intended the processes to run independently, the NCLAT said, adding that VIL and VOV operate in different businesses - the former in consumer electronics and the latter in oil and gas - and a single entity would not have the expertise to revive such varied operations. About Videocon Industries Videocon Industries sells consumer products like color televisions, washing machines, air conditioners, refrigerators, microwave ovens and many other home appliances in India. Videocon, owned by the Dhoot family, was taken to bankruptcy court after it failed to repay INR230 crore to SBI in 2017. It was among the first 12 companies pushed into bankruptcy after directions from the Reserve Bank of India in 2017. On June 6, 2018, National Company Law Tribunal (NCLT), Mumbai bench, admitted a petition for initiating insolvency resolution process against the company under the Insolvency and Bankruptcy Code, 2016. The company's total debt stood at over INR635 billion in 2019, according to Business Standard, citing bankruptcy case-related disclosures on the company's website. VIRAJ STEEL: CRISIL Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Viraj Steel and Energy Private Limited (VSEL) continues to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12 CRISIL B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with VSEL 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 VSEL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VSEL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VSEL continues to be 'Crisil B-/Stable Issuer not cooperating'. VSEL, incorporated in 2004, started commercial production in 2006. The company is owned and operated by Mr Kamaljeet Singh Ahluwalia and Mr Prashant Kumar Ahluwalia. VSEL manufactures sponge iron (capacity of 220,000 tonne per annum'tpa) and mild steel billets (280,000 tpa) at its facility in Sambalpur, Orrisa. The company also has a waste head recovery based power plant of 16 MW capacity and an atmospheric fluidised bed combustion (AFBC) based power plant with 14 MW capacity. VKC PLASTOMERS: CRISIL Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Vkc Plastomers India Private Limited (VPIPL; Previously known as Veekesy Plastomers India Private Limited) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with VPIPL 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 VPIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VPIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VPIPL continues to be 'Crisil B/Stable Issuer not cooperating'. Kerala-based VPIPL was incorporated on December 22, 1998. It distributes footwear for men, women and children across India. Mr Abdul Razak Veluthedath, Mr Ummer Farook, Mr Rafeeque Veluthedath and Mr Hameedali are the promoters. ========= J A P A N ========= NISSAN MOTOR: Execs Receive JPY1.39BB Remuneration Despite Losses ----------------------------------------------------------------- Japan Today reports that Nissan Motor Co's five executive officers, including President Ivan Espinosa, received remuneration totaling JPY1.39 billion ($8.7 million) for the fiscal year ended March, even though the company reported two straight years of net losses, a shareholders' meeting notice showed May 28. As the struggling Japanese automaker is in the midst of overhaul efforts that include the cutting of 20,000 jobs globally by fiscal 2027, Mr. Espinosa has voluntarily returned half of his performance-linked payment, according to the notice, Japan Today relays. An executive's remuneration consists of fixed, performance-based and stock compensation. The remuneration for each executive is not disclosed in the notice. Nissan logged a net loss of JPY533.10 billion in the year ended March, following a net loss of JPY670.90 billion the previous year, as the bottom line was squeezed by hefty restructuring costs, Japan Today discloses. About Nissan Motor Japan-based Nissan Motor Co., Ltd. manufactures and distributes automobiles and related parts. The Company produces luxury cars, sports cars, commercial vehicles, and more. Nissan Motor markets its products worldwide. Fitch Ratings, on April 15, 2026, affirmed Nissan Motor Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BB'. The Outlook remains Negative. Fitch has also affirmed Nissan's senior unsecured rating at 'BB' and its Short-Term Foreign- and Local-Currency IDRs at 'B'. S&P Global Ratings, in November 2025, lowered its long-term ratings on Nissan Motor and its overseas subsidiaries to 'BB-' from 'BB' and affirmed its short-term ratings at 'B'. The negative outlook reflects S&P's view that prolonged weak profitability and negative FOCF may further deteriorate the company's creditworthiness. Moody's Ratings, in February 2025, also downgraded to Ba1 from Baa3 the senior unsecured rating for Nissan Motor Co., Ltd. At the same time, Moody's have assigned a Ba1 corporate family rating and withdrawn the company's Baa3 issuer rating. Moody's have also maintained the negative rating outlook. ===================== N E W Z E A L A N D ===================== AIR CHATHAMS: Seeks More Time to Repay Loan, Warns of Route Risk ---------------------------------------------------------------- Radio New Zealand reports that Air Chathams has missed the due date to repay a NZD500,000 Kapiti Coast District Council loan. According to RNZ, airline chief executive Duane Emeny said the loan would be repaid and asked for a 10-business day extension to work out a payment plan, but warned there was "a significant risk" to the direct Paraparaumu to Auckland service if the council chose to declare the loan in default. The council agreed to the interest‑free loan in November 2020, during the Covid‑19 pandemic, to help the airline restart flight operations, RNZ recalls. It came on top of a separate NZD20,000 Covid‑19 support grant. A proactively released response to a Local Government Official Information and Meetings Act (LGOIMA) request in late 2025 said the council agreed to extend the original repayment date of November 22, 2025 to May 2026. In response to a separate LGOIMA request earlier this month, the council said the repayment date was "end May 2026," RNZ relays. "Air Chathams' argument is that we've continued to provide an air service for five years through the most challenging times in regional aviation, and the money that we've lost in doing that is significantly more than the money that you're owed," Mr. Emeny told Local Democracy Reporting on May 27. "That's your decision as a council to make and, if that's the case, then we'll work through it. But what I would say is there's a significant risk to the air service continuing if they choose that path." Mayor Janet Holborow said on May 27 it would be inappropriate for her to comment as negotiations were continuing, RNZ relays. On May 26 a council spokesperson said officials were in "active discussions" with Air Chathams on paying the loan but did not elaborate, citing LGOIMA provisions that it could jeopardise negotiations and for commercial reasons, according to RNZ. Other Covid-related assistance the airline received from North Island councils included a NZD350,000 loan from Whakatāne District Council, a NZD30,000 marketing budget and a NZD500,000 loan from Whanganui District Council. RNZ relates that the airline asked the Whakatāne District Council last May to write off its NZD350,000 loan as part of a wider financial package that included waiving 12 months of landing fees at the publicly owned airport, entering a profit‑and‑loss sharing arrangement on the Auckland route, and a further NZD3 million loan to buy a new Saab 340. The airline later withdrew the request for the new aircraft loan. RNZ says Whakatāne councillors agreed to waive the landing fees but rejected the rest of the package, though some left the door open to consider alternatives, including converting the loan to airline shares - a clause written into the loan contract. In April, the Government loaned Air Chathams NZD17.2 million through the Regional Infrastructure Fund to refinance debts. Emeny said that was to service interest-bearing debt, which meant the councils' interest-free loans did not qualify. After Air New Zealand pulled the plug on the Kāpiti Coast-Auckland route in 2018, the district council subsidised Air Chathams to run the direct flights through grants to promote the Kāpiti Coast as a destination and by covering the costs of the vital airfield flight information service, which provides pilots with weather and traffic information to operate safely. Air Chathams Limited is an airline based in the Chatham Islands, New Zealand. It operates scheduled passenger services between the Chatham Islands and mainland New Zealand along with routes between Auckland and Whakatāne, Auckland and Kāpiti Coast and Auckland and Whanganui. COSMETICS AND AESTHETICS: Creditors' Proofs of Debt Due on June 24 ------------------------------------------------------------------ Creditors of Cosmetics and Aesthetics Limited, Tovey Afforestation Limited and Needmore Firewood N Tree Services Limited are required to file their proofs of debt by June 24, 2026, to be included in the company's dividend distribution. Cosmetics and Aesthetics and Tovey Afforestation commenced wind-up proceedings on May 18, 2026. Needmore Firewood commenced wind-up proceedings on May 22, 2026. The company's liquidator is: Digby John Noyce RES Corporate Services Limited PO Box 301890 Albany Auckland 0752 JCK HOLDINGS: Verona Cafe Owner Owes More Than NZD700k to Creditors ------------------------------------------------------------------- NZ Herald reports that the company behind Karangahape Rd's cafe and bar Verona owes more than NZD700,000 to creditors, including Inland Revenue, as the liquidators prepare to sell the business. JCK Holdings, which owned and operated Verona, was placed into liquidation on April 23, 2026, upon application of the Commissioner of Inland Revenue, with KPMG's Leon Francis Bowker and Kristal Pihama appointed as liquidators. MOANA PASIFIKA: Sign Off From Super Rugby With a Win ---------------------------------------------------- The Guardian reports that an undermanned Moana Pasifika have capped off their potential final match with a stirring victory, upsetting the finals-bound ACT Brumbies 21-19. But there were mixed feelings as players celebrated a rare win before coming together with staff to mark the occasion of the club's farewell game and expected demise with an emotionally charged hymn, The Guardian relates. According to The Guardian, the Super Rugby Pacific club was placed into liquidation on May 25 after their current owners announced that they would not continue to fund the franchise beyond 2026 on April 15. Unless a last-minute saviour comes in to salvage the club, only introduced in 2022, they will fold and the competition will shrink to 10 teams in 2027, The Guardian notes. But Pasifika (2-12) relished the occasion at GIO Stadium on May 30 and snapped a 12-game losing streak to avoid a record-equalling 13th loss. Moana Pasifika is a professional rugby union team based in New Zealand and made up of players from various Pacific Island nations as well as New Zealand or Australian born players of Pasifika heritage, including Fiji, Samoa, Tonga and the Cook Islands who play in the Super Rugby Pacific competition. MOUNT METAL: Court to Hear Wind-Up Petition on July 6 ----------------------------------------------------- A petition to wind up the operations of Mount Metal Craft Limited will be heard before the High Court at Tauranga on July 6, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on April 30, 2026. The Petitioner's solicitor is: Timothy Saunders Inland Revenue, Legal Services 21 Home Straight PO Box 432 Hamilton PROVOST MERCARI: Court to Hear Wind-Up Petition on June 18 ---------------------------------------------------------- A petition to wind up the operations of Provost Mercari Limited will be heard before the High Court at Auckland on June 18, 2026, at 10:00 a.m. 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 WAIRAU DETAILING: Creditors' Proofs of Debt Due on June 22 ---------------------------------------------------------- Creditors of Wairau Detailing Centre Limited (formerly Ceramic Pro Limited) are required to file their proofs of debt by June 22, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 22, 2026. The company's liquidators are: Gareth Russel Hoole Chiragkumar Bhailalbhai Patel Ecovis KGA Limited Level 2, 5–7 Kingdon Street Newmarket Auckland 1023 YARD CARE: Creditors' Proofs of Debt Due on June 18 --------------------------------------------------- Creditors of Yard Care HB Limited (formerly RJ's Crewcut Services Limited) are required to file their proofs of debt by June 18, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 20, 2026. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 ================= S I N G A P O R E ================= CO ZONE: Court to Hear Wind-Up Petition on June 12 -------------------------------------------------- A petition to wind up the operations of Co Zone Private Limited will be heard before the High Court of Singapore on June 12, 2026, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on May 12, 2026. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 CURRY HUT: Court to Hear Wind-Up Petition on June 5 --------------------------------------------------- A petition to wind up the operations of The Curry Hut Pte. Ltd. will be heard before the High Court of Singapore on June 5, 2026, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on May 14, 2026. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 INDIAN PARU'S: Court to Hear Wind-Up Petition on June 5 ------------------------------------------------------- A petition to wind up the operations of Indian Paru's Beauty Care Pte. Ltd. will be heard before the High Court of Singapore on June 5, 2026, at 10:00 a.m. Oversea-Chinese Banking Corporation Limited filed the petition against the company on May 15, 2026. The Petitioner's solicitors are: Adsan Law LLC 300 Beach Road #26-00 The Concourse Singapore 199555 MM2 ASIA: H2 Net Loss Widens to SGD166.6MM Amid Fair-Value Losses ----------------------------------------------------------------- The Business Times reports that former Cathay Cineplexes operator mm2 Asia posted a net loss of SGD166.6 million for its second half ended March 31, widening from a net loss of SGD101.3 million in the year-ago period. In tandem, its basic loss per share (LPS) from continuing operations stood at SGD0.0215 for the six months, from a basic LPS of SGD0.0194 in the previous corresponding period. For H2 FY2026, it reported negative revenue of SGD1.7 million, down from a revenue of SGD46.4 million in the year-ago period; it attributed this to fair-value losses from its film and entertainment investments, according to BT. For the half-year, it recorded a SGD10.3 million loss on fair-value changes in its investments in its films and entertainment events. This, with an H2 revenue of SGD8.7 million excluding fair-value losses, resulted in the negative revenue of SGD1.7 million at the time that revenue was recognised. BT relates that the group did not declare a dividend for the period. For the FY2026, mm2 Asia's net loss widened to SGD206.3 million, from SGD105.2 million in the previous financial year, BT discloses. Its full-year basic LPS was SGD0.0275, up from SGD0.0164 in FY2025. According to BT, revenue for FY2026 plunged 95.9 per cent year on year (yoy) to SGD4.7 million, from SGD112.5 million. This was driven by lower contributions from the content business, which posted a 99 per cent yoy drop in sales to SGD1.1 million, from SGD109.8 million in FY2025. The declines came as the content business logged lower production revenue, from completing fewer projects than in the previous year. The business also logged lower distribution income and management fees revenue, along with increased fair-value losses on investments in films and entertainment events. For FY2026, cost of sales rose by around 52.5 per cent to SGD138.5 million, from SGD90.8 million in FY2025. This was attributed to the cost charge out by the content business, in relation to projects that were no longer commercially viable. BT adds that Mm2 Asia said that material uncertainties remain in relation to the outcome and timing of its restructuring exercises, funding initiatives and overall recovery plans. The company intends to focus on prudent cash flow management, cost optimisation and operational discipline, while it evaluates opportunities to strengthen its financial position and support its remaining core businesses. The group also plans to continue leveraging its experience and capabilities in content development and production, while maintaining a "disciplined and cautious approach amid the evolving industry landscape," BT relays. Shares of mm2 Asia last closed at SGD0.003 before their Nov. 11 suspension. About mm2 Asia Based in Singapore, mm2 Asia Ltd. (SGX:1B0) -- https://www.mm2asia.com/ -- primarily engages in the media and entertainment industry, focusing on the production, distribution, and exhibition of films and television content. The company operates through its subsidiaries, including Cathay Cineplexes, which manages cinema operations. On Sept. 1, 2025, Luke Anthony Furler and Tan Kim Han of Quantuma (Singapore) were appointed as Joint and Several Provisional Liquidators of Cathay Cineplexes Pte Ltd pursuant to Section 161 of the Insolvency, Restructuring and Dissolution Act 2018. On Dec. 10, 2025, the Singapore High Court approved mm2 Asia’s application for a four-month moratorium until April 10, 2026. The court has since extended the moratorium orders, which shield mm2 Asia and its subsidiary, mm2 Entertainment, from creditor actions and legal proceedings, until Aug. 10, 2026. NATIONAL HEALTH: Court to Hear Wind-Up Petition on June 5 --------------------------------------------------------- A petition to wind up the operations of National Health Insurance Fund will be heard before the High Court of Singapore on June 5, 2026, at 10:00 a.m. Alchimia Pte. Ltd filed the petition against the company on May 18, 2026. The Petitioner's solicitors are: Ascendant Legal LLC 9 Straits View Marina One West Tower, #09-09 Singapore, 018937 ORIGINAL PTE: Court Enters Wind-Up Order ---------------------------------------- The High Court of Singapore entered an order on May 8, 2026, to wind up the operations of Original Pte. Ltd. Shanghai Asian Development International Transportation Pudong Co., Ltd. filed the petition against the company. The company's liquidator is: Tan Jun Zhang, Solomon c/o Argile Partners Pte. Ltd. 138 Cecil Street #10-01, Cecil Court Singapore 069538 ********* 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 ***