260603.mbx

260603.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 Wednesday, June 3, 2026, Vol. 29, No. 110 Headlines A U S T R A L I A AUSINOX PTY: First Creditors' Meeting Set for June 5 CHEAP AS CHIPS: Stores Rebranded as Administration Wraps Up CIRCAG HOLDINGS: First Creditors' Meeting Set for June 9 GREEN FORMWORK: First Creditors' Meeting Set for June 9 HANG LOOSE: First Creditors' Meeting Set for June 8 MA MONEY 2026-2PP: Fitch Assigns 'BB(EXP)sf' Rating to Cl. F Notes MILLIGAN GROUP: Unsec. Creditors Sue to Halt Halo Tower Stake Sale TEMPLE BRUER: First Creditors' Meeting Set for June 11 C H I N A YUEDA DIGITAL: Sets Extraordinary General Meeting for June 13 ZK INTERNATIONAL: Dismisses Fortune CPA, Engages Li CPA as Auditor I N D I A ADVANSYS (INDIA): CARE Keeps C Debt Rating in Not Cooperating AGRIMAS CHEMICALS: CARE Keeps D Debt Ratings in Not Cooperating AMODA IRON: CARE Keeps D Debt Ratings in Not Cooperating Category AUTOCZARS (A): CARE Keeps C Rating in Not Cooperating Category B.M. GUPTA: CARE Keeps D Debt Ratings in Not Cooperating Category BHAGWATI STEEL: CARE Keeps B- Debt Rating in Not Cooperating CA MAGNUM: Moody's Withdraws 'B1' Corporate Family Rating COROMANDEL AGRICO: CARE Keeps D Debt Ratings in Not Cooperating FLOURISH PAPER: CARE Keeps D Debt Ratings in Not Cooperating HARSO STEELS: CARE Keeps D Debt Ratings in Not Cooperating Category HPCL-MITTAL ENERGY: Fitch Affirms Then Withdraws BB+ Long-Term IDR JEKIN ENTERPRISE: CARE Keeps D Debt Ratings in Not Cooperating LIVE WIRES: CARE Keeps C Debt Rating in Not Cooperating Category MAHADEV BUILDING: CARE Keeps B- Debt Rating in Not Cooperating MERRITO POLYMERS: CARE Keeps C Debt Rating in Not Cooperating PRASAD AGRO: CARE Keeps D Debt Rating in Not Cooperating Category RAJASTHAN BAL: CARE Keeps D Debt Rating in Not Cooperating Category SHIVA TRANSPORT: CARE Keeps B Debt Rating in Not Cooperating SUKHMANI MEGASTRUCTURES: CARE Keeps D Ratings in Not Cooperating SUPREME HOUSING: Offered Final Chance to Settle Canara Dues TEJAS ISPAT: CARE Keeps B- Debt Rating in Not Cooperating Category TOOLFAB ENGINEERING: CARE Lowers Rating on INR19.92cr Loan to B- TRISHUL DREAM: CARE Keeps D Debt Ratings in Not Cooperating VELANI OILS: CARE Keeps D Debt Ratings in Not Cooperating Category ZIMIDARA PESTICIDES: CARE Keeps B- Debt Rating in Not Cooperating J A P A N NIDEC CORP: To Pause Acquisitions to Focus on Turnaround Efforts N E W Z E A L A N D GM AUTO: Creditors' Proofs of Debt Due on June 22 IPG CAPITAL: Court to Hear Wind-Up Petition on June 11 IPG SECURITIES: Boss Owes NZD69MM Over Property Tied to Bar Murder JAMAR FINANCE: Court to Hear Wind-Up Petition on June 16 JUST FOODS: Khov Jones Appointed as Receivers LBC HOLDINGS: Creditors' Proofs of Debt Due on June 10 SACRED HILL: SFO Files Charges Against Ex-Executive and Director S I N G A P O R E ASIAPAC CONTRACTS: Court to Hear Wind-Up Petition on June 12 CELL ID: Creditors' Proofs of Debt Due on June 29 FIRST COAST: Creditors' Proofs of Debt Due on June 29 GRACE OCEAN: Civil Trial Over Francis Scott Key Bridge Paused GRACE OCEAN: Families of Key Bridge Collapse Victims Settle MYCK: To Scale Down Product Categories Following Store Closures STANHOPE HOLDINGS: Creditors' Proofs of Debt Due on June 29 TKX HOLDING: Court to Hear Wind-Up Petition on July 24 T H A I L A N D DAOL SECURITIES: Fitch Rates B+(tha) Net Capital Bonds - - - - - ================= A U S T R A L I A ================= AUSINOX PTY: First Creditors' Meeting Set for June 5 ---------------------------------------------------- A first meeting of the creditors in the proceedings of: - Ausinox Pty Limited; - Australian Lithium Alliance Pty Limited; - Beebyn Pastoral Company Pty Limited; - EVM Lithium Chemicals Pty Limited; - EVM Lithium Pty Limited; - EV Metals Australia Pty Limited; - EVM Nickel Chemicals Pty Limited; and - EVM Resources Limited will be held on June 5, 2026, at 11:00 a.m. via virtual facilities. Clifford Rocke and Jimmy Trpcevski of WA Insolvency Solutions were appointed as administrators of the companies on May 27, 2026. CHEAP AS CHIPS: Stores Rebranded as Administration Wraps Up ----------------------------------------------------------- SmartCompany reports that discount retailer Choice The Discount Store is pushing ahead with rebranding more than 40 Cheap as Chips retail stores, as administrators also finalise the affairs of Cheap as Chips' previous owner. Choice acquired 45 Cheap as Chips stores in March for a reported figure of NZD10.2 million, after the long-running business was placed in voluntary administration in December 2025, SmartCompany notes. These stores are in the process of being "transformed" into Choice stores, according to recent posts on the brand's social media accounts. Cheaps as Chips advertised a "rebranding sale" at the end of March, while a post at the beginning of May told shoppers to "stay tuned" for re-openings of stores under the Choice branding. On its website, Choice said with the addition of the Cheap as Chips stores, it is "significantly strengthening our presence across Eastern Australia and South Australia". "This acquisition has safeguarded over 500 jobs, reinforcing our commitment to supporting local communities and regional economies," said the retailer. "As part of the integration, stores are progressively rebranding to Choice The Discount Store, providing our customers with a consistent retail experience aligned with our proven, bargain-driven model." Meanwhile, administrators Glenn Livingstone and Benjamin Ho from WLP Restructuring were appointed at the end of May to manage the voluntary administration of another entity, Cheaps As Chips Discount Stores Pty Ltd, SmartCompany reports. WLP Restructuring confirmed to SmartCompany that this company was the parent company of Palcove Pty Ltd, which previously operated the Cheap As Chips business prior to its sale. "The appointment follows completion of the sale transaction and forms part of the post-sale process to finalise the affairs of the group companies," the administrators said in a statement provided to SmartCompany. Cheaps As Chips Discount Stores Pty Ltd does not operate any retail stores. Both Messrs. Livingstone and Ho served as administrators of Palcove Pty Ltd, along with fellow WLP Restructuring partner Nicholas Charlwood. Choice was founded in 1996 in Queensland and prior to the acquisition, operated 35 stores across Queensland, northern New South Wales, and Victoria. Cheap As Chips was founded in 1985 in Adelaide, and its store network extended across South Australia locations, as well as mostly regional areas in Victoria and NSW. Private equity firm Alceon took a controlling stake in Cheap as Chips in 2016. According to the Australian Financial Review, three Cheap As Chips stores in Albury (NSW), Wonthaggi (Victoria), and Windsor Gardens (SA) closed during the administration process at the end of last year. SmartCompany has contacted Choice The Discount Store for further information. CIRCAG HOLDINGS: First Creditors' Meeting Set for June 9 -------------------------------------------------------- A first meeting of the creditors in the proceedings of CircAg Holdings Pty Ltd will be held on June 9, 2026, at 11:00 a.m. via Microsoft Teams. Sule Arnautovic of Salea Advisory was appointed as administrator of the company on May 27, 2026. GREEN FORMWORK: First Creditors' Meeting Set for June 9 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Green Formwork Group Pty. Limited will be held on June 9, 2026, at 11:00 a.m. via teleconference facilities. Mohammad Mirzan Bin Mansoor of Circuit Restructuring was appointed as administrator of the company on May 29, 2026. HANG LOOSE: First Creditors' Meeting Set for June 8 --------------------------------------------------- A first meeting of the creditors in the proceedings of Hang Loose Electrical Pty Ltd will be held on June 8, 2026, at 11:00 a.m. via via Microsoft Teams. Matthew Joiner and Scott Clout of David Clout & Associates were appointed as administrators of the company on May 27, 2026. MA MONEY 2026-2PP: Fitch Assigns 'BB(EXP)sf' Rating to Cl. F Notes ------------------------------------------------------------------ Fitch Ratings has assigned expected ratings to MA Money Residential Securitisation Trust 2026-2PP's mortgage-backed pass-through floating-rate notes. The issuance consists of notes backed by a pool of Australian first-ranking residential conforming and non-conforming full- and low-documentation mortgage loans originated by MA Money Financial Services Pty Ltd. The notes will be issued by Perpetual Corporate Trust Limited in its capacity as trustee of MA Money Residential Securitisation Trust 2026-2PP. Entity/Debt Rating ----------- ------ MA Money Residential Securitisation Trust 2026-2 PP A1 LT AAA(EXP)sf Expected Rating A2 LT AAA(EXP)sf Expected Rating B LT AA(EXP)sf Expected Rating C LT A(EXP)sf Expected Rating D LT BBB(EXP)sf Expected Rating E LT BB+(EXP)sf Expected Rating F LT BB(EXP)sf Expected Rating G1 LT NR(EXP)sf Expected Rating G2 LT NR(EXP)sf Expected Rating Transaction Summary The collateral pool totalled AUD750 million and consisted of 946 obligors, with a weighted-average (WA) current loan/value ratio (LVR) of 69.8% and a WA indexed current LVR of 69.2% as of the 31 March 2026 cut-off date. KEY RATING DRIVERS Credit Enhancement Buffers Expected 'AAAsf' Losses: The 'AAAsf' WA foreclosure frequency (WAFF) of 17.8% is driven by the WA unindexed current LVR of 69.8%, low documentation loans at 52.1% of the pool, non-resident loans at 1.8% and, under Fitch's methodology, investment loans at 46.2%, self-employed borrowers at 64.7% and non-conforming loans at 5.9%. The 'AAAsf' WA recovery rate (WARR) of 49.8% is driven by the portfolio's WA indexed scheduled LVR of 72.4%. The 'AAAsf' portfolio loss has decreased to 8.9% from 10.0% for the previous transaction, MA Money Residential Securitisation Trust 2026-1, for the expected rating pool, due mainly to a decrease in the proportion of mortgages with an unindexed current LVR greater than or equal to 80% (6.2% against 15.4%), low documentation mortgages (52.1% against 62.9%) and self-employed borrowers (64.7% against 73.1%). Liquidity Risk Mitigated: Fitch's payment interruption risk is mitigated by a liquidity facility sized at 1.5% of the invested note balance, with a floor of AUD1,125,000 or the performing receivable balance. Other structural features include a pre-call retention amount that redirects excess income to pay note principal in reverse sequential order starting from the class F note and a post-call amortisation amount that diverts after-tax excess available income to repay note principal. Originator Adjustment: MA Money, established as MKM Capital in 2004, is an Australian mortgage lender. Fitch undertook an operational review and found that the operations of the originator and servicer were mostly comparable with market standards. MA Money began originating under its current credit policy in December 2022, which results in limited originator performance data. In addition, the rate used to assess mortgages from other lenders in the serviceability calculation differs from standard market practice. This means credit risk may not be adequately captured, leading Fitch to apply an originator adjustment of 1.15x to foreclosure frequency. Fitch may amend the adjustment if information received over time indicates that the effect may be higher or lower than assumed. Tight Labour Market to Support Outlook: Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 2.6% in 2025 and unemployment was 4.5% in April 2026. Fitch forecasts GDP growth of 2.4% in 2026 and 2.1% in 2027, with unemployment at 4.5% in both years. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Transaction performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing delinquencies and defaults, which could reduce the credit enhancement available to the notes. Downgrade Sensitivities Unanticipated increases in the frequency of defaults and loss severity on defaulted receivables could produce loss levels higher than Fitch's base case and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions. The rating sensitivity section provides insight into the model-implied sensitivities the transaction faces when assumptions - WAFF or WARR - are modified, while holding others equal. The modelling process uses the modification of default and loss assumptions to reflect asset performance in up and down environments. The results should only be considered as one potential outcome, as the transaction is exposed to multiple dynamic risk factors. Notes: A1 / A2 / B / C / D / E / F Expected Rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BB+sf / BBsf 15% increase in WAFF: AAAsf / AA+sf / A+sf / A-sf / BBB-sf / BBsf / BBsf 30% increase in WAFF: AAAsf / AAsf / A+sf / BBB+sf / BB+sf / BBsf / BB-sf 15% decrease in WARR: AAAsf / AA+sf / AAsf / Asf / BBBsf / BB+sf / BBsf 30% decrease in WARR: AAAsf / AA+sf / AAsf / Asf / BBBsf / BB+sf / BBsf 15% increase in WAFF and 15% decrease in WARR: AAAsf / AA+sf / A+sf / A-sf / BBB-sf / BBsf / BBsf 30% increase in WAFF and 30% decrease in WARR: AAAsf / AAsf / A+sf / BBB+sf / BB+sf / BBsf / BB-sf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade could result from macroeconomic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. The class A1 and A2 notes are at the highest level on Fitch's scale and cannot be upgraded. As such, upgrade sensitivities are not relevant. Upgrade Sensitivities Notes: B / C / D / E / F Expected Rating: AAsf / Asf / BBBsf / BB+sf / BBsf 15% decrease in WAFF and 15% increase in WARR: AAsf / Asf / BBB+sf / BBB-sf / BBB-sf USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY As part of its ongoing monitoring, Fitch reviewed a small, targeted sample of the originator's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Prior to the transaction closing, Fitch sought to receive a third-party assessment conducted on the asset portfolio information, but none was made available to Fitch for this transaction. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis, according to its applicable rating methodologies, indicates that it is adequately reliable. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. MILLIGAN GROUP: Unsec. Creditors Sue to Halt Halo Tower Stake Sale ------------------------------------------------------------------ The Australian Financial Review reports that South Sydney Rabbitohs chairman Nick Pappas and Employment Hero director Adrian Bunter are among a group of unsecured creditors suing to stop the sale of a half stake in Sydney's Halo skyscraper which would see them get less than a cent in the dollar from AUD55 million of claims. According to the Financial Review, the group of unsecured creditors lodged an urgent application in the Federal Court last week after a deed of company arrangement proposed by property developer James Milligan to pay them 0.72 cents on the dollar was voted through last month by senior lenders and administrators KPMG. Milligan Group was the private developer behind the Cbus-backed 55-storey office tower proposed for the corner of Hunter and Pitt streets, which is among Sydney's most high-profile but long-challenged developments. However, the half stake in Halo held by Mr. Milligan's company was put into voluntary administration in April after it struggled under the heavy debt burden owed to senior lenders. The AUD1.8 billion project is underpinned by a complex debt stack. The project had about AUD756 million in debt before going under, the Financial Review notes. The secured creditors, a syndicate of six lenders, are owed AUD637 million. Around AUD119 million was owed to two groups of unsecured creditors. Private credit provider Merricks, now owned by Regal Partners, holds around half of the secured debt, and has written off more than AUD100 million in interest payments. According to the Financial Review, one group of unsecured creditors mostly comprise the strata titleholders for the 74 properties that Milligan bought out to secure the site. They were paid 80 per cent to 90 per cent at settlement of the price of their property, with the remaining 20 per cent or less deferred. The group lodging the court action has put in claims for a remaining AUD55 million. Last month, a DOCA was voted through that would preserve senior lenders' positions in full, the Financial Review notes. They hope to recoup funds from a sell-down when the development is complete. Senior lenders voted in favour of the DOCA, while unsecured creditors, who have a numerical majority, voted against. The stalemate was resolved after administrator KPMG voted in favour of the proposal. On June 1 in the Federal Court, unsecured creditors alleged the company was tipped under for the purpose of wiping out their credit and protecting senior lenders. Christian Bova, SC, representing the unsecured creditors, alleged an "abuse of process" in the sale being pushed through. "The purpose of the DOCA is to extinguish debt," Bova told the court. Industry super giant Cbus has agreed to buy 50 per cent of titles, and is due to settle in July, the Financial Review adds. TEMPLE BRUER: First Creditors' Meeting Set for June 11 ------------------------------------------------------ A first meeting of the creditors in the proceedings of: - Temple Bruer Wines Pty Ltd - Temple Bruer Wines - Temple Bruer Estates Pty Ltd - Temple Bruer Wines (Kingston Road) Pty Ltd - Temple Bruer Properties Pty Ltd will be held on June 11, 2026, at 11:00 a.m. via Microsoft Teams. Victoria Young -- vyoung@hplca.com.au -- and Andrew Heard -- andrew@hplca.com.au -- of HPL Advisory were appointed as administrators of the companies on May 29, 2026. ========= C H I N A ========= YUEDA DIGITAL: Sets Extraordinary General Meeting for June 13 ------------------------------------------------------------- Yueda Digital Holding filed a Report on Form 6-K with the U.S. Securities and Exchange Commission to provide its notice and form of proxy statement for its extraordinary general meeting of shareholders scheduled for 10 A.M., Beijing time, on June 13, 2026 (10 P.M., Eastern time, on June 12, 2026) at Room 7C, Floor 7, No. 1 Danling Street, Haidian District, Beijing 100080, People's Republic of China. The Form of Proxy Statement and Notice of Extraordinary General Meeting, and the Form of Proxy Card are available at https://tinyurl.com/4r3hfua and https://tinyurl.com/y62f8ye9, respectively. About Yueda Digital Holding Yueda Digital Holding focuses on identifying and evaluating potential partnerships across financial technology and blockchain ecosystems and developing our bitcoin and ether treasury framework. The company was formerly known as AirNet Technology Inc. and changed its name to Yueda Digital Holding in September 2025. Yueda Digital Holding was founded in 2005 and is based in Beijing, the People's Republic of China. Singapore-based Assentsure PAC, the Company's auditor since 2025, issued a "going concern" qualification in its report dated May 2, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has a history of operating losses and negative operating cash flows and has negative working capital of approximately US$52.6 million as of December 31, 2024. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Historically, the Company has relied principally on both operational sources of cash and non-operational sources of equity and debt financing to fund its operations and business development. The Company's ability to continue as a going concern depends on management's ability to successfully execute its business plan which includes increasing the utilization rate of existing staffs and potential financing from public market or private placement. However, there is no assurance that the measures can be achieved as planned. As of Dec. 31, 2024, the Company had $72.17 million in total assets, $93.26 million in total liabilities, and a total deficit of $21.09 million. ZK INTERNATIONAL: Dismisses Fortune CPA, Engages Li CPA as Auditor ------------------------------------------------------------------ ZK International Group Co., Ltd. disclosed in a regulatory filing that on April 2, 2026, it dismissed its independent auditors, Fortune CPA, Inc., which action was approved by the Company's Board of Directors on April 1. Fortune was engaged by the Company on June 2, 2024 and rendered a report on the Company's financial statements for the year ended September 30, 2023, 2024 and 2025. For the year ended September 30, 2023, 2024 and 2025 and through the date of this report, Fortune has neither provided any adverse opinion or qualifications on the Company's financial statements nor had a disagreement with the Company since their engagement on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements that, if not resolved to Fortune's satisfaction, would have caused Fortune to make reference to the subject matter of the disagreement in connection with the audit of the Company's financial statements. None of the reportable events described under Item 304(a)(1)(v)(A)-(D) of Regulation S-K occurred within period of the engagement of Fortune up to the date of dismissal. Engagement of New Certifying Accountant On May 13, 2026, ZK International engaged Li CPA LLC as its independent auditors for the fiscal year ending September 30, 2026. During the two most recent fiscal years and in the subsequent period through the date of this report, the Company have not consulted with New Auditor with respect to the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that would have been rendered on the consolidated financial statements, or any other matters set forth in Item 304(a)(2)(i) or (ii) of Regulation S-K. About ZK International Group Co. Ltd. ZK International Group Co., Ltd. is a China-based designer, engineer, manufacturer, and supplier of patented high-performance stainless steel and carbon steel pipe products that require sophisticated water or gas pipeline systems. The Company owns 33 patents, 21 trademarks, 2 Technical Achievement Awards, and 10 National and Industry Standard Awards. ZK International is Quality Management System Certified (ISO9001), Environmental Management System Certified (ISO1401), and a National Industrial Stainless Steel Production Licensee that is focused on supplying steel piping for the multi-billion-dollar industries of Gas and Water sectors. ZK has supplied stainless steel pipelines for over 2,000 projects, including the Beijing National Airport, the "Water Cube", and "Bird's Nest", which were venues for the 2008 Beijing Olympics. Emphasizing superior properties and durability of its steel piping, ZK International is providing a solution for the delivery of high quality, highly sustainable, environmentally sound drinkable water not only to the China market but also to international markets such as Europe, East Asia, and Southeast Asia. In its audit report dated February 4, 2026, attached to the Company's Annual Report on Form 20-F for the fiscal year ended September 30, 2025, Fortune CPA, Inc, the Company's auditor since 2024, issued a "going concern" qualification citing that the Company has negative working capital, negative cash flow from operating activities, and accumulated deficit that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $62,867,718, $38,253,260 in total liabilities, and $24,614,458 in total equity. ========= I N D I A ========= ADVANSYS (INDIA): CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Advansys (INDIA) Private limited (AIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 17.64 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 10, 2025, placed the rating(s) of APL under the 'issuer non-cooperating' category as APL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. APL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 24, 2026, March 6, 2026, March 16, 2026, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Incorporated in 2002, Advansys (India) Private Limited (AIPL) is Mumbai based company promoted by the Mr. Pankaj Inder Balwani and his wife Mrs. Shakuntala Balwani. The company was earlier engaged into manufacturing and export of all types of healthcare equipment, fitness equipment, rehabilitation equipment, diagnostics equipment's and electrical appliances to European and USA. Post 2010 entire business was transferred to their group company namely Xplore Lifestyle Solutions Private Limited (XLSPL) as Advansys (India) Private Limited (AIPL) could not generate business. During 2014-15 AIPL rented its owned manufacturing unit to Brose India Automotive Systems Private Limited by entering into five years agreement. Later on September 01, 2018 AIPL decided to venture into construction business and construct building of 41,946 square meteres, situated at Raisoni industrial Partk, Village Mann, Taluka Mulshi, and District Pune. AGRIMAS CHEMICALS: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Agrimas Chemicals Limited (ACL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 25.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 18.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 10, 2025, placed the rating(s) of ACL under the 'issuer non-cooperating' category as ACL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ACL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 24, 2026, March 6, 2026, March 16, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in 1973, ACL is engaged in manufacturing of agro chemical products. It has two manufacturing facilities, at Taloja (Mumbai) and Sikandrabad (Uttar Pradesh). CAPL was incorporated in 1998, and is engaged in the same line of business. The company has 3 manufacturing facilities at Sikandrabad, Baroda – Nandesari (Gujarat) and Chiplun Lote (Maharashtra). AMODA IRON: CARE Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Amoda Iron and Steel Limited (AISL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 5.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 9, 2025, placed the rating(s) of AISL under the 'issuer non-cooperating' category as AISL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AISL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 23, 2026, March 5, 2026, March 15, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Amoda Iron & Steel Limited (AISL), was incorporated in the year 2003 as a public limited company (unlisted). The company is promoted by Mr. Upputhulla Kondala Rao, Mr. T. Satish Kumar, Mr. T. Satish Kumar and others. The company is engaged in manufacturing of sponge iron, which is used in manufacturing of steel bars. The company has a total installed capacity of around 200 tons per hour, and the plant is located at Jaggayyapet, Andhra Pradesh. The company procures basic raw material, viz. Iron Ore, Coal and Limestone from in and around Jaggayyapet. The company sells its products to the steel plants in the adjoining areas. AUTOCZARS (A): CARE Keeps C Rating in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of AUTOCZARS (A) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 3.50 CARE C; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.00 CARE A4; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 25, 2025, placed the rating(s) of AUTOCZARS (A) under the 'issuer non-cooperating' category as A had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. A continues to be non-cooperative despite repeated requests for submission of information through emails dated March 11, 2026, March 21, 2026 and May 20, 2026, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Delhi based Auto Czars was established as a partnership firm in 2008 and is currently being managed by Mr. Amit Jain and Mr. Vishnu Bhargava. The firm is an authorized distributor of spare parts of Maruti Suzuki India Limited in West Delhi. The customer base comprises of authorized service centers and retailers and workshops. Auto Czars also operates ten retail outlets in and around West Delhi. B.M. GUPTA: CARE Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of B.M. Gupta Estates Private Limited (BGEPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 15.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 7, 2025, placed the rating(s) of BGEPL under the 'issuer non-cooperating' category as BGEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BGEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 21, 2026, March 3, 2026, March 13, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Rewari-based (Haryana) B.M. Gupta Estates Private Limited (BGEPL) was incorporated in 2004 as a private limited company and is promoted by four brothers namely Mr. Radhey Shyam Gupta, Mr. Vijay Kumar Gupta, Mr. Ripu Dhaman Gupta and Mr. Ravi Shankar Gupta. BGEPL owns a shopping mall in Rewari (Haryana) under the name "BMG Mall" which became operational in August 14, 2011. BMG business encompasses leasing/sale of shopping space, running of multiplex cinemas (under the name BMG cinemas), food court (under the name First Bite), gaming zone (under the name Fantoos), retail unit (BMG Retail, under which it runs various retail shops) and maintenance of the mall. BHAGWATI STEEL: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Bhagwati Steel Sales (BSS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 10.00 CARE B-; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 29, 2025, placed the rating(s) of BSS under the 'issuer non-cooperating' category as BSS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BSS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 15, 2026, March 26, 2026, April 4, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Bhagwati Steel Sales (BSS) was established as a partnership firm in 1988. Currently, the firm has two partners - Mr. Pawan Kumar Mangla and Mr. Vikas Mangla. The firm is engaged in the business of distribution of iron and steel products, like CR sheets & strips, HR sheets & strips etc. CA MAGNUM: Moody's Withdraws 'B1' Corporate Family Rating --------------------------------------------------------- Moody's Ratings has withdrawn CA Magnum Holdings' (CAMH) B1 corporate family rating. Prior to the withdrawal, the outlook on the rating was stable. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) following a review of the issuer's request to withdraw its rating(s). CAMH is The Carlyle Group Inc.'s investment holding company that holds its 74.3% stake in Hexaware Technologies Limited. CAMH does not have any other operations, employees, or real investments. Headquartered in Mumbai, Hexaware is an IT and business transformation service provider. The company provides technology solutions through several diversified service lines, including digital product engineering, cloud transformation, digital core transformation, enterprise and next generation services, business process service and digital IT operations. COROMANDEL AGRICO: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Coromandel Agrico Private Limited (CAPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 53.58 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 22.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 10, 2025, placed the rating(s) of CAPL under the 'issuer non-cooperating' category as CAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 24, 2026, March 6, 2026, March 16, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable CAPL was incorporated in 1998 and is engaged in manufacturing of agro chemical products. The company has 3 manufacturing facilities at Sikandrabad, Baroda - Nandesari (Gujarat) and Chiplun Lote (Maharashtra). Incorporated in 1973, ACL is engaged in the same line of business. It has two manufacturing facilities, at Taloja (Mumbai) and Sikandrabad (Uttar Pradesh). FLOURISH PAPER: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Flourish Paper & Chemicals Limited (FPCL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 8.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 29, 2025, placed the rating(s) of FPCL under the 'issuer non-cooperating' category as FPCL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. FPCL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 15, 2026, March 26, 2026, April 4, 2026, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Flourish Paper and Chemicals Limited (FPCL) incorporated in June 7, 1995, is being managed by Mr. Atul Mehra, Mrs. Sangeeta Mehra and Mr. Sanjay Mahajan. The company is engaged in manufacturing of AKD Emulsion and other allied chemicals used in the paper and textile industry at its manufacturing facility located in Derabassi, Punjab. In addition to this, FPCL has logistic business of chemical distribution. UP Alums Private Limited (UAP), the group entity of FPCL, was incorporated in January, 1992, however, commenced its commercial operations in July, 1998. HARSO STEELS: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Harso Steels Private Limited (HSPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.82 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 11.18 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 28, 2025, placed the rating(s) of HSPL under the 'issuer non-cooperating' category as HSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 14, 2026, March 24, 2026, April 3, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Harso Steels Private Limited (HSPL) was incorporated in 1986 and started its commercial operation in 1993. The company is currently being managed by Mr. Rakesh Kumar Bansal, Mr. Vikas Bansal and Mr. Adesh Tyagi. The company is engaged in manufacturing of steel tubes. PVC pipes, steel structure and bottom lid. The main raw material is steel which the company procures solely from Steel Authority of India Limited (SAIL). HSPL sells its products domestically to wholesalers and construction companies. The company has an associate concern named Rama Steel Tubes Limited which is engaged in manufacturing and exporting of steel pipes, steel tubes, steel pipes fittings, steel tubes fittings, PVC pipes, PVC tubes, steel pipes etc. HPCL-MITTAL ENERGY: Fitch Affirms Then Withdraws BB+ Long-Term IDR ------------------------------------------------------------------ Fitch Ratings has affirmed India-based HPCL-Mittal Energy Limited's (HMEL) Long-Term Issuer Default Rating (IDR) at 'BB+' with a Stable Outlook and has simultaneously withdrawn the rating. The affirmation reflects its view that HMEL is likely to generate positive free cash flow and deleverage over the next few years, aided by higher EBITDA and lower capex intensity. Fitch believes HMEL's sustainable capital structure remains commensurate with its Standalone Credit Profile (SCP) of 'bb-', which is underpinned by strong asset quality, driven by its high-complexity refinery with a Nelson complexity index of 12.6, one of the highest in Asia-Pacific. The IDR benefits from a two-notch uplift from the SCP. This is based on its assessment that its parent, Hindustan Petroleum Corporation Limited (HPCL, BBB-/Stable; SCP: bb), has a 'Medium' incentive to support HMEL under its Parent and Subsidiary Linkage Rating Criteria. Fitch has chosen to withdraw the ratings of HMEL for commercial reasons. Key Rating Drivers Clear Deleveraging Path: Fitch expects EBITDA net leverage to improve to around 3.5x in the financial year ending March 2027 (FY27), from around 3.7xin FY26E. Deleveraging will be aided by positive free cash flow generation, with EBITDA rising to around INR85 billion-95 billion from FY27-FY29, following debottlenecking that will increase refining capacity to 11.8 million tonnes (mt), from 11.3mt. Higher Capex: Fitch expects higher capex of around INR30 billion from FY28-FY29 for expansionary projects. Projects could include a fine chemical production plant, energy transition initiatives and continued expansion of HMEL's retailing segment. 'Medium' Strategic, 'Weak' Legal Support Incentives: Fitch believes HPCL has a 'Medium' strategic incentive to support HMEL should it face financial difficulties. HMEL provides a competitive advantage to HPCL, as it is the sole refinery catering to the parent's product needs in northern India and narrows the gap between HPCL's marketing and refining volume. It also adds to the parent's diversification in petrochemicals. However, the absence of a parental guarantee in HMEL's debt and of cross-default provisions in HPCL's debt result in a 'Weak' legal support incentive. 'Medium' Operational Support Incentive: Fitch believes HPCL has a 'Medium' operational incentive to support HMEL. HMEL contributes more than 25% of HPCL's marketing volume and HPCL has a take-or-pay offtake agreement for all of HMEL's liquid products, except naphtha. Fitch also assesses management overlap as 'Medium', with three common directors; HPCL's chairman and managing director is HMEL's chairman, while HPCL's finance director and refinery director sits on HMEL's board. Iran War Credit Neutral: Fitch believes the Iran war is neutral for HMEL's credit metrics due to higher gross refining margin and a negligible marketing segment. However, a prolonged war would raise the risk of regulation that curtails oil refiners' profitability. Peer Analysis Its assessment of HMEL's linkage with its parent is similar to that of PTT Global Chemical Company Limited (BBB-/Negative), which benefits from a two-notch uplift from its SCP of 'bb' based on the incentive its parent, PTT Public Company Limited (BBB+/Negative), has to support the subsidiary. Fitch assesses that PTT has 'Medium' strategic and operational incentives to support PTTGC, as the subsidiary is the leading petrochemical company in southeast Asia, has cost-competitive feedstock supply and product offtake agreements with its parent. HMEL's SCP is one notch below HPCL's SCP of 'bb', as HPCL has a larger scale as one of India's top-three fuel-marketing companies, with around 15% of the country's refining capacity and 25% market share in fuel retail outlets, notwithstanding HMEL's better refining asset quality. Fitch assesses the SCP of Binh Son Refining and Petrochemical Joint Stock Company (BSR, BB+/Stable) at a similar level to that of HMEL. BSR has a weaker business profile, given its smaller scale, weaker asset quality and lower integration into petrochemical operations, but this is offset by its net cash financial structure, which is much stronger than HMEL's EBITDA net leverage, justifying similar SCPs. Fitch’s Key Rating-Case Assumptions Fitch's Key Assumptions Within the Rating Case for the Issuer: - Brent crude oil prices of USD81.5 a barrel in FY27, USD63.8 in FY28 and USD60 from FY29. - Refinery utilisation rate of around 115% over FY27-FY29. - EBITDA of INR85 billion-95 billion over FY27-FY29, supported by increased capacity and higher gross refining margin. - Capex of INR15 billion-30 billion over FY27-FY29. - Dividend payout ratio of 35% over FY25-FY28. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the SCP: Business and financial profile factors (assessment, relative importance): management ('bbb', Lower), sector characteristics ('bb+', Moderate), market and competitive positioning ('bb+', Moderate), diversification and asset quality ('bb+', Higher), company operational characteristics ('bbb+', Moderate), profitability ('bbb-', Moderate), financial structure ('b', Higher), and financial flexibility ('bb-', Moderate). The quantitative financial subfactors are based on custom CRT financial period parameters: 30% weight for the forecast year FY26, 30% for the forecast year FY27 and 40% for the forecast year FY28. The governance assessment of 'good' has no impact. The operating environment assessment of 'bb+' has no impact. The SCP is 'bb-'. To derive the Long-Term IDR: Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a bottom-up +2 approach. RATING SENSITIVITIES Rating sensitivities are no longer relevant, as the rating has been withdrawn. Liquidity and Debt Structure Fitch estimates HMEL had cash balance of around INR21 billion and undrawn working-capital facilities of INR217 billion at end-March 2026. This was against around INR57 billion of debt maturing in FY26E, including factoring arrangements and capex creditors. Fitch expects HMEL to roll over its short-term debt due to its robust operating profile. Fitch believes HMEL can secure adequate funding, when needed, due to its good access to the domestic debt market, where it has strong relationships with Indian banks, and the offshore market, where it raised US-dollar bonds in 2017 and 2019. Issuer Profile HMEL, a joint venture between HPCL and Mittal Energy Investment Pte Ltd, operates a highly complex with capacity of 11.3 million tonnes (mt) per year and an integrated petrochemical plant with annual capacity of around 2.0mt in northern India. Public Ratings with Credit Linkage to other ratings The ratings of HMEL are driven by parent and subsidiary linkages to HPCL. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for HMEL. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- HPCL-Mittal Energy Limited LT IDR BB+ Affirmed BB+ LT IDR WD Withdrawn JEKIN ENTERPRISE: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Jekin Enterprise (JE) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 25.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 20.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 14, 2025, placed the rating(s) of JE under the 'issuer non-cooperating' category as JE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 28, 2026, March 10, 2026, March 20, 2026, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Jekin Enterprise (JE) is a partnership firm set up by Mr. Mukesh B. Shah and Mrs. Savita Shah in 2001. Later, in 2011, it was reconstituted with Mr. Mukesh B. Shah and Mr. Jekin M Shah as the partners of the firm. The firm was originally established as a proprietary concern in the year 1990 The firm is engaged in execution of civil construction projects which involve earth work, road work, deep excavation, bridges, hard rock cuttings, blasting operations, land development, drainage system, industrial building (civil work) and various other infrastructure jobs for both private as well as government departments whereby it gets orders through bidding and tendering process. The firm also executes projects as sub-contractor for government projects which are obtained through private corporates. The firm has been classified as Class 1A contractor by Public Works Department. LIVE WIRES: CARE Keeps C Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Live Wires Advertising Private Limited (LWAPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 0.75 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 5.20 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 17, 2025, placed the rating(s) of LWAPL under the 'issuer non-cooperating' category as LWAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. LWAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 3, 2026, March 13, 2026, March 23, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Livewires Advertising Private Limited (LWAPL) was incorporated in 1992 in Hyderabad in the state of Andhra Pradesh. LWAPL is engaged in providing advertising solutions. The current promoters of LWAPL took over the operations of the company in 2001. The company operates in print media advertisement segment and is engaged in designing, developing and maintaining advertising campaigns for state government departments of Telangana (GOT) like Greater Hyderabad Municipal Corporation (GHMC), Department of Irrigation, Department of Information & Public Relations, besides others. MAHADEV BUILDING: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Mahadev Building Systems Private Limited (MBSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.72 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 21, 2025, placed the rating(s) of MBSPL under the 'issuer non-cooperating' category as MBSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MBSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 7, 2026, March 17, 2026, March 27, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Incorporated in May 2011, MBSPL was promoted by Mr. G. Mahadeva Naidu along with his sons Mr. G.M. Lokesh and Mr. G. MahadevaTeja. The company is engaged in manufacturing of wide range of roofing sheets and products which include GI Sheets, Purlins and Steel Structures. These products are widely utilized by clients across various construction industries for building various factories, sheds, commercial and residential sites. MBSPL commenced its business operations from December 27, 2012 with FY14 being first full year of business operations. The company has diversified its business from manufacturing activity to civil constructions (like construction of bridges, canals and warehouses) from FY14 onwards. The company procures its raw material such as steel coils, HR coils, zinc, aluminium, paints and chemicals from Telangana and Maharashtra. MBSPL is also a registered Class-I civil contractor. MERRITO POLYMERS: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Merrito Polymers (India) Private Limited (MPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.50 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 21, 2025, placed the rating(s) of MPPL under the 'issuer non-cooperating' category as MPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 7, 2026, March 17, 2026, March 27, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Merrito Polymers (India) Private Limited (MPPL) was incorporated in the year 2014 as a private limited company and promoted by Mr. Yesu Das Dovari, Mrs. Jayaprada Dovari, Mr. Dovari Amarnath and Mrs. Darsi Vanaja. The manufacturing unit of Vinyl Sheeting and Polyvinyl chloride Flexible Film and Foils is located in Krishna District, Andhra Pradesh, covering an area of ~3400 square feet. The company is engaged in manufacturing of Vinyl Sheeting and Polyvinly Chloride Flexible film and started commercial operation from September 2017. The company purchases raw material (rigid film) from Chennai, Andhra Pradesh and Telangana. The company sells its final products to Maharashtra, Chennai, Telangana, Andhra Pradesh etc. PRASAD AGRO: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Prasad Agro Industries (PAI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 17.20 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 2, 2025, placed the rating(s) of PAI under the 'issuer non-cooperating' category as PAI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PAI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 18, 2026, March 28, 2026, April 7, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Prasad Agro Industries (PAI) was established in November 2013 and is based out of Latur, (Maharashtra). The firm is engaged in the business of processing of Toor dal at its processing facility located at Latur. RAJASTHAN BAL: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Rajasthan Bal Kalyan Samiti (RBKS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.24 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 28, 2025, placed the rating(s) of RBKS under the 'issuer non-cooperating' category as RBKS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RBKS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 14, 2026, March 24, 2026, April 3, 2026, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Udaipur (Rajasthan) based Rajasthan Bal Kalyan Samiti (RBKS) was registered as a trust in March 1983 under Rajasthan Societies Registration Act 1958 by Mr. Pandit Jeevat Ram Sharma with an aim to provide the benefit to poor and tribal community in India focusing for betterment of women and children. RBKS is mainly engaged into education to poor and tribal community and currently operating 9 graduation colleges, 1 nursing college, 1 training college and 6 schools in the backward of area of Rajasthan. RBKS is also engaged into rural development activities like Natural Resource Management (NRM) activities, plantation activities, watershed program, women and child development etc. and undertakes various projects for National Bank for Agricultural and Rural Development (NABARD). SHIVA TRANSPORT: CARE Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Shiva Transport Company (STC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 15, 2025, placed the rating(s) of STC under the 'issuer non-cooperating' category as STC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. STC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 1, 2026, March 11, 2026, March 21, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Jamshedpur (Jharkhand) based, Shiva Transport Co. (STC) was initially set up as a proprietorship firm in the year 1993 by Mr. Rajendra Prasad. However, it was reconstituted as a partnership firm from April 1, 2018. Presently it is managed by two partners named Mr. Rajendra Prasad and Mr. Abhay Kumar. The firm has been engaged in providing inland transportation services. It is a third-party logistics and road transportation service provider. The firm provides transportation services mainly for Tata Steel Long Products Limited, Tata BlueScope Steel, Tinplate Company of India Limited etc. SUKHMANI MEGASTRUCTURES: CARE Keeps D Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Sukhmani Megastructures Private Limited (SMSPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 7.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 29, 2025, placed the rating(s) of SMSPL under the 'issuer non-cooperating' category as SMSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SMSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 15, 2026, March 26, 2026, April 4, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Sukhmani Megastructures Private Limited (SMSPL) was incorporated in May, 2007 as a private limited company and is currently being managed by Mr. Jaspreet Singh and Mrs. Parmeet Kaur. SMSPL undertakes civil construction work in Punjab, Chandigarh, Delhi, Haryana, Uttar Pradesh, Uttarakhand and Bihar which includes infrastructure development, road works, erection of sewage systems, earthwork etc. SUPREME HOUSING: Offered Final Chance to Settle Canara Dues ----------------------------------------------------------- The Economic Times reports that the National Company Law Appellate Tribunal (NCLAT) has given the promoters of Supreme Housing and Hospitality a chance to settle their dues with Canara Bank by depositing a reduced amount of INR460 crore into a no-lien account at the bank by June 13. The Mumbai-based real estate company owes the bank a total of INR567 crore, ET discloses. "We are of the view that one opportunity, which will be the last opportunity, be given to the appellant, for discharge of its debt." As reported in the Troubled Company Reporter-Asia Pacific on May 21, 2026, Free Press Journal said the National Company Law Tribunal (NCLT) has admitted an insolvency petition filed by Canara Bank against Supreme Housing and Hospitality Private Limited over an alleged default of more than INR567 crore. The tribunal also rejected an interlocutory application filed by the corporate debtor seeking dismissal of the insolvency proceedings. The petition was filed under Section 7 of the Insolvency and Bankruptcy Code (IBC) before the NCLT. Supreme Housing and Hospitality Private Limited is engaged in real estate development. The company is in the process of developing a commercial and residential complex in Mumbai (Supreme City) and has acquired the development rights for the project. The commercial complex comprises an IT park and a residential complex of villas and service apartments. SHHL has no ongoing projects other than Supreme City. TEJAS ISPAT: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Tejas Ispat Private Limited (TIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 9, 2025, placed the rating(s) of TIPL under the 'issuer non-cooperating' category as TIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 23, 2026, March 5, 2026, March 15, 2026, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Tejas Ispat Private Limited (TIPL) was incorporated in May 2006 by the Malhotra family of Jamshedpur, Jharkhand for setting of an iron & steel manufacturing plant. The manufacturing plant of the company will consist of furnace division and a rolling division and the same are proposed to be located at Adiyapur Industrial Area, Jamshedpur in Jharkhand. TIPL has already set up the rolling division entirely funded by the promoters and presently setting up furnace division with aggregate project cost of Rs.6.89 crore. Mr. Kailash Malhotra has around four decades of experience in iron and steel industry will look after the day-to-day operations of the company. He will be supported by his son: Mr. Vivek Malhotra who is also has around seven years of experience in steel industry. TOOLFAB ENGINEERING: CARE Lowers Rating on INR19.92cr Loan to B- ---------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Toolfab Engineering Industries Private Limited (TEIPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 19.92 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 16, 2025, placed the rating(s) of TEIPL under the 'issuer non-cooperating' category as TEIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TEIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 2, 2026, March 12, 2026, March 22, 2026, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of TEIPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Established in 1972 at Trichy, Tamil Nadu as a partnership firm, Toolfab Engineering Industries Private Limited (TEIPL) was acquired by Mr. Madan Mohan in 1995 and was reconstituted as a private limited company in 2004. TEIPL, an ISO 9001:2008 certified company, undertakes engineering and fabrication work for wind mill towers, boiler pressure parts, mining equipment, pre-engineered buildings among others. TEIPL's manufacturing unit is located at Trichy, Tamil Nadu with an installed capacity of 50,000 metric ton per annum. TRISHUL DREAM: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Trishul Dream Homes Limited (TDHL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 15.00 CARE D; ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 27.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 25, 2025, placed the rating(s) of TDHL under the 'issuer non-cooperating' category as TDHL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TDHL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 11, 2026, March 21, 2026, May 20, 2026, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Trishul Dream Homes Ltd (TDHL) incorporated in 2007 is into real estate development. It is part of Trishul Group which was established in 1992 and has more than 25 years of experience in real estate and construction industry. The group has successfully executed a number of residential buildings projects in Delhi NCR. VELANI OILS: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Velani Oils Private Limited (VOPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 45.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 24, 2025, placed the rating(s) of VOPL under the 'issuer non-cooperating' category as VOPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VOPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 10, 2026, March 20, 2026, March 30, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Velani Oils Private Ltd (VOPL) was incorporated on June 9, 2010 by its present promoter director Mr. Mansukh Lal Patel and his son Mr. Tushar Patel. The company is engaged in the business of trading edible and non-edible oils for supplying it to large edible/non-edible oil refining companies in India. VOPL operates from its Head office (HO) in Delhi and branch offices in Gujarat in Gandhidham and Kandla. ZIMIDARA PESTICIDES: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Zimidara Pesticides (ZP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 25, 2025, placed the rating(s) of ZP under the 'issuer non-cooperating' category as ZP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ZP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 11, 2026, March 21, 2026, May 21, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Zimidara Pesticides was established in 1990 by Mr. Om Prakash, the entity is engaged in wholesale trading of agrochemicals viz. pesticides, seeds and fertilizers of various types of herbicides, fungicides and insecticides etc. whereas the customers of the entity belong to various agrochemicals players. ZP is an authorized dealer and distributor of around 42 pesticides companies across Punjab. It operates its registered office in Abohar, Punjab. ========= J A P A N ========= NIDEC CORP: To Pause Acquisitions to Focus on Turnaround Efforts ---------------------------------------------------------------- The Japan Times reports that Nidec Corporation President Mitsuya Kishida has said the major Japanese motor maker will suspend business acquisitions for the time being to focus its efforts on reconstructing the firm rocked by accounting and product quality fraud. Business acquisitions have been a growth driver for Nidec, based in Kyoto. "I will work on rebuilding our company's governance system," The Japan Times quotes Kishida as saying in an interview on May 29, showing a plan to spend JPY130 billion over five years on measures to prevent irregularities. A panel of outside experts that investigated the accounting fraud has concluded that excessive pressure from Nidec's founder, Shigenobu Nagamori, on company staff to meet performance targets was among the factors behind the irregularities. Pointing out that Nidec had "a corporate culture to pursue short-term profits," Kishida said, "We will build a system that makes it impossible to commit irregularities regarding accounting and product quality control," The Japan Times relays. On future business management, he said, "We will review our operations, including the possibility of ceding what we have in our group to partner entities," suggesting that consolidating some of its existing operations could be an option. At the same time, Kishida said, "If we could regain trust, we want to consider strategies such as conducting business acquisitions in new sectors." The Japan Times adds that the president said that Nidec may put its efforts into data centers and humanoid robots, noting that artificial intelligence-related areas are expected to "grow tremendously." About NIDEC NIDEC Corporation manufactures and sells electric motors and related components and equipment worldwide. The company was founded in 1973 and is headquartered in Kyoto, Japan. As reported in the Troubled Company Reporter-Asia Pacific in mid-March 2026, has downgraded Nidec Corporation's corporate family rating and senior unsecured rating to B3 from Ba3. The outlook remains negative. ===================== N E W Z E A L A N D ===================== GM AUTO: Creditors' Proofs of Debt Due on June 22 ------------------------------------------------- Creditors of GM Auto Electrix Limited and Rotary Engine Technologies Limited are required to file their proofs of debt by June 22, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 22, 2026. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 IPG CAPITAL: Court to Hear Wind-Up Petition on June 11 ------------------------------------------------------ A petition to wind up the operations of IPG Capital Limited will be heard before the High Court at Auckland on June 11, 2026, at 10:00 a.m. Andrew Mark Vincent and Christopher James filed the petition against the company on Dec. 17, 2025. The Petitioner's solicitor is: Catherine Pendleton Turner Hopkins, Solicitors Level 1, 1/7 The Strand Takapuna Auckland 0622 IPG SECURITIES: Boss Owes NZD69MM Over Property Tied to Bar Murder ------------------------------------------------------------------ BusinessDesk reports that a hotelier and property magnate owes almost NZD70 million to lenders over a property that was the scene of a grisly murder. IPG Securities director Sunil Govind Parbhu, also known as Dennis Parbhu, owes approximately NZD69.1 million to creditors, BusinessDesk relates citing receiver's reports. Mr. Parbhu has a large portfolio of properties across Auckland and Wellington, including the SOHO Hotel in Mount Roskill. IPG Securities owns 8,178sq m of land on 211 Richardson Road in Mt Roskill, the location of Richardson's Bar and Restaurant. Tony Leonard Maginness and Jared Waiata Booth of Baker Tilly Staples Rodway Auckland on Aug. 7, 2025, were appointed as receivers and managers of IPG Securities Limited. JAMAR FINANCE: Court to Hear Wind-Up Petition on June 16 -------------------------------------------------------- A petition to wind up the operations of Jamar Finance Limited will be heard before the High Court at Hamilton on June 16, 2026, at 10:45 a.m. Angee Investments Limited filed the petition against the company on April 21, 2026. The Petitioner's solicitor is: Andrew Franicevic Foley Hughes Barristers and Solicitors Level 1, 20 Beaumont Street Freemans Bay Auckland 1010 JUST FOODS: Khov Jones Appointed as Receivers --------------------------------------------- Steven Khov and Kieran Jones of Khov Jones on May 29, 2026, were appointed as receivers and managers of Just Foods Limited. The receivers and managers may be reached at: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 LBC HOLDINGS: Creditors' Proofs of Debt Due on June 10 ------------------------------------------------------ Creditors of LBC Holdings Europe Limited, LBC Holdings New Zealand Limited and LBC Treasury Company Limited are required to file their proofs of debt by June 10, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 22, 2026. The company's liquidators are: Daniel Stoneman Brendon Gibson Calibre Partners Level 21 88 Shortland Street Auckland SACRED HILL: SFO Files Charges Against Ex-Executive and Director ---------------------------------------------------------------- The Serious Fraud Office has filed charges against a former Sacred Hill Vineyards group executive and director alleging that he overstated the value of the company's inventory in order to secure funding. Richard Foddy faces 18 charges of false accounting (six false accounting charges have an alternate charge of obtaining by deception). He appeared in Hasting District Court on June 2. Mr. Foddy is alleged to have artificially increased the value of Sacred Hill Vineyards' wine inventory in quarterly stock valuation spreadsheets and on compliance certificates provided to lender Westpac. The alleged offending is charged as happening in the financial years ending June 2017 to June 2019. Sacred Hill Vineyards and Sacred Hill Marlborough Vineyards went into receivership in May 2021. This case was referred to the SFO by receiver BDO Auckland. The Sacred Hill brand continues to trade in the wine industry under new ownership, after Sacred Hill's Hawkes Bay business interests were sold in November 2021. "New Zealand's economic strength relies heavily on its trade industries. Corporate fraud that undermines key sectors, such as viticulture, poses a direct risk to our economy, our productivity, and our international standing. The SFO will continue to treat these cases as a priority," SFO Director Karen Chang said. Mr. Foddy is next scheduled to appear on June 23, 2026. ================= S I N G A P O R E ================= ASIAPAC CONTRACTS: Court to Hear Wind-Up Petition on June 12 ------------------------------------------------------------ A petition to wind up the operations of Asiapac Contracts 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 20, 2026. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 CELL ID: Creditors' Proofs of Debt Due on June 29 ------------------------------------------------- Creditors of Cell ID Pte. Ltd. are required to file their proofs of debt by June 29, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 21, 2026. The company's liquidators are: Chan Li Shan c/o Impetus Corporate Advisory 11 Collyer Quay, #16-02 The Arcade Singapore 049317 FIRST COAST: Creditors' Proofs of Debt Due on June 29 ----------------------------------------------------- Creditors of First Coast III IVT Pte. Ltd. are required to file their proofs of debt by June 29, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 20, 2026. The company's liquidators are: Lin Yueh Hung Goh Wee Teck c/o 8 Wilkie Rd #03-08 Wilkie Edge Singapore 228095 GRACE OCEAN: Civil Trial Over Francis Scott Key Bridge Paused ------------------------------------------------------------- Maggie Trovato at The Baltimore Sun reports that the long-anticipated civil trial over liability in the Francis Scott Key Bridge collapse was put on hold just before it was set to begin June 1. Though the parties remaining in the case, including cargo ship Dali owner Grace Ocean Private Limited, Dali operator Synergy Marine Private Limited, Baltimore City and Baltimore County agreed June 1 that the case should be stayed, or postponed, their reasons starkly differed, The Baltimore Sun relates. According to The Baltimore Sun, attorneys for Grace Ocean and Synergy argued that, with all of the personal injury, wrongful death and property damage claims settled, the remaining 11 claims in the case should be dismissed based on a U.S. Supreme Court case that bars recovery for economic loss that resulted from negligence unless physical damage to personal property was suffered. Attorneys for the city, county and private economic loss claimants, on the other hand, argued that the case should be postponed until a criminal case related to the collision is complete, The Baltimore Sun says. They said that criminal proceedings will have a "significant impact" on Grace Ocean's and Synergy's argument surrounding the Supreme Court case and that the civil case should be postponed until then. The civil case, which was scheduled to last about five weeks, centers on whether the ship owner and operator can avoid billions in liability for the March 2024 disaster, which killed six, under a centuries-old maritime law. If a judge rules in favor of the two companies, Grace Ocean and Synergy could cap their liability in the collision at roughly $44 million, The Baltimore Sun notes. Claimants, including government entities and businesses affected by the collapse, argue the companies should face far greater exposure. The Baltimore Sun says the fate of the trial was muddied last month when federal prosecutors announced a criminal indictment against Synergy-related entities and a technical superintendent tied to the Dali. The indictment alleged conspiracy, obstruction and failures involving maintenance and safety reporting aboard the vessel. Prosecutors said these failures contributed to the crash. About Grace Ocean Singaporean companies Grace Ocean Private Limited and Synergy Marine Pte Ltd are the owner and manager, respectively, of MV Dali. On March 26, 2024, the Dali catastrophically allided with the Francis Scott Key Bridge, precipitating its immediate downfall, claiming lives, ravaging local property, and crippling economic lifeline at the Baltimore Harbor. Since the disastrous allision, commercial activities in and around Baltimore have virtually come to a standstill. It could take several years for the area to recover fully. The Francis Scott Key Bridge was a 1.6-mile span over the Patapsco River at the outer crossing of the Baltimore Harbor. GRACE OCEAN: Families of Key Bridge Collapse Victims Settle ----------------------------------------------------------- Winston Rogers at The National News Desk reports that the families of four men killed when a cargo ship collided with the Key Bridge in Baltimore in 2024 have settled with the owners and operators of said ship just days before a trial was set to begin, according to court filings and lawyers representing the families. The National News Desk relates that Attorneys confirmed a settlement had been reached in the March 26, 2024, collapse of the bridge. The details of the settlement were not published in court filings. Lawyers for the families of Alejandro Hernandez Fuentes, Jose Maynor Lopez, Miguel Luna, and Carlos Daniel Hernandez Estrella said the settlement resolves all claims against owner Grace Ocean Private Limited and Dali operator Synergy Marine Private Limited, the report relays. A suit filed by Julio Cervantes, the only person who survived falling into the Patapsco River that night, also settled a suit with both companies. Notices for settlement were filed on May 28, and a civil trial was set to begin on June 1, two years and two months after the lawsuit was filed. "While we are pleased to reach this settlement on behalf of the families of those who lost their lives March 26 and the only person to survive the fall into the Patapsco River, it is bittersweet because these families won't have an opportunity to experience the seasons of life with their husbands, fathers, brothers and sons," the report quotes attorney L. Chris Stewart, who was one of several representing the families, as saying. "We worked tirelessly for these families on this incredibly complex case and are thankful that this matter has been resolved. Although the fight has been resolved for the petitioners, the battle is not over as there are other parties that share responsibility for this tragedy, and we look forward to the forthcoming fight for justice." Earlier last month, Maryland officials announced a $2.25 billion settlement with Grace Ocean and Synergy Marine, but not with Dali's shipbuilder, Hyundai Heavy Industries. The companies still face a federal lawsuit. Six construction workers were killed early morning, March 26, 2024, after the Singapore-flagged M/V Dali lost power in controls and steered into a column of the Francis Scott Key Bridge. Cars had been cleared from the roadway, but workers were still carrying out maintenance. Alejandro Hernandez Fuentes, Dorlian Ronial Castillo Cabrera, Jose Mynor Lopez, Carlos Hernandez, Miguel Angel Luna Gonzalez, and Maynor Yasir Suazo Sandoval were found dead. Two other people were injured. "While it is very important that some legal claims have been resolved, the pain these families have endured remains," said CASA, which represented some of the impacted families from the bridge collapse. "Their focus will continue to be on rebuilding their lives, healing from trauma, supporting one another, and honoring the memory of their loved ones after a tragedy that forever changed their lives." About Grace Ocean Singaporean companies Grace Ocean Private Limited and Synergy Marine Pte Ltd are the owner and manager, respectively, of MV Dali. On March 26, 2024, the Dali catastrophically allided with the Francis Scott Key Bridge, precipitating its immediate downfall, claiming lives, ravaging local property, and crippling economic lifeline at the Baltimore Harbor. Since the disastrous allision, commercial activities in and around Baltimore have virtually come to a standstill. It could take several years for the area to recover fully. The Francis Scott Key Bridge was a 1.6-mile span over the Patapsco River at the outer crossing of the Baltimore Harbor. MYCK: To Scale Down Product Categories Following Store Closures --------------------------------------------------------------- VnExpress reports that Singapore's retail chain MyCK, which has been operating for almost three decades, will scale down product offerings at two outlets to fashion items only following the closure of other stores. Since early May, the homegrown department store chain's Ang Mo Kio outlet has been holding a clearance sale on food and household products, with discounts of up to 70%, newspaper Zaobao reported. VnExpress relates that an employee said that from June 2, the store will reduce its offerings to clothing and shoes only. MyCK's Chinatown flagship store has also been holding clearance sales since April, according to VnExpress. It plans to scale down in a similar manner after all food and household essentials are sold. MyCK was founded in 1997 with the aim of providing households with affordable apparel and daily essentials. At its peak in 2017, the local brand had at least 19 stores islandwide. As of 2026, only eight outlets remain in operation, according to AsiaOne. Earlier this year, MyCK closed two branches in Jurong West, disappointing longtime customers, VnExpress adds. STANHOPE HOLDINGS: Creditors' Proofs of Debt Due on June 29 ----------------------------------------------------------- Creditors of Stanhope Holdings Pte. Ltd. are required to file their proofs of debt by June 29, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 20, 2026. The company's liquidators are: Gary Loh Weng Fatt Seah Roh Lin Dev Kumar Harish Nandwani c/o BDO Advisory Pte. Ltd. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 TKX HOLDING: Court to Hear Wind-Up Petition on July 24 ------------------------------------------------------ A petition to wind up the operations of TKX Holding Pte. Ltd. will be heard before the High Court of Singapore on July 24, 2026, at 10:00 a.m. Amazingtech Pte. Ltd. filed the petition against the company on May 5, 2026. The Petitioner's solicitors are: Providence Law Asia LLC 1 Raffles Place #29-62, One Raffles Place Tower 2 Singapore 048616 =============== T H A I L A N D =============== DAOL SECURITIES: Fitch Rates B+(tha) Net Capital Bonds ------------------------------------------------------ Fitch Ratings (Thailand) has assigned a National Long-Term Rating of 'B+(tha)' to DAOL Securities (Thailand) Public Company Limited's (DAOLSEC, BB(tha)/Stable) upcoming issuance of Thai baht net capital bonds. The bonds will have a maturity of one year and six months. The company plans to use the proceeds for repayment of maturing net capital bonds. Key Rating Drivers Fitch rates the proposed bonds two notches below DAOLSEC's National Long-Term Rating, reflecting their subordinated status and going-concern loss-absorption features. The net capital bonds will be issued under conditions set by Thailand's Securities and Exchange Commission. The bonds contain loss-absorption features, including coupon or principal deferral or coupon cancellation, if the securities company fails to meet minimum regulatory requirements or fails to settle with the clearing house or its clients. Beyond the above, Fitch has not applied additional notching as Fitch believes the loss-absorption triggers will not be easily activated. The bonds do not allow principal write-down or equity conversion. Fitch has not assigned equity credit to the instruments, because the tenor is short and the bonds do not meet its criteria for equity recognition. For more details on DAOLSEC's key rating drivers and sensitivities, please refer to Fitch Affirms DAOL Securities (Thailand) at 'BB(tha)'; Outlook Stable, published on 19 November 2025. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Negative rating action on DAOLSEC's National Long-Term Rating would lead to a downgrade of the bonds' rating. A deterioration in the company's credit profile, or a significant weakening in its capital or liquidity buffers could result in wider notching on the bonds relative to DAOLSEC's rating. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade of DAOLSEC's National Long-Term Rating would result in an upgrade of the bonds' rating. Date of Relevant Committee 18 November 2025 Entity/Debt Rating ----------- ------ DAOL Securities (Thailand) Public Company Limited Subordinated Natl LT B+(tha) New Rating ********* 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. 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