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260604.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Thursday, June 4, 2026, Vol. 29, No. 111 Headlines A U S T R A L I A CHEAP AS CHIPS: First Creditors' Meeting Set for June 10 DAVID JONES: Faces ASIC Probe Over Late Financial Filings FISHBURNERS LTD: Scalare Partners Buys Startup GFG ALLIANCE: Sanjeev Gupta Settles AUD182 Million Claim GLOBAL EVERGREENING: Second Creditors' Meeting Set for June 10 GOLDSNAPPER GLENMORE: First Creditors' Meeting Set for June 10 LCPT PTY: First Creditors' Meeting Set for June 11 LION AUSTRALIA: James Boag to Close Iconic Launceston Brewery ORION TRUST 2026-1: S&P Assigns Prelim B (sf) Rating to Cl. F Notes RHG WORKFORCE: First Creditors' Meeting Set for June 10 [] AUSTRALIA: AFSA Reports Increase in Personal Insolvencies in Q1 C H I N A CHINA HONGQIAO: S&P Raises Long-Term ICR to 'BB+', Outlook Stable H O N G K O N G WELL LINK: S&P Rates Proposed USD Sub Tier 2 Capital Bonds 'BB+' I N D I A ANSALDOCALDAIE GB: ICRA Keeps D Debt Ratings in Not Cooperating ANUP MEDICAL: ICRA Keeps B+ Debt Ratings in Not Cooperating BHADRESHWAR VIDYUT: ICRA Keeps D Debt Ratings in Not Cooperating CASTALL TECHNOLOGIES: ICRA Keeps D Ratings in Not Cooperating GOLHAR GINNING: ICRA Keeps D Debt Ratings in Not Cooperating JUNGLE HOMES: ICRA Keeps B+ Debt Rating in Not Cooperating KAMAKSHI RAW: ICRA Keeps D Debt Ratings in Not Cooperating Category KARUPPASWAMY BUILDERS: ICRA Keeps B+ Rating in Not Cooperating L R N FINANCE: CRISIL Keeps D Debt Ratings in Not Cooperating NEW MODERN: CRISIL Lowers Rating on Long/Short Term Loans to D R.K. STEEL: CRISIL Lowers Rating on INR50cr Demand Loan to B RAMALINGA MILLS: ICRA Moves B Debt Ratings to Not Cooperating S.N.N. TEXTILES: ICRA Keeps B+ Debt Ratings in Not Cooperating SAMBASIVA DAIRY: CRISIL Keeps B Debt Rating in Not Cooperating SAMMAAN CAPITAL: S&P Upgrades ICRs to 'BB-/B', Outlook Stable SHRUTHI MILK: ICRA Keeps D Debt Ratings in Not Cooperating Category SHUBHAM COTTON: CARE Keeps B- Debt Rating in Not Cooperating SPDD INFRA: ICRA Keeps B+ Debt Rating in Not Cooperating Category SWARG GOLDTOUCH: CRISIL Keeps B- Debt Ratings in Not Cooperating SWASTIK TRADELINK: ICRA Withdraws D Rating on INR8cr LT Loan TD TOLL: ICRA Keeps D Debt Rating in Not Cooperating Category TILAK EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating TRW SUN: ICRA Keeps B+ Debt Ratings in Not Cooperating Category VISHWAKARMA AUTOMOTIVE: CRISIL Cuts Rating on INR7.5cr Loan to B WONDER CONSTRUCTION: ICRA Keeps B- Ratings in Not Cooperating WOODIND: ICRA Keeps D Debt Ratings in Not Cooperating Category M A L A Y S I A VANTRIS ENERGY: Returns to Clean Audit After 4 Yrs, Eyes PN17 Exit N E W Z E A L A N D CAPITAL CABINETS: Court to Hear Wind-Up Petition on June 16 EX-IPL LIMITED: Creditors' Proofs of Debt Due on June 19 KUMAR ELECTRICAL: Court to Hear Wind-Up Petition on June 19 LANDSCAPE VISION: Grant Reynolds Appointed as Liquidator MOANA PASIFIKA: Liquidators' Report Reveals NZD8.2 Million Claims STEELFIXING NZ: Creditors' Proofs of Debt Due on June 26 ZZRS LIMITED: Downlow Burgers Franchisee Goes Into Liquidation S I N G A P O R E BLACKROCK COMMODITIES: Court Enters Wind-Up Order PLATINUM GLOBAL: Court Enters Wind-Up Order PRINFU PTE: Court to Hear Wind-Up Petition on June 12 QURIOUS GROUP: Commences Wind-Up Proceedings TKIL GLOBAL: Court Enters Wind-Up Order - - - - - ================= A U S T R A L I A ================= CHEAP AS CHIPS: First Creditors' Meeting Set for June 10 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Cheap As Chips Discount Stores Pty Ltd will be held on June 10, 2026, at 11:00 a.m. at the offices of WLP Restructuring, at Suite 19.02, Level 19, 1 Castlereagh Street, in Sydney, NSW and via virtual meeting technology. Glenn Livingstone and Benjamin Ho of WLP Restructuring were appointed as administrators of the company on May 28, 2026. DAVID JONES: Faces ASIC Probe Over Late Financial Filings --------------------------------------------------------- Carrie LaFrenz at The Australian Financial Review reports that private equity-owned David Jones is under investigation over the late filing of its 2025 financial accounts, with the loss-making department store chain at risk of a hefty fine as the corporate regulator clamps down on tardy reporting. According to the Financial Review, David Jones filed its accounts with the Australian Securities and Investments Commission on April 28, about six months behind deadline, drawing scrutiny from the regulator which has made late reporting one of its enforcement priorities this year. "ASIC can confirm that it is investigating David Jones Group in relation to the late filing of its financial reports," an ASIC spokesperson said. Software design giant Canva was fined AUD792,000 last month for failing to file its accounts on time, while Jo Horgan's beauty empire Mecca was hit with a penalty of almost AUD600,000 in March, the Financial Review notes. Under the Corporations Act, David Jones was required to file its annual accounts with ASIC within four months of the business's financial year ending on June 29 last year. The Financial Review says the 2025 financial year was one of significant transformation and investment for David Jones as it refurbished stores, launched a new Qantas loyalty partnership program, offered a new shopping app and established its retail media business. That spending, along with a tough trading environment, saw the 188-year-old retailer slump further into the red last year, posting a pre-tax loss of AUD95.5 million. A spokesperson for David Jones, which is owned by Anchorage Capital Partners, said it was "cooperating fully with ASIC regarding the late filing of its historical financial accounts," the Financial Review relays. About David Jones David Jones Pty Limited is an Australian upmarket department store. As Troubled Company Reporter-Asia Paicific in mid-June 2025, Anchorage Capital Partners is considering ways of providing financial support to ailing retailer David Jones as the department store slides into a deep loss and warns of challenging conditions. Anchorage acquired David Jones in 2022 from Woolworths Holdings, the South African retailer which also owns Country Road Group. Filings with the corporate regulator revealed the group slid to a pre-tax loss of AUD95.5 million in the year to June 29, widening from a loss of AUD74.1 million in the year prior. Sales fell 8.7 per cent to AUD2 billion last year, according to the Australian Financial Review. FISHBURNERS LTD: Scalare Partners Buys Startup ---------------------------------------------- StartUp Daily reports that Fishburners will have a second life after ASX-listed Scalare Partners acquired the Sydney startup business three weeks after it was placed in voluntary administration. According to StartUp Daily, the move sees Fishburners join a portfolio of startup services under Scalare (ASX: SCP), including Tank Stream Labs, The Founders Union, Planet Startup, Tech Ready Women, InHouse Ventures, and the Australian Technologies Competition. StartUp Daily relates that the terms of the deal were not disclosed, but in a statement to the ASX, Scalare said it was a cash-only acquisition, completed on June 2, and is not material to the company's overall financial position. The acquisition includes the Fishburners brand, programs, intellectual property, and associated community assets. No other assets and no employees or liabilities were taken on as part of the deal. Founded 15 years ago as a not-for-profit, Fishburners was one of Sydney's original startup co-working spaces, offering a range of events and programs that have supported more than 35,000 entrepreneurs since 2011. Those founders include Koala co-founder and CEO Dany Milham, v2food founder Nick Hazell (now running Algenie), and Natalie Nguyen from Hyper Anna. But the Fishburners board called in KPMG as voluntary administrators last month after "failed efforts to resolve long-standing rental legacy debt" owed to the NSW government, StartUp Daily notes. The surprisingly large rent bill – more than AUD1.5 million a year – meant rental arrears worth more than AUD2 million at the now-closed Sydney Startup Hub remained unpaid. Phil Quinlan and Gayle Dickerson of KPMG were appointed as administrators of the company on May 6, 2026. GFG ALLIANCE: Sanjeev Gupta Settles AUD182 Million Claim -------------------------------------------------------- The Australian Financial Review reports that British-Indian tycoon Sanjeev Gupta's entity Clydesdale Engineering has settled a claim against the up-for-grabs Tahmoor coal mine, just as two parties prepare to lock horns in the auction's final round. The Financial Review relates that Clydesdale had claimed a security of up to AUD182 million against Tahmoor, and settled it after the mine's liquidator McGrathNicol commenced action in the Supreme Court as part of the auction. Gupta has now released the security, subject to conditions, and the sale is expected to be consummated after years of false starts. GFG Alliance is a global group of businesses in industries including steel, aluminium, and energy. GFG Alliance has had significant operations in Australia, including the Whyalla Steelworks in South Australia run by OneSteel Manufacturing Pty Limited, Tahmoor Coal in New South Wales, and Liberty Bell Bay in Tasmania. On Feb. 19, 2025, KordaMentha partners Mark Mentha, Sebastian Hams, Michael Korda and Lara Wiggins were appointed voluntary administrators of OneSteel Manufacturing. The appointment was made by the South Australian Government. The state government took the decision to place OneSteel in administration, after losing confidence in the financial capability of GFG Alliance to pay its bills as and when they fall due, and in GFG's ability to secure funding needed for the ongoing operation of the steelworks, according to Department for Energy and Mining. Liberty Primary Metals Australia (LPMA) is the holding entity for GFG's Australian steel and mining businesses, including Tahmoor. On Nov. 3, 2025, Michael Brereton, Rashnyl Prasad and Sean Wengel of William Buck were appointed as administrators of LPMA. On Feb. 9, 2026, Joseph Hayes and Christopher Johnson of Wexted Advisors were appointed as administrators of Tahmoor Coal Pty Ltd (trading as Tahmoor Colliery). The company entered liquidation on March 6, 2026, resulting in 238 job losses. On March 23, 2026, Morgan John Kelly, Robyn Louise Duggan and Samuel John Freeman of Ernst & Young were appointed as administrators of Liberty Bell Bay Pty Ltd. GLOBAL EVERGREENING: Second Creditors' Meeting Set for June 10 -------------------------------------------------------------- A second meeting of creditors in the proceedings of Global Evergreening Alliance Limited has been set for June 10, 2026, at 4:30 p.m. via videoconference. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by June 9, 2026 at 12:00 p.m. Vaughan Strawbridge, Joseph Hansell and Kathryn Warwick of FTI Consulting were appointed as administrators of the company on March 23, 2026. GOLDSNAPPER GLENMORE: First Creditors' Meeting Set for June 10 -------------------------------------------------------------- A first meeting of the creditors in the proceedings of Goldsnapper Glenmore Park Pty Ltd (trading as Goldsnapper Glenmore Park, Goldsnapper Menai & Goldsnapper Mosman) will be held on June 10, 2026, at 11:00 a.m. via Teleconference only. John Vouris and Richard Albarran of Hall Chadwick were appointed as administrators of the company on May 29, 2026. LCPT PTY: First Creditors' Meeting Set for June 11 -------------------------------------------------- A first meeting of the creditors in the proceedings of LCPT Pty Ltd will be held on June 11, 2026, at 12:00 p.m. via teleconference. John Maxwell Morgan of BCR Advisory was appointed as administrator of the company on June 1, 2026. LION AUSTRALIA: James Boag to Close Iconic Launceston Brewery ------------------------------------------------------------- News.com.au reports that Tasmanian beer manufacturer James Boag will cease production in the state by November as it looks to move onto the mainland. In a blow for 42 local workers, James Boag's parent company Lion Australia said it was shifting production from Launceston to mainland Australia in a bid to save on high shipping costs. According to news.com.au, production out of Tasmania will cease from November 2026 after 145 years of making the popular brand in the state. News.com.au relates that Tasmanian Premier Jeremy Rockliff labelled the announcement as "extremely disappointing". "Our immediate priority is the wellbeing of the workforce," news.com.au quotes Mr. Rockliff as saying. "We will engage closely with Lion, the union, workers and the hospitality industry to support those impacted." In a statement, Lion chief executive and managing director Anubha Sahasrabuddhe acknowledged it was difficult news for employees and the broader Launceston community, news.com.au relays. "This proposal is no reflection on the incredible capability, passion and commitment of our brewery team members, and the many more who have come before them, who have worked hard to operate the brewery as efficiently as possible despite decreasing volumes," she said. But the company said long-term decline in the national beer market has caused the brewery to run significantly under capacity for many years – it is currently operating at about a fifth of its capacity. This combined with significant cost inflation means the brewery is no longer viable, news.com.au relays. The brewery opened in 1881, with Scotland's James Boag and his son taking over two years later. It remained in Tasmania for the last 145 years and marketed itself as "from the pure waters of Tasmania". In 2024, James Boag shifted some of its production from the brewery to mainland Australia, as it looked to reduce the $1.5 million it spent per year on shipping. News.com.au adds that Lion said it will continue to brew its James Boag beer and Tasmania remains important to the company. As part of the move to the mainland, Lions has announced a AUD500,000 reskilling fund, aimed at helping the 42 workers impacted move into new employment areas, news.com.au adds. Lions also announced it would establish a AUD500,000 community fund over five years to honour partnerships and grants in Launceston and Northern Tasmania as well as repay AUD1m to the Tasmanian government contributed to the redevelopment of the Boages Brewhouse. Tasmanian government said it welcomed Lion's commitment to honouring employee benefits and delivering a AUD500,000 reskilling fund for workers, reports news.com.au. ORION TRUST 2026-1: S&P Assigns Prelim B (sf) Rating to Cl. F Notes ------------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to eight classes of residential mortgage-backed securities (RMBS) to be issued by Perpetual Corporate Trust Ltd. as trustee of Orion Trust 2026-1. Orion Trust 2026-1 is a securitization of residential mortgage loans originated by Brighten Financial Pty Ltd. The preliminary ratings reflect the following factors. The credit risk of the underlying collateral portfolio, which comprises predominantly low-documentation residential mortgage loans to Australian resident borrowers, and the credit support provided to each class of notes are commensurate with the ratings assigned. Credit support is provided by subordination and excess spread, if any. Our assessment of credit risk considers Brighten Financial's underwriting standards and approval process, and its servicing quality. The rated notes can meet timely payment of interest and ultimate repayment of principal under the rating stresses. Key rating factors are the level of subordination provided, principal draw function, provision of a liquidity facility, and provision of an extraordinary expense reserve. Our analysis is on the basis that the notes are fully redeemed via the principal waterfall mechanism under the transaction documents by their legal final maturity date, and we assume the notes are not called at or beyond the call-option date. S&P said, "Our ratings also take into account the counterparty exposure to Westpac Banking Corp. as bank account provider and liquidity facility provider. We also have factored into our ratings the legal structure of the trust, which is established as a special-purpose entity and meets our criteria for insolvency remoteness. "We have assessed the servicing and standby servicing arrangements in this transaction under our "Global Framework For Assessing Operational Risk In Structured Finance Transactions" criteria, published Oct. 9, 2014, and concluded that there are no constraints on the maximum rating that can be assigned to the notes." Preliminary Ratings Assigned Orion Trust 2026-1 Class A1-S, A$160.00 million: AAA (sf) Class A1-L, A$250.00 million: AAA (sf) Class A2, A$38.75 million: AAA (sf) Class B, A$18.25 million: AA (sf) Class C, A$18.00 million: A (sf) Class D, A$6.50 million: BBB (sf) Class E, A$3.25 million: BB (sf) Class F, A$3.50 million: B (sf) Class G1, A$1.25 million: Not rated Class G2, A$0.50 million: Not rated RHG WORKFORCE: First Creditors' Meeting Set for June 10 ------------------------------------------------------- A first meeting of the creditors in the proceedings of RHG Workforce Pty Limited will be held on June 10, 2026, at 11:30 a.m. via virtual meeting only. Christopher Damien Darin of Worrells was appointed as administrator of the company on May 28, 2026. [] AUSTRALIA: AFSA Reports Increase in Personal Insolvencies in Q1 ------------------------------------------------------------------ Figures released on May 28, 2026, by the Australian Financial Security Authority (AFSA) show new personal insolvencies across Australia have increased in the March quarter 2026 compared to the same time last year, as expected. There were 3,161 new personal insolvencies in the 3-month period to March 2026. This is up from 2,977 in March 2025, a rise of 6.2%. National data shows personal insolvencies increased in all states and territories compared to the same quarter in 2025. Just under one-third (29.2%) of personal insolvencies were business-related*. AFSA Chief Executive Tim Beresford said recent analysis by AFSA showed financial stress is occurring across identifiable groups in society, rather than in isolated pockets, with young adults hardest hit. "Insolvency levels remain significantly below historical peaks, but some households show heightened sensitivity to economic change. "The largest group of people entering personal insolvency is aged 30–34, which suggests insolvency is occurring at a relatively early stage of asset accumulation. "Many people entering personal insolvency are employed, but have limited financial buffers, which affects their capacity to absorb changes in income or expenses. "If you or someone you know is experiencing financial difficulty, it's important to know that seeking help early from trusted sources can make a real difference, helping people better understand their options and find a solution that works for their circumstances." Where to get help: Financial counsellors and registered insolvency professionals can help to review individual situations and help plan an appropriate response. Free confidential assistance is available through the National Debt Helpline or via phone at 1800 007 007. * For help with budgeting, Money Smart has some easy-to-use tools available at moneysmart.gov.au * More information about these statistics is available at Quarterly personal insolvency statistics. Summary of national figures: March quarter 2026: * 1,749 were bankruptcies * 1,356 were debt agreements * 50 were personal insolvency agreements * 6 were insolvent deceased estates Of the 3,161 new insolvencies in the March quarter 2026, 924 personal insolvencies were business-related, up from 847 in the March quarter 2025. ========= C H I N A ========= CHINA HONGQIAO: S&P Raises Long-Term ICR to 'BB+', Outlook Stable ----------------------------------------------------------------- S&P Global Ratings raised its long-term issuer credit rating on China Hongqiao Group Ltd. to 'BB+' from 'BB'. S&P also raised the long-term issue rating on the company's U.S. dollar-denominated senior unsecured notes to 'BB' from 'BB-'. The stable outlook on the issuer credit rating reflects S&P's expectation that Hongqiao's solid earnings and cash flow will keep its debt-to-EBITDA ratio at less than 1.5x over the next 12-24 months. S&P believes the stable production of Hongqiao and rising aluminum prices will strengthen its earnings over the next two years. The China-based aluminum producer has been reducing the proportion of short-term debt in its capital structure. The durability of this approach remains to be tested though. Hongqiao should sustain its robust operating performance over the next two years. The company will benefit from stable sales volume, a competitive cost structure, and resilient aluminum prices. Industry conditions remain favorable for Chinese aluminum producers. Supportive demand, a cap on production capacity in China, and supply tightness due to the Middle East conflict will support aluminum prices. Demand for aluminum in energy-transition projects will offset softness in some end-use markets, such as real estate and infrastructure. S&P forecasts Hongqiao will have stable sales volume over 2026-2027. The company's operations and sales are predominantly in China, where operational disruptions arising from geopolitical tensions and power shortages are limited. Hongqiao's dependence on a single commodity (aluminum) and high geographical concentration will continue to weigh on its business position. The company also has competitive cost positioning. Hongqiao's integrated business--from procurement of bauxite from its joint venture in Guinea, and high self-sufficiency of alumina for aluminum production--should help mitigate the impact of higher raw material and energy costs due to the Middle East conflict. S&P projects Hongqiao's profitability will continue to improve over the next two years, based on these factors. The company's EBITDA margin will likely increase to 30%-31% for the next two years, from 27.5% in 2025. The company's annual EBITDA will likely increase to Chinese renminbi (RMB) 52 billion-RMB57 billion, 18%-26% higher than in 2025. Hongqiao's robust operating cash flow will aid deleveraging. S&P said, "We expect the company's annual operating cash flow (OCF) of RMB35 billion-RMB38 billion over the next two years to fully cover its capital expenditure (capex) and sizable dividend payout. We therefore forecast the debt-to-EBITDA ratio will drop to 0.3x-0.4x in 2026 and 2027, from 0.5x in 2025." S&P said, "We project Hongqiao's annual capex will climb to RMB14 billion-RMB16 billion in 2026-2027 from RMB11 billion in 2025 mainly for renewable power projects and capacity relocation to the Yunnan province. We estimate the Simandou iron ore project, in which Hongqiao has about 21% stake, will call for an additional RMB3.5 billion investment in 2026 and RMB1.4 billion in 2027. We have not factored in any dividend contribution from the Simandou project, due to the uncertainties over the amount and timing. "Hongqiao will continue to optimize its financial policy, in our view. Likely actions in this regard will include debt reduction and equity-fundraising. The company has also trimmed its short-term debt over the past two years. "We expect Hongqiao to continue to deploy its positive discretionary cash flow (DCF) to reduce debt. We project its adjusted debt will decline by about 20% over the next two years, following a 45% decrease in 2025." The company has also extended its debt maturity profile, primarily by refinancing short-term debt with longer-term instruments. Short-term debt accounted for about 38% of total reported debt at the end of 2025 and 28% at the end of the first quarter of 2026. This has fallen from 60%-75% in 2023-2024. The weighted average maturity of its debt has extended to 2.4 years in 2025, from 1.7 years in 2024. That said, the company is yet to build a sufficient record of maintaining its improved capital structure. S&P said, "The stable rating outlook reflects our view that Hongqiao's strengthened earnings and cash flow amid supportive industry conditions will keep its debt-to-EBITDA ratio below 1.5x over the next two years. We also expect the company to maintain adequate liquidity to manage its short-term maturities. "We could lower the rating on Hongqiao if we assess the company's liquidity as less than adequate. This could happen if short-term debt increases significantly. "We could also downgrade Hongqiao if its OCF materially weakens, or capex is well above our estimates, leading to the debt-to-EBITDA ratio exceeding 1.5x over a sustained period." S&P could raise the rating on Hongqiao if the company: -- Builds a record of managing its short-term debt such that weighted average debt maturity stays above two years and maintains adequate liquidity; and -- Keeps its debt-to-EBITDA ratio below 1.5x through the price cycle. ================= H O N G K O N G ================= WELL LINK: S&P Rates Proposed USD Sub Tier 2 Capital Bonds 'BB+' ---------------------------------------------------------------- S&P Global Ratings assigned its 'BBB-' foreign currency long-term issuer credit rating to Hong-Kong-based Well Link Life. At the same time, S&P affirmed its 'BBB-' local currency long-term issuer credit and financial strength ratings on the company. The outlook on the ratings is stable. S&P said, "We also assigned our 'BB+' long-term foreign currency issue rating to U.S. dollar-denominated subordinated Tier 2 capital bonds that Well Link Life proposes to issue. "We have equalized our 'BBB-' foreign currency long-term issuer credit rating on Well Link Life with our local currency rating. This reflects our view that the insurer has the same capacity to meet obligations in different currencies. It also considers Well Link Life's sizable U.S. dollar-denominated investment assets." S&P views Well Link Life as having equal capacity to meet its obligations in both local and foreign currencies. Sizable, liquid, U.S. dollar-denominated investment assets support this capacity. The U.S. dollar assets accounted for 85.6% of the insurer's total investments at the end of 2025. Additionally, the insurer's investments consist mostly of liquid and high-grade fixed income securities. S&P said, "Our 'BB+' issue rating on Well Link Life's proposed U.S. dollar-denominated securities is one notch below the long-term issuer credit rating. This reflects the notes' subordination to higher-ranking securities and creditors. Aside from subordination, the issuance has no step-up features, conversion options, or interest deferability. The insurer may redeem the securities in full after five years, subject to Hong Kong Insurance Authority (HKIA) approval. The issue rating is subject to our review of the final terms and conditions. "We expect the proposed issuance to qualify as Tier 2 regulatory capital under Hong Kong's regulatory capital regime. However, we do not incorporate the debt as part of Well Link Life's total adjusted capital under S&P Global Ratings' capital assessment. This is due to a lack of loss-absorption features. "We expect Well Link Life to use the issuance proceeds to support its business growth, while proactively managing its capital adequacy. As of the end of 2025, the insurer reported a regulatory solvency ratio of 217%, well above the 100% minimum requirement." Well Link Life's efforts to broaden its product mix and proactively manage liability costs should drive an expanded profit margin and value generation. In turn, this should gradually support its debt-servicing ability over the next two years. However, increased leverage following the issuance and historically volatile earnings could weigh on Well Link Life's financial buffers and limit its resilience to stress. S&P said, "In our base case, we project the EBITDA fixed-charge coverage ratio will exceed 4x and the financial obligations/adjusted EBITDA ratio will decline below 4x over the next two years. We also forecast Well Link Life's financial leverage, as measured by the ratio of its financial obligations to the sum of reported equity and financial obligations, will decline toward 40% by 2028." S&P said, "The stable outlook on Well Link Life reflects our expectation that the insurer will maintain a moderate market position while continuing to expand its business over the next two years. We also expect the insurer to sustain modest capitalization during this period. Additionally, we believe the insurer will more proactively manage its capital to support its business expansion." S&P could lower the ratings on Well Link Life due to any of the following: -- Persistently weaker value generation and profitability compared with the industry average, which could impair the insurer's competitive position or ability to service debt obligations; -- Substantial deterioration in prospective capitalization over the next two years, potentially driven by more aggressive business expansion or investment strategies than S&P anticipates; or -- Inability to effectively adjust future discretionary bonuses for profit-sharing liabilities. While unlikely, S&P could upgrade Well Link Life if the insurer demonstrates significant and sustained improvements in its value generation capacity, enhancing its competitive position with strengthened capital and earnings. ========= I N D I A ========= ANSALDOCALDAIE GB: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term rating of Ansaldocaldaie GB Engineering Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 2.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 15.80 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 2.20 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Ansaldocaldaie GB Engineering Private Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Ansaldocaldaie GB Engineering Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Ansaldocaldaie GB Engineering Private Limited is engaged in the manufacturing and fabrication of Boiler components mainly pressure vessels for boilers, mainly high pressure boilers and super-critical boilers. The company is a 50:50 Joint Venture between Ansaldocaldaie Boilers India Private Limited (ABIPL) and G B Engineering Enterprises Private Limited (GBEEPL). The manufacturing facility is located in Pudukkudy village near Trichy, Tamil Nadu. ANUP MEDICAL: ICRA Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long term ratings of Anup Medical Services Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING." Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 5.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Unallocated 75.00 [ICRA]B+ (Stable); ISSUER NOT Limits COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Anup Medical Services Private Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Anup Medical Services Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Anup Medical Services Private Limited, incorporated in 2004, manufactures fluorodeoxyglucose (FDG) fluids, a radioactive substance injected into a patient before performing a positron emission tomography (PET) scan. ANUP MEDICAL SERVICES PRIVATE LIMITED's manufacturing unit is at Jigani Industrial Area, Bangalore, with an installed production capacity of 10 curies per batch. The unit started operations from FY2008. The company was also operating a PET scanning centre at Narayana Hrudayalaya – Mazumdar Shaw Medical Centre, Bommasandra, Bangalore, from FY2010. However, this was sold in October 2019. BHADRESHWAR VIDYUT: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Bhadreshwar Vidyut Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as [ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 135.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 1,497.40 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Short-term 430.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Bhadreshwar Vidyut Private Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Bhadreshwar Vidyut Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Bhadreshwar Vidyut Private Limited (BVPL, formerly known as OPGS Power Gujarat Private Limited) was incorporated in April 2007 as a special purpose vehicle (SPV) promoted by the OPG Group, which has substantial experience in the power and steel sectors. The company had initially planned to setup a 270 MW (2x135 MW) coal-based power plant but subsequently revised its plant capacity to 300 MW (2x150 MW). The plant is based in Kutch, Gujarat and had a scheduled COD of February 2013. However, the project witnessed delays due to litigation over the coastal regulatory zone (CRZ) clearance granted to it and subsequently, due to delay in setting up of evacuation infrastructure. The first unit achieved COD in February 2015 and the second unit achieved COD in February 2016.The total cost incurred for the project is INR2,026 crore (INR6.75 crore/MW), which was funded through INR1,497crore of debt and INR529 crore of equity. CASTALL TECHNOLOGIES: ICRA Keeps D Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Castall Technologies Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 23.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 3.04 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Short-term 0.40 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Long Term- 18.06 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Castall Technologies Private Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Castall Technologies Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Castall Technologies Private Limited, is promoted by Mr. N. Madhu Venkateshwar, was incorporated in the year 1999 and is in the business of manufacturing of aluminium die castings for auto OEMs and tier I suppliers. The manufacturing facility is spread over 1 acre in Gandhinagar, Hyderabad. CTPL's products cover the entire spectrum of two-wheelers, Light Commercial Vehicles, passenger cars and heavy-duty trucks. GOLHAR GINNING: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term ratings of Golhar Ginning & Oils Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 4.75 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 4.10 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 1.15 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding GOLHAR GINNING & OILS PRIVATE LIMITED's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Golhar Ginning & Oils Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Golhar Ginning & Oils Private Limited was incorporated in November 2012 and commenced business operations since December 2014. It is in the business of ginning, pressing of cotton and crushing of cotton seed oil. The factory is located in Hingaghat, Dist. Wardha (Maharashtra). GGOPL is equipped with 24 ginning machines and 1 pressing machine to carry out operations. It is presently managed by Mr. Damodar Golhar and Mr. Dhanraj Golhar. JUNGLE HOMES: ICRA Keeps B+ Debt Rating in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term ratings of Jungle Homes Holidays Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Jungle Homes Holidays Private Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Jungle Homes Holidays Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. JHHPL was incorporated in 2008 and started its operation of a five-star resort named The Tigress Ranthambore from April 2015. It is promoted by Mr. Saumitra Singh and his wife Mrs. Himanshi Singh. It is located in Sawai Madhopur, Rajasthan. The heritage property is located near the Ranthambore National Park and offers two types of rooms – Royal Luxury Suites and Royal Luxury Villas. Built on 300,000 square feet, the resort has a build-up area of 100,000 square feet with amenities like spa, swimming pool, gymnasium, banquet hall, garden area, parking space, two restaurant-cum-bar and a roof-top barbecue. KAMAKSHI RAW: ICRA Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------- ICRA has kept the Long-term rating of Sree Kamakshi Raw and Boiled Rice Mill in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 7.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long Term- 3.00 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Sree Kamakshi Raw and Boiled Rice Mill's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Sree Kamakshi Raw and Boiled Rice Mill, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Founded in 2000, M/s. Sree Kamakshi Raw and Boiled Rice Mill (SKRBRM) is located in Allipuram village of Nellore District. Mr. K. Suneel Kumar is the managing partner of the firm. The firm has one raw rice mill unit of 4 MTPH and one boiled rice mill unit of 8 TPH capacity. During 2012, the raw rice mill was renovated, and old machineries were replaced. The rice is sold under "Double Hearts" brand. The firm's clients are predominantly located in Kerala, Gujarat, Tamil Nadu and Karnataka. KARUPPASWAMY BUILDERS: ICRA Keeps B+ Rating in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term rating of Karuppaswamy Builders Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 7.00 [ICRA]B+(Stable) ISSUER NOT Unallocated COOPERATING; Rating continues Limits to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Karuppaswamy Builders Private Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Karuppaswamy Builders Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 1998, Karuppaswamy Builders Private Limited is involved in construction and sale of residential property. The entity was initially set up as a partnership firm and got registered as a private limited company in 2015. Its promoters have separate proprietorship concerns of their own namely, Karuppaswamy Builders, owned by Mr. R. S. Sivasaravanan and Mahendran Constructions, owned by Mr. Kartick Mahendran. At present, the company is involved in developing Diamond Apartments, a project comprising 58 residential units, located in Chennai. L R N FINANCE: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on the bank facilities of L R N Finance Limited (LRN Finance) and continue to be 'Crisil D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating 10 CRISIL D (ISSUER NOT COOPERATING) Non Convertible 25 CRISIL D (ISSUER NOT Debentures COOPERATING) Non Convertible 30 CRISIL D (ISSUER NOT Debentures COOPERATING) Non Convertible 30 CRISIL D (ISSUER NOT Debentures COOPERATING) Crisil Ratings has followed up with LRN Finance for obtaining information through letter and email dated April 27, 2026, among others, apart from telephonic communication. However, the issuer has remained 'non cooperative'. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non-co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale On September 4, 2017, Crisil Ratings had assigned 'Crisil D' rating based on an email communication received from the debenture trustee stating that debenture holders had not received the redemption amount, indicating delay in debt servicing by the issuer. The company has remained closed since Sep 2017 and all the debt obligations till June 2025 have remained unpaid as per email communication received from debenture trustee. Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the updated business or financial performance or track record of debt servicing of LRN Finance, which restricts Crisil Ratings ability to take a forward-looking view on the entity's credit quality. Crisil Ratings believes information available on LRN Finance is consistent with the 'Assessing Information adequacy risk'. Based on the last available information and no updated information that debt is now being serviced, the ratings on the bank facilities and Non Convertible Debentures of LRN Finance continues to be 'Crisil D Issuer Not Cooperating'. LRN Finance was registered as a non-banking financial company. The Reserve Bank of India cancelled the certificate of registration of LRN Finance via an order dated September 27, 2016 prohibiting the company to transact the business of a non-banking financial institution, as defined in clause (a) of Section 45-IA of the RBI Act, 1934. Adequate information about the company is also not available in public domain as the company has last filed returns with the Ministry of Corporate Affairs (MCA) on October 13, 2014. NEW MODERN: CRISIL Lowers Rating on Long/Short Term Loans to D -------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of New Modern Technomech Private Limited (NMTPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil BB+/Stable ISSUER NOT COOPERATING') Short Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil A4+ ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with NMTPL for obtaining information through letters and emails dated May 2, 2026 and May 4, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non cooperation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component. Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of NMTPL, which restricts Crisil Ratings ability to take a forward-looking view on the entity's credit quality. Crisil Ratings believes that rating action on NMTPL is consistent with Assessing Information Adequacy Risk. Based on the last available information, the ratings on long term bank facilities of NMTPL have been downgraded to 'Crisil D/Crisil D Issuer Not Cooperating' from 'Crisil BB+/stable/Crisil A4+' owing to delays in servicing the debt obligations as per the publicly available information. Set up as a partnership entity in 1982, the firm got reconstituted into a private-limited company with the current name in 1994. NMTPL executes contracts for installation of power transmission towers, substations and power distribution systems on a turnkey basis. It also manufactures fabricated and galvanized steel structures for electrical transmission line towers, substation structures and overhead railway electrification towers. The company is promoted and managed by Mr Shashanka Sekhar Sarangi and his son, Mr Sumit Kumar Sarangi. R.K. STEEL: CRISIL Lowers Rating on INR50cr Demand Loan to B ------------------------------------------------------------ CRISIL Ratings has revised the ratings on certain bank facilities of R.K. Steel Manufacturing Company Limited (RKSMCP), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit & 20 CRISIL B/Stable (ISSUER NOT Working Capital COOPERATING; Revised from Demand Loan 'Crisil BB+/Stable ISSUER NOT COOPERATING') Cash Credit & 50 CRISIL B/Stable (ISSUER NOT Working Capital COOPERATING; Revised from Demand Loan 'Crisil BB+/Stable ISSUER NOT COOPERATING') Term Loan 26 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil BB+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with RKSMCP for obtaining information through letter and email dated April 15, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RKSMCP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RKSMCP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RKSMCP revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB+/Stable Issuer not cooperating'. Incorporated in 2006, Chennai (Tamil Nadu)-based RKS manufactures black tubes, precision tubes and pre-galvanized tubes. The operations of the company are managed by the promoters Mr. Pramod Kumar Bhalotia and Mr. Rajesh Kumar Bhalotia. RAMALINGA MILLS: ICRA Moves B Debt Ratings to Not Cooperating ------------------------------------------------------------- ICRA has moved the ratings for the bank facilities of Shri Ramalinga Mills Private Limited (SRML) to the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B (Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 26.37 [ICRA]B (Stable) ISSUER NOT Fund-based- COOPERATING; Rating moved to Term Loans 'Issuer Not Cooperating' category Long Term- 40.20 [ICRA]B (Stable) ISSUER NOT Fund-based- COOPERATING*; Rating moved to Working Capital 'Issuer Not Cooperating' category Facilities Long Term 26.37 [ICRA]B (Stable) ISSUER NOT Fund-based- COOPERATING; Rating moved to Term Loans 'Issuer Not Cooperating' category Long Term- 113.97 [ICRA]B (Stable) ISSUER NOT Unallocated- COOPERATING; Rating moved to Limits 'Issuer Not Cooperating' category The rating is based on limited cooperation from the entity since the time it was last rated in May 2025. As a part of its process and in accordance with its rating agreement with SRML, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite cooperation and in line with the aforesaid policy of ICRA, the rating has been moved to the "Issuer Not Cooperating" category. Shri Ramalinga Mills Private Limited (SRML) is a part of the Sri Jayavilas Group (founded by Late Sathu T. Ramasamy Naicker), based in Aruppukottai, Tamil Nadu. Incorporated in 1951, SRML is a closely held company with an installed capacity of 1,45,968 spindles and 3,312 rotors. SRML also has 15 windmills with a total power generation capacity of 15 MW. Its subsidiary, Tamilnadu Jai Bharath Mills Limited (TJBML), has no operations under it and is in the process of liquidating its fixed assets. TJBML was classified as NPA as of December 2022. Nevertheless, as on January 31, 2025, TJBML had repaid its dues and corporate guarantee extended by SRML to TJBML has been revoked. S.N.N. TEXTILES: ICRA Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term rating of S.N.N. Textiles Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 7.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 18.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding S.N.N. Textiles Private Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with S.N.N. Textiles Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. SNNTPL, incorporated in 2013, manufactures cotton yarn. The company manufactures cotton yarn in the count range of 30s to 60s. It commenced operations with 9,600 spindles in FY2015 and has an installed capacity of 18,480 spindles, with its manufacturing facility located in Annur in Tamil Nadu. It also has a 0.6-MW windmill capacity and a 3-MW solar power capacity to meet a part of its power requirements. SAMBASIVA DAIRY: CRISIL Keeps B Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Sri Sambasiva Dairy Products India Private Limited (SSDPIPL) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit/ 7 Crisil B/Stable (Issuer Not Overdraft facility Cooperating) Crisil Ratings has been consistently following up with SSDPIPL for obtaining information through letter and email dated April 15, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SSDPIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSDPIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SSDPIPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in November 2011, the company is engaged in pasteurization of raw milk and sale it via distributors. The company has its own chilling centre at Mehboob Nagar District, Telangana. Recently in fiscal 2021, the company started trading of chikki to government schools under mid-day meal scheme. The company is based in Hyderabad and is owned & managed by Kanchi Parameswara Reddy and Kanchi Jayamma. SAMMAAN CAPITAL: S&P Upgrades ICRs to 'BB-/B', Outlook Stable ------------------------------------------------------------- S&P Global Ratings raised its long-term issuer credit rating on Sammaan Capital Ltd. to 'BB-' from 'B+'. At the same time, S&P affirmed its 'B' short-term issuer credit rating on the company. The outlook on the long-term rating is stable. The stable outlook on the long-term rating reflects S&P's view that Sammaan will have better funding access and profitability over the next 12-24 months. S&P also expects the company to maintain its strong capital and gain market share over the period. International Holding Co.'s (IHC) increased ownership of Sammaan Capital Ltd. could stabilize the Indian company's business and support its funding profile, profitability, and expansion over the next 12 months. S&P said, "Sammaan's significant execution risk in expanding its operating scale could constrain its profitability. Its increased one-time provisioning for its legacy book will limit its credit costs, in our view "We upgraded Sammaan to reflect the benefits we anticipate for the company owing to IHC's increased ownership. We believe IHC's backing will stabilize Sammaan's business and support its funding, profitability and expansion over the next 12 months. While we incorporate a one-notch positive comparable rating adjustment to reflect Samman's improving fundamentals, we will watch for execution risks inherent in the company's aggressive expansion." The IHC backing will increase investor confidence in Sammaan. Abu-Dhabi-based investment company could increase its ownership of Sammaan to about 43.5% by September 2027, from 28.5% now, following warrant conversions. Potential letters of support from IHC could reinforce investor confidence. Sammaan will also maintain six months of debt repayment in cash or 10%-15% of its borrowings, whichever is higher, to alleviate any liquidity pressures. Sammaan has historically faced refinancing challenges amid tight market conditions and negative perceptions of its corporate governance. The presence of a stronger financial sponsor could mitigate these vulnerabilities. As an investment company, S&P sees IHC as a financial sponsor rather than a strategic investor. The company has made a significant one-time provisioning for its legacy loan book in fiscal 2026 (ended March 31, 2026). S&P believes this provisioning buffer will contain legacy tail risks and help management shift focus to high-growth segments and market-share gains. Sammaan also plans to expand into new businesses such as gold-backed lending and riskier and higher-yielding unsecured businesses and personal loans. S&P said, "We anticipate Sammaan's return on assets (ROA) will be moderate when compared with peers' over the next one to two years as the company builds operational capacity and scales up its workforce. In our estimation, its ROA will be at 1.0%-1.5% over the next two years compared to significant losses in fiscal 2026 and 2025." Sammaan's aggressive growth increases execution risk. The company intends to achieve over 30% loan growth over each of the next two fiscal years. This rapid expansion could test Sammaan's risk management capacity. Sammaan has seen major operational challenges in the past, despite the management's continuity and experience. That said, IHC's board oversight will help. IHC holds three of the seven board seats at Sammaan. Sammaan will maintain robust capitalization over the next two fiscal years. S&P said, "Our view factors about Indian rupee (INR) 32 billion from warrant conversions over the next 12-18 months. This will supplement the company's Indian rupee (INR) 56.5 billion capital in fiscal 2026. We also factor in a dividend payout of 40% from fiscal 2027 onward versus more modest payouts earlier." S&P estimates its risk-adjusted capital ratio for Sammaan could ease below 25.0% in fiscal 2026 due to legacy provisioning, and further to about 21% in fiscal 2027 driven by significant growth. The ratio was 32.0% at end-fiscal 2025. A change in classification criteria by Reserve Bank of India (RBI) could push Samman out of the upper-layer nonbank finance company (NBFC) category. The RBI has proposed revising its threshold for upper-layer NBFC classification purely to assets exceeding INR1 trillion. Sammaan is one of the smallest entities by asset size, with INR742 billion in assets as of end-March 2026. If such revision materializes, it could imply weaker regulation and supervision for Sammaan. S&P could then lower its anchor, the starting point for arriving at the rating, to 'bb' from 'bb+' for the company. S&P said, "The stable rating outlook reflects our view that Sammaan will have better funding access and profitability over the next 12-24 months. We also expect the company to maintain its strong capital and gain market share over the period. "We could lower our ratings if Sammaan makes any major missteps during its high-growth phase which derail its transformation. "We could also downgrade the company if the business does not strengthen materially, and Sammaan falls out of the upper layer NBFC classification. "We could upgrade Sammaan if: (1) the company executes its expansion well, resulting in a better performance than peers. Significant improvements in the company's market share in a sustained and profitable manner would indicate such gains. (2) Sammaan adheres to high levels of corporate governance and strengthens its funding profile under IHC's sponsorship; and (3) Sammaan remains an upper-layer NBFC." SHRUTHI MILK: ICRA Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Shruthi Milk Products (P) Ltd in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 15.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 5.94 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Short Term- 0.06 [ICRA]D; ISSUER NOT COOPERATING; Non Fund Based- Rating Continues to remain under Others 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Shruthi Milk Products (P) Ltd's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Shruthi Milk Products (P) Ltd, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Shruthi Milk Products (P) Ltd was incorporated in 2009 by Mr. Kannaiah Reddy. The company manufactures milk and othervalue-added dairy products including flavored milk, butter milk, curd, ghee and ice cream, and markets the same under the brand name 'Shruthi'. The manufacturing plant is located in Chittoor, Andhra Pradesh with a milk-processing capacity of 1.30 lakh litres per day. SML has strong distribution network spread across Andhra Pradesh, Tamil Nadu and Karnataka. It also has 16 exclusive retail outlets for selling its products. SHUBHAM COTTON: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Shubham Cotton (SC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.31 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 May 2, 2025, placed the rating(s) of SC under the 'issuer non-cooperating' category as SC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SC 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: Stable SC was established as a partnership firm in 2006. The firm is engaged in the business of cotton ginning and pressing and oil extraction at its manufacturing facility located at Vaijpur, Aurangabad. SPDD INFRA: ICRA Keeps B+ Debt Rating in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the long-term and short-term ratings of SPDD Infra Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING/ [ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 2.75 [ICRA]B+ (Stable) ISSUER NOT Fund-based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term- 5.75 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding SPDD INFRA PRIVATE LIMITED's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with SPDD Infra Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. SPDD Infra Private Limited (erstwhile S P Developers and Decorators), was incorporated in 1992 as a proprietorship firm, which later in January 2016 converted into a private limited company. SPDD is a Chandigarh (Punjab) based entity which undertakes construction work for commercial, industrial and infrastructure improvement construction with core competency in fabricated steel structures. The company undertakes construction work for government organizations including IRCON, NHPC, Indian Army, Punjab Government, PCA, BSNL and others. Some of the major projects completed by the company in the past include ROB at Pathankot (IRCON), ROB at Mukerian (IRCON), ROB at Madurai (IRCON), Construction of Degree College at Kathua, Fabrication of shelters at Panipat (NBCC), Fabrication of shelter for Indian Army and others. SWARG GOLDTOUCH: CRISIL Keeps B- Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Swarg Goldtouch Limited (SGTL) continue to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL B-/Stable (Issuer Not Cooperating) Proposed Long Term 1 CRISIL B-/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SGTL for obtaining information through letter and email dated April 15, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SGTL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SGTL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SGTL continues to be 'Crisil B-/Stable Issuer not cooperating'. Set up as a proprietorship firm in 2004, SGTL was reconstituted as a limited company in 2008. SGTL trades in imitation jewellery. The company has 18 retail shops in Mumbai, Thane, Pune, and Nashik (all in Maharashtra). SWASTIK TRADELINK: ICRA Withdraws D Rating on INR8cr LT Loan ------------------------------------------------------------ ICRA has withdrawn the ratings assigned to the bank facilities of Swastik Tradelink Private Limited in accordance with its withdrawal policy and closure of the rated facilities, as evidenced by the No Due Certificate issued by the lenders. Consequently, there are no dues pending from Swastik Tradelink Private Limited towards the rated bank facilities, and the withdrawal is based on the confirmation received from the lenders regarding the same. The Key Rating Drivers and their Description, Liquidity Position, Rating Sensitivities, Key financial indicators have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Interchangeable (2.00) [ICRA]D/[ICRA]D; ISSUER NOT Limits COOPERATING; Withdrawn Long-term- 8.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Withdrawn Cash Credit Incorporated in 2001, Swastik Tradelink Private Limited (STPL) is engaged in trading of grey cloth, chemicals, paper, steel and cement. STPL is also a distributor of LG mobile phones and Reliance 'Jio' in Gujarat state. The company is promoted by Mr. Sandeep Jain and his family members. TD TOLL: ICRA Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------- ICRA has kept the long-term of TD Toll Road Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 301.40 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding TD Toll Road Private Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with TD Toll Road Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. TD Toll Road Private Limited (TDTRPL was incorporated in March 2007 as a wholly owned subsidiary of Reliance Infrastructure Limited (R-Infra) to implement the project for strengthening and widening the Trichy to Dindigul stretch of National Highway (NH) 45 in Tamil Nadu from the existing two-lane to a four-lane one. The project was awarded by the National Highways Authority of India (NHAI) on a Build-Operate-and-Transfer (BOT) basis with a concession period of 30 years commencing from January 15, 2008. The project became operational and started tolling from January 2012. TILAK EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Tilak Exports (TE) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 3 CRISIL D (Issuer Not Cooperating) Letter of Credit 2 CRISIL D (Issuer Not Cooperating) Packing Credit 7 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.15 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 3.85 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with TE for obtaining information through letter and email dated April 15, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of TE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of TE continues to be 'Crisil D/Crisil D Issuer not cooperating'. TE was set up as a partnership firm by Ms Manju Farsaiya in 1988, the firm manufactures and exports ladies garments. The manufacturing facility is located at Noida (Uttar Pradesh). TRW SUN: ICRA Keeps B+ Debt Ratings in Not Cooperating Category --------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of TRW Sun Steering Wheels Pvt. Ltd. in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING /[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 2.90 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term- 1.00 [ICRA]A4 ISSUER NOT Non Fund Based- COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category Long Term/ 4.01 [ICRA]B+(Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under issuer not cooperating category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding TRW Sun Steering Wheels Pvt. Ltd.'s performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with TRW Sun Steering Wheels Pvt. Ltd., ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 1994, TSSW is a joint venture between the Sun group (51% stake held by M/s Sun Vacuum Formers Pvt. Ltd) and TRW group (49% stake held by TRW Aftermarket Asia Pacific Pte Ltd). The company is primarily involved in the business of manufacturing steering wheels for various OEMs in the passenger vehicle industry, with manufacturing plants in Gurgaon (Haryana) and Pune (Maharashtra). The Sun group operates two more companies in addition to TSSW viz. Sun Vacuum Formers (parent of TSSW) and TS-Sun Tech India Private Limited. Sun Vacuum Formers manufactures injection moulded plastic parts such as floor consoles and dash board components, primarily for MSIL. The other company TS-Sun Tech India Pvt Ltd is a JV between Sun Vacuum Formers (26%) and TS-Tech (74%), which manufactures seats for Honda (holds 26% in TS-Tech). TRW Automotive Inc. is an American global supplier of automotive systems, modules and components to automotive OEMs and related aftermarkets. TRW Automotive was acquired by ZF Friedrichshafen (Germany) in 2015 and subsequently has been renamed ZF TRW Automotive Holdings Corp. VISHWAKARMA AUTOMOTIVE: CRISIL Cuts Rating on INR7.5cr Loan to B ---------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Vishwakarma Automotive Private Limited (VAPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.9 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Cash Credit 7.5 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Long Term Loan 6.96 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Long Term Loan 5.76 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Proposed Long Term 1.28 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Working Capital 6.14 Crisil B+/Stable (Issuer Not Term Loan COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with VAPL for obtaining information through letter and email dated April 15, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of VAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VAPL revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. Incorporated in 1999 and based in Faridabad, Haryana, VAPL is managed by Mr Ashwani Kumar, Mr Parveen Kumar, Mr Rajinder Kumar, and Mr Keshav Dhamija. The company manufactures castings such as grey cast iron and ductile iron machined castings. WONDER CONSTRUCTION: ICRA Keeps B- Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long term and Short-Term ratings of Wonder Construction in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B-(Stable); ISSUER NOT COOPERATING/ [ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 10.00 [ICRA]B- (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Interchangeable (1.00) [ICRA]A4; ISSUER NOT Limits COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Wonder Construction's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Wonder Construction, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2001, Wonder construction (Wonder) is a partnership concern based of Aurangabad, Maharashtra. The firm primarily operates as a civil contractor engaged in the construction buildings and roads. The firm's clientele includes government entities like the primarily Public Works Department (PWD) and Municipal Corporations/Councils of various cities/towns. The firm is a class A+ registered contractor. Wonder Construction was promoted and is managed by the Anwa Family having an experienceof over three decades in construction industry. WOODIND: ICRA Keeps D Debt Ratings in Not Cooperating Category -------------------------------------------------------------- ICRA has kept the Long-Term and Short-term ratings of The Woodind in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- (6.00) [ICRA]D; ISSUER NOT Interchangeable COOPERATING; Rating Continues to remain under issuer not cooperating category Short term- 10.00 [ICRA]D; ISSUER NOT Non fund based COOPERATING; Rating Continues Others to remain under 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding The Woodind's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with The Woodind, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. The Woodind, initially established as proprietorship concern in 2006 by Mr. Russal M Easa, was later converted in to a partnership firm in December 2013. The firm is engaged in trading of timber. The firm imports timber mainly from Latin American countries and also from African countries. The timber imported belongs to two main categories - Teak and Pincoda. The firm is located in Kochi (Kerala) and caters to the needs of the wholesalers as well as the retailers in North Kerala. =============== M A L A Y S I A =============== VANTRIS ENERGY: Returns to Clean Audit After 4 Yrs, Eyes PN17 Exit ------------------------------------------------------------------ New Straits Times reports that Vantris Energy Bhd, formerly known as Sapura Energy Bhd, received a clean audit opinion for the first time in four years, marking a key milestone in its financial turnaround and regularisation efforts. This also supports the company's broader strategy to exit Practice Note 17 (PN17) status. According to NST, Vantris Energy said its external auditors, Ernst & Young PLT, have issued an unqualified audit opinion on its audited financial statements for the financial year ended Jan. 31, 2026, with no material uncertainty related to going concern highlighted in the auditors' report. "During the year, upon the approval of the regularisation plan by our financiers, shareholders and regulators, the group reduced its total borrowings from approximately MYR10.8 billion to MYR5.5 billion, and the balance sheet was restored to a positive net asset position of approximately MYR3.0 billion. "Due to injection of new funds from Malaysia Development Holding Sdn Bhd, the group paid approximately MYR1.1 billion to over 1,400 Malaysian ecosystem vendors," it said in a statement. NST relates that Vantris Energy group chief executive officer Muhammad Zamri Jusoh said the clean audit opinion reflects significant progress in stabilising the group after a prolonged period of financial uncertainty. "The completion of our financial restructuring, significant reduction in borrowings and restoration of positive equity have placed Vantris Energy on a stronger financial footing. "This is an important step towards exiting PN17 and returning the company to normal regulatory standing," he said. NST adds that the company said it remains committed to maintaining its improved financial performance, implementing its strategic business plan, and creating value for all stakeholders. About Vantris Energy Vantris Energy Bhd, formerly known as Sapura Energy Berhad, engages in investment holding and the provision of management services to its subsidiaries. The Company's segments include Engineering and Construction (E&C), Drilling, Energy and Corporate. Vantris Energy announced on May 31, 2022, that it has been classified as a PN17 listed issuer due to going concerns on its shareholders' equity position less than 50% of its share capital. The company has become an affected listed issuer under PN17 on the basis that its shareholders' equity position of MYR85 million as at Jan. 31, 2022 was less than 50% of its share capital of MYR10.9 billion. ===================== N E W Z E A L A N D ===================== CAPITAL CABINETS: Court to Hear Wind-Up Petition on June 16 ----------------------------------------------------------- A petition to wind up the operations of Capital Cabinets Limited will be heard before the High Court at Wellington on June 16, 2026, at 10:00 a.m. New Zealand Panels Group Limited filed the petition against the company on March 11, 2026. The Petitioner's solicitor is: Ivan Milan Vodanovich Vodanovich Law 4A Shamrock Drive Kumeu, Auckland EX-IPL LIMITED: Creditors' Proofs of Debt Due on June 19 -------------------------------------------------------- Creditors of Ex-IPL Limited (formerly Integrated Packaging Limited) are required to file their proofs of debt by June 19, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 26, 2026. The company's liquidators are: Keith Crawford Andrew Grenfell Kare Johnstone c/o McGrathNicol Level 17 41 Shortland Street Auckland KUMAR ELECTRICAL: Court to Hear Wind-Up Petition on June 19 ----------------------------------------------------------- A petition to wind up the operations of A Kumar Electrical Limited will be heard before the High Court at Auckland on June 19, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on April 28, 2026. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 LANDSCAPE VISION: Grant Reynolds Appointed as Liquidator -------------------------------------------------------- Grant Reynolds of Reynolds & Associates Limited on May 27, 2026, were appointed as liquidator of Landscape Vision Limited. The liquidator may be reached at: Grant Reynolds Reynolds & Associates Limited PO Box 259059 Botany Auckland 2163 MOANA PASIFIKA: Liquidators' Report Reveals NZD8.2 Million Claims ----------------------------------------------------------------- Radio New Zealand reports that Moana Pasifika is facing more than NZD8 million in creditor claims, according to the first report from liquidators appointed to the collapsed Super Rugby franchise. The findings, released on June 2, offer the clearest picture yet of the financial issues that led to the club being placed into liquidation last month, RNZ says. According to RNZ, the report estimated total creditor claims at about NZD8.2 million, although liquidators said investigations are ongoing and the final figure may change as claims are assessed. Of the NZD8.2 million, about NZD4.3 million is owed to secured creditors and a further NZD3.9 million to unsecured creditors. Among the report's key findings is confirmation that the club's employees - including all playing and coaching staff - are listed among the more than 140 known and potential creditors, RNZ relates. "The company employed staff on the date of liquidation. All employment contracts were terminated on liquidation, and the liquidators are working with the accounting team and reviewing the company's records to determine amounts owed to employees as at the date of liquidation," the report stated. Despite the collapse, New Zealand Rugby and the New Zealand Rugby Players' Association reached arrangements that allowed Moana Pasifika to see out the Super Rugby season. New Zealand Rugby had previously confirmed to RNZ it would cover player salaries through to the end of July. RNZ relates that head coach Tana Umaga said the intervention had provided relief for players and staff, who had faced uncertainty since Moana Pasifika's owners, the Pacific Medical Association, announced last month it would disband the franchise at the end of the season. "The company employed staff on the date of liquidation. All employment contracts were terminated on liquidation, and the liquidators are working with the accounting team and reviewing the company's records to determine amounts owed to employees as at the date of liquidation," the report, as cited by RNZ, stated. The report, compiled by Teneo Financial Advisory, describes the estimated NZD8.2 million owed to creditors as a starting point. "We have written to all known creditors and have provided them with a claim form. To date we received claim forms from some creditors, and expect to receive more claims as the liquidation progresses," the report read. Among the unsecured creditors is Sport NZ, which is seeking to recover a reported NZD2.75 million loan - likely one of the largest individual claims against the franchise, RNZ discloses. Sport and Recreation Minister Mark Mitchell said last week he had asked Sport NZ for advice on whether the money can be recovered, saying it remained unclear how much, if any, would be returned. "Naturally it's a concern because it's taxpayers' money, but I'm sure that it was invested in good faith. "It's sad that Moana Pasifika finds itself in the position that it is in now, but I'm interested in making sure that we're being good custodians of taxpayers' money." Other creditors listed in the report include ASB Bank, the Inland Revenue Department, the New Zealand Rugby Players' Association, and the Auckland Council. RNZ adds that the report also outlined what assets remain within the franchise, as liquidators begin assessing whether any further funds can be recovered for creditors. The report listed the book value of Moana Pasifika's assets, which include a shipping container and gym equipment, at around NZD700,000, RNZ notes. Beyond physical assets, the report also confirmed the company retains ownership of the Moana Pasifika intellectual property, including the franchise's trademark. "The liquidators also understand that the company owns the 'Moana Pasifika' intellectual property, including the trademark (IP)." The ownership of the intellectual property could become an important consideration as efforts continue to secure the franchise's future. RNZ reported on June 2 a new bid to rescue Moana Pasifika has emerged, with a consortium led by a Los Angeles-based tech multimillionaire exploring plans to relocate the Super Rugby franchise to Hawaii. About Moana Pasifika Moana Pasifika is a professional rugby union team based in New Zealand and made up of players from various Pacific Island nations as well as New Zealand or Australian born players of Pasifika heritage, including Fiji, Samoa, Tonga and the Cook Islands who play in the Super Rugby Pacific competition. Stephen Robert White and John Howard Ross Fisk of Teneo Financial Advisory New Zealand Limited were appointed liquidators of Moana Pasifika on May 25, 2026. STEELFIXING NZ: Creditors' Proofs of Debt Due on June 26 -------------------------------------------------------- Creditors of Steelfixing NZ Limited are required to file their proofs of debt by June 26, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 22, 2026. The company's liquidator is: Simon Dalton Gerry Rea Partners PO Box 3015 Auckland ZZRS LIMITED: Downlow Burgers Franchisee Goes Into Liquidation -------------------------------------------------------------- NZ Herald reports that Downlow Burgers' Kelston location has gone into liquidation, just three months after the store officially opened. The store is the third in the burger chain's franchise to go into liquidation in the last nine months, the report notes. The franchise rights for the business are owned by Downlow Franchising, NZ Herald says. Pritesh Patel was appointed liquidator of ZZRS Limited (formerly trading as Downlow Burgers – Kelston) on May 27, 2026. ================= S I N G A P O R E ================= BLACKROCK COMMODITIES: Court Enters Wind-Up Order ------------------------------------------------- The High Court of Singapore entered an order on May 15, 2026, to wind up the operations of Blackrock Commodities (Global) Limited. The company's liquidators are: Jason Aleksander Kardachi Karnjote Singh S/O Jarmal Singh Kroll Pte. Limited 1 Raffles Place, #29-01 One Raffles Place Tower 1 Singapore 048616 PLATINUM GLOBAL: Court Enters Wind-Up Order ------------------------------------------- The High Court of Singapore entered an order on May 15, 2026, to wind up the operations of Platinum Global Luxury Services Limited. The company's liquidators are: Jason Aleksander Kardachi Karnjote Singh S/O Jarmal Singh Kroll Pte. Limited 1 Raffles Place, #29-01 One Raffles Place Tower 1 Singapore 048616 PRINFU PTE: Court to Hear Wind-Up Petition on June 12 ----------------------------------------------------- A petition to wind up the operations of Prinfu Pte. Ltd. will be heard before the High Court of Singapore on June 12, 2026, at 10:00 a.m. Tan Ng Kuang filed the petition against the company on May 13, 2026. The Petitioner's solicitors are: Messrs Tan Kim Seng & Partners 101 Cecil Street #18-01/05 Tong Eng Building Singapore 069533 QURIOUS GROUP: Commences Wind-Up Proceedings -------------------------------------------- Members of Qurious Group Pte. Ltd. on May 22, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Ms. Muk Siew Peng c/o ClearView Associates 133 New Bridge Road #08-01 Chinatown Point Singapore 059413 TKIL GLOBAL: Court Enters Wind-Up Order --------------------------------------- The High Court of Singapore entered an order on May 15, 2026, to wind up the operations of TKIL Global Investments Limited. The company's liquidators are: Jason Aleksander Kardachi Karnjote Singh S/O Jarmal Singh Kroll Pte. Limited 1 Raffles Place, #29-01 One Raffles Place Tower 1 Singapore 048616 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. 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