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260609.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, June 9, 2026, Vol. 29, No. 114 Headlines A U S T R A L I A FUNNY BUTTON: First Creditors' Meeting Set for June 17 GOLD MIGRATION: Liquidation Leaves Visa Applicants Out of Pocket NOVACARE SOLUTIONS: Moody's Cuts Rating on Sr. Secured Debt to Ca PORTXGROUP PTY: First Creditors' Meeting Set for June 16 REDZED TRUST 2023-3: Fitch Hikes Rating on Class E Notes to 'BB+sf' TRIBATA GROUP: First Creditors' Meeting Set for June 16 ULTRA COMMERCE: First Creditors' Meeting Set for June 15 XTREME CONCEPTS: First Creditors' Meeting Set for June 16 C H I N A BAOLIDE HOLDINGS: Founder Detained in Fraud Probe CHINA HONGQIAO: Fitch Alters Outlook on 'BB+' IDR to Positive CHINA: Restarts Stalled Property Megaproject in State-Led Takeover JINGBO TECHNOLOGY: Delays Filing of FY2026 10-K H O N G K O N G FUTURE FINTECH: Registers 1.25 Million Shares Under Equity Plan LI & FUNG:S&P Affirms 'BB' Long-term ICR on New Advent Acquisition I N D I A BANASHANKARI AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating GIRIRAJ INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating GUDIVADA MUNICIPALITY: ICRA Keeps Issuer B+ in Not Cooperating JASMINE INDUSTRIAL: ICRA Keeps B+ Debt Rating in Not Cooperating JAY BHARAT FOOD: ICRA Keeps B+ Debt Ratings in Not Cooperating KEPL ENGINEERING: ICRA Keeps D Debt Ratings in Not Cooperating KODURI ENTERPRISES: ICRA Keeps B Debt Ratings in Not Cooperating MANIPAL ACADEMIC: ICRA Lowers Rating on INR1,042cr Term Loan to B+ MANJUNATHA SILKS: ICRA Keeps B+ Debt Rating in Not Cooperating MANMATHA NATH: ICRA Keeps B+ Debt Rating in Not Cooperating PADMABHUSHAN KRANTIVEER: ICRA Keeps B Ratings in Not Cooperating PAN INDIA: ICRA Keeps D Debt Ratings in Not Cooperating Category R. S. MOTORS: ICRA Keeps D Debt Ratings in Not Cooperating Category RICH FOOD: ICRA Keeps B+ Debt Rating in Not Cooperating Category SALASAR BALAJI: ICRA Keeps B Debt Ratings in Not Cooperating SALICYLATES AND CHEMICALS: ICRA Keeps B+ Rating in Not Cooperating SHALLOW CERAMIC: ICRA Keeps B+ Debt Ratings in Not Cooperating SHRIRAM SEPL: ICRA Keeps D Debt Ratings in Not Cooperating SLN CNC: ICRA Keeps C Debt Ratings in Not Cooperating Category SS INNOVATIONS: Milan Rao Steps Down as COO and CFO SUNWORLD RESIDENCY: ICRA Keeps D Debt Rating in Not Cooperating TENSHI KAIZEN: ICRA Keeps B+ Debt Rating in Not Cooperating UMA RANI: ICRA Keeps C+ Debt Ratings in Not Cooperating Category UMIYA INDUSTRIES: ICRA Keeps B Debt Ratings in Not Cooperating VASAVI FOOD: ICRA Lowers Rating on INR4.0cr LT Cash Loan to C WOMEN'S NEXT: ICRA Keeps D Debt Rating in Not Cooperating Category YEDESHWARI AGRO: ICRA Keeps B- Debt Ratings in Not Cooperating M A L A Y S I A ALAM MARITIM: Exits PN17 Status From June 8 N E W Z E A L A N D GINITHA LIMITED: Court to Hear Wind-Up Petition on June 16 MAY HOMES: Commences Wind-Up Proceedings OKORO LIMITED: Court to Hear Wind-Up Petition on June 16 PARITY HOLDINGS: Creditors' Proofs of Debt Due on June 30 SEPHORA NEW ZEALAND: Posts Fifth Straight Annual Loss SOUTH PACIFIC: Creditors' Proofs of Debt Due on July 8 SYNLAIT MILK: Bright Dairy Extends NZD130MM Loan for Two Years TSCCW TWIZEL: Liquidators Near Deal on Twizel Subdivision [] NZ: Hospitality Failures Surge by 49% Over the Last 12 Months S I N G A P O R E AFFINITY EQUITY: Court Enters Wind-Up Order ALMANACH LAMPS: Court to Hear Wind-Up Petition on June 19 FINGERMOTION INC: FY26 Loss Widens to $7MM; Going Concern Persists FLAT WHITE: Court to Hear Wind-Up Petition on June 19 MODA PAOLO: Court to Hear Wind-Up Petition on June 19 SEASPAN CORPORATION: Fitch Affirms BB Long-Term IDR, Outlook Stable TS POWER: Court to Hear Wind-Up Petition on June 19 - - - - - ================= A U S T R A L I A ================= FUNNY BUTTON: First Creditors' Meeting Set for June 17 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Funny Button Pty Ltd, trading as Playdates Kids Cafe, will be held on June 17, 2026, at 11:00 a.m. via Zoom Meeting. Danny Vrkic & Daniel O'Brien of DV Recovery Management were appointed as administrators of the company on June 4, 2026. GOLD MIGRATION: Liquidation Leaves Visa Applicants Out of Pocket ---------------------------------------------------------------- ABC News reports that visa applicants said they are thousands of dollars out of pocket after an Australian migration law firm went into liquidation, leaving their applications unresolved. Melbourne-based business Gold Migration Lawyers went into liquidation on June 1, after the firm emailed customers on May 29 telling them they would stop providing legal services. "We are no longer able to act on your matter," it said in an email seen by the ABC. "You must engage another legal representative or registered migration agent urgently." The ABC relates that customers said the liquidation left them facing uncertainty and in the dark about the status of their visa applications. Larrae Sullivan and her partner paid Gold Migration Lawyers AUD7,700 between May and July last year to lodge and progress a partner visa. The money went into a trust account, which the firm later drew on for services, and Ms Sullivan can't access the funds. "We're left with no money to hire another lawyer. My partner's visa hasn't been approved," she said. Ms Sullivan and her partner have a baby, and the couple is worried Gold Migration's liquidation will delay their application. "We haven't even been able to work out how to get access to our application, how to upload documents," the ABC quotes Ms. Sullivan as saying. Her partner's temporary work visa expires in September and in the worst-case scenario, he would have to leave Australia, she said. According to the ABC, Gold Migration's website has been taken down and its phone number is no longer connected. The ABC contacted Gold Migration's director for comment. Its Facebook page said the business had expertise in partner visas, protection visas, work visas and visa refusal cases at the Administrative Appeals Tribunal. "Our immigration lawyers demystify Australia's complicated migration rules and policies to find practical solutions for our clients," it said. Gold Migration told customers in its email that it would notify the Department of Home Affairs it was withdrawing as their legal representative. "Once the department processes this withdrawal, correspondence on your matter should go directly to you at the address held on the department's file," it said. "If your matter is before the Administrative Review Tribunal, a notice of withdrawal is also being lodged with the tribunal." But the business warned customers not to assume the department or the tribunal would contact them "in time". "Missing a deadline from the department or the tribunal can result in your application being refused, your visa being cancelled, or your review being dismissed, and may have serious consequences including removal from Australia. "We recommend you contact the department and the tribunal directly to confirm they have your correct contact details and to ask about the status of your matter and any upcoming deadlines." The ABC sought comment from the liquidator LangdonGrant, which was appointed to wind up Gold Migration Lawyers. NOVACARE SOLUTIONS: Moody's Cuts Rating on Sr. Secured Debt to Ca ----------------------------------------------------------------- Moody's Ratings has downgraded Novacare Solutions Partnership's senior secured rating to Ca from Caa1 and maintained the negative outlook. Novacare Solutions Partnership and Novacare Services Pty Ltd (together known as Novacare), entered into contractual arrangements with the State of New South Wales (the "state", rated entity New South Wales Treasury Corporation, Aaa stable) to redevelop and operate the Mater Hospital precinct in Newcastle, Australia, under a public private partnership (PPP). Novacare has subcontracted its facility management services obligations to Honeywell Limited (Honeywell) and Medirest (Australia) Pty Ltd. These service providers' contractual obligations are backed by guarantees from their respective highly rated parents Honeywell International Inc. (A2 Rating Under Review for Downgrade) and Compass Group PLC (A2 stable). Actif Infrastructure carries out management services for the SPV, a role that it recently assumed from Plenary group. The downgrade to Ca reflects Moody's assessments that recent events have significantly heightened the probability of Novacare experiencing an event of default (as defined by Moody's). The Ca rating and negative outlook further reflects that claimed abatements (if crystallised) and defect rectification amounts could adversely impact potential senior lender recovery rates if there is a project termination. RATINGS RATIONALE The rating downgrade reflects several adverse developments, including: ongoing Breach Notices issued by the state to Novacare, including in relation to the presence of larvae and ongoing mould issues; the state's continued imposition of significant abatements (which remain largely disputed by Honeywell and therefore have not yet crystallised); and in Moody's assessments, an increasing likelihood of Novacare entering voluntary administration, based on public documents following a NSW state government parliamentary hearing held on May 12, 2026. Furthermore, the rating also reflects the lack of visibility into a timing and means of resolution of the protracted material disputes among project stakeholders. The Ca rating also reflects Moody's understanding that recovery rates for senior creditors under such a scenario could be adversely affected by factors such as (1) the crystallization of claimed/contested abatements under a dispute resolution process and (2) certain rectification works to the underlying project assets, based on Moody's understanding that the Project Deed provides for such to be deducted from the early termination payment by the state. Novacare continues to have adequate liquidity, because the state has continued to make availability payments to Novacare, with the vast majority of the claimed abatements being contested and therefore not yet crystallised. Nevertheless, there is a risk of a liquidity shortfall under a scenario involving even a partial crystallization of the abatements, with Novacare reporting that the cumulative claimed abatements now exceed the face value of Honeywell's guarantees to Novacare. Governance considerations are a key rating driver, reflecting significant amounts of disputed abatements. The negative outlook reflects Moody's assessments of elevated likelihood of Project Deed termination, and material uncertainty regarding senior creditor recovery rates in the event of termination. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Positive rating pressure could result from a reduction in the likelihood of event of default, such as: -- Increased likelihood of higher potential recovery rates for senior creditors; -- A timely and orderly resolution of abatements and disputes, reducing the risk of impaired cash flows and default, and -- The project demonstrates sustained operational performance consistent with contractual requirements. Moody's could downgrade the ratings further if the project incurs an event of default (including an insolvency event such as one of the key entities within Novacare taking a step towards appointing an administrator). The principal methodology used in this rating was Operational Privately Financed Public Infrastructure (PFI/PPP/P3) Projects published in March 2023. There is an eight-notch difference between the scorecard indicated outcome of Ba2 and the assigned rating of Ca. The assigned rating reflects the (1) potential for abatements and defect rectification amounts to materially affect potential senior lender recovery rates following termination, (2) the project's weakening operating performance, and (3) the increasing risk of voluntary administration, and/or termination of the Project Deed. Novacare Solutions Partnership and Novacare Services Pty Ltd (together known as Novacare) contracted with NSW Health to redevelop and operate the Mater Hospital precinct in Newcastle under a public private partnership structure, with a concession period ending in 2033. PORTXGROUP PTY: First Creditors' Meeting Set for June 16 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Portxgroup Pty Ltd will be held on June 16, 2026, at 3:00 p.m. via Microsoft teams. David Henry Sampson of BPS Resolved was appointed as administrator of the company on June 3, 2026. REDZED TRUST 2023-3: Fitch Hikes Rating on Class E Notes to 'BB+sf' ------------------------------------------------------------------- Fitch Ratings has upgraded 12 note classes and affirmed eight from three RedZed RMBS transactions. The transactions are backed by pools of first-ranking Australian conforming and non-conforming residential full- and low-documentation mortgage loans originated by RedZed Lending Solutions Pty Ltd. The notes were issued by Perpetual Trustee Company Limited in its capacity as trustee of RedZed Trust Series 2023-3, RedZed Trust Series 2024-2 and RedZed Trust Series 2025-2. The upgrades followed the build-up of credit enhancement (CE) since the last rating actions. Entity/Debt Rating Prior ----------- ------ ----- RedZed Trust Series 2025-2 A-1-L AU3FN0098646 LT AAAsf Affirmed AAAsf A-2 AU3FN0098653 LT AAAsf Affirmed AAAsf B AU3FN0098661 LT AA+sf Upgrade AAsf C AU3FN0098679 LT A+sf Upgrade Asf D AU3FN0098687 LT BBB+sf Upgrade BBBsf E AU3FN0098695 LT BBB-sf Upgrade BBsf F AU3FN0098703 LT BB-sf Upgrade B+sf RedZed Trust Series 2023-3 A-1 AU3FN0082657 LT AAAsf Affirmed AAAsf A-2 AU3FN0082665 LT AAAsf Affirmed AAAsf B AU3FN0082673 LT AA+sf Affirmed AA+sf C AU3FN0082681 LT A+sf Affirmed A+sf D AU3FN0082699 LT A-sf Upgrade BBB+sf E AU3FN0082707 LT BB+sf Upgrade BBsf F AU3FN0082715 LT BBsf Affirmed BBsf RedZed Trust Series 2024-2 A AU3FN0090296 LT AAAsf Affirmed AAAsf B AU3FN0090304 LT AA+sf Upgrade AAsf C AU3FN0090312 LT A+sf Upgrade Asf D AU3FN0090320 LT BBB+sf Upgrade BBBsf E AU3FN0090338 LT BBB-sf Upgrade BB+sf F AU3FN0090346 LT BB-sf Upgrade B+sf KEY RATING DRIVERS Asset Performance: RedZed Trust Series 2023-3's 30+ day arrears were 9.0% as of end-April 2026, above Fitch's 4Q25 Non-Conforming Performance Monitor of 4.71%. The 90+ day arrears were 3.6%, also above Fitch's 4Q25 Non-Conforming Performance Monitor of 1.99%. RedZed Trust Series 2024-2's 30+ day arrears were 6.8% as of end-April 2026, above Fitch's 4Q25 Non-Conforming Performance Monitor of 4.71%. The 90+ day arrears were 3.2%, also above Fitch's 4Q25 Non-Conforming Performance Monitor of 1.99%. High arrears were driven by borrower sensitivity to interest rates and loans in hardship or in the enforcement process in 90+ day arrears. For RedZed Trust Series 2023-3, the 'AAAsf' weighted-average foreclosure frequency (WAFF) of 20.1% is driven by the foreclosure frequency floor applied to loans in arrears, the weighted-average (WA) unindexed current loan/value ratio (LVR) of 61.8%, self-employed borrowers making up 94.2% of the pool, low documentation loans making up 89.4% and, under Fitch's methodology, non-conforming and investment loans comprising 14.8% and 39.7%, respectively. The 'AAAsf' WA recovery rate (WARR) of 67.5% is driven by the portfolio's WA indexed scheduled LVR of 52.5%. For RedZed Trust Series 2024-2, the 'AAAsf' WAFF is 22.8%, driven by the foreclosure frequency floor applied to loans in arrears, WA unindexed current LVR of 65.5%, self-employed borrowers comprising 96.5% of the pool, low documentation loans making up 92.7% and, under Fitch's methodology, non-conforming and investment loans comprising 12.9% and 41.2%, respectively. The 'AAAsf' WARR of 61.2% is driven by the portfolio's WA indexed scheduled LVR of 58.1%. RedZed Trust Series 2025-2's 30+ day arrears were 2.4% as of end-April 2026, below Fitch's 4Q25 Non-Conforming Performance Monitor of 4.71%. The 90+ day arrears were 1.2% as of end-April 2026, also below Fitch's 4Q25 Non-Conforming Performance Monitor of 1.99%. The 'AAAsf' WAFF of 18.9% is driven by the foreclosure frequency floor applied to loans in arrears, the WA unindexed current LVR of 65.6%, self-employed borrowers making up 93.5% of the pool, low documentation loans making up 87.9% and, under Fitch's methodology, non-conforming and investment loans comprising 11.8% and 41.4%, respectively. The 'AAAsf' WARR of 56.4% is driven by the portfolio's WA indexed scheduled LVR of 62.2%. The transactions have shown strong loss performance with no losses to date. Credit Enhancement Supports Ratings: The transactions have built up CE through sequential principal repayment, for RedZed Trust Series 2023-3 until December 2025, when the principal step-down test was satisfied, and for RedZed Trust Series 2024-2 and RedZed Trust Series 2025-2 since the transactions closed. This is offsetting rising arrears and supporting the current ratings in the cash flow model. RedZed Trust Series 2024-2 is expected to switch to pro rata payment from the September 2026 payment date, subject to performance-based triggers. Liquidity Risk Mitigation: Fitch's payment interruption risk is mitigated by liquidity facilities sized at 1.5% of the invested note balance, excluding class G. Additional structural features include retention and amortisation mechanisms that redirect excess income to repay the principal balances of the notes. The transactions have each built up AUD500,000 in overcollateralisation through the retention ledger, which provides further CE. Low Operational and Servicing Risk: RedZed, established in 2006, is an experienced specialist lender for self-employed borrowers. Fitch undertook an operational review and found that the operations of the originator and servicer were comparable with market standards. Tight Labor Market Supports Outlook: Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 2.6% in 2025 and unemployment was 4.5% in April 2026. Fitch forecasts GDP growth of 2.4% in 2026 and 2.1% in 2027, with unemployment at 4.5% in both years. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The performance of the transaction may be affected by changes in market conditions and economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce CE available to the notes. Downgrade Sensitivity Unanticipated increases in the frequency of defaults and loss severity on defaulted receivables could produce loss levels higher than Fitch's base case and are likely to result in a decline in CE and remaining loss-coverage levels available to the notes. Decreased CE may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions. The rating sensitivity section provides insight into the model-implied sensitivities the transaction faces when assumptions - WAFF or WARR - are modified, while holding others equal. The modelling process uses the modification of default and loss assumptions to reflect asset performance in up and down environments. The results should only be considered as one potential outcome, as the transaction is exposed to multiple dynamic risk factors. RedZed Trust Series 2023-3 Notes: A-1 / A-2 / B / C / D / E / F Rating: AAAsf / AAAsf / AA+sf / A+sf / A-sf / BB+sf / BBsf Increase defaults by 15 %: AAAsf / AAAsf / AAsf / A+sf / A-sf / BBsf / BBsf Increase defaults by 30 %: AAAsf / AAAsf / AA-sf / A+sf / BBB+sf / BB-sf / BB-sf Decrease recoveries by 15 %: AAAsf / AAAsf / AA+sf / A+sf / BBB-sf / Bsf / Bsf Decrease recoveries by 30 %: AAAsf / AAAsf / AA-sf / A-sf / B+sf / Less than Bsf / Less than Bsf Increase defaults by 15% and reduce recoveries by 15%: AAAsf / AAAsf / AAsf / Asf / BB+sf / Less than Bsf / Less than Bsf Increase defaults by 30% and reduce recoveries by 30%: AAAsf / AAAsf / Asf / BBBsf / Bsf / Less than Bsf / Less than Bsf RedZed Trust Series 2024-2 Notes: A / B / C / D / E / F Rating: AAAsf / AA+sf / A+sf / BBB+sf / BBB-sf / BB-sf Increase defaults by 15 %: AAAsf / AAsf / Asf / BBB+sf / BBB-sf / B+sf Increase defaults by 30 %: AA+sf / AAsf / Asf / BBBsf / BB+sf / B+sf Decrease recoveries by 15 %: AAAsf / AAsf / A-sf / BBB-sf / BB-sf / Less than Bsf Decrease recoveries by 30 %: AA+sf / Asf / BBBsf / BB-sf / Bsf / Less than Bsf Increase defaults by 15% and reduce recoveries by 15%: AA+sf / AA-sf / BBB+sf / BB+sf / B+sf / Less than Bsf Increase defaults by 30% and reduce recoveries by 30%: AA-sf / BBB+sf / BBsf / Bsf / Less than Bsf / Less than Bsf RedZed Trust Series 2025-2 Notes: A-1-L / A-2 / B / C / D / E / F Rating: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf / BBB-sf / BB-sf Increase defaults by 15 %: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf / BB+sf / BB-sf Increase defaults by 30 %: AAAsf / AAAsf / AAsf / A+sf / BBBsf / BB+sf / B+sf Decrease recoveries by 15 %: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / B+sf Decrease recoveries by 30 %: AAAsf / AAAsf / AA-sf / A-sf / BBsf / B+sf / Less than Bsf Increase defaults by 15% and reduce recoveries by 15%: AAAsf / AAAsf / AAsf / Asf / BB+sf / BB-sf / Bsf Increase defaults by 30% and reduce recoveries by 30%: AAAsf / AA+sf / Asf / BBBsf / B+sf/ Less than Bsf / Less than Bsf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade could result from macroeconomic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of CE that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. RedZed Trust Series 2023-3 The Class A-1 and A-2 notes are rated 'AAAsf', which is the highest level on Fitch's rating scale. As such, they cannot be upgraded. Upgrade Sensitivities Notes: Class B / C / D / E / F Rating: AA+sf / A+sf / A-sf / BB+sf / BBsf Reduce defaults by 15% and increase recoveries by 15%: AAAsf / AAsf / A+sf / Asf / Asf RedZed Trust Series 2024-2 The Class A notes are rated 'AAAsf', which is the highest level on Fitch's rating scale. As such, they cannot be upgraded. Upgrade Sensitivities Notes: Class B / C / D / E / F Rating: AA+sf / A+sf / BBB+sf / BBB-sf / BB-sf Reduce defaults by 15% and increase recoveries by 15%: AA+sf / AA+sf / AA-sf/ BBB-sf / BBBsf The ratings on the class E notes are constrained by the large obligor concentration test, which limits the rating to BBB-sf. Prepayments on loans with the largest obligor exposure that results in the notes passing Fitch's concentration test could lead to positive rating action, all else being equal. RedZed Trust Series 2025-2 The Class A-1-L and A-2 notes are rated 'AAAsf', which is the highest level on Fitch's rating scale. As such, they cannot be upgraded. Upgrade Sensitivities Notes: Class B / C / D / E / F Rating: AA+sf / A+sf / BBB+sf / BBB-sf / BB-sf Reduce defaults by 15% and increase recoveries by 15%: AAAsf / AA+sf / A+sf / A-sf / BBBsf USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pools and the transactions. Fitch has not reviewed the results of any third-party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. Prior to the transactions closing, Fitch sought to receive a third-party assessment conducted on the asset portfolio information, but none was made available to Fitch for these transactions. As part of its ongoing monitoring, Fitch reviewed a small, targeted sample of the originator's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolios. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis, according to its applicable rating methodologies, indicates that it is adequately reliable. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. TRIBATA GROUP: First Creditors' Meeting Set for June 16 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Tribata Group Pty Ltd will be held on June 16, 2026, at 4:00 p.m. via virtual meeting only. Manuel Hanna of Romanis Cant was appointed as administrator of the company on June 3, 2026. ULTRA COMMERCE: First Creditors' Meeting Set for June 15 -------------------------------------------------------- A first meeting of the creditors in the proceedings of: - Ultra Commerce Holdings Limited; - Ultra Serve Internet Pty Ltd (Trading as "Ultra Commerce" and "Roth Capital"); - Omnyfy Pty Ltd; - Omnyfy Technology Pty Ltd; - Fusion Factory Holdings Pty Ltd; - Comestri Pty Ltd; and - Comestri Nominee Co Pty Ltd will be held on June 15, 2026, at 3:00 p.m. via Virtual meeting only. Rahul Goyal and Catherine Margaret Conneely of Cor Cordis were appointed as administrators of the company on June 2, 2026. XTREME CONCEPTS: First Creditors' Meeting Set for June 16 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Xtreme Concepts Pty. Ltd. will be held on June 16, 2026, at 3:00 p.m. via Microsoft Teams. Stephen Dixon of HM Advisory was appointed as administrator of the company on June 3, 2026. ========= C H I N A ========= BAOLIDE HOLDINGS: Founder Detained in Fraud Probe ------------------------------------------------- Caixin Global reports that Chinese police have detained the founder of bankrupt luxury auto dealer Baolide Holdings Group Co. Ltd. and several senior executives over suspected financial fraud, escalating the fallout from a collapse that ensnared prominent investors including private-equity giant Hillhouse. According to Caixin, Zhejiang provincial authorities placed founder Yu Haijun under criminal coercive measures on May 24 on suspicion of fraud, along with key finance and administrative personnel, people familiar with the matter said. The move follows an audit that uncovered widespread accounting irregularities and large unauthorized fund transfers at the company, which imploded last year. Baolide Holdings Group is a Chinese automotive services company that operates luxury vehicle dealerships and related customer services across China, representing premium brands such as Rolls-Royce, Porsche, Mercedes-Benz, Jaguar Land Rover, and Aston Martin. The company has also developed digital membership and lifestyle service platforms targeting high-net-worth consumers. In August 2025, Baolide Holding Group Co., Ltd. filed for bankruptcy with the Hangzhou Intermediate People's Court of Zhejiang Province, citing inability to repay its debts as they fell due and its insufficient assets to cover all its liabilities. The Hangzhou Intermediate People's Court accepted Baolide Holding Group Co., Ltd.'s bankruptcy application on September 5, 2025. CHINA HONGQIAO: Fitch Alters Outlook on 'BB+' IDR to Positive ------------------------------------------------------------- Fitch Ratings has revised the Outlook on China Hongqiao Group Limited's (Hongqiao) Long-Term Foreign-Currency Issuer Default Rating (IDR) to Positive from Stable, and affirmed the IDR and senior unsecured rating at 'BB+'. The Outlook revision reflects Hongqiao's improved debt structure, strong profitability, robust cash flow generation, and solid industry fundamentals. The IDR continues to be underpinned by its position as one of the world's largest aluminium smelters, supported by a competitive cost profile, high raw-material self-sufficiency, and consistently low leverage. Key Rating Drivers Improved Debt Structure: Hongqiao's short-term debt declined to 38% of total debt by end-2025 from 62% at end-2024, reflecting strong profitability and free cash flow (FCF) generation amid elevated aluminium prices, as well as management's efforts to optimise the debt maturity profile. Fitch takes a positive view, as it reduces refinancing risk and supports the credit profile. Positive rating action could arise if the company continues to smooth its maturity schedule while maintaining low leverage. High Profitability, Low Leverage: Fitch expects Hongqiao's profitability to remain strong in the near term, supported by constrained supply and resilient demand. Fitch forecasts EBITDA to rise to around CNY56 billion in 2026 from CNY44 billion in 2025, before moderating to about CNY43 billion by 2028 in line with Fitch's mid-cycle aluminium price assumptions. Fitch expects Hongqiao to maintain a strong financial profile, with EBITDA net leverage remaining below 1.0x in 2026-2028 and FCF staying positive. Large Scale, High Self-Sufficiency: Hongqiao's large operating scale and vertical integration support its market-leading profitability, accounting for around 14% and 8% of domestic and global primary aluminium production, respectively, in 2025. It also had high self-sufficiency in bauxite, alumina and electricity, allowing it to withstand fluctuations in raw material prices. Limited Diversification Mitigated: Hongqiao has limited product, geographical and customer diversification. However, its geographical concentration has improved after it relocated 2.2mt of capacity to Yunnan province. Over 65% of 2025 revenue came from primary aluminium, with its five-largest customers and largest customer accounting for 48% and 31% of revenue, respectively. Nevertheless, the high product and customer concentration is mitigated by the product's commoditised nature and diverse, high-quality end-demand. CITIC Shareholding Enhances Governance: CITIC Group became a shareholder of Hongqiao in 2017, and had maintained a 5.68% shareholding as of end-2025. The group is represented by one board member, and actively participates in Hongqiao's financing activities. Fitch believes that CITIC's involvement enhances Hongqiao's access to banking and capital markets, strengthens corporate governance, and mitigates 'key man risk' associated with the 61.58% share ownership held by Hongqiao's chairman and family. Iran Conflict Lifts Aluminium Prices: The Middle East accounts for about 8%-9% of global aluminium production, hence the conflict in Iran has intensified concerns over global aluminium supply following missile strikes on Gulf smelters. Fitch believes Hongqiao is well positioned to benefit from tighter global supply and higher aluminium prices, supported by its relatively stable power availability and raw material supply. Peer Analysis Hongqiao is comparable with its Fitch-rated peers Alcoa Corporation (BB+/Positive) in the US and Aluminum Corporation of China Limited (Chalco, BBB+/Stable). Hongqiao has a less sophisticated product range than Alcoa, but it maintains a higher EBITDA margin due to the scale and efficiency of its core aluminium smelting business. Hongqiao's EBITDA is larger than that of Alcoa; however, Alcoa has better operational and end-market diversity as well as a mostly long-term debt structure. Hongqiao and Chalco have a comparable aluminium revenue scale. Chalco has lower profitability but has better financial flexibility with higher interest coverage and liquidity. Chalco's rating also reflects its government-related entity status. Fitch’s Key Rating-Case Assumptions Fitch's Key Assumptions within its Rating Case for the Issuer - Fitch aluminium price (LME spot) assumptions (published 12 March 2026) of USD2,900 in 2026, and USD2,700 in 2027, and USD2,600/t thereafter; - EBITDA margin to moderate to around 27% in 2028 from 32% in 2026; - Annual capex of CNY15 billion in 2026 to 2028; - Other cash outflow of CNY10 billion in 2026, and CNY5 billion per year in 2027 and 2028; - Dividend pay-out ratio of 60% between 2026 and 2028. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bbb', Lower), sector characteristics ('bbb', Lower), market and competitive positioning ('bb', Moderate), diversification and asset quality ('bb-', Moderate), company operational characteristics ('bbb-', Moderate), profitability ('a-', Moderate), financial structure ('a', Moderate), and financial flexibility ('bb', Higher). The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. The governance assessment of 'good' has no impact. The operating environment assessment of 'bbb-' has no impact. The SCP is 'bb+'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'BB+'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA net leverage sustained above 2.0x - Material increase in reliance on short-term financing - Sustained negative FCF generation The Outlook could be revised to Stable from Positive if the positive sensitivities below are not met. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA net leverage sustained below 2.0x - Liquidity ratio at around 1.25x - Well-spread maturity schedule of debt, with short-term debt constituting less than 40% of total debt Liquidity and Debt Structure Hongqiao had CNY59 billion in reported cash and cash equivalents, against about CNY27 billion in short-term debt, as of end-2025, and around CNY29 billion of unused bank facilities. These are uncommitted facilities, but Fitch believes they are adequate as committed facilities are uncommon in China. Fitch expects Hongqiao will be able to roll over bank borrowings due to its healthy banking relationships. Issuer Profile Hongqiao, the world's second-largest primary aluminium producer, currently has around 6.5mt of annual production capacity, behind Chalco's 7.6mt, accounting for around 8% of global production. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for China Hongqiao Group Limited. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- China Hongqiao Group Limited LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed BB+ CHINA: Restarts Stalled Property Megaproject in State-Led Takeover ------------------------------------------------------------------ Caixin Global reports that China has restarted one of its most prominent abandoned private megaprojects as part of a state-led restructuring of distressed real estate assets. Caixin relates that the 596-meter (1,955-foot) 117 Tower in Tianjin, once a symbol of private-sector debt excess, has resumed construction after a decade of stagnation. The restart followed a state-backed takeover of the project. JINGBO TECHNOLOGY: Delays Filing of FY2026 10-K ----------------------------------------------- Jingbo Technology, Inc. has filed a Form 12b-25 with the U.S. Securities and Exchange Commission notifying the Commission of a delay in filing its Annual Report on Form 10-K for the fiscal year ended February 28, 2026. The Company stated that it is unable to file its annual report by the prescribed date without unreasonable effort or expense because the Company was unable to compile certain information required in order to permit the Company to file a timely and accurate report on the Company's financial condition. The Company believes that the Annual Report will be completed within the fifteenth-day extension period provided under Rule 12b-25 of the Securities Exchange Act of 1934. The Company confirmed that all other periodic reports required during the preceding 12 months have been filed and does not anticipate any significant change in results of operations from the corresponding period of the prior fiscal year. About Jingbo Technology Headquartered in Shoujiang Town, Fuyang District, China, Jingbo Technology, Inc., initially was in the business platform of providing application software to a global vendor platform to connect people to businesses and provide a new shopping experience. The Company's wholly owned subsidiary, Intellegence Parking Group Limited, is a multinational technology company, with a smart parking application software and platform business ecosystem as its main business venture. Intellegence operates facilities at Xiaoshan Airport Remote Parking Lot, Tianjin Xinhua International University, Fuyang People's Hospital, Qilu University Hospital, Shanghai Tesco Supermarket, Hubei Huanggang Central Hospital. It also currently has eight urban parking projects. As of November 30, 2025, the Company had $12,241,667 in total assets, $37,913,700 in total liabilities, and $25,672,033 in total stockholders' deficit. Guangzhou, Guangdong, China-based GGF CPA LTD, the Company's auditor since 2024, issued a "going concern" qualification in its report dated June 12, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended February 28, 2025, citing that the Company had incurred substantial losses during the years and negative working capital, which raises substantial doubt about its ability to continue as a going concern. ================= H O N G K O N G ================= FUTURE FINTECH: Registers 1.25 Million Shares Under Equity Plan --------------------------------------------------------------- Future FinTech Group Inc. filed a Registration Statement on Form S-8 to register 1,250,000 shares of common stock, par value $0.001 per share, issuable under the Future FinTech Group Inc. 2025 Omnibus Equity Plan. The Future FinTech Group Inc. 2025 Omnibus Equity Plan originally authorized 5,000,000 shares of common stock for issuance thereunder. The share amount registered hereby reflects the proportional adjustment of such share reserve to 1,250,000 shares as a result of the Registrant's 1-for-4 reverse stock split effected in January 2026, pursuant to the adjustment provisions of the Plan. A full text copy of the Registration Statement is available at https://tinyurl.com/3anjbkdn About Future FinTech Future FinTech Group Inc., headquartered in Causeway Bay, Hong Kong and incorporated in Florida, is a holding company that provides financial technology-related services, including supply-chain financing and trading in China. Originally engaged in fruit juice production and distribution in China, the company has shifted its business model toward fintech, while previously operating in asset management, cross-border payments, brokerage and cryptocurrency mining. It has divested several subsidiaries and discontinued certain operations in recent years as it refocused on its core supply-chain financing and trading activities. Garden Grove, California-based Fortune CPA, Inc., the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 18, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has suffered losses from operations. Therefore, the Company has stated substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2025, the Company had $53.29 million in total assets and $9.33 million in total liabilities, with stockholders' equity of $43.96 million. LI & FUNG:S&P Affirms 'BB' Long-term ICR on New Advent Acquisition ------------------------------------------------------------------ S&P Global Ratings affirmed its 'BB' long-term issuer credit rating on Li & Fung Ltd. S&P also affirmed its 'BB' long-term issue rating on the company's senior unsecured notes (with a recovery rating of '3') and 'B' long-term issue rating on its subordinated perpetual hybrid securities. The stable rating outlook reflects S&P's view that Li & Fung's business should grow as customer orders increase gradually over the next year and that reducing debt to EBITIDA will be slow after the acquisition. Acquiring niche consumer product supplier New Advent Global Ltd. is likely to modestly improve Li & Fung's cash flow stability. Offsetting acquisition benefits is cash used to make the purchase, which is likely to increase Li & Fung's debt-to-EBITDA ratio to 4.0x in 2026, up from 3.7x in 2025. S&P affirmed its 'BB' rating on Li & Fung because a stronger combined business will offset the cost to acquire New Advent. Cash deployed to make the purchase will increase Li & Fung's financial risk. Counterbalancing this is New Advent's expertise in niche products and its high-quality customers, which should make Li & Fung more resilient to volatility in consumer sentiment. New Advent strengthens Li & Fung's business. We believe the combined entity should have slightly lower cash flow volatility. New Advent develops and supplies high-quality products in niche categories, attracting large retailers and well-known brand customers. As a result, we expect New Advent's business growth to outperform the industry and demonstrate resilience in downturns. New Advent focuses on a few niche products such as furniture, knitwear, and beauty packaging. This specialization gives the company category expertise and strong product design relative to its competitors. An extensive portfolio of patents partly protects New Advent's wide moat for these products. New Advent's high market share among retailers in these categories underscores the strength of its products. This solid product positioning should fuel robust revenue growth, in part thanks to new customers, including potential for cross-selling to existing customers. Shared infrastructure could also produce efficiency gains. New Advent is a significant addition to Li & Fung, increasing its revenue and EBITDA materially. Li & Fung's EBITDA margin will also increase due to New Advent's better margins. Fragile consumer sentiment remains a key constraint for Li & Fung. Both Li & Fung's existing business and New Advent's growth depend on more customer orders, which have been growing at a slow pace because customers are cautious amid weak consumer sentiment and market volatility. While New Advent's faster-growing order book may outpace that of the core business, S&P expects the combined entity's organic growth to remain gradual, in the low-to-mid single digits, through 2026 and 2027. Buying New Advert will drive up Li & Fung's leverage (ratio of debt to EBITDA). The US$250 million cost to acquire 55% of New Advent will increase Li & Fung's debt-to-EBITDA ratio to 4.0x in 2026, including full year EBITDA contributions from New Advent, up from 3.7x in 2025. S&P forecasts the ratio will decline only mildly to 3.9x in 2027. The main reason for this is that Li & Fung's organic growth is largely offset by higher dividends. S&P Global Ratings' adjusted calculation of Li & Fung's leverage incorporates the total US$250 million acquisition cost, including US$120 million in deferred payments, to acquire New Advent and 2026 full year EBITDA contributions from the acquired company. A deferred payment structure will preserve Li & Fung's strong liquidity. Of the total acquisition cost, Li & Fung will only pay US$130 million in 2026. Payment of the remaining US$120 million is contracted to occur between 2027 and 2030. S&P said, "The stable rating outlook reflects our view that Li & Fung's business will grow customer orders over the next year, supported by New Advent as a leading supplier of niche products. Combined revenue growth will likely be gradual as some customers may be cautious in placing orders amid market volatility. We expect Li & Fung's debt-to-EBITDA ratio of 4.0x in 2026 to decline slowly in 2027. "We could lower the rating if Li & Fung's business weakens. Declining revenue or EBITDA without strong recovery prospects could trigger a downgrade. "We could also lower the rating if Li & Fung's financial measures deteriorate, reflected in debt to EBITDA staying above 4x. "We could upgrade Li & Fung if we believe the company can significantly increase its market share and traction with customers to enlarge and diversify its revenue sources. Its debt-to-EBITDA ratio would also need to decline below 2x, given potential cash flow to sizeable minority interests." ========= I N D I A ========= BANASHANKARI AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term rating of Banashankari Agro Farms LLP in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 15.80 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 3.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 1.20 [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 Banashankari Agro Farms LLP's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Banashankari Agro Farms LLP, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Banashankari Agro Farms LLP is a partnership firm, owned and managed by Mr. S N Raghunathand family. The firm is based out of Malur in Karnataka and commenced operations from April 2016. BAFLLP was procuring hatch able eggs primarily from its group concern, Banashankari Poultry Farms Private Limited (BPFPL), and supplies day-old chick (DOCs) received from its hatchery unit to contract farmers for rearing and then sells the live birds to local distributors. In December 2018, the firm has taken over the entire process of BPFPL and is now engaged in the process from breeding of parent broiler to selling the live birds to local distributors. The firm has an installed aggregate placement capacity to sell 250000 birds per week and it is operating with a capacity to sell 180,000 birds per week at present. GIRIRAJ INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term rating of Giriraj Industries 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- 13.80 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 1.20 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Cash Credit 2.00 [ICRA]D; ISSUER NOT 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 Giriraj Industries's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Giriraj Industries, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in 1996, Giriraj Industries (GI) is engaged in processing of raw cotton to produce cotton bales and cotton seeds as well as trading of related commodities like cotton seed oil and cotton seed oil cakes. The firm has a manufacturing unit in Manavadar, Gujarat and is equipped with thirty ginning machines and one manual pressing machine with a capacity to process36 MT of raw cotton per day. The major raw material of the firm is Shankar-6 which is procured directly from the farmers located in nearby villages, and close by areas at market price son cash payment basis. GUDIVADA MUNICIPALITY: ICRA Keeps Issuer B+ in Not Cooperating -------------------------------------------------------------- ICRA has kept the Issuer rating of Gudivada Municipality in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Gudivada Municipality'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 Gudivada Municipality, 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. Gudivada Municipality was constituted as a municipality in 1937 and is governed by the Andhra Pradesh State Municipalities Act 1965 (Act). It manages the municipal services in Gudivada city in the Krishna district of AP. The GDVM covers an area of 12.67 sq.km. and serves a population of 1.2 lakh (as per Census 2011). Its main functions include water supply, solid waste management and construction, repair and maintenance of roads, and streetlights in its area. The municipality is governed by an elected body (council) headed by a chairperson, while the Commissioner acts as the executive head overseeing its everyday functioning. JASMINE INDUSTRIAL: ICRA Keeps B+ Debt Rating in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term and Short Term rating of Jasmine Industrial Corporation in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- (5.00) [ICRA]B+ (Stable) ISSUER NOT Interchangeable COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category Short Term- 30.00 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Jasmine Industrial Corporation'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 noncooperation 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 Jasmine Industrial Corporation, 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. Jasmine Industrial Corporation (JIC) was established in 1972 as a partnership firm and is managed by the partner Mr. Ajay Mehta who has been in the business since 1978. JIC trades in various forms of steel products like hot rolled coils, plates, TMT bars, angles, beams and others. The firm caters to the domestic market, primarily Maharashtra and Gujarat with its clientele mostly constituting steel traders and construction companies. JIC has a registered office in Mumbai and arented warehouse in Taloja, Navi Mumbai. JAY BHARAT FOOD: ICRA Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term rating of Jay Bharat Food Process 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- 3.00 [ICRA]B+(Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 12.29 [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 Jay Bharat Food Process 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 Jay Bharat Food Process 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. Jay Bharat Food Process Private Limited started operations from the year 2009 and is engaged in manufacturing of atta, besan, papad, Sattu, Tadaka, Vermicelli, Chuda Powder, Soyabadhi and pasta. The company sources its raw materials from different states in India through traders. The primary raw material used for manufacturing pasta is suji. The food products to be sold outside Odisha are sold to its group company JBSPL which in turn uses its own network to sell the produce to the final consumers. The goods are sold under the brand "Bharat". KEPL ENGINEERING: ICRA Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Kepl Engineering 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/ 5.00 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating continues Unallocated to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Kepl 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 Annapoorani Yarns, 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 February 2018, KEPL is an EPC contractor for mechanical, electrical and civil work in sectors such as power, petro-chemical, oil and gas, steel and cement in South India. The company would undertake private projects and government projects majorly as sub-contract works from other private players. The management have significant average experience of more than 15 years in handling the current orders in hand. KODURI ENTERPRISES: ICRA Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term ratings of Sri Koduri Enterprises 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- 17.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long Term- 2.50 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category Long Term- 0.50 [ICRA]D ISSUER NOT COOPERATING; Non Fund Based Rating continues to remain in Others the 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Sri Koduri Enterprises 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 Sri Koduri Enterprises 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. Sri Koduri Enterprises Private Limited (SKEPL) is an authorized auto dealer of three wheelers and four wheelers manufactured by Piaggio Vehicles Private Limited (subsidiary of Piaggio S.P.A, an Italy based manufacturer), Case New Holland Construction Equipment (India) Pvt. Ltd and MRF Tyres in Andhra Pradesh. The company is also engaged in servicing of vehicles along with sale of spare parts. MANIPAL ACADEMIC: ICRA Lowers Rating on INR1,042cr Term Loan to B+ ------------------------------------------------------------------ ICRA has downgraded the rating of Manipal Academic Services International in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 1,042 [ICRA]B+(Stable) ISSUER NOT Fund Based- COOPERATING; Rating downgraded Term Loan from [ICRA]BB+(Stable); ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' Category The rating is downgrade because of lack of adequate information regarding Manipal Academic Services International 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, despite the downgrade. Manipal Academic Services International is a Mauritius-based holding company, which belongs to the Manipal Education and Medical Group. Manipal Global Education Services Private Limited (94% shareholding), Unext Learning Private Limited (Unext), Manipal Education Americas LLC (100% shareholding) are its major income generating subsidiaries. Its key operating assets comprise universities and educational institutions spread across India, Malaysia, Antigua and Dubai. MANJUNATHA SILKS: ICRA Keeps B+ Debt Rating in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term rating of Sri Manjunatha Silks in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 7.74 [ICRA]B+ (Stable); ISSUER NOT Fund-based COOPERATING; Rating continue Term Loan to remain under the 'Issuer Not Cooperating' category Long-term- 3.95 [ICRA]B+ (Stable); ISSUER NOT Fund-based COOPERATING; Rating continue Cash Credit to remain under the 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Sri Manjunatha Silks'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 Sri Manjunatha Silks, 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. Sri Manjunatha Silks was established as a partnership firm in 2006. The firm's key promoters are Mr. N Ravi, Mr. N Govindaraj and Mr. N Baskar. The firm primarily involves in retailing of apparels for women, men and kids, with a major portion of revenues derived from women clothing including silk sarees, designer sarees, cotton sarees and other readymade garments. At present, the firm operates a 14,400-square feet textile retail showroom in Tirupattur, Tamil Nadu. Besides, it is in the process of setting up a 20,000-square feet retail showroom in Krishnagiri, Tamil Nadu at a cost of Rs. 7.2 crore. The new showroom is likely to commence commercial operations from October 2018. MANMATHA NATH: ICRA Keeps B+ Debt Rating in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Manmatha Nath Kundu & Sons Construction Co. Pvt. Ltd. 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- 7.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term- 7.00 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Manmatha Nath Kundu & Sons Construction Co. 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 Manmatha Nath Kundu & Sons Construction Co. 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. Manmatha Nath Kundu & Sons Construction Co. Pvt. Ltd (MNKS) was incorporated in April 2011 by Mr. Subrata Kundu, Mr. Shibnath Kundu, Ms. Seema Kundu and Ms. Antara Kundu, with the intension to continue the existing civil construction business under private limited constitution, the requirement of tender awarding authorities. The promoters were previously carried the same business under partnership firm Manmatha Nath Kundu & Son (MNK). MNK was established in 1996 by the same promoters and since then it was engaged in road construction business for the government floated tenders. MNKS primarily participates in government contracts, and its operations are limited to the state of West Bengal and Chhattisgarh. The company is registered as construction agency with PWD -Government of West Bengal, PWD -Government of Chhattisgarh, CPWD and National Highway Authorities of India (NHAI). The company has also worked on contracts with department like West Bengal State Rural Development Agency (WBSRDA), State Highway Circle (Government of West Bengal) and Zilla Parishad (Pradha Mantri Gram Sadak Yojana). PADMABHUSHAN KRANTIVEER: ICRA Keeps B Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the long-term ratings of Padmabhushan Krantiveer Doctor Nagnathanna Naykawdi Hutatma Kisan Ahir Sahakari Sakhar Karkhana 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- 140.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Unallocated 85.00 [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 Padmabhushan Krantiveer Doctor Nagnathanna Naykawdi Hutatma Kisan Ahir Sahakari Sakhar Karkhana 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 Padmabhushan Krantiveer Doctor Nagnathanna Naykawdi Hutatma Kisan Ahir Sahakari Sakhar Karkhana 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 1983, Padmabhushan Krantiveer Doctor Nagnathanna Naykawdi Hutatma Kisan Ahir Sahakari Sakhar Karkhana Limited (Hutatma Sugar) has current crushing capacity of 3500 TCD. The company has more than 8200 cane producing members. The company has 15 villages under its command area spread over Walwa Taluka of Sangli District of Maharashtra. PAN INDIA: ICRA Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- ICRA has kept the Long-Term ratings of Pan India Infraprojects Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 641.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 559.00 [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 Pan India Infraprojects 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 Pan India Infraprojects 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. Pan India Infraprojects Private Limited is a part of the Essel Group and functions as the nodal EPC agency for various projects undertaken by the Group. PIIPL is involved in sectors like road, power transmission, solar, waste management, water distribution, etc. EIL, the Essel Group's holding company in the infrastructure segment, bids and executes projects through project specific SPVs. These SPVs award the project management/execution contracts to PIIPL, who in turn subcontracts projects to various contractors. The company was incorporated in 2000 as Pan India Infrastructures Private Limited (Pan India), a wholly owned subsidiary of EIL, held entirely by Mr. Subhash Chandra and family. PIIPL was formed in FY2013 when the erstwhile Pan India was merged with a Group company, Essel Sports Private Limited (ESPL). Subsequently, PIIPL merged the operations of its wholly owned subsidiary, Essel Urban Infrastructures Private Limited (EUIPL), with itself in FY2014. PIIPL is currently held entirely by two entities that are directly or indirectly held by the Essel Group's promoters, Mr. Subhash Chandra and family. R. S. MOTORS: ICRA Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------- ICRA has kept the Long-Term rating of R. S. Motors Pvt Ltd in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 30.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding R. S. Motors 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 R. S. Motors 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. RSM has been operating multiple passenger vehicle dealerships for Toyota for the last 15 years, and its promoters have been in the auto dealership business for over three decades. The company's first sales outlet commenced operations at Udaipur in 2001 and RSMPL currently has six 3S (sales, service and spares) outlets at Jaipur, Kota, Udaipur, Bhilwara and Chittorgarh in Rajasthan. RSMPL is a part of the Chandra Group of companies, consisting of multiple companies in the same line of business i.e., automobile dealership. RICH FOOD: ICRA Keeps B+ Debt Rating in Not Cooperating Category ---------------------------------------------------------------- ICRA has kept the Long-Term rating of Rich Food Corporation in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Rich Food Corporation'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 Rich Food Corporation, 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. Rich Food Corporation (RFC) produces and sells food products like besan (gramflour), chana, masoor, moong and moth. It is a partnership firm and was incorporated in 2015. RFC has four pulse processing units in Delhi-NCR, having a total installed processing capacity 1,800 MT of raw pulses per month. RFC is a part of the diversified Bansal Group of Companies, which was established by Mr. D.P. Bansal in 2000. The firm supplies pulses to some leading food brands in India like Bikaji Food International Ltd. and various companies of the Haldiram Group. SALASAR BALAJI: ICRA Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term rating of Salasar Balaji Cold Storage in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 3.13 [ICRA]B (Stable); ISSUER NOT Fund Based COOPERATING; Rating Continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 5.60 [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 Salasar Balaji Cold Storage'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 Salasar Balaji Cold Storage, 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. Salasar Balaji Cold Storage (SBCS) was established in May, 2015 as a partnership firm. SBCS is involved in providing hitech cold storage facilities to potato farmers and potato processors on a rental basis. The firm started commercial operations in mid-February, 2016 and is located in Deesa, Gujarat, with a storage capacity for 161,000 bags of 50 kilogram (kg.) each. The firm is owned and managed by Mr. Motilal Jat and three other partners. SALICYLATES AND CHEMICALS: ICRA Keeps B+ Rating in Not Cooperating ------------------------------------------------------------------ ICRA has kept the Long-Term and Short-Term ratings of Salicylates And Chemicals Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 23.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term- 7.00 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Salicylates And Chemicals 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 Salicylates And Chemicals 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 1978, Salicylates and Chemicals Private Limited (SCPL) is a chemical company engaged in the manufacture of, Parabenzene based derivatives and sunscreen chemicals. The company started operations with the manufacture of Salicylic acid in 1982. In the same year, it started manufacture of Para Hydroxy Benzoic Acid (PHBA) and over the years, expanded into PHBA derivatives. SHALLOW CERAMIC: ICRA Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Shallow Ceramic Pvt. Ltd. in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 4.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 2.21 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 1.19 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Short Term- 1.70 [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 Shallow Ceramic 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 Shallow Ceramic 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. Shallow Ceramic Private Limited (SCPL) was incorporated in May 2014 and commenced operations in February, 2015. The manufacturing facility is located in Morbi, Gujarat with an installed capacity of 32,000 MTPA of ceramic tiles. The company mainly manufactures digitally printed ceramic wall tiles of two sizes 10" X 15" and 12" X 18". The promoters of the company have long standing experience in the ceramic industry through their former association with another tile manufacturing unit; Segway Ceramic. The company carries out sales of digitally printed ceramic wall tiles mainly to retailers and wholesalers located in Kerala (50-60% of total sales), Gujarat (7-10% of total sales) and other states under the brand name of its own 'Shallow Ceramic'. Majority of the sales is done in the domestic market while exports formed 1.4% of total sales in FY2018. SHRIRAM SEPL: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Shriram SEPL Composites 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- 5.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 0.80 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 0.20 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category Long-term 7.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Short-term 3.00 [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 Shriram SEPL Composites 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 Shriram SEPL Composites 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. Shriram SEPL Composites Private Limited, formed by Shriram EPC Limited and Strategic Engineering Private Limited, is involved in the design, manufacturing, supply and installation of GRP products such as pipes, fittings, tanks and cylinders. The company's manufacturing facility is located in Singaperumal Koil, Chennai, and has a capacity to produce 600 meters of 900mm diameter pipes per. SSCPL uses imported CNC filament winding machines to manufacture pipes of international standards like ASTM, AWWA, etc and has an in-house lab for quality inspection. SSCPL has received the ISO 9001-2008, ISO 14001-2004 & OHSAS 18001-2007 certifications. SLN CNC: ICRA Keeps C Debt Ratings in Not Cooperating Category -------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Sln Cnc Tech Pvt. Ltd. in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]C; ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 4.50 [ICRA]C; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term 1.16 [ICRA]C; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term/ 2.59 [ICRA]C/[ICRA]A4; ISSUER NOT Short Term COOPERATING; Rating Continues to Unallocated remain under 'Issuer Not Cooperating' Category Short Term- 1.00 [ICRA]A4 ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term- 0.75 [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 Sln Cnc Tech 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 Sln Cnc Tech 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. SLN CNC Tech Pvt. Ltd., incorporated in the year 2008. It is promoted by a team of members having varied background. Manufacture precession components using most of the engineering materials to the highest industry standards in our modern CNC machining facility, along with the ability to assure quality of complex fabricated assemblies. The company specializes in manufacturing of aluminium, stainless steel, titanium, nimonic, inconel and cobalt alloy products. It has a manufacturing facility located in Peenya Industrial Estate with total area of 21000 sq. ft. The company caters to customers in segments like aviation, automotive, space, defence, power generation and telecommunication. SS INNOVATIONS: Milan Rao Steps Down as COO and CFO --------------------------------------------------- SS Innovations International, Inc. disclosed in a regulatory filing the resignation of Milan Rao as Global Chief Operating Officer and Chief Financial Officer, effective May 25, 2026. SSi is currently engaged in a search process to identify and recruit a permanent successor for the position of Chief Financial Officer. About SS Innovations International SS Innovations International, Inc. (OTC: SSII) is a developer of innovative surgical robotic technologies headquartered in Gurugram, Haryana, India. The company's vision is to make robotic surgery benefits more affordable and accessible globally. SSII's product range includes its proprietary "SSi Mantra" surgical robotic system and "SSi Mudra," a broad array of surgical instruments for various procedures, including robotic cardiac surgery. The company plans to expand its presence with technologically advanced, user friendly, and cost-effective surgical robotic solutions. BDO India Services Private Limited (predecessor Firm BDO India LLP), the Company's independent registered public accounting firm since 2024, included an explanatory paragraph in its audit report dated March 10, 2026, expressing substantial doubt about the Company's ability to continue as a going concern. The auditor cited that the Company has suffered recurring losses from operations and has negative cash flows from operating activities during the year ended December 31, 2025. The Company is dependent on further funding to meet its obligations to sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of March 31, 2026, the Company had $90.55 million in total assets, $36.02 million in total liabilities, and $54.52 million in total stockholders' equity. SUNWORLD RESIDENCY: ICRA Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term ratings of Sunworld Residency Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 90.00 [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 Sunworld Residency 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 Sunworld Residency 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. Sunworld Residency Private Limited, incorporated in June 2010, had leased a 10 acre land parcel from NOIDA to develop a residential housing in Sector 168, Noida. The company is currently developing a residential housing project on the ~10 acre land parcel in sector 168, Noida named Sunworld Arista and launched in December 2011. Sunworld Arista consists of 10 towers and some commercial area. TENSHI KAIZEN: ICRA Keeps B+ Debt Rating in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term ratings of Tenshi Kaizen Private Limited (TKPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 90.00 [ICRA]B+ (Stable); ISSUER NOT Fund-based COOPERATING; Rating continue Term Loan to remain under the 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Tenshi Kaizen Private Limited (TKPL)'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 Tenshi Kaizen Private Limited (TKPL), ICRA has been trying to seek information from the entity so as to monitor its performance. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been moved to the "Issuer Not Cooperating" category. The rating is based on the best available information. Tenshi Kaizen Private Limited formerly known as Higher Pharmatech Private Limited was incorporated on April 2, 2007. TKPL is backed by promoters, Mr. Arun Kumar, and Mr. Venkat S Iyer, who have wide knowledge of the pharmaceutical industry and a track record of incubating and developing pharmaceutical businesses. Kaizen has a R&D and manufacturing facility in Harohalli, Bangalore. Kaizen also had a formulation facility in New Jersey which was expected to commence operations from FY2022, however, the same got delayed due to Covid restrictions as machineries could not be installed, which are now being transferred back to India in its Bangalore facility (wherein expansion is being undertaken adjacent to the existing factory site). The operations in expanded unit is expected to commence from December 2023. UMA RANI: ICRA Keeps C+ Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Uma Rani Agrotech Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]C+; ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 2.25 [ICRA]C+; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 3.15 [ICRA]C+; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Short Term- 0.25 [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 Uma Rani Agrotech 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 Uma Rani Agrotech 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. Established in 2010, URAPL is engaged in milling of par boiled rice; and has an installed production capacity of 28,800 MTPA of rice. The rice mill started commercial production from February 2014. The company's rice milling facility is located in the Birbhum district of West Bengal. UMIYA INDUSTRIES: ICRA Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Umiya Industries in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 3.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term- 3.00 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Umiya Industries's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Umiya Industries, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established by Mr. Kantibhai Khanpara as a partnership firm in 2004, Umiya Industries is engaged in manufacturing Polypropylene (PP) woven sacks. Later in FY2016, the firm also started trading in plastic resins and polymers. VASAVI FOOD: ICRA Lowers Rating on INR4.0cr LT Cash Loan to C ------------------------------------------------------------- ICRA has kept the Long-Term rating of Vasavi Food Processing Industries in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]C; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 3.12 [ICRA]C; ISSUER NOT COOPERATING; Fund based Rating downgraded from Term Loan [ICRA]B-(Stable); ISSUER NOT COOPERATING* and continues to remain under 'Issuer Not Cooperating' category Long-term- 4.00 [ICRA]C; ISSUER NOT COOPERATING; Fund based Rating downgraded from Cash Credit [ICRA]B-(Stable); ISSUER NOT COOPERATING* and continues to remain under 'Issuer Not Cooperating' category Long-term- 2.88 [ICRA]C; ISSUER NOT COOPERATING; Unallocated Rating downgraded from [ICRA]B-(Stable); ISSUER NOT COOPERATING* and continues to remain under 'Issuer Not Cooperating' category The rating downgrade is attributable to the lack of adequate information regarding Vasavi Food Processing Industries's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating, as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with Vasavi Food Processing Industries, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Vasavi Food Processing Industries (VFPI) was founded in August 2014 as partnership firm by Mr. M. Narsaiah and his family members. The firm is engaged in the milling of paddy to produce raw and boiled rice with an installed capacity of 4 tons per hour. The plant is in Nizamabad district in Telangana. WOMEN'S NEXT: ICRA Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ ICRA has kept the Long-Term rating of Women's Next Loungeries Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 12.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Women's Next Loungeries 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 Women's Next Loungeries 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. Women's Next Loungeries Limited (WNLL) was incorporated in December 2010 as Shiv Lingeries Private Limited (SSPL). The company was founded by Mr. Bhavesh Bhanushali, who has over 15 years of expertise in the textile industry.The company is engaged in the business of manufacturing and trading infant and ladies' lingerie, sold under the brand name Valentine Pink. YEDESHWARI AGRO: ICRA Keeps B- Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term ratings of Yedeshwari Agro Products 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- 35.70 [ICRA]B- (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 27.30 [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 Yedeshwari Agro Products 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 Yedeshwari Agro Products 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 2007, Yedeshwari Agro Products Limited (YAPL) was promoted by Mr. Bajarang Sona wane and is a closely held company with majority of shareholdings with the Sona wane family. The company is involved in manufacturing sugar with total crushing capacity of 3500 TCD (tons crushed per day). The plant is forward integrated with a 10 MW cogeneration unit. The plant is located at Anandgaon, Tehsil Kaij. District Beed, Maharashtra. =============== M A L A Y S I A =============== ALAM MARITIM: Exits PN17 Status From June 8 ------------------------------------------- The Star reports that Alam Maritim Resources Bhd (AMRB) has secured approval from Bursa Malaysia Securities Bhd for the early upliftment of its Practice Note 17 (PN17) status. In a Bursa Malaysia filing, the offshore support vessel provider said Bursa Securities had approved its application to be removed from the PN17 classification, following a submission made on May 18, 2026. The upliftment took effect on June 8, The Star relates. Malaysia-based Alam Maritim Resources Berhad (KLSE:ALAM) -- https://www.alam-maritim.com.my/ -- is an investment holding company with subsidiaries mainly involved in the provision of marine transportation support services, marine construction-related services, sub-sea engineering & offshore pipeline installation; designing, manufacturing and operating of Remotely Operated Vehicle (ROV) services, ship repair and maintenance services to the upstream in oil and gas industry. In November 2022, Alam Maritim Resources Bhd said it is deemed a Practice Note 17 (PN17) issuer after its external auditor expressed a disclaimer of opinion in the group's audited accounts announced on Oct. 31. Baker Tilly Monteiro Heng PLT expressed the disclaimer of opinion in the audited financial statements for the financial period from Jan. 1, 2021 to June 30, 2022. ===================== N E W Z E A L A N D ===================== GINITHA LIMITED: Court to Hear Wind-Up Petition on June 16 ---------------------------------------------------------- A petition to wind up the operations of Ginitha Limited will be heard before the High Court at Wellington on June 16, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on April 14, 2026. The Petitioner's solicitor is: Ashley Ashika Singh Legal Services 55 Featherston Street (PO Box 895) Wellington 6011 MAY HOMES: Commences Wind-Up Proceedings ---------------------------------------- Members of May Homes Limited (formerly Eco Green Homes Limited) and High Spec Housing Limited on May 25, 2026, and May 26, 2026, respectively, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Jessica Kellow Iain Shephard BDO Wellington PO Box 10340 Wellington 6143 OKORO LIMITED: Court to Hear Wind-Up Petition on June 16 -------------------------------------------------------- A petition to wind up the operations of Okoro Limited will be heard before the High Court at Wellington on June 16, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on March 20, 2026. The Petitioner's solicitor is: Isaac Henry Linstrom Legal Services 55 Featherston Street (PO Box 895) Wellington 6011 PARITY HOLDINGS: Creditors' Proofs of Debt Due on June 30 --------------------------------------------------------- Creditors of Parity Holdings Limited are required to file their proofs of debt by June 30, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 2, 2026. The company's liquidators are: Gareth Russel Hoole Chiragkumar Bhailalbhai Patel Ecovis KGA Limited Level 2, 5–7 Kingdon Street Newmarket Auckland 1023 SEPHORA NEW ZEALAND: Posts Fifth Straight Annual Loss ----------------------------------------------------- New Zealand Herald reports that beauty brand Sephora has reported its fifth straight financial loss in New Zealand as one of the company's larger competitors, Mecca, continued to grow. In the 12 months ended December 31, 2025, Sephora New Zealand reported total revenue of NZD25.89 million, down 5.3% from NZD27.3 million in 2024, NZ Herald discloses. Sephora NZ posted a NZD5.3 million net loss for 2025, widening from NZD3.4 million in 2024. Sephora New Zealand is the New Zealand arm of Sephora, a global beauty retailer owned by LVMH Moet Hennessy Louis Vuitton. The company sells cosmetics, skincare, fragrance, and haircare products from international beauty brands through its online and retail channels. SOUTH PACIFIC: Creditors' Proofs of Debt Due on July 8 ------------------------------------------------------ Creditors of South Pacific Energy Limited are required to file their proofs of debt by July 8, 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: Daniel Zhang Iain McLennan c/o McDonald Vague Limited PO Box 6092 Victoria Street West Auckland 1142 SYNLAIT MILK: Bright Dairy Extends NZD130MM Loan for Two Years -------------------------------------------------------------- BusinessDesk reports that Bright Dairy's shareholder loan to Synlait Milk will be pushed out for another two years as the Dunsandel processor looks to refinance by the end of the month. In the lead-up to its recapitalisation, Bright provided Synlait with a NZD130 million shareholder loan as it worked to deleverage its balance sheet, BusinessDesk relates. Originally, it was for a term of one year with an option to extend by another 12 months. Synlait, whose chief executive Richard Wyeth resigned suddenly nearly a month ago, is working towards refinancing its banking facilities, according to BusinessDesk. About Synlait Milk Headquartered in Rakaia, New Zealand, Synlait Milk Limited (NZX:SML) -- https://www.synlait.com/ -- together with its subsidiaries, manufactures and sells dairy products in China, rest of Asia, the Middle East, Africa, New Zealand, Australia, and internationally. It operates through Synlait and Dairyworks segments. The company is also involved in the processing, packaging, and marketing of dairy products, including cheese, butter, and milk powder. It offers liquid milk; milk powder related products; nutritional products, such as infant and adult nutritional powders; ingredients comprising whole milk powders, skim milk powders, butter milk powders, and anhydrous milk fat; and specialized nutritional ingredients, such as lactoferrin. Synlait Milk Limited posted net losses of NZD182.11 million and NZD4.29 million for the years ended July 31, 2024 and July 31, 2023, respectively. TSCCW TWIZEL: Liquidators Near Deal on Twizel Subdivision --------------------------------------------------------- Otago Daily Times reports that liquidators are closer to sorting out a residential subdivision in Twizel after legal action brought on by a wealthy United States entrepreneur. Texas businessman Trammell Simonton Crow was an investor in Merino Downs with co-developer Chris White, an offshore New Zealander. They parted ways after their business partnership in the upmarket subdivision became strained. According to ODT, Mr. Crow applied through his company, Pounamu Strategic Holdings, for Mr White's company, TSCCW Twizel LP Management (TSCCW), to be put into liquidation at the High Court at Christchurch on October 2. Pounamu Strategic also filed a liquidation application for Hooker Holdings Management, a building company jointly owned by Pounamu. BDO Christchurch licensed insolvency practitioners Colin Gower and Diana Matchett were appointed liquidators for both companies last year, ODT discloses. More lately, they have set a deadline for creditors of TSCCW to make their claims and set their priority by June 10. Mr. White told the ODT last December the liquidation was an unfortunate result of two business partners who could not come to an agreement and there were no outside creditors. "It was a highly profitable subdivision to date and I think it will be a highly profitable subdivision going forward. I am very proud of what was created for lot owners and the town . . . it's raised the bar and other developers have told me that it raised their bar and the square-metre price." He said Mr. Crow had been a great partner and it was a shame a strong friendship had ended as they had not talked for two and a-half years. [] NZ: Hospitality Failures Surge by 49% Over the Last 12 Months ---------------------------------------------------------------- Stuff.co.nz reports that Prime Minister Christopher Luxon said the Government is "concerned in general" with the rising number of hospitality closures, after new data showed company failures across the sector jumping 49% in a year. "We know we're going through a very difficult and challenging time," he told reporters in Christchurch on June 3. "The fuel crisis has led to rising costs for a lot of inputs for many businesses in New Zealand, but also around the world." Stuff relates that Mr. Luxon said he expected New Zealand's banks to support businesses that went into liquidation, and that the proper role of the Government was to "[make] sure we're not making things worse, as the Labour government did, frankly, through the Covid experience". The prime minister has repeatedly made the argument that government spending in response to the pandemic - totalling $66 billion, according to the Treasury - fuelled inflation and led to higher interest rates and government debt. "We want to minimise the impact on inflation and minimise the impact on growth," Stuff quotes Mr. Luxon as saying. "This is an economy that's projected to grow at 2.7% over the next four years. That is faster than the UK, the EU, Australia, Canada, and many other countries, Japan included . . . it's going to generate 220,000 jobs, whether that's in hospitality or in other sectors." Labour said economic conditions under the National-led Government spoke for themselves, Stuff relays. "Since Christopher Luxon became Prime Minister, the economy has shrunk, unemployment has is at a near decade high, homelessness is at an all time record, business liquidations are at the highest since 2010, and New Zealanders have been leaving in droves," the party's finance spokesperson Barbara Edmonds said. "This is not a Government that has a plan to help New Zealanders, and National is definitely making things worse." The latest Centrix Credit Indicator showed 399 hospitality firms were placed into liquidation over the past 12 months, up from 268 a year earlier, Stuff discloses. The sector recorded the second-highest number of liquidations behind construction. At the same time, hospitality businesses were seeking finance at a faster rate than any other sector. Credit enquiries from the industry rose 26% over the past year, ahead of agriculture and other service industries. Stuff says the contrast highlights the pressure still facing many bars, cafes, restaurants and accommodation providers, despite signs of improvement elsewhere in the economy. Only the construction sector recorded more liquidations, with 768 companies placed into liquidation over the same period. Overall demand for business finance fell 3.8% over the past year, although some sectors continued to perform strongly. Agriculture was one of the exceptions, with demand for finance up 10% and fewer business failures than a year ago. Stuff adds that Centrix said higher fuel costs, softer confidence and ongoing global uncertainty were creating additional challenges for businesses as New Zealand's economic recovery continued. While household finances are improving and fewer people are falling behind on repayments, many hospitality businesses are yet to feel the benefits of that recovery. ================= S I N G A P O R E ================= AFFINITY EQUITY: Court Enters Wind-Up Order ------------------------------------------- The High Court of Singapore entered an order on May 29, 2026, to wind up the operations of Affinity Equity International Partners Limited. The company's liquidators are: Jason Aleksander Kardachi Karnjote Singh s/o Jarmal Singh Kroll Pte. Limited 1 Raffles Place #29-1TO3, One Raffles Place Singapore 048616 ALMANACH LAMPS: Court to Hear Wind-Up Petition on June 19 --------------------------------------------------------- A petition to wind up the operations of Almanach Lamps & Luminaires Pte. Ltd. will be heard before the High Court of Singapore on June 19, 2026, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on May 26, 2026. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 FINGERMOTION INC: FY26 Loss Widens to $7MM; Going Concern Persists ------------------------------------------------------------------ FingerMotion, Inc. has filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K to report its financial results for the year ended February 28, 2026. San Francisco, California-based CT International LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated May 29, 2026, attached to the Company's Annual Report on Form 10-K for the year ended February 28, 2026, citing that the Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. The Company had an accumulated deficit of $41.17 million and $34.19 million as at February 28, 2026 and February 28, 2025 respectively, and had a net loss of $7.02 million and $5.11 million for the years ended February 28, 2026 and February 28, 2025, respectively. The Company recorded $24.13 million and $35.61 million in revenue, respectively, for the years ended February 28, 2026 and February 28, 2025. The Company's continuation as a going concern is dependent on its ability to obtain additional financing to fund operations, implement its business model, and ultimately, attain profitable operations. The Company will need to secure additional funds through various means, including equity and debt financing or any similar financing. There can be no assurance that the Company will be able to obtain additional equity or debt financing, if and when needed, on terms acceptable to the Company, or at all. Any additional equity or debt financing may involve substantial dilution to the Company's stockholders, restrictive covenants, or high interest costs. The Company's long-term liquidity also depends upon its ability to generate revenues and achieve profitability. Management Comments "Fiscal 2026 presented both opportunities and challenges," said Martin Shen, CEO of FingerMotion, "as we continued investing in our business while responding to changes in operating conditions. Our priority remains strengthening our core telecommunications operations while continuing to develop our marketplace platforms, data analytics capabilities, and technology initiatives in a disciplined manner. We remain focused on improving operational efficiency, strengthening execution across our businesses, and allocating capital carefully. While China continues to be an important market for the Company, we are also evaluating opportunities in selected international markets as part of our strategy to broaden our business footprint and diversify future growth opportunities. Our objective is to continue building a stronger and more diversified business portfolio while creating long-term value for our shareholders." A full text copy of the Company's Form 10-K is available at https://tinyurl.com/yat29693 About FingerMotion Inc. Singapore-based FingerMotion Inc. is an evolving technology company with a core competency in mobile payment and recharge platform solutions in China. As the user base of its primary business continues to grow, the Company is developing additional value-added technologies to market to its users. The vision of the Company is to rapidly grow the user base through organic means and have this growth develop into an ecosystem of users with high engagement rates utilizing its innovative applications. Developing a highly engaged ecosystem of users would strategically position the Company to onboard larger customer bases. FingerMotion eventually hopes to serve over 1 billion users in the China market and eventually expand the model to other regional markets. As of February 28, 2026, the Company had $60.85 million in total assets, $45.70 million in total liabilities, and $15.15 million in total stockholders' equity. FLAT WHITE: Court to Hear Wind-Up Petition on June 19 ----------------------------------------------------- A petition to wind up the operations of Flat White Pte. Ltd. will be heard before the High Court of Singapore on June 19, 2026, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on May 26, 2026. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 MODA PAOLO: Court to Hear Wind-Up Petition on June 19 ----------------------------------------------------- A petition to wind up the operations of Moda Paolo Pte. Ltd. will be heard before the High Court of Singapore on June 19, 2026, at 10:00 a.m. Standard Chartered Bank (Singapore) Limited filed the petition against the company on May 28, 2026. The Petitioner's solicitors are: Rajah & Tann Singapore LLP 9 Straits View #06-07 Marina One West Tower Singapore 018937 SEASPAN CORPORATION: Fitch Affirms BB Long-Term IDR, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has affirmed Seaspan Corporation Pte. Ltd.'s Long-Term Issuer Default Rating (IDR) and unsecured notes at 'BB'. The Rating Outlook is Stable. Key Rating Drivers Leading Franchise and Low Leverage: The affirmations reflect Seaspan's scale and franchise as a leading containership lessor, low leverage, predictable cash flows generated predominantly from longer-term leases, and adequate liquidity. Seaspan's ratings are also supported by a strong operating platform, which includes ownership of a young fleet on long-term charters, solid profitability and an experienced leadership team. Shipping Exposure, Secured Funding Constrain Rating: Seaspan's ratings are primarily constrained by high customer concentrations, its largely secured funding profile and the specialized nature and relative illiquidity of containerships when compared with other large equipment lessors. Rating constraints applicable to the containership leasing sector include risks associated with the cyclicality of the global shipping industry, exposure to trade policy shocks and the potential for undisciplined industry capacity build-up that may negatively impact the financial performance of containership liners. These risks, should they materialize, could pressure containership charter rates and expose Seaspan to potentially sizable impairment charges. Largest Global Containership Lessor: Seaspan is the largest containership lessor in the world with 180 ships accounting for 1.9 million of 20-foot equivalent Unit (TEU) capacity, as well as two pure car truck carrier (PCTC) vessels, as of March 31, 2026 (fiscal 2Q26). Additionally, Seaspan's orderbook as of April 2026 totals 65 newbuild vessels to be delivered through 2029, including six PCTCs, five very large ethane carriers (VLEC) and four dry bulk carriers. This follows the successful delivery of all 70 vessels in its 2020-2021 order book. High Quality Fleet: Fitch views the order book as credit positive as it aligns with the strategy of long-term, fixed rate leases to strong counterparties while diversifying the end user base. The majority of newbuilds have dual-fuel engines and can run on liquified natural gas or methanol, which reduces emissions and should support vessel demand. Seaspan's fleet is the youngest among public peers with a weighted average fleet age of six years as of fiscal 2Q26, pro forma for the order book. Further, the portfolio's long average remaining term of 10 years at fiscal 2Q26, pro forma, mitigates remarketing risk despite the highly uncertain trade and geopolitical environment. Concentrated Customer Base, Low Impairments: Seaspan's top three customers generated 62% of lease revenues in the nine months ended Sept. 30, 2025 (fiscal 2025). Newbuild vessel revenue will remain concentrated, but asset quality is likely to improve through broader sector diversification, higher exposure to Maersk and Hyundai-Glovis and the proposed merger of Hapag-Lloyd and ZIM Integrated Shipping Services. Seaspan has not recorded vessel impairments since 2016. Fitch expects impairment risk to remain low over the Outlook horizon, supported by the company's young, in-demand fleet and focus on the largest shipping line customers globally. Solid Profitability: Seaspan reported pre-tax return on average assets (ROAA) of 4.3% in fiscal 1H26 (annualized), consistent with the four-year average of 4.7% from 2022 (fiscal 2025). Fitch expects ROAA to remain in the 3%-5% range over the Outlook horizon as the contracted lease revenues are realized and utilization remains high despite U.S. trade policy shocks, as Seaspan's next lease expiration is in 2029. Leverage Driven by Order Book: Seaspan's leverage is amongst the lowest compared to Fitch-rated equipment lessors, with gross debt to tangible equity of 2.2x at fiscal 2Q26. While still low, leverage has risen incrementally from 1.6x-1.8x in YE 2020-YE 2022, as the company has drawn on secured financing for newbuild vessel deliveries. Fitch expects leverage to continue to rise with newbuild construction but remain below 3.0x over the Outlook horizon. Largely Secured Funding: Seaspan's predominantly secured funding profile constrains the rating. At fiscal 2Q26, unsecured debt represented 7% of total debt, down from 22% at 1Q23 due to early bond redemptions triggered by the closing of the take-private transaction in 2023, as well as material draws on secured borrowing capacity to fund newbuild deliveries. Seaspan entered into a $72 million unsecured term loan in April 2026, which increases the unsecured mix to 8%, pro forma. Fitch believes a more meaningful unsecured funding component would improve financial flexibility in times of stress. Adequate Liquidity: Seaspan's liquidity profile is adequate. At fiscal 2Q26, it had $535 million of cash and $700 million available under its committed revolving credit facilities, which Fitch estimates covered the next 12 months of debt maturities by about 1.8x. Newbuild capex for 2026-2029 deliveries is fully funded by committed financing and current liquidity. Distributions to redeem Atlas Corp. instruments lifted the dividend payout to 130% of net income in 1H26 and 118% in fiscal 2025, but it has remained manageable relative to operating cash flows and liquidity on hand. Fitch expects dividends to return to historical levels as most Atlas Corp. level obligations have been redeemed. Stable Outlook: The Stable Outlook reflects Fitch's expectation that Seaspan will maintain its market position and generate consistent cash flows with minimal impairments, while maintaining sufficient liquidity, an unsecured funding component, and leverage below 3.0x over the Outlook horizon. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Material deterioration in the container shipping industry due to trade wars between large economies and/or exogenous shocks resulting in oversupply of containerships and sustained declines in lease rates and cash generation of re-chartered vessels; - The default of one of the company's top lessees; elevated vessel impairments that erode Seaspan's equity base; debt-funded capital distributions to the parent; - A sustained increase in leverage above 3.0x; - Sustained maintenance of unsecured funding below 10%; and/or - The decline of liquidity coverage below 1x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Sustained increase in the unsecured debt proportion approaching 25% of total debt, which would enhance the company's funding flexibility; - Further diversification and improvement in the credit quality of the customer base; - Leverage sustained at or below 2.0x; - Continuation of minimal impairments; - Maintenance of a manageable dividend payout ratio; and/or - Liquidity coverage sustained above 1.25x. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The senior unsecured long-term debt rating is equalized with the Long-Term IDR and reflects average recovery prospects in case of stress, given the company's low leverage and the presence of the moderate pool of unencumbered assets. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The unsecured debt rating is expected to move in tandem with the IDR, but a meaningful increase in leverage and/or a decrease in the proportion of unencumbered assets to unsecured debt could result in the unsecured debt rating being notched down from the IDR. ADJUSTMENTS - The Standalone Credit Profile (SCP) has been assigned in line with the implied SCP. - The Business Profile score has been assigned below the implied score due to the following adjustment reason(s): business model (negative). - The Asset Quality score has been assigned below the implied score due to the following adjustment reason(s): concentrations; asset performance (negative), risk profile and business model (negative). - The Earnings & Profitability score has been assigned below the implied score due to the following adjustment reason(s): historical and future metrics (negative). - The Funding, Liquidity & Coverage score has been assigned below the implied score due to the following adjustment reason(s): historical and future metrics (negative). ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Seaspan Corporation Pte. Ltd. LT IDR BB Affirmed BB senior unsecured LT BB Affirmed BB TS POWER: Court to Hear Wind-Up Petition on June 19 --------------------------------------------------- A petition to wind up the operations of TS Power Construction Pte. Ltd. will be heard before the High Court of Singapore on June 19, 2026, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on May 26, 2026. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 ********* 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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