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260602.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 Tuesday, June 2, 2026, Vol. 29, No. 109 Headlines A U S T R A L I A BIG UN: CDPP Discontinues Insider Trading Charges vs. Former CFO D.S.E. CONSTRUCTIONS: First Creditors' Meeting Set for June 10 DASHDOT PTY: Enters Into Voluntary Liquidation; Cuts 40 Jobs HAWTHORN GROUP: Second Creditors' Meeting Set for June 5 LIBERTY SERIES 2024-1: Moody's Ups Rating on Cl. F Notes from Ba1 LIVIC UNDERGROUND: Second Creditors' Meeting Set for June 9 NATHAN RIVER: First Creditors' Meeting Set for June 5 NUENERGY INFRASTRUCTURE: First Creditors' Meeting Set for June 4 PETER WARREN: Flags Collapse in Demand After Fuel Price Surge RESIMAC BASTILLE 2026-1NC: Moody's Assigns B2 Rating to Cl. F Notes SOLIS 2026-1: S&P Assigned Prelim B+ (sf) Rating to Class F Notes C H I N A CHINA VANKE: Keeps Focus on Cutting Losses, Restructuring Debt CHINA VANKE: Seeks 40% Repayment, One-Year Extension for Bonds ORIGIN AGRITECH: Reports US$7.1 Million Net Loss in H1 FY2026 I N D I A ABDUL JALEEL: CRISIL Keeps D Debt Ratings in Not Cooperating ARS ENERGY: Liquidation Process Case Summary BEEPEE ENTERPRISE: CRISIL Keeps D Debt Ratings in Not Cooperating EARTH INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating ELEGENT INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating GREENERGY SOLAR: CRISIL Lowers Rating on INR48.91cr Loan to B JAGRATI TRADE: CRISIL Keeps D Debt Ratings in Not Cooperating KGPS MECHANICAL: CRISIL Keeps D Debt Ratings in Not Cooperating MALAXMI WIND: CRISIL Keeps D Debt Ratings in Not Cooperating MARKS ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating MIJAN IMEX: CRISIL Keeps D Debt Ratings in Not Cooperating OM NAMAH: CRISIL Keeps B Debt Ratings in Not Cooperating Category PARAS INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating PRO KNITS: CRISIL Keeps D Debt Ratings in Not Cooperating RICHLOOK CREATIONS: CRISIL Keeps D Ratings in Not Cooperating SANJAR PHARMA: CRISIL Keeps B- Debt Ratings in Not Cooperating SANNIDHI FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating SHAIVLINI IMPEX: Insolvency Resolution Process Case Summary SNEHAL ENTERPRISES: CRISIL Keeps D Debt Rating in Not Cooperating SOKHI STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating SONCOYA SOLUTIONS: CRISIL Keeps B Debt Ratings in Not Cooperating SPICEJET LTD: HC Asks Carrier to Disclose its Assets SS ALUMINIUM: CRISIL Keeps D Debt Ratings in Not Cooperating SWASTIK ISPAT: CRISIL Keeps D Debt Ratings in Not Cooperating UDAY AUTOLINK: CRISIL Keeps D Debt Ratings in Not Cooperating VERTEXONE PROCESS: Voluntary Liquidation Process Case Summary WCUBE SOLUTIONS: Insolvency Resolution Process Case Summary M A C A U SJM HOLDINGS: Fitch Lowers Long-Term IDR to 'B+', Outlook Stable N E W Z E A L A N D MOANA PASIFIKA: Creditors' Proofs of Debt Due on July 15 PROJAGANET TRADING: Creditors' Proofs of Debt Due on June 26 SUSHI & CO: Pikuniku Cafe Enters Liquidation, Business Remains Open TAWANUI DEVELOPMENTS: Court to Hear Wind-Up Petition on June 4 THOMAS ELECTRICAL: Creditors' Proofs of Debt Due on July 22 TJM PAINTING: Court to Hear Wind-Up Petition on June 4 S I N G A P O R E EMMA SLEEP: Commences Wind-Up Proceedings MCR CLINIC: Court to Hear Wind-Up Petition on June 12 TN AUTO: Court to Hear Wind-Up Petition on June 12 ULTRACAD ELECTRIC: Court to Hear Wind-Up Petition on June 5 YOUADME PTE: Court to Hear Wind-Up Petition on June 12 S O U T H K O R E A JK RIVERSTONE: Finalizes Delisting from Public Market - - - - - ================= A U S T R A L I A ================= BIG UN: CDPP Discontinues Insider Trading Charges vs. Former CFO ---------------------------------------------------------------- The Office of the Director of Public Prosecutions (Cth) (CDPP) has determined it will discontinue proceedings against the former chief financial officer (CFO) of collapsed ASX-listed technology company Big Un Limited following a hung jury. Charges were laid against Andrew Corner in April 2023 but were discontinued by the CDPP after a jury was unable to reach a unanimous verdict following a five-week trial ending March 30, 2026. The CDPP made the decision not to proceed with a re-trial having regard to the Prosecution Policy of the Commonwealth. Following the CDPP's decision, ASIC considers the matter finalised. Big Un Limited's former chief executive officer, Richard Evans (formerly Evertz) pleaded guilty in April 2026 to one charge of communicating inside information. Big Un was one of the top performing shares listed on the ASX in 2017. Its shares were suspended from trading in February 2018 after information about Big Un's funding arrangement with First Class Capital was released. Big Un was placed into voluntary administration and delisted from the ASX in August 2018. It is now in liquidation. Big Review TV is also in liquidation. D.S.E. CONSTRUCTIONS: First Creditors' Meeting Set for June 10 -------------------------------------------------------------- A first meeting of the creditors in the proceedings of D.S.E. Constructions Pty Ltd will be held on June 10, 2026, at 11:30 a.m. via Microsoft Teams. Dane Skinner of Raft Consulting was appointed as administrator of the company on May 28, 2026. DASHDOT PTY: Enters Into Voluntary Liquidation; Cuts 40 Jobs ------------------------------------------------------------ SmartCompany reports that the CEO of collapsed property investment advisory Dashdot said it is working to shield clients from the financial fallout, after declaring the startup fell victim to brutal economic conditions, federal budget reforms, and changes to Meta's advertising system. Dashdot fell into voluntary liquidation last week, with the seven-year-old company appointing Teneo's Rebecca Gill and Martin Ford to oversee its affairs, SmartCompany discloses. According to SmartCompany, the collapse left some customers, who paid thousands of dollars in upfront fees for Dashdot's services, waiting for answers. The business previously said its most popular service carried a flat fee of around AUD25,000. Speaking to SmartCompany on June 1, CEO and co-founder Glenn "Goose" McGrath said work is underway to ensure those clients have their contracts serviced by other agencies. "We have reached out to the broader property investment services community, and we've asked for help, and the feedback has been honestly inspiring," he said. More than 50 companies have reached out to Dashdot, said Mr. McGrath, who hoped to transfer all clients with outstanding service obligations to a new company. "Myself and [co-founder Gabi Billing] have lost everything in this process, we've lost our company, we've lost our income, we've lost everything," he continued. "We're in this too. "But right now, the single thing that we are focused on is getting as close to 100% of our clients out of harm's way, and getting them to someone who can facilitate the service, or a similar service, to what they signed up to Dashdot for." Dashdot's voluntary liquidation came less than two weeks after making more than 40 staff redundant, SmartCompany notes. In his open letter, Mr. McGrath described the redundancy round as part of an attempt to reduce costs and stabilise the business. Dashdot Pty Ltd built a national profile, helping Australians build property portfolios, offering services ranging from investment planning through to property acquisition and portfolio support. HAWTHORN GROUP: Second Creditors' Meeting Set for June 5 -------------------------------------------------------- A second meeting of creditors in the proceedings of Hawthorn Group Holdings Pty Ltd has been set for June 5, 2026, at 11:30 a.m. via virtual meeting only. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by June 4, 2026 at 5:00 p.m. Aaron Kevin Lucan of Worrells was appointed as administrator of the company on May 15, 2026. LIBERTY SERIES 2024-1: Moody's Ups Rating on Cl. F Notes from Ba1 ----------------------------------------------------------------- Moody's Ratings has upgraded ratings on eight classes of notes issued by three Liberty Series SME. The affected ratings are as follows: Issuer: Liberty Series 2022-1 SME Class D Notes, Upgraded to Aa1 (sf); previously on Jun 24, 2025 Upgraded to Aa3 (sf) Class E Notes, Upgraded to Aa3 (sf); previously on Jun 24, 2025 Upgraded to A3 (sf) Class F Notes, Upgraded to A3 (sf); previously on Jun 24, 2025 Upgraded to Baa2 (sf) Issuer: Liberty Series 2023-1 SME Class C Notes, Upgraded to Aa1 (sf); previously on Jun 24, 2025 Upgraded to Aa2 (sf) Class D Notes, Upgraded to Aa3 (sf); previously on Jun 24, 2025 Upgraded to A2 (sf) Class E Notes, Upgraded to Baa1 (sf); previously on Jun 24, 2025 Upgraded to Baa2 (sf) Issuer: Liberty Series 2024-1 SME Class E Notes, Upgraded to Baa1 (sf); previously on Jun 24, 2025 Upgraded to Baa2 (sf) Class F Notes, Upgraded to Baa3 (sf); previously on Jun 24, 2025 Upgraded to Ba1 (sf) A comprehensive review of all credit ratings for the respective transaction(s) has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by an increase in credit enhancement (via note subordination and the Guarantee Fee Reserve) available for the affected notes and the collateral performance to date. The fully-funded and non-amortising Guarantee Fee Reserve Account provides credit support of 0.5% of the original note balance to the deals. The reserve can be used to cover charge-offs against the notes and liquidity shortfalls that remain uncovered after drawing on the liquidity facility and principal. No action was taken on the remaining rated classes in the transactions as credit enhancement remains commensurate with the current rating for the respective notes. Liberty Series 2022-1 SME Following the May 2026 payment date, note subordination available for the Class D, Class E and Class F Notes has increased to 9.2%, 6.4% and 5.4% respectively, from 8.2%, 5.4% and 4.4% at the time of the last rating action for these notes in June 2025. Principal collections have been allocated on a pro-rata basis among the rated notes since the December 2024 payment date. Current total outstanding notes as a percentage of the total closing balance is 51.1% As of end-April 2026, 0.3% of the outstanding pool was 30-plus days delinquent and 0.04% was 90-plus days delinquent. The deal has incurred AUD11,516 of losses to date, all of which have been covered by excess spread. Based on the observed performance to date and loan attributes, Moody's have lowered the expected loss assumption to 1.3% of the outstanding pool balance (equivalent to 0.7% of the original pool balance) from 1.4% at the last rating action in June 2025. Moody's have updated the stressed loss to 11.3% from 10.3%. Liberty Series 2023-1 SME Following the May 2026 payment date, note subordination available for the Class C, Class D and Class E Notes has increased to 10.5%, 7.8% and 3.9% respectively, from 9.5%, 6.9% and 3.4% at the time of the last rating action for these notes in June 2025. Principal collections have been allocated on a pro-rata basis among the rated notes since the November 2025 payment date. Current total outstanding notes as a percentage of the total closing balance is 60.7% As of end-April 2026, 1.4% of the outstanding pool was 30-plus days delinquent and 0.5% was 90-plus days delinquent. The deal has incurred no losses to date. Based on the observed performance to date and loan attributes, Moody's have maintained the expected loss assumption at 1.6% of the outstanding pool balance (equivalent to 1% of the original pool balance) from the last rating action in June 2025. Moody's have updated the stressed loss to 14.8% from 13.6%. Liberty Series 2024-1 SME Following the May 2026 payment date, note subordination available for the Class E and Class F Notes has increased to 2.1% and 0.7% respectively, from 1.7% and 0.6% at the time of the last rating action for these notes in June 2025. Principal collections have been allocated on a sequential basis since closing. Current total outstanding notes as a percentage of the total closing balance is 72.3% As of end-April 2026, 1.4% of the outstanding pool was 30-plus days delinquent and 1.2% was 90-plus days delinquent. The deal has incurred no losses to date. Based on the observed performance to date and loan attributes, Moody's have increased the expected loss assumption to 1.6% of the outstanding pool balance (equivalent to 1.1% of the original pool balance) from 1.5% at the last rating action in June 2025. Moody's have updated the stressed loss to 15.0% from 13.1%. The transactions are securitisations of loans to self-managed superfunds, small-to-medium enterprises and individuals, originated by Liberty Financial Pty Ltd, an Australian non-bank lender. The loans are secured by residential or commercial properties, or a mix of both. A portion of the portfolios consists of loans extended to borrowers with impaired credit histories or made on a limited documentation basis, or no documentation basis. The methodologies used in these ratings were "Residential Mortgage-Backed Securitizations" published in October 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in the notes' available credit enhancement. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the notes' available credit enhancement, and (3) a deterioration in the credit quality of the transaction counterparties. LIVIC UNDERGROUND: Second Creditors' Meeting Set for June 9 ----------------------------------------------------------- A second meeting of creditors in the proceedings of Livic Underground Construction Pty Ltd has been set for June 9, 2026, at 11:00 a.m. via video conference. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by June 5, 2026 at 4:00 p.m. Shaun Matthews and Daniel P Juratowitch of Cor Cordis were appointed as administrators of the company on May 4, 2026. NATHAN RIVER: First Creditors' Meeting Set for June 5 ----------------------------------------------------- A first meeting of the creditors in the proceedings of: - Nathan River Resources Pty Ltd; - NRR Mining Pty Ltd; - NRR Equipment Pty Ltd; - NRR Services Pty Ltd; and - NR Road Haulage Pty Ltd will be held on June 5, 2026, at 10:00 a.m. via virtual meeting. Giovanni Maurizio Carrello, Shaun William Boyle and Clint Peter Joseph of BRI Ferrier Western Australia were appointed as administrators of the company on May 26, 2026. NUENERGY INFRASTRUCTURE: First Creditors' Meeting Set for June 4 ---------------------------------------------------------------- A first meeting of the creditors in the proceedings of NuEnergy Infrastructure (NEI) Pty Ltd will be held on June 4, 2026, at 9:00 a.m. via virtual meeting. Mark Alfred Holland and Robert Conry Brauer of McGrathNicol were appointed as administrators of the company on May 26, 2026. PETER WARREN: Flags Collapse in Demand After Fuel Price Surge ------------------------------------------------------------- The Australian Financial Review reports that Peter Warren Automotive chief executive Andrew Doyle said trading conditions are as bad as he's ever seen, after Australia's second-largest car dealership warned that profit margins collapsed in May following a rapid downturn in the market. Soaring fuel prices stemming from the Middle East war and three interest rate hikes had hit confidence, while there was also a backlog of orders for some electric vehicles, with supply constraints emerging as customers sought smaller, fuel-efficient vehicles, the company said. Peter Warren shares plunged 25 per cent to 75 cents on June 1, the lowest in the company's five years on the ASX, the Financial Review notes. The company raised AUD260 million at an issue price of AUD2.90 in April 2021 and the shares reached as high as AUD3.80 that year. Mr. Doyle, who became chief executive in October 2024, said there had been a substantial shift in the market. "Trading conditions in recent weeks have been unprecedented. Customer preferences are changing rapidly, accelerated by increased fuel prices and cost-of-living pressures," the report quotes Mr. Doyle as saying. The company sells about 30 different car brands, including Toyota, Mercedes-Benz, Volkswagen and Mazda, and has belatedly stepped up its presence in Chinese-made EVs, including GWM, MG and Chery, which have become increasingly popular. Peter Warren warned that the underlying profit before tax was likely to be between AUD12 million and AUD15 million for the year to June 30, 2026, the Financial Review relays. This indicates that in the June half it would struggle to break even, given that underlying profit before tax in the December half was AUD12.5 million. The company operates from about 80 locations in the eastern states, and has battled to keep up with larger rival Eagers Automotive, which holds about 14 per cent of the new vehicle market and sells fast-growing Chinese EV brand BYD. Eagers outlets account for about 80 per cent of BYD sales in Australia, with the company's shares falling about 11 per cent since an update on May 27 when the group cautioned about delivery delays. Peter Warren has about a 17 per cent market share of the Chinese-made vehicle market in Australia, having lifted that in the past four years from 8.6 per cent, it said in presentations in February. But the Chinese brands in its line-up - including GWM, MG, Chery, LDV, Geely, Omoda Jaecoo and Zeekr – have been unable to match the popularity of BYD, the Financial Review states. Official figures from the Federal Chamber of Automotive Industries and the Electric Vehicle Council show that BYD was the second-biggest selling brand of any type of vehicle in April, with 7702 vehicles sold, behind Toyota with 15,815. Chinese-made vehicles made up one-third of all sales, while full battery EVs accounted for one in six of all vehicles sold. The Financial Review adds that Peter Warren, in early May, announced that chairman John Ingram, who steered the company through its IPO, would step down on June 30, with Paul Warren to become executive chairman. The first Peter Warren dealership was established in 1958. Based in Warwick Farm, Australia, Peter Warren Automotive Holdings Limited (ASX:PWR) -- https://www.pwah.com.au/ -- engages in the sale of new and used motor vehicles in Australia. The company offers vehicle maintenance and repair services, parts and accessories, extended service contracts, and protection and other aftermarket products. It also provides financing for vehicle purchases through third-party sources; and sells insurance products on behalf of retail financiers and insurers. RESIMAC BASTILLE 2026-1NC: Moody's Assigns B2 Rating to Cl. F Notes ------------------------------------------------------------------- Moody's Ratings has assigned the following definitive ratings to the notes issued by Perpetual Trustee Company Limited as trustee of the RESIMAC Bastille Trust in respect of the RESIMAC Series 2026-1NC. Issuer: Perpetual Trustee Company Limited as trustee of the RESIMAC Bastille Trust in respect of the RESIMAC Series 2026-1NC AUD270.00 million Class A1 Notes, Assigned Aaa (sf) AUD385.00 million Class A2-a Notes, Assigned Aaa (sf) AUD165.00 million Class A2-b Notes, Assigned Aaa (sf) AUD73.00 million Class AB Notes, Assigned Aaa (sf) AUD50.00 million Class B Notes, Assigned Aa2 (sf) AUD17.00 million Class C Notes, Assigned A2 (sf) AUD13.00 million Class D Notes, Assigned Baa2 (sf) AUD12.00 million Class E Notes, Assigned Ba2 (sf) AUD7.00 million Class F Notes, Assigned B2 (sf) The AUD8.00 million Class G Notes are not rated by Moody's. The transaction is a securitisation of first-ranking mortgage loans secured over residential properties located in Australia. The loans were originated and are serviced by Resimac Limited (RESIMAC). RESIMAC is an Australian non-bank lender, specialising in non-conforming and prime residential mortgage lending. In 2020, RESIMAC expanded its lending into asset finance, providing auto and equipment loans to commercial and consumer obligors. As of December 31, 2025, RESIMAC's Australian assets under managment were around AUD15.7 billion. RATINGS RATIONALE The definitive ratings take into account, among other factors, an evaluation of the underlying receivables and their expected performance, evaluation of the capital structure and credit enhancement provided to the notes, availability of excess spread over the life of the transaction, the liquidity facility in the amount of 1.5% of the rated notes balance, the legal structure, the experience of RESIMAC as servicer and the presence of Perpetual Trustee Company Limited as the backup servicer. Moody's MILAN Stressed Loss — representing the loss that Moody's expects the portfolio to suffer in the event of a severe recession scenario — is 9.0%. Moody's expected loss for this transaction is 1.1%. The Class A Notes, which include Class A1, Class A2-a and Class A2-b Notes, benefit from 18% subordination, compared with the 9.0% MILAN Stressed Loss. The transaction challenges include a relatively high proportion of loans to self-employed borrowers at 81.8% (based on Moody's classifications), with further 12.0% of loans to company borrowers and high proportion of alternative documentation loans of around 92.6% of the pool. Transactional features are as follows: -- Initially, principal payments will be made sequentially, starting with the Class A1 Notes until fully repaid, and then Class A2 Notes. All classes of notes, excluding Class G and Class Z Notes, will start receiving their pro-rata share of principal, provided that step-down test is met. The step down conditions include, among others, no unreimbursed charge-offs, no Class A1 Notes outstanding, and payment date falling on or after 24 months after closing. -- Under the retention mechanism, prior to the call date, a certain proportion of excess spread remaining after reimbursement of losses and carry-over charge-offs will be used to repay principal on the junior notes, starting with the Class F Notes, thereby limiting their exposure to losses. Issuance of an equivalent amount of subordinated Class Z Notes at the same time will preserve the level of credit enhancement available to the more senior ranking notes. -- The servicer is required to maintain the weighted average interest rates on the mortgage loans at a level sufficient for the trust to meet the required payments when due, plus 0.25%. Other pool features are as follows: -- The pool has a weighted average scheduled LTV of 72.0%. -- The pool has a weighted average seasoning of 14.7 months. -- The pool has a relatively high exposure to Gold Coast, Queensland (7.8%). The principal methodology used in these ratings was "Residential Mortgage-Backed Securitizations" published in October 2024. Factors that would lead to an upgrade or downgrade of the ratings: Levels of credit protection that are greater than necessary to protect investors against current expectations of loss could lead to an upgrade of the ratings. Moody's current expectations of loss could be better than its original expectations because of fewer defaults by underlying obligors or higher recoveries on defaulted loans. The Australian job and the housing markets are primary drivers of performance. A factor that could lead to a downgrade of the notes is worse-than-expected collateral performance. Other reasons that could lead to a downgrade include poor servicing, error on the part of transaction parties, a deterioration in the credit quality of transaction counterparties, or lack of transactional governance, and fraud. SOLIS 2026-1: S&P Assigned Prelim B+ (sf) Rating to Class F Notes ----------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to eight classes of nonconforming and prime residential mortgage-backed securities (RMBS) to be issued by Perpetual Corporate Trust Ltd. as trustee of Solis 2026-1 Trust. Solis 2026-1 Trust is a securitization of nonconforming and prime residential mortgages originated by Resi Wholesale Funding Pty Ltd. (Resi). The preliminary 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. S&P's assessment of credit risk considers Resi'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 National Australia Bank Ltd. as bank account provider and liquidity facility provider. The transaction documents for the facilities include downgrade language consistent with S&P Global Ratings' 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 Solis 2026-1 Trust Class A-1-S, A$150.00 million: AAA (sf) Class A-1-L, A$250.00 million: AAA (sf) Class A-2, A$40.75 million: AAA (sf) Class B, A$23.25 million: AA (sf) Class C, A$18.50 million: A (sf) Class D, A$6.50 million: BBB (sf) Class E, A$4.50 million: BB+ (sf) Class F, A$3.50 million: B+ (sf) Class G1, A$2.00 million: Not rated Class G2, A$1.00 million: Not rated ========= C H I N A ========= CHINA VANKE: Keeps Focus on Cutting Losses, Restructuring Debt -------------------------------------------------------------- Caixin Global reports that state-backed property developer China Vanke Co. Ltd. will stay focused on cutting losses and restructuring debt this year as it remains mired in a severe liquidity crisis, executives said at its annual shareholders' meeting on May 29. Caixin says the announcement highlights the prolonged distress of one of China's largest real estate developers, whose financial health has deteriorated despite massive liquidity injections from its state-owned largest shareholder. About China Vanke China Vanke Co., Ltd. operates real estate development businesses. The Company provides housing renovation, housing loans, real estate brokerage, and other businesses. China Vanke also operates logistics, material supply, and other businesses. Fitch Ratings, in May 2026, downgraded China Vanke Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'RD' from 'CC', and affirmed the Long-Term IDR on China Vanke's wholly owned subsidiary, Vanke Real Estate (Hong Kong) Company Ltd (Vanke HK) at 'CC'. Fitch has also affirmed Vanke HK's senior unsecured rating and the rating on its outstanding senior notes at 'C', with a Recovery Rating of 'RR5'. Moody's Ratings, on Dec. 30, 2025, downgraded the following ratings of China Vanke Co., Ltd. and its wholly-owned subsidiary, Vanke Real Estate (Hong Kong) Company Limited -- (1) China Vanke's corporate family rating (CFR) to Ca from Caa2; (2) Backed senior unsecured rating on the medium-term note (MTN) program of Vanke Real Estate to (P)C from (P)Caa3; and (3) Backed senior unsecured rating on the bonds issued by Vanke Real Estate to C from Caa3. Moody's have also maintained the negative outlooks of the entities. S&P Global Ratings, on Dec. 23, 2025, lowered its long-term issuer credit rating on China Vanke Co. Ltd. to 'SD' from 'CCC-'. S&P affirmed its 'CCC-' long-term issuer credit rating on its subsidiary Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK) and its 'CCC-' long-term issue ratings on Vanke HK's senior unsecured notes. At the same time, S&P removed the ratings from CreditWatch, where they were placed with negative implications on Nov. 27, 2025. CHINA VANKE: Seeks 40% Repayment, One-Year Extension for Bonds -------------------------------------------------------------- Reuters reports that China Vanke Co is seeking to extend four onshore bonds by one year, offering to repay 40% of principal upfront, sources told Reuters on May 26. Reuters relates that the bonds in question are CNY2 ⁠billion medium-term notes, with 3.07% coupons each, due on June 15 and July 7, respectively. A bondholder meeting is scheduled for June 5, with a voting deadline on June 9. Two corporate bonds ⁠due or puttable in July, are also subject to the same proposal, sources, as cited by Reuters, said. The sources declined to ⁠be named as they were not authorised to speak to media. In January, Vanke won ⁠investor approval to extend three yuan bonds under similar terms, Reuters notes. About China Vanke China Vanke Co., Ltd. operates real estate development businesses. The Company provides housing renovation, housing loans, real estate brokerage, and other businesses. China Vanke also operates logistics, material supply, and other businesses. Fitch Ratings, in May 2026, downgraded China Vanke Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'RD' from 'CC', and affirmed the Long-Term IDR on China Vanke's wholly owned subsidiary, Vanke Real Estate (Hong Kong) Company Ltd (Vanke HK) at 'CC'. Fitch has also affirmed Vanke HK's senior unsecured rating and the rating on its outstanding senior notes at 'C', with a Recovery Rating of 'RR5'. Moody's Ratings, on Dec. 30, 2025, downgraded the following ratings of China Vanke Co., Ltd. and its wholly-owned subsidiary, Vanke Real Estate (Hong Kong) Company Limited -- (1) China Vanke's corporate family rating (CFR) to Ca from Caa2; (2) Backed senior unsecured rating on the medium-term note (MTN) program of Vanke Real Estate to (P)C from (P)Caa3; and (3) Backed senior unsecured rating on the bonds issued by Vanke Real Estate to C from Caa3. Moody's have also maintained the negative outlooks of the entities. S&P Global Ratings, on Dec. 23, 2025, lowered its long-term issuer credit rating on China Vanke Co. Ltd. to 'SD' from 'CCC-'. S&P affirmed its 'CCC-' long-term issuer credit rating on its subsidiary Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK) and its 'CCC-' long-term issue ratings on Vanke HK's senior unsecured notes. At the same time, S&P removed the ratings from CreditWatch, where they were placed with negative implications on Nov. 27, 2025. ORIGIN AGRITECH: Reports US$7.1 Million Net Loss in H1 FY2026 ------------------------------------------------------------- Origin Agritech Limited filed its unaudited financial results for the first half of FY2026 ended March 31, 2026, prepared in accordance with United States Generally Accepted Accounting Principles (US GAAP). The Company reported net revenue of RMB49.2 million (US$7.1 million) during the first half year of FY2026, compared to RMB72.3 million for the first half year of FY2025. The decrease was primarily due to the strategic transition in the Company's product portfolio as we're focusing more on the sales of new corn seed products and reducing the external seed tolling service. Total operating expenses for the first half year of FY2026 were RMB18.4 million (US$2.7 million), down 44% from RMB32.8 million for the same period a year ago. The decrease was mainly from the drop in general and administrative expenses. Selling and marketing expenses for the first half year of FY2026 were RMB5.1 million (US$0.7 million), compared to RMB2.6 million a year ago, an increase of 93%. The increase in selling and marking expense is attributed to the expansion of sales personnel and the intensified marketing and promotion efforts for new products. General and administrative expenses decreased 70% to RMB7.6 million (US$1.1 million), down from RMB25.0 million a year ago. Research and development expenses for the first half year of FY2026 were RMB5.7 million (US$0.8 million), up 11% from RMB5.2 million a year ago. Research and development expenses increased due to the development of new proprietary products. Total operating loss for the first half year of FY2026 was RMB12.9 million (US$1.9 million), compared to total operating income of RMB24.7 million reported a year ago, an improvement of 47.8%. The decline in total operating loss was mainly due to the drop in total operating expenses. The interest expense during the first half year of FY2026 was RMB1.6 million (US$0.2 million), compared to interest expense of RMB0.5 million reported a year ago. The increase is mainly attributable to a higher amount of borrowed funds. Net loss attributable to the Company for the first half year of FY2026 was recorded at RMB14.4 million (US$2.1 million), compared to the net loss of RMB25.6 million a year ago. The decline in the net loss was due to the drop in general and administrative expenses. Net loss per ordinary share for the first half of FY2026 was RMB1.21 (or US$0.17), compared to the net loss per share of RMB3.55 during the same period a year ago. Balance Sheet As of March 31, 2026, cash and cash equivalents were RMB13.4 million (US$1.9 million), a decrease of RMB2.5 million from the cash and cash equivalents of RMB15.9 million as of September 30, 2025. As of March 31, 2026, total liabilities were RMB168.1 million, in which total current liabilities were RMB155.6 million (US$22.5 million) and long term liabilities were RMB12.5 million. As of March 31, 2026, total assets were RMB92.6 million (US$13.4 million), in which total current assets were RMB60.8 million (US$8.8 million), and non-current assets were RMB31.7 million (US$4.6 million). A full-text copy of the Company's report filed on Form 6-K with the Securities and Exchange Commission is available at https://tinyurl.com/4ywp2xzb About Origin Agritech Headquartered in Beijing, China, Origin Agritech Limited, along with its subsidiaries, is focused on agricultural biotechnology, operating in the PRC. The Company's seed research and development activities specialize in crop seed breeding and genetic improvement. Origin believes that it has built a solid capacity for seed breeding technologies, including marker-assisted breeding and doubled haploids technologies, which it believes, along with its rich germplasm resources, will allow it to become a significant seed technology company in China. Singapore-based Enrome LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated January 30, 2026, citing that the Company has negative operating cashflow of RMB 22.9 million in the year ended September 30, 2025, net loss of RMB 58.0 million in the year ended September 30, 2025, net current liabilities of RMB83.3 million as of September 30, 2025, accumulated deficit of RMB634.2 million as of September 30, 2025 and shareholders' deficit of RMB 615.2 million as of September 30, 2025 that raise substantial doubt about its ability to continue as a going concern. ========= I N D I A ========= ABDUL JALEEL: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Abdul Jaleel MM (AJMM) continues to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.5 CRISIL D (ISSUER NOT COOPERATING) Bank Guarantee 2 CRISIL D (ISSUER NOT COOPERATING) Long Term Loan 1.5 CRISIL D (ISSUER NOT COOPERATING) Proposed Long Term 1 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING) Crisil Ratings has been consistently following up with AJMM 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 AJMM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AJMM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AJMM continues to be 'Crisil D/Crisil D Issuer not cooperating'. AJMM is a proprietorship firm involved in civil construction works such as construction of roads, bridges and construction and maintenance for irrigation facilities in Kerala. The firm is managed by Mr. Abdul Jaleel MM. ARS ENERGY: Liquidation Process Case Summary -------------------------------------------- Debtor: ARS Energy Private Ltd. 207, Eguvarpalayam Village, Gummidipondi, Tiruvallur, Gummidipundi, Tamil Nadu, India - 601201 Liquidation Commencement Date: May 5, 2026 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Ramanathan Bhuvaneshwari C-006, Pioneer Paradise, 24th Main Road, 7th Phase, JP Nagar, Bangalore - 560078 Tel: 0 99455 27606 Email: bhoona.bhuvan@gmail.com cirp.arsenergy@gmail.com Last date for submission of claims: June 4, 2026 BEEPEE ENTERPRISE: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Beepee Enterprise Private Limited (BEPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.5 CRISIL D (Issuer Not Cooperating) Foreign Demand 2 CRISIL D (Issuer Not Bill Purchase Cooperating) Letter Of Guarantee 0.3 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with BEPL 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 BEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BEPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. BEPL was incorporated in 2003, promoted by Mr. Chandrakishor Poddar along with his sons, Mr. Anup Poddar and Mr. Anil Poddar. The company manufactures of bed sheets, table cloths, serviettes, chair covers, table linen, duvets, and mats. BEPL's customers include various reputed players such as Air India Ltd, Taj Hotels Resorts and Palaces, and Hotel Leela Ventures Ltd. EARTH INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Earth International Private Limited (EIPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.5 CRISIL D (Issuer Not Cooperating) Packing Credit 2.5 CRISIL D (Issuer Not Cooperating) Proposed Fund- 2.5 CRISIL D (Issuer Not Based Bank Limits Cooperating) Crisil Ratings has been consistently following up with EIPL 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 EIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on EIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of EIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. EIPL was incorporated in 1996 by Mr.B K Jain. EIPL is engaged in the manufacturing of nanoclay, exothermic riser sleeves, bentonite, quartz powder, feldspar powder, mica powder and hydrogel which find applications in oil-well industries, foundries, civil construction, ceramic sanitary wares and in agriculture. The company's manufacturing facility is based in Gujarat and Neemrana (Rajasthan). ELEGENT INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Elegent Infrastructure Private Limited (EIPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 10 CRISIL D (Issuer Not Cooperating) Term Loan 15 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with EIPL 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 EIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on EIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of EIPL continues to be 'Crisil D Issuer not cooperating'. EIPL incorporated in 2005 by Mr. Mahender Arora, Mr. Sunil Chutani and Mr. Pradeep Bajaj is engaged in real estate development. The company is currently developing a residential project in name of 'Terra Elegance' at Bhiwadi (Rajasthan) GREENERGY SOLAR: CRISIL Lowers Rating on INR48.91cr Loan to B ------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Greenergy Solar Enterprise Private Limited (GSEPL; part of Greenergy Group), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 43 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil BB+/Stable ISSUER NOT COOPERATING') Term Loan 48.91 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil BB+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with GSEPL 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 GSEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GSEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GSEPL revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB+/Stable Issuer not cooperating'. GWCPL was incorporated in 2012, under group captive scheme. It is engaged in wind power generation with the total capacity of 26 MW. GWCPL has wind farms in Gadag and Belgaum in Karnataka. The company is part of Greenergy Group of companies and promoted by Mr. Syed Fahad and Mr. Naseem Kamal. GSEPL was incorporated in 2015 as a wholly owned subsidiary of GWCPL and engaged in solar power generation with the capacity of 36 MW at Tumakuru- Karnataka. JAGRATI TRADE: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Jagrati Trade Services Private Limited (JTSPL) continues to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Purchase- 2 Crisil D (Issuer Not Discounting Facility Cooperating) Proposed Long Term 10 Crisil D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with JTSPL 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 JTSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JTSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of JTSPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. JTSPL, incorporated in 1986, is promoted by the Kolkata-based Sarda family. It trades in raw jute. KGPS MECHANICAL: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of KGPS Mechanical Private Limited (KGPS) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2.5 CRISIL D (Issuer Not Cooperating) Cash Credit 5.24 CRISIL D (Issuer Not Cooperating) Proposed Long Term 2.26 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with KGPS 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 KGPS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KGPS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KGPS continues to be 'Crisil D/Crisil D Issuer not cooperating'. Gujarat based, KGPS undertakes mechanical fabrication work for tanks, structures, and piping, and material handling for industries such as petroleum and chemicals, cement, and fast moving consumer goods (FMCG). KGPS is promoted by Mr Subramanian Pachat and Mr Santhosh Pachat. MALAXMI WIND: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Malaxmi Wind Power (MWP) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 15 CRISIL D (Issuer Not Cooperating) Long Term Loan 32.92 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MWP 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 MWP, which restricts Crisil Ratings’ ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MWP is consistent with ‘Assessing Information Adequacy Risk’. Based on the last available information, the rating on bank facilities of MWP continues to be ‘Crisil D Issuer not cooperating’. MWP was set up as a proprietorship firm in 2010 by Mr. Y Harish Chandra Prasad. The firm operates two windmills - an 8.4 megawatt (MW) windmill in Jaisalmer (Rajasthan) and a 2.1 MW windmill in Bellary (Karnataka). MWP has signed a 20 year PPA with JVVNL for the Jaisalmer windmill, and with GESCOM for the Bellary windmill. MARKS ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Marks Enterprises Private Limited (MEPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.25 CRISIL D (Issuer Not Cooperating) Cash Credit 1.75 CRISIL D (Issuer Not Cooperating) Letter of Credit 7 CRISIL D (Issuer Not Cooperating) Letter of Credit 0.75 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MEPL 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 MEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MEPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. MEPL, incorporated in 2011 and promoted by Mr Somnath Harjai, trades in yarn and metal (such as aluminium scrap, ingots, and billets). MIJAN IMEX: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Mijan Imex International Private Limited (MIIPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 CRISIL D (Issuer Not Cooperating) Term Loan 4.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Mijan Imex International Private Limited (MIIPL) 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 MIIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MIIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MIIPL continues to be 'Crisil D Issuer not cooperating'. MIIPL, incorporated in 2006 as a proprietorship concern by Mr Masiar Atiar Rahaman, was reconstituted as a private-limited company in 2011. The company trades in agro commodities, both in the domestic and export markets. OM NAMAH: CRISIL Keeps B Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of OM Namah Shivay Trading Company (ONSTC) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 16 Crisil B/Stable (Issuer Not Cooperating) Proposed Long Term 1 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Working Capital Loan 3 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ONSTC 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 ONSTC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ONSTC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ONSTC continues to be 'Crisil B/Stable Issuer not cooperating'. ONSTC was established as a partnership firm in 2007. The operations of the firm are managed by Mr Sanjay Patil, Mr Samadhan Patil, Mr Ravindra Marathe, and their family members. The partners have more than a decade of experience in cotton ginning; they previously traded in agro chemicals. ONSTC gins cotton at its facility in Jalgaon, Maharashtra. PARAS INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Paras Industries (Paras) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Post Shipment 3.7 CRISIL D (Issuer Not Credit Cooperating) Pre Shipment 7.5 CRISIL D (Issuer Not Packing Credit Cooperating) Crisil Ratings has been consistently following up with Paras 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 Paras, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Paras is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Paras continues to be 'Crisil D Issuer not cooperating'. Set up as a partnership firm in 1987`, in Mumbai, Paras was owned by the Jariwala and Shah families till March 2010. The Shah family exited in April 2010. The firm manufactures and exports knitted garments and accessories to departmental stores in the US. PRO KNITS: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of PRO Knits (PK) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 8 CRISIL D (Issuer Not Cooperating) Packing Credit 20 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PK 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 PK, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PK is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PK continues to be 'Crisil D/Crisil D Issuer not cooperating'. Established in 1998 by Mr. Ravi Kumar and Mrs. Mallika as a partnership firm, PK is into manufacture and export of readymade garments to UK and various other European countries. The firm specialises in the manufacture of knitted garments of kids, men, and women. The firm has a manufacturing plant in Tirpur. RICHLOOK CREATIONS: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Richlook Creations Private Limited (RCPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL D (Issuer Not Cooperating) Proposed Long Term 6.37 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 4.13 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RCPL 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 RCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RCPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2007, RCPL undertakes embroidery of saris and knitting of grey manufacture of saris and dress materials. The company, based in Surat, Gujarat, is promoted by Mr. Rajratan N Goyal and his family members. It has a capacity of embroidery to the extent of 150.5 million metres of saris per annum and knitting to the extent of 20 million meters per annum. SANJAR PHARMA: CRISIL Keeps B- Debt Ratings in Not Cooperating -------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Sanjar Pharma LLP (SPLL) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 Crisil B-/Stable (Issuer Not Cooperating) Long Term Loan 9 Crisil B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SPLL 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 SPLL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SPLL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SPLL continues to be 'Crisil B-/Stable Issuer not cooperating'. SPLL was set up by the promoter, Mr Modasiya Mo. Moin Khalil Ahmed and his family members in 2015. The firm started its operations in August 2016. The firm manufactures low-value pharmaceutical products at its facility in Himatnagar, Gujarat. SANNIDHI FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sree Sannidhi Foods Private Limited (SSFPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 17.45 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SSFPL 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 SSFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SSFPL continues to be 'Crisil D Issuer not cooperating'. SSFPL, incorporated in 2010 in Chittoor, was taken over by the current management comprising Mr. Shivam Goyal and Ms. Shavya Goyal in January 2014. The company manufactures and exports processed fruit products; it commenced full-fledged commercial operations from June 2014. SHAIVLINI IMPEX: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Shaivlini Impex Private Limited 10 Canning Street, Kolkata, West Bengal, India, 700001 Insolvency Commencement Date: May 6, 2026 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: November 2, 2026 Insolvency professional: Rakesh Kumar Agarwal Interim Resolution Professional: Rakesh Kumar Agarwal 20 N S Road, 1st Floor, Room No. 15, Block A, Kolkata - 700001 Email: rakesh202@hotmail.com shaivlini02@gmail.com Last date for submission of claims: June 1, 2026 SNEHAL ENTERPRISES: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Snehal Enterprises (SE) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 34 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Snehal Enterprises (SE) 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 SE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SE continues to be 'Crisil D Issuer not cooperating'. Set up in 2007, SE is a Hindu Undivided Family business owned and managed by Mr Nitin Jain and his family members. The firm trades in various agricultural commodities including rice, paddy, and bardana in the local markets of Punjab and Delhi. It is based in Amritsar, Punjab. SOKHI STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Sokhi Steels Private Limited (SSPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Term Loan 6 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SSPL 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 SSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SSPL continues to be 'Crisil D Issuer not cooperating'. SSPL was incorporated in 2011, promoted by Mr Lakhbir Singh Sokhi, Mr Jagbir Singh Sokhi, and Mr Sukhbir Singh Sokhi; it commenced operations in fiscal 2014. The company manufactures SG iron, cast iron, and steel products. It has a total furnace induction capacity of about 750 tonne per annum at its plant in Ludhiana, Punjab. SONCOYA SOLUTIONS: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Soncoya Solutions Private Limited (SSPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.85 Crisil B/Stable (Issuer Not Cooperating) Proposed Cash 15.15 Crisil B/Stable (Issuer Not Credit Limit Cooperating) Crisil Ratings has been consistently following up with SSPL 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 SSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SSPL continues to be 'Crisil B/Stable Issuer not cooperating'. SSPL is a private limited company, established in January, 1994 and was later taken over in 2013 by Jaipur based Vishambhar Aggarwal and family. It is engaged in the trading of qualitative range of Marbles and granite including Euro Stone White Marble, Rampura Black Marble Slab, Ivory Brown Granite Slabs etc. Lately, SSPL started offering BPO/KPO services in fiscal 2019 and is also coming up with a mall cum hotel project. SPICEJET LTD: HC Asks Carrier to Disclose its Assets ---------------------------------------------------- The Economic Times reports that the Delhi High Court on May 26 asked cash-strapped SpiceJet to give an undertaking in a sealed cover disclosing its assets in an ongoing dispute with aircraft engine lessor Sunbird France 02 SAS. ET relates that the lessor is seeking enforcement of a UK commercial court's March order that asked the airline to pay $8 million toward unpaid lease rentals and maintenance dues for three engines it had leased to the airline in 2019. According to ET, Justice Vikas Mahajan passed the direction after Sunbird sought disclosure of SpiceJet's assets so as to secure the award it won from the English court if the airline failed to clear its dues. The high court will hear the lessor's plea next on July 29. ET relates that Sunbird France argued that SpiceJet was on the verge of insolvency, as there were around 16 insolvency petitions pending against the airline, and even the Delhi bench of the National Company Law Tribunal had formed a special bench to hear these petitions against SpiceJet. During the hearing last month, Sunbird told the court that despite the carrier failing to pay its dues and other lessors, the latter paid advance salary to its chairman, Ajay Singh. "The chairperson is paid $3.4 million in advance by way of salary for five years in September 2025, when monies are owed to the world at large," argued senior counsel Rajshekhar Rao, appearing for the lessor. About Spicejet SpiceJet Limited -- http://www.spicejet.com/-- is an India-based low-budget air carrier. The Company operates daily flights between major cities in India. The carrier is India's second-biggest budget airline, after IndiGo. SpiceJet has faced a series of insolvency petitions from various parties in the National Company Law Tribunal (NCLT) and and the appellate tribunal NCLAT over pending dues. These include Willis Lease Finance Wilmington Trust SP Services (Dublin), and Engine Lease Finance BV. As reported in the Troubled Company Reporter-Asia Pacific in late September 2024, the NCLT on Sept. 23 issued notice to SpiceJet over the plea filed by one of its operational creditors, Techjockey Infotech Pvt Ltd, which claimed a default of nearly INR1.2 crore owed by SpiceJet against software services availed by them. The TCR-AP in March 2025 reported that SpiceJet Ltd is facing insolvency proceedings from Indonesia's PT BBN Airlines over unpaid lease rentals totalling US$5.94 million. SS ALUMINIUM: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of SS Aluminium Private Limited (SSAPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.5 CRISIL D (Issuer Not Cooperating) Cash Credit 4.9 CRISIL D (Issuer Not Cooperating) Cash Credit 1.6 CRISIL D (Issuer Not Cooperating) Long Term Loan 4.42 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1.92 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SSAPL 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 SSAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SSAPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. SSAPL, incorporated in 2013 and based in Balasore, Odisha, manufactures aluminium extrusions for door and window frames. Mr Jadabendra Pradhan and his wife Ms Madhusmita Pradhan manage the operations. SWASTIK ISPAT: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Swastik Ispat Private Limited (SIPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Funded Interest 0.5 CRISIL D (Issuer Not Term Loan Cooperating) Proposed Cash 8.5 CRISIL D (Issuer Not Credit Limit Cooperating) Proposed Letter 1 CRISIL D (Issuer Not of Credit Cooperating) Proposed Long Term 2 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 1.5 CRISIL D (Issuer Not Cooperating) Working Capital 1.5 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with SIPL 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 SIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Orissa based SIPL, incorporated in 2003, manufactures sponge iron. Mr Rajesh Bagaria is the promoter. UDAY AUTOLINK: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Uday Autolink Private Limited (UAPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Drop Line Overdraft 8 CRISIL D (Issuer Not Facility Cooperating) Electronic Dealer 6 CRISIL D (Issuer Not Financing Scheme Cooperating) (e-DFS) Term Loan 24.8 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with UAPL 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 UAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on UAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of UAPL continues to be 'Crisil D Issuer not cooperating'. UAPL set up in 2012, is an authorised dealer for Maruti Suzuki India Ltd (MSIL). UAPL operates a 50,000-square-foot sales, services and spares (3S) showroom in eastern Ahmedabad. The operations are managed by the promoters, Mr. Uday Bhatt, his brother, Mr. Nilesh Bhatt, and son, Mr. Hemant Bhatt. VERTEXONE PROCESS: Voluntary Liquidation Process Case Summary ------------------------------------------------------------- Debtor: Vertexone Process Solutions Private Limited Registered Office: H-3/63, 1st Floor Vikaspuri, West Delhi, New Delhi - 110018 Address at which the books of account are to be maintained: 05-114 Wework Forum, DLF Cyber City DLF Phase 3, DLF QE, Gurgaon, Haryana, India, 122002 Liquidation Commencement Date: May 19, 2026 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Kunwarpreet Singh 77, Ground Floor, Sant Nagar, East of Kailash, Post Office, Sant Nagar, New Delhi - 110065 Email: singhkunwar2012@gmail.com 316-B, Tower 5, RPS 12th Avenue, Sector-27C, Faridabad, Haryana - 121003 Tel: +91 9810994715 Email: vpspl.vl.ibc@gmail.com Last date for submission of claims: June 18, 2026 WCUBE SOLUTIONS: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: WCube Solutions Private Limited Registered Office: 1793-C S/F, Parsadi Gali, Kotla Mubarak Pur, Lodi Road, South Delhi, New Delhi - 110003 Address at which the books of account are to be maintained: 285, 1st Floor, Udyog Vihar Phase 4, Gurgaon, Haryana, India, 122016 Insolvency Commencement Date: May 8, 2026 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: November 4, 2026 Insolvency professional: Kunwarpreet Singh Interim Resolution Professional: Kunwarpreet Singh 77, Ground Floor, Sant Nagar, East of Kailash, Post Office, Sant Nagar, South Delhi, New Delhi - 110065 Email: singhkunwar2012@gmail.com 316-B, Tower 5, RPS 12th Avenue, Sector-27C, Faridabad, Haryana - 121003 Email: cirp.wcube@gmail.com Last date for submission of claims: June 2, 2026 ========= M A C A U ========= SJM HOLDINGS: Fitch Lowers Long-Term IDR to 'B+', Outlook Stable ---------------------------------------------------------------- Fitch Ratings has downgraded SJM Holdings Limited's (SJMH) Long-Term Foreign-Currency Issuer Default Rating to 'B+', from 'BB-'. The Outlook is Stable. The senior unsecured rating and the rating on the outstanding notes issued by subsidiary SJM International Limited has also been downgraded, to 'B', from 'BB-', with a Recovery Rating of 'RR5'. The notes are rated at the same level as SJMH's senior unsecured rating, as they represent the company's unconditional and irrevocable obligations. The downgrade reflects Fitch's view that SJMH's leverage trajectory is no longer consistent with its previous rating level. Fitch now expects leverage metrics to remain outside of its 'BB-' threshold in the next two years, with slower EBITDA growth, due to market share dilution from the closure of satellite casinos and continued lacklustre performance at Grand Lisboa Palace (GLP). Key Rating Drivers Delayed Deleveraging: Fitch believes SJMH will remain on a deleveraging path in the medium term, but its expectation of EBITDA leverage improving to 7.8x in 2026 and 6.5x in 2027, from over 9x in 2025, means that EBITDA leverage will remain significantly higher than its previous downgrade threshold of 5.0x in the next few years. EBITDA Recovery: Fitch expects deleveraging to be driven by EBITDA improvement, as well as gradual debt reduction with growing free cash flow (FCF). Fitch expects EBITDA growth in 2026 to be driven by improved margin following the cessation of the low-margin satellite model and recapturing some of business through self-operated casinos, including the recently acquired L'Arc Casino. Fitch sees further EBITDA margin improvement from cost reduction, through natural attrition and redeployment of the satellite staff. Fitch forecasts Fitch-adjusted EBITDA of HKD3.7 billion in 2026 and HKD4.2 billion in 2027 (2025: HKD3.0 billion, 1Q26: HKD0.9 billion). Satellite Dilution: As a result of market share dilution from the satellite closure, SJM's overall market share fell to 9.6% in 1Q26, below its previous assumption of 10.7% for 2026. Management is targeting higher market share by increasing utilisation on the returned satellite tables, such as opening new gaming areas in GLP and Casino Lisboa. Further Weakness at GLP: Fitch expects GLP's EBITDA contribution to remain small. Growth at GLP continued to slow, with non-rolling (i.e. mass) volume growth slowing to 3% yoy in 4Q25 and -1% yoy in 1Q26, from 17% yoy in 2Q25 and 11% yoy in 3Q25. Fitch expects GLP's market share to remain at around the current mid-2% level, amid a competitive environment and limitations in product offering. Peer Analysis SJMH's business profile is weaker than that of its US-based peers Wynn Resorts, Limited (BB-/Stable) and MGM Resorts International (BB-/Stable), given its concentration in the competitive Macao market and its weaker portfolio of assets within that market - as reflected in its market share. Fitch also expects SJMH 's EBITDA leverage to remain higher than both Wynn and MGM (mid-5x) in the next two years. Fitch’s Key Rating-Case Assumptions Industry gross gaming revenue growth of 5% in 2026, and 2% thereafter Market share of 9.7%-9.8% in 2026-2028 (1Q26: 9.6%) Revenue growth of -17%, 3% and 2% in 2026-2028 (2025: -2%) EBITDA margin of 16%-18% in 2026-2028 (2024: 10%) Capex of HKD2 billion in 2026, and HKD1.0 billion thereafter Recovery Analysis The Recovery Analysis assumes that SJMH would be reorganised as a going concern in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim and a full drawdown of the HKD3.6 billion of available revolving credit facility. Its going-concern EBITDA of HKD3.5 billion assumes stress on the company's operations that could result from a downturn in industry GGR and further losses of SJM's market share. It is broadly in line with 2025 pro-forma EBITDA (including the acquisition of L'Arc), but Fitch expects the satellite reorganisation and cost reduction to lead to improvement in EBITDA over time. It is around 20%-25% below its 2027 and 2028 EBITDA forecast. Fitch applies an enterprise value (EV) multiple of 7.0x to arrive at a going-concern enterprise value of HKD24.5 billion. The 7x EV/EBITDA multiple is on the higher end of the multiples used for non-US corporate recovery analysis, reflecting SJMH's position as an established gaming operator in Macao, where there is high barrier to entry. It is at a discount to SJMH's current trading multiple of about 11x its Going Concern EBITDA. It is also higher than the multiple applied to single-site US regional gaming peers, with much smaller EBITDA scale, such as HRNI (6.0x), Empire Resorts (6.0x). This results in a 'RR5' Recovery Rating for the senior secured notes, which equates to -1 notching from the IDR to 'B'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage failing to trend towards 6.0x - Sustained weakening of market position as indicated by further market share losses Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: Fitch does not anticipate positive action in the near term, given elevated leverage. Liquidity and Debt Structure Fitch considers SJMH's liquidity to be adequate. The company has refinanced all of the bonds maturing this year with the USD540 million of 6.5% senior notes issued in January, and by drawing down on the syndicated loan that was upsized towards end-2025. It has HKD3.4 billion of bank loans due, including HKD1.3 billion of term loan and HKD1.9 billion of revolving facilities that can be rolled over. This can be covered by its HKD2.0 billion of available cash (excluding HKD1 billion of cage cash) and HKD3.6 billion of undrawn revolver facilities as of end-2025. Issuer Profile SJMH is the holding company of SJM Resorts, S.A. (SJM), one of six casino operators in Macao. SJM owns and operates five casinos in Macao, including GLP, Grand Lisboa, Casino Lisboa, Casino Oceanus and Casino L'Arc. SJMH is 55%-owned by Sociedade de Turismo e Diversões de Macau, and listed on the Hong Kong stock exchange. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The Climate.VS for 2035 for SJMH is 69. SJMH's elevated Climate.VS is driven by risks of flood and extreme wind in Macao, where all the assets of SJMH are located. SJMH's asset concentration risks are factored in the assessment of 'Diversification and Asset Quality' factor of the Sector Navigator, and Fitch sees no immediate credit impact. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- SJM Holdings Limited LT IDR B+ Downgrade BB- senior unsecured LT B Downgrade RR5 BB- SJM International Limited senior unsecured LT B Downgrade RR5 BB- ===================== N E W Z E A L A N D ===================== MOANA PASIFIKA: Creditors' Proofs of Debt Due on July 15 -------------------------------------------------------- Creditors of Moana Pasifika Limited are required to file their proofs of debt by July 15, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 25, 2026. The company's liquidators are: Stephen Robert White John Howard Ross Fisk c/o Teneo Financial Advisory New Zealand Limited PO Box 68584 Victoria Street West Auckland 1140 PROJAGANET TRADING: Creditors' Proofs of Debt Due on June 26 ------------------------------------------------------------ Creditors of Projaganet Trading Limited, Sewansew Limited And Symmetry Construction Limited are required to file their proofs of debt by June 26, 2026, to be included in the company's dividend distribution. The companies commenced wind-up proceedings on May 25, 2026. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 SUSHI & CO: Pikuniku Cafe Enters Liquidation, Business Remains Open ------------------------------------------------------------------- NZ Herald reports that Sushi & Co., the company behind Auckland eatery Pikuniku Cafe, is in liquidation although its current operator said it remains open. The Japanese-fusion Greenlane brunch spot was previously recognised as a Metro Top 50 cafe. Steven Khov and Kieran Jones of insolvency firm Khov Jones were appointed liquidators of Sushi & Co., NZ Herald discloses. TAWANUI DEVELOPMENTS: Court to Hear Wind-Up Petition on June 4 -------------------------------------------------------------- A petition to wind up the operations of Tawanui Developments Limited (as trustee of the Tawanui Trust) will be heard before the High Court at Napier on June 4, 2026, at 2:15 p.m. The Commissioner of Inland Revenue filed the petition against the company on April 21, 2026. The Petitioner's solicitor is: Tara Nicola Carr Inland Revenue, Legal Services 55 Featherston Street (PO Box 895) Wellington 6011 THOMAS ELECTRICAL: Creditors' Proofs of Debt Due on July 22 ----------------------------------------------------------- Creditors of Thomas Electrical HB Limited are required to file their proofs of debt by July 22, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 22, 2026. The company's liquidator is: David Edward Thomas Don't Be Limited c/o 13C/65 Chapel Street Tauranga Central Shopping Centre TJM PAINTING: Court to Hear Wind-Up Petition on June 4 ------------------------------------------------------ A petition to wind up the operations of TJM Painting Limited will be heard before the High Court at Christchurch on June 4, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on March 24, 2026. The Petitioner's solicitor is: Derick Lotz Inland Revenue 663 Colombo Street Christchurch Central Christchurch ================= S I N G A P O R E ================= EMMA SLEEP: Commences Wind-Up Proceedings ----------------------------------------- Members of Emma Sleep Singapore Pte. Ltd. on May 18, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Lim Han Yeong Forvis Mazars LLP 135 Cecil Street, #10-01 Singapore 069536 MCR CLINIC: Court to Hear Wind-Up Petition on June 12 ----------------------------------------------------- A petition to wind up the operations of MCR Clinic Pte. Ltd. will be heard before the High Court of Singapore on June 12, 2026, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on May 21, 2026. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 TN AUTO: Court to Hear Wind-Up Petition on June 12 -------------------------------------------------- A petition to wind up the operations of TN Auto Trading Pte. Ltd. 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 19, 2026. The Petitioner's solicitors are: Tito Isaac & Co LLP 1 North Bridge Road #30-00 High Street Centre Singapore 179094 ULTRACAD ELECTRIC: Court to Hear Wind-Up Petition on June 5 ----------------------------------------------------------- A petition to wind up the operations of Ultracad Electric Pte. Ltd. will be heard before the High Court of Singapore on June 5, 2026, at 10:00 a.m. Khoo Chin Lee filed the petition against the company on May 15, 2026. The Petitioner's solicitors are: Jacque Law LLC 61 Robinson Road #14-01A Singapore 068893 YOUADME PTE: Court to Hear Wind-Up Petition on June 12 ------------------------------------------------------ A petition to wind up the operations of Youadme Pte. Ltd. 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 18, 2026. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 ===================== S O U T H K O R E A ===================== JK RIVERSTONE: Finalizes Delisting from Public Market ----------------------------------------------------- ChosunBiz reports that the delisting of REIT operator JK Riverstone REIT (formerly STAR SM REIT) has been finalized. It comes about a year after the delisting decision in April last year over embezzlement allegations involving former management. The closing auction is scheduled to run from June 2 to June 11. Typically, once a closing auction for delisting begins, the share price plunges, making it hard for existing investors to avoid losses. However, JK Riverstone REIT is understood to hold assets that exceed its market capitalization, given the nature of a REIT operator. Accordingly, some analysis said that if liquidation takes place, investors could even expect investment revenue, ChosunBiz relates. According to ChosunBiz, investment banking (IB) industry said the Seoul Southern District Court on May 26 dismissed JK Riverstone REIT's request for an injunction to suspend the effect of the delisting decision against the Korea Exchange (KRX). As a result, the exchange finalized the delisting of JK Riverstone REIT. ChosunBiz recalls that JK Riverstone REIT triggered grounds for delisting in February last year when disclosures on embezzlement and breach of trust by former management were issued. The exchange then decided to delist the company after a review by the Corporate Review Committee, but the company immediately sought a court injunction to suspend the effect of the delisting decision, leading to a legal dispute. ChosunBiz relates that the company argues there was a procedural flaw in that the exchange decided to delist without granting a one-year improvement period. It also argued that because the embezzlement allegations against former management were dropped in November last year, if an improvement period had been granted, the decision to maintain the listing could have been possible by reflecting the investigation results. However, the court judged that even if an improvement period had been granted, the likelihood of meeting listing eligibility was low considering business continuity and financial soundness, ChosunBiz relays. About a year, similar to a normal improvement period, has passed since the delisting decision, but management improvements were not properly made, so not granting an improvement period cannot be seen as a procedural defect in the delisting process. With the delisting confirmed by the court's decision, once the closing auction begins, a flood of shares from small investors is expected to hit the market. Some, however, said it may be better not to hastily cut losses. Given that most assets of a REIT operator are real estate assets, choosing liquidation instead of continuing operations could actually minimize investor losses, ChosunBiz relates. JK River Stone Real Estate Investment Trust Inc, formerly Star SM Real Estate Investment Trust Inc, is a Korea-based real estate investment trust (REIT) mainly engaged in the acquisition, development, management, rental and dispose of real estates. The Trust secures funds from institutional and individual investors. The Trust is engaged in the investment in hotels. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. 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