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260610.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, June 10, 2026, Vol. 29, No. 115 Headlines A U S T R A L I A BARBECUES GALORE: To Shut 62 Stores After AUD5MM Rescue Deal Fails BRITE ADVISORS: ASIC Permanently Bans Former Responsible Manager COROWA GOLF: First Creditors' Meeting Set for June 16 GOTERRA PTY: Enters Voluntary Administration GOTERRA PTY: First Creditors' Meeting Set for June 16 ISLAND RESORTS: First Creditors' Meeting Set for June 16 MEGNA BKC: First Creditors' Meeting Set for June 18 PALLADIUM HEALTHCARE: Second Creditors' Meeting Set for June 15 PANORAMA AUTO 2026-2: Fitch Assigns B(EXP)sf Rating to Cl. F Notes C H I N A ZK INTERNATIONAL: Registers 12 Million Shares for 2026 Equity Plan [] CHINA: Unemployment Insurance Fund Slips Into Deficit H O N G K O N G WELL LINK: Fitch Assigns 'BB+' Rating to USD Subordinated Bonds I N D I A ACE CONSTRUCTIONS: CARE Keeps B- Debt Rating in Not Cooperating AISHWARYA CONSTRUCTION: CARE Keeps B- Rating in Not Cooperating BAJLA MOTORS: CARE Keeps C Debt Rating in Not Cooperating Category BALAGANGA TEXTILES: Insolvency Resolution Process Case Summary BALAJI WIRE: CARE Keeps B- Debt Rating in Not Cooperating Category CUCKU ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating ENCANA INTERNATIONAL: CARE Keeps B- Debt Rating in Not Cooperating HITKARI GRAM: CARE Keeps C Debt Rating in Not Cooperating Category INDRAJIT POWER: Evonith Steel Acquires Company for INR232cr KIKANI INTERNATIONAL: CARE Keeps D Debt Ratings in Not Cooperating L. N. FIELDS: CARE Keeps B- Debt Rating in Not Cooperating LONDON STAR: CARE Keeps D Debt Ratings in Not Cooperating Category LUCETIO PRIMARY: Insolvency Resolution Process Case Summary MAHALAXMI FAB: CARE Keeps B- Debt Rating in Not Cooperating MAHESTALA AGRO: CARE Keeps B- Debt Rating in Not Cooperating MARTINA BIO: Insolvency Resolution Process Case Summary OMKARA POLYPLAST: CARE Keeps D Debt Ratings in Not Cooperating PARAMOUNT STEELS: CARE Keeps D Debt Rating in Not Cooperating PATHWAYS RETAIL: Insolvency Resolution Process Case Summary POOJA PRINTERS: CARE Keeps B- Debt Rating in Not Cooperating RANA MILK: CARE Keeps D Debt Rating in Not Cooperating Category RENUKA FARMERS: CARE Keeps D Debt Ratings in Not Cooperating SAPTHAGIRI HOSPITALITY: CARE Keeps B- Rating in Not Cooperating SAYA HOMES: CARE Keeps D Debt Rating in Not Cooperating Category SOFT MEDICAPS: CARE Keeps B- Debt Rating in Not Cooperating SOLITAIRE POWERTECH: CARE Lowers Rating on INR91.31cr LT Loan to D SSAGRI GROUP: Insolvency Resolution Process Case Summary SUJAY FEEDS: CARE Keeps B- Debt Rating in Not Cooperating Category SUSHEEL ENGINEERS: CARE Keeps D Debt Ratings in Not Cooperating THIEF HOTELS: Insolvency Resolution Process Case Summary VIRAL CORPORATION: CARE Keeps C Debt Rating in Not Cooperating J A P A N [] JAPAN: Corporate Bankruptcies Down 8.9% in May N E W Z E A L A N D ASI LIMITED: Creditors' Proofs of Debt Due on July 10 HYPERION ONE: First Creditors' Meeting Set for June 15 NVP LIMITED: Court to Hear Wind-Up Petition on June 16 OTTOW ENTERPRISES: Creditors' Proofs of Debt Due on July 1 SKIN SPA: Court to Hear Wind-Up Petition on June 16 WONDER WATER: Avoids Going Under as Creditors Accept Equity Swap P H I L I P P I N E S [] PHILIPPINES: Warns of FX Risks as Big Firms Face $26B Debt Bill S I N G A P O R E COSCO PETROLEUM: Creditors' Proofs of Debt Due on July 6 NEAR PTE: Court to Hear Wind-Up Petition on June 19 OCEANUS MARINE: Court to Hear Wind-Up Petition on July 3 VICTORY SHIPPING: Court to Hear Wind-Up Petition on June 12 YANG MING: Court to Hear Wind-Up Petition on June 12 - - - - - ================= A U S T R A L I A ================= BARBECUES GALORE: To Shut 62 Stores After AUD5MM Rescue Deal Fails ------------------------------------------------------------------ News.com.au reports that hundreds of Barbecues Galore workers face an uncertain future after the iconic Aussie chain announced it would shut 62 of its stores, following the collapse of a last ditch deal to save the struggling retailer. Barbeques Galore went into voluntary administration in February this year. According to news.com.au, plans for Gordon Brothers to recapitalise the business under a proposed deed of company arrangement failed to secure commercial trading terms with suppliers. The Gordon Brothers proposal to stop the group from winding up or entering liquidation was supported by creditors but negotiations with counterparties, including landlords and suppliers, failed to reach acceptable commercial trade terms, news.com.au relates. The proposal included a AUD5 million payment for creditors that would no longer be paid. While receivers Ankura had several expressions of interest, last month it became clear there were no offers to acquire or recapitalise the business. "Following negotiations in recent weeks, the Barbeques Galore Group has reached the position where the conditions to the deed of company arrangement proposal are not capable of being implemented," news.com.au quotes an Ankura spokesman as saying. "Since there is no other . . . proposal or transaction capable of implementation, the BBQG Group will transition to winding up with effect from 16 June 2026." According to news.com.au, dozens of stores are expected to shut, and transitional arrangements on the future of 27 franchisee owned stores are underway. About 500 staff members are expected to receive their full entitlement and benefits. News.com.au says retail and franchisee stores will continue to operate as normal during the receivership process. Gift cards will also be honoured until June 30 on the condition that for every AUD1 of gift card credit redeemed, the holder provides AUD2 in new consideration. For instance, to redeem a AUD50 gift card, a customer will be required to make a purchase of AUD150, of which AUD100 must be paid after applying the gift card credit. Customer deposits will continue to be honoured as normal, adds news.com.au. About Barbeques Galore Barbeques Galore is considered to be Australia's largest barbecue and outdoor furniture retailer. It specialises in barbecues, heaters and other related products, and stocks brands including Ziegler and Brown, Kamado Joe, Prosmoke, Traeger, Beefeater and Saxon. On Feb. 12, 2026, Philip Campbell Wilson, Lisa Gibb and Matthew James Byrnes of Grant Thornton Australia Limited were appointed as administrators of: - Barbeques Galore Pty Limited; - Barbeques Galore (Aust) Pty Limited; - Barbeques Galore Services Pty Limited; - Bosmana Pty. Limited; - Cook-On Gas Products (Australia) Pty Ltd; - Cougar Leisure Products Pty Limited; - Douglas Manufacturing Pty Ltd; - G.L.G. Australia Pty Limited; - Galore Group Nominees Pty. Limited; - Galore Pty Limited; - Park-Tec Engineering Pty Ltd; - Pricotech Leisure Brands Pty Limited; - Redgun Pty Ltd; - The Galore Group (International) Pty Limited; and - Vilbrent Pty Ltd. BRITE ADVISORS: ASIC Permanently Bans Former Responsible Manager ---------------------------------------------------------------- The Australian Securities & Investments Commission (ASIC) has permanently banned the former responsible manager of Brite Advisors Pty Ltd, Mr. Gerard Duffy, from providing financial services, after a finding that ASIC has reason to believe that Mr. Duffy is not a fit and proper person. In the context of financial services, to be a fit and proper person means that a person conducts themselves with honesty, integrity and sound judgement. The finding by ASIC that it has reason to believe that Mr. Duffy is not a fit and proper person followed a hearing before an ASIC Delegate. ASIC found that Mr. Duffy had failed to disclose and manage an actual, perceived or potential conflict of interest, and that some of Mr. Duffy's responses in examinations conducted by ASIC under section 19 of the ASIC Act indicated a lack of integrity and honesty. Mr. Duffy has been permanently banned from: - providing financial services, - controlling, whether alone or in concert with others, an entity that carries on a financial services business, and - performing any function involved in the carrying on of a financial services business (including as an officer, manager, employee, contractor or in some other capacity). The banning order took effect from June 3, 2026. Mr. Duffy's banning has been recorded on ASIC's Banned and Disqualified register. Mr. Duffy has the right to appeal to the Administrative Review Tribunal for a review of ASIC's decision. ASIC's records show that Mr. Duffy was an authorised representative of Brite from Dec. 1, 2020 to April 30, 2025, a financial advisor of Brite from Dec. 1, 2020 to Dec. 31, 2021, a responsible manager of Brite since July 13, 2017, and a consultant to Brite from July 22, 2022 to October 2023. In examinations of Mr. Duffy conducted by ASIC under section 19 of the ASIC Act in October 2021 and July 2022 in relation to the affairs of Brite, Mr. Duffy's answers to relevant questions omitted disclosure to ASIC of his employment at AFCA in circumstances where his failure to mention his employment at AFCA in his answers to ASIC indicated a lack of integrity and honesty. Mr. Duffy was employed by AFCA from April 6, 2021 to July 15, 2025. Mr. Duffy also failed to disclose to AFCA his relationship with Brite. Brite Advisors Pty Ltd was placed into liquidation on Feb. 6, 2024. ASIC cancelled the financial services licence of Brite Advisors Pty Ltd on April 29, 2025. COROWA GOLF: First Creditors' Meeting Set for June 16 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Corowa Golf Club Ltd (trading as "Corowa Golf Club Motel") will be held on June 16, 2026, at 10:00 a.m. via Zoom. Henry McKenna of Vincents was appointed as administrator of the company on June 3, 2026. GOTERRA PTY: Enters Voluntary Administration -------------------------------------------- SmartCompany reports that Goterra, the pioneering ag-tech startup turning food waste into animal feed and fertiliser, has entered voluntary administration. SmartCompany, citing documents listed by the Australian Securities and Investments Commission, says the company board on June 3 appointed Teneo's Daniel Walley and Martin Ford to serve as administrators. Their appointment spells an uncertain future for the Canberra-based startup, whose sole founder, Olympia Yarger, scaled a solution to the persistent challenge of organic waste. In a statement provided to SmartCompany, a Goterra representative said the startup could not secure the investment needed to grow its operations. "Goterra has working technology, contracted customers, and operating licences that are genuinely difficult to replicate," the spokesperson said. "This was not a product failure or a market failure. "We ran out of runway while pursuing the investment we needed to scale." SmartCompany relates that the spokesperson said the administrators hope to sell Goterra as a going concern. "Teneo has been appointed and their focus, and ours, is on achieving the best possible outcome through the administration process, including a going concern sale," they said. Goterra's core technology involves ‘maggot robots', self-contained units where black soldier fly larvae are fed industrial quantities of leftover food and produce that would otherwise rot in landfill. Those units, roughly the size of a shipping container, are temperature-controlled and capable of running 24/7 with minimal supervision. Goterra states that processing food waste through its system results in lower CO₂-equivalent emissions compared to traditional disposal methods, helping clients come closer to their sustainability goals. And those units produce useful end products: mature larvae, which Goterra converts into protein-rich feed for the livestock industry, and larvae waste, or 'frass', which is suitable as fertiliser. According to SmartCompany, Ms. Yarger secured a AUD1.2 million seed funding round in 2018, from backers including Grok Ventures, Rampersand, Giant Leap, and the CAGES Foundation. Tenacious Ventures, a fund focused on the agri-food sector, led a 2020 round providing Goterra with AUD8 million. The startup counts Melbourne Airport, the City of Sydney, Woolworths, the Hyatt Regency hotel in Darling Harbour, and Lendlease's Barangaroo precinct among its clients. Its growth trajectory and revenue of nearly AUD1 million catapulted Goterra to ninth place in SmartCompany's 2024 Smart50 Awards. But the post-pandemic period proved difficult for founders scaling non-software businesses, SmartCompany notes. GOTERRA PTY: First Creditors' Meeting Set for June 16 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Goterra Pty Ltd will be held on June 16, 2026, at 10:30 a.m. at the offices of Teneo, at Suite 2, Level 20, 60 Castlereagh Street, in Sydney, NSW. Adam John Colley and Andrew John Scott of Teneo were appointed as administrators of the company on June 3, 2026. ISLAND RESORTS: First Creditors' Meeting Set for June 16 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Island Resorts (Apartments) Pty Ltd will be held on June 16, 2026, at 9:00 a.m. via Microsoft Teams. Travis Pullen of B&T Advisory was appointed as administrator of the company on June 9, 2026. MEGNA BKC: First Creditors' Meeting Set for June 18 --------------------------------------------------- A first meeting of the creditors in the proceedings of Megna BKC Pty Ltd and The Megna Group Pty Limited will be held on June 18, 2026, at 11:00 a.m. via Microsoft Teams. Darryl Kirk and Stephen Earel of Cor Cordis were appointed as administrators of the company on June 8, 2026. PALLADIUM HEALTHCARE: Second Creditors' Meeting Set for June 15 --------------------------------------------------------------- A second meeting of creditors in the proceedings of Palladium Healthcare Pty Ltd (trading as Maleny Private & Palladium Private) has been set for June 15, 2026, at 2:00 p.m. via Microsoft Teams. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by June 12, 2026 at 5:00 p.m. Shaun McKinnon and Duncan Clubb of BDO were appointed as administrators of the company on May 11, 2026. PANORAMA AUTO 2026-2: Fitch Assigns B(EXP)sf Rating to Cl. F Notes ------------------------------------------------------------------ Fitch Ratings has assigned expected ratings to Panorama Auto Trust 2026-2's pass-through floating-rate notes. The notes are backed by a pool of first-ranking Australian automotive lease and loan receivables originated by Angle Auto Finance Pty Ltd (AAF). The notes will be issued by Perpetual Corporate Trust Limited as trustee for Panorama Auto Trust 2026-2. Entity/Debt Rating ----------- ------ Panorama Auto Trust 2026-2 A1 LT AAA(EXP)sf Expected Rating A2 LT AAA(EXP)sf Expected Rating B LT AA(EXP)sf Expected Rating C LT A(EXP)sf Expected Rating Commission Note LT AAA(EXP)sf Expected Rating D LT BBB(EXP)sf Expected Rating E LT BB(EXP)sf Expected Rating F LT B(EXP)sf Expected Rating G1 LT NR(EXP)sf Expected Rating G2 LT NR(EXP)sf Expected Rating Transaction Summary The total collateral pool at the 30 April 2026 cut-off date was AUD750 million. The pool consisted of 15,605 receivables with weighted-average (WA) seasoning of 2.7 months, WA remaining maturity of 50.3 months and an average contract balance of AUD48,061. KEY RATING DRIVERS Stress Commensurate with Ratings: Its base-case gross-loss expectations (and 'AAAsf' default multiples) are as follows: Novated leases: 1.2% (7.50x) Consumer loans: 3.0% (5.75x) Commercial loans: 4.0% (5.25x) The recovery base case for electric vehicles (EVs) is 24.0%, with a 'AAAsf' recovery haircut of 60.0%, and that for non-EVs is 35.0%, with a 'AAAsf' recovery haircut of 50.0%. The weighted-average (WA) base-case default assumption is 2.6% and the 'AAAsf' default multiple is 5.9x. Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 2.6% for 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. Excess Spread Limited by Commission Note Repayment: The transaction includes a commission note to fund the purchase-price component of the unamortised commission paid to introducers for the origination of receivables. The note will not be collateralised and will amortise in line with an amortisation schedule. Failure to make payments on the commission note in line with its amortisation schedule will not constitute an event of default. Its repayment reduces the availability of excess spread to cover losses, as it ranks senior in the interest waterfall, above the class B to F notes. Structural Risks Addressed: Counterparty risk is mitigated by documented structural mechanisms that ensure remedial action takes place should the ratings of the swap provider, liquidity facility provider or transaction account bank fall below a certain level. The class A to F notes will receive principal repayments pro rata upon satisfaction of stepdown criteria. The percentage of credit enhancement provided by the G notes will increase as the A to F notes amortise. Approximately 20.0% of the asset pool comprises loans with a subvented interest rate. These are loans where the motor vehicle manufacturer offered low-rate finance for the purchase of a new motor vehicle. The manufacturer then subsidises the difference between AAF's standard rate and the customer's discounted rate. The amount of unamortised subvention payments will be pre-funded in a subvention reserve, which will release funds into the income waterfall in line with an amortisation schedule. Low Operational and Servicing Risk: All receivables were originated by AAF, which demonstrated adequate capability as originator, underwriter and servicer. Servicer disruption risk is mitigated by standby servicing arrangements. The nominated standby servicer is Perpetual Corporate Trust Limited. Fitch undertook an operational review and found that the operations of the originator and servicer were comparable with those of other auto lenders. No Residual Value Risk: There is no residual value exposure in this transaction. However, 49.3% of the portfolio by receivable value has balloon amounts payable at maturity, which has been incorporated into the rating analysis. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Transaction performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce credit enhancement available to the notes. Unanticipated increases in the frequency of defaults and loss severity on defaulted receivables could produce loss levels higher than Fitch's base case, and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions; these include increasing WA defaults and decreasing the WA recovery rate. Downgrade Sensitivities Notes: Commission / A / B / C / D / E / F Expected Rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf 10% defaults increase: AAAsf / AA+sf / AA-sf / A-sf / BBB-sf / BB-sf / Less than Bsf 25% defaults increase: AAAsf / AAsf / A+sf / BBB+sf / BB+sf / B+sf / Less than Bsf 50% defaults increase: AAAsf / A+sf / A-sf / BBBsf / BBsf / Bsf / Less than Bsf 10% recoveries decrease: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf 25% recoveries decrease: AAAsf / AA+sf / AAsf / A-sf / BBB-sf / BBsf / Less than Bsf 50% recoveries decrease: AAAsf / AA+sf / AA-sf / A-sf / BBB-sf / BB-sf / Less than Bsf 10% defaults increase / 10% recoveries decrease: AAAsf / AA+sf / AA-sf / A-sf / BBB-sf / BB-sf / Less than Bsf 25% defaults increase / 25% recoveries decrease: AAAsf / AAsf / Asf / BBBsf / BB+sf / B+sf / Less than Bsf 50% defaults increase / 50% recoveries decrease: AAAsf / Asf / BBB+sf / BBB-sf / BB-sf / Less than Bsf / Less than Bsf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Economic conditions, loan performance and credit losses that are better than its baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. Upgrade Sensitivities The commission and class A notes are at the highest level on Fitch's scale and cannot be upgraded. Notes: B / C / D / E / F Expected Rating: AAsf / Asf / BBBsf / BBsf / Bsf 10% defaults decrease / 10% recoveries increase: AA+sf / A+sf / BBB+sf / BB+sf / B+sf USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch reviewed the results of a third-party assessment conducted on the asset portfolio information, and concluded that there were no findings that affected the rating analysis. 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 Panorama Auto Trust 2026-2 has an ESG Relevance Score (RS) of '4' for Energy Management because EVs form 23.7% of the pool, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The ESG RS is higher than the baseline RS of '2' for this general issue in the Australian auto sector. There is limited credit performance data for EVs, and available market data shows notable differences in recoveries between EVs and non-EVs. Fitch's analytical approach for the transaction was not adjusted, due purely to the "green" nature of the underlying collateral, but Fitch referenced available market data for EVs in determining its recovery assumptions. 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. ========= C H I N A ========= ZK INTERNATIONAL: Registers 12 Million Shares for 2026 Equity Plan ------------------------------------------------------------------ ZK International Group Co., Ltd. filed a registration statement on Form S-8 in accordance with the requirements of Form S-8 under the Securities Act of 1933, as amended, in order to register 12,000,000 ordinary shares, no par value per share, issuable pursuant to the 2026 Second Equity Incentive Plan of the company. A full text copy of the registration statement is available at https://tinyurl.com/kavbxxbz About ZK International Group Co. Ltd. ZK International Group Co., Ltd. is a China-based designer, engineer, manufacturer, and supplier of patented high-performance stainless steel and carbon steel pipe products that require sophisticated water or gas pipeline systems. The Company owns 33 patents, 21 trademarks, 2 Technical Achievement Awards, and 10 National and Industry Standard Awards. ZK International is Quality Management System Certified (ISO9001), Environmental Management System Certified (ISO1401), and a National Industrial Stainless Steel Production Licensee that is focused on supplying steel piping for the multi-billion-dollar industries of Gas and Water sectors. ZK has supplied stainless steel pipelines for over 2,000 projects, including the Beijing National Airport, the "Water Cube", and "Bird's Nest", which were venues for the 2008 Beijing Olympics. Emphasizing superior properties and durability of its steel piping, ZK International is providing a solution for the delivery of high quality, highly sustainable, environmentally sound drinkable water not only to the China market but also to international markets such as Europe, East Asia, and Southeast Asia. In its audit report dated February 4, 2026, attached to the Company's Annual Report on Form 20-F for the fiscal year ended September 30, 2025, Fortune CPA, Inc, the Company's auditor since 2024, issued a "going concern" qualification citing that the Company has negative working capital, negative cash flow from operating activities, and accumulated deficit that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $62.87 million in total assets, $38.25 million in total liabilities, and $24.61 million in total equity. [] CHINA: Unemployment Insurance Fund Slips Into Deficit -------------------------------------------------------- Caixin Global reports that China's unemployment insurance fund is facing escalating financial strain. According to recent data from the Ministry of Human Resources and Social Security, the country's unemployment insurance system covered 248 million people from January to April 2026. During this period, the fund took in CNY70.53 billion ($10.41 billion) in revenue but paid out CNY70.86 billion, resulting in a deficit of CNY330 million, Caixin relates. Compared with the same period last year, the number of participants, fund revenue and expenditures increased by 3.95 million, CNY3.99 billion and CNY8.09 billion, respectively. Notably, the spending reached its highest level for the same period since 2020, says the report. ================= H O N G K O N G ================= WELL LINK: Fitch Assigns 'BB+' Rating to USD Subordinated Bonds --------------------------------------------------------------- Fitch Ratings has assigned a 'BB+' rating to Well Link Life Insurance Company Limited's (Insurer Financial Strength Rating: BBB/Stable) proposed US dollar dated subordinated Tier 2 capital bonds. The subordinated bonds represent Well Link Life's direct, unsecured and subordinated obligations. The net proceeds will be used to strengthen its capital adequacy and for general corporate purposes. Fitch has simultaneously published Well Link Life's Long-Term Issuer Default Rating (IDR) of 'BBB-'. The Outlook is Stable. Key Rating Drivers The subordinated bonds are rated one notch below Well Link Life's IDR to reflect Fitch's assumption of 'Below Average' recovery prospects in the event of a default for subordinated bonds issued at an operating entity. The subordinated bonds rank in line with all other present subordinated obligations with cumulative features of the issuer, but rank ahead of the rights of shareholders' equity. The rated subordinated bonds will have a fixed maturity period of 10 years and can be redeemed at the option of the issuer after five years. There is no additional notching for non-performance risk, as Fitch views this risk as minimal. Management has no discretionary option to defer interest payments, even if the issuer does not meet the minimum regulatory solvency requirements. Fitch applies its "regulatory override" to the extent that these bonds are afforded equity credit for regulatory solvency purposes, and similarly classifies the same extent of these bonds as 100% equity capital in the capital adequacy assessment. However, the bonds are classified as 100% debt in Fitch's financial leverage calculations, as they are dated bonds. The issuance will enhance Well Link Life's capital adequacy, which was assessed as 'Extremely Strong' in 2025 as measured by the Fitch Prism Global model, and risk-based capital of 217%. Fitch expects the insurer's financial leverage to rise above the ratio guideline for IFS 'BBB' category rated insurers after the proposed issuance. Nonetheless, Fitch believes the improvement in capitalisation will mitigate the increase in financial leverage and interest expenses. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - The debt rating on the proposed bonds will move in tandem with Well Link Life's IDR. - Deterioration in capitalisation, with the Fitch Prism score below the 'Strong' category; - Sustained weakening in financial performance, with return on equity (ROE) consistently below 3%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - The debt rating on the proposed bonds will move in tandem with Well Link Life's IDR. - A stronger company profile, including a larger operating scale and more diversified product lines; - Sustained profitability, with a stable value of new business margin and ROE consistently above 8%, while maintaining the Fitch Prism score at 'Strong' or above. 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 ----------- ------ Well Link Life Insurance Company Limited LT IDR BBB- Publish Subordinated LT BB+ New Rating ========= I N D I A ========= ACE CONSTRUCTIONS: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ace Constructions (AC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 48.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 23, 2025, placed the rating(s) of AC under the 'issuer non-cooperating' category as AC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 8, 2026, April 18, 2026, April 28, 2026, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable AC, established in 2004, is a part of the Pune (Maharashtra) based Gada group. The Gada Group started real estate activity in 1997 and has successfully developed about 5 lakh square feet (lsf) of commercial and residential development in Pune, Maharashtra. The group has interest in property development and financial services. The firm is developing a residential cum commercial project "Gada Anutham" at Hadapsar, Pune in two phases. The project consists of 4 buildings offering premium 39(1BHK), 121 (2 BHK) & 88(3 BHK) apartments and 10 commercial shops and offices with a host of amenities. AISHWARYA CONSTRUCTION: CARE Keeps B- Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Aishwarya Construction (AC) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 49.50 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 26, 2025, placed the rating(s) of AC under the 'issuer non-cooperating' category as AC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 11, 2026, April 21, 2026, May 1, 2026, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Aishwarya Construction (AC) was established in November 2018, by Mr. Suryabhan K. Bhosale and Mrs. Sangeeta Mangrule. However, the commercial operations of the firm commenced in April 2019. The firm is engaged in the business of execution of Engineering Procurement and Construction (EPC) projects in the infrastructure segment primarily in construction, up gradation, repair and maintenance of roads. BAJLA MOTORS: CARE Keeps C Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Bajla Motors Private Limited (BMPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.75 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 15, 2025, placed the rating(s) of BMPL under the 'issuer non-cooperating' category as BMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 1, 2026, March 11, 2026, March 21, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Bajla Motors Pvt. Ltd. (BMPL) was incorporated in August, 2000 by Bajla Family of Siliguri, West Bengal and started its commercial operation from January, 2001. The company is an authorized dealer of Tata Motors Ltd (TML) for its passenger cars, spares & accessories for three districts of West Bengal. At present, BMPL offers vehicles of TML & PVPL through its four showrooms (two in Siliguri, one in Darjeeling and one in Cooch Behar districts of West Bengal) equipped with 3-S facilities (Sales, Service and Spare-parts). Apart from this, the company also purchases and sells pre-owned cars. BALAGANGA TEXTILES: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Balaganga Textiles Private Limited D.No. 122-3B, Gandhi Nagar, Athumedu, ODC Road, Vedasandur, Dindigul, Tamil Nadu - 624001 Insolvency Commencement Date: May 5, 2026 Court: National Company Law Tribunal, Chennai Bench-II Estimated date of closure of insolvency resolution process: November 1, 2026 Insolvency professional: S. Kangayan Interim Resolution Professional: S. Kangayan Plot No. 81, 3rd Street, Phase 1, Dollars Colony, Vengambakkam, Tambaram East, Chennai - 600127 Tel: 96775 54665 Email: kangayan.s@gmail.com Last date for submission of claims: May 19, 2026 BALAJI WIRE: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Shri Balaji Wire (SBW) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.50 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 19, 2025, placed the rating(s) of SBW under the 'issuer non-cooperating' category as SBW had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SBW continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 4, 2026, April 14, 2026, April 24, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Katni (Rajasthan) based SBW was formed in April 2015 by Mr. Manoj Kumar Tanwani and Mr. Raj Kumar Tanwani by converting the proprietorship firm of Mr. Manoj Kumar Tanwani. SBW is engaged in manufacturing of wire products since 2008. The major products of the firm include Barbed Wire, Wired Nails, M.S. Wire and Chain Jali. SBW purchases raw material from Raipur and Bhilai and sells its finished products to dealers located majorly in Uttar Pradesh and Madhya Pradesh. The firm uses brand name of Tiger Super and ShaktiMaan for barbed wire and wired nails respectively. CUCKU ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Cucku Enterprises Private Limited (CEPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 6.50 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 7, 2025, placed the rating(s) of CEPL under the 'issuer non-cooperating' category as CEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 23, 2026, April 2, 2026, April 12, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Delhi-based CEPL was incorporated in 2008 and is currently being managed by Mr Chirag Goel and Mr Chaman Goel. The company is engaged in processing of spices such as whole, grounded and blended spices at its processing unit in Delhi. Besides this, the company is also engaged in trading of rice. The company procures the raw material such as turmeric, coriander, chillies, black pepper, ginger powder and mustard powder from suppliers located in Delhi region and nearby areas and traded good i.e. rice is procured from brokers in Haryana and Punjab. The company sells its products domestically and also exports the products to UK, Australia, Canada, USA and South Africa. ENCANA INTERNATIONAL: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Encana International (EI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 6.45 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 24, 2025, placed the rating(s) of EI under the 'issuer non-cooperating' category as EI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. EI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 10, 2026, March 20, 2026, March 30, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Encana International (EI) was established in March 2014 as a partnership firm by Mr. Mohit Malhotra and Mr. Sukhmilap Singh. However, the commercial operations started in December 2014. Later, in FY17, Mr. Vishal Todi was added as third partner. All the partners are sharing profit and losses equally. EIN is engaged in the manufacturing and flexographic printing of selfadhesive labels at its manufacturing unit located in Solan, Himachal Pradesh. HITKARI GRAM: CARE Keeps C Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Hitkari Gram Udyog Sangh (HGUS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 14, 2025, placed the rating(s) of HGUS under the 'issuer non-cooperating' category as HGUS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HGUS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 28, 2026, March 10, 2026, March 20, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Haryana-based Hitkari Gram Udyog Sangh (HGUS), a society formed in 1991. Currently Mr. Ajay Kumar, Mr. Nafe Singh Solanki, Mr. Pawan Gupta, Mr. Rajinder Kumar, Mr. Ravi Kumar, Mr. Chander Parkash and Mr. Rajiv Juneja are its members. They collectively look after the overall operations of the society. HGU is engaged in manufacturing of detergent powder which involves detergent cake and dish washing bar. HGU procures the raw material i.e. linear alkyl benzene sulphonic acid from suppliers like Aaditya Fine Chem Private Limited, DJ Surfactants etc. located in Udaipur, Rajasthan. INDRAJIT POWER: Evonith Steel Acquires Company for INR232cr ----------------------------------------------------------- The Economic Times reports that Evonith Steel on June 5 announced the acquisition of Indrajit Power Pvt Ltd (IPPL) through an insolvency process for INR232 crore. The acquisition of 85 MW thermal asset will support its power requirements, Evonith Steel said in a statement. "Evonith Steel was approved as the successful Resolution Applicant (SRA) by the National Company Law Tribunal (NCLT) on April 20," the statement said. It has completed the acquisition of IPPL Maharashtra for INR232 core through Insolvency and Bankruptcy Code (IBC) process, the statement added. Indrajit Power Pvt Ltd (IPPL) is located adjacent to the Evonith Steel's 1.4 million tonne capacity plant in Wardha, Maharashtra. Indrajit Power Private Limited commenced insolvency proceedings on Feb. 1, 2024. KIKANI INTERNATIONAL: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Kikani International Private Limited (KIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 22.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 21, 2025, placed the rating(s) of KIPL under the 'issuer non-cooperating' category as KIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 7, 2026, March 17, 2026, March 27, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Established as a proprietorship entity in 1980 by Mr. Kishandas Kikani under the name Kishandas Kikani (KK) was later converted into a partnership firm and renamed as Kikani Exports (KE) in 1990; which was later converted into a private limited company and renamed as Kikani International Private Limited (KIPL) in 2013. KIPL is engaged in processing of cotton yarns and fabrics. L. N. FIELDS: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of L. N. Fields Private Limited (LNFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 15, 2025, placed the rating(s) of LNFPL under the 'issuer non-cooperating' category as LNFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. LNFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 1, 2026, March 11, 2026, March 21, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Incorporated in January 1998, L. N. Fields Private Limited (LNFPL) was promoted by Mr. Arvind Karnani, Mr. Ujjal Dugar and Ms. Shalini Karnani. Till FY17, LNFPL was into trading of agro fertilizer, pesticides and cultivation of fruits and vegetables. However, the company discontinued the trading operations and started manufacturing of bio-organic fertilizer and pesticides along with cultivation of fruits and vegetables. The company has two farm lands one is located at Dhobni Village, (spread in an area of 50 acres) and other located in Nagpur (speared in an area of 100 acres) where the company uses scientific method for farming fruits and vegetables like pomegranate, colour capsicum and broccoli. The company sells its organic fertilizer and pesticides under its registered brands like Hannibal, Netra Max, Red Star, Pinaca, Simone etc. The company has its warehouse/godown located in 8 different cities spread in the state of Jharkhand, Assam and Maharashtra. The company has availed moratorium for interest on working capital and principal and interest repayment on term loan for the period from March 2020 to August 2020 from its lender. LONDON STAR: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of London Star Diamond Company (India) Private Limited (LSDCPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 10.80 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 12.85 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 17, 2025, placed the rating(s) of LSDCPL under the 'issuer non-cooperating' category as LSDCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. LSDCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 3, 2026, March 13, 2026, March 23, 2026, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in 1964, London Star Diamond Company (India) Private Limited (LSDCPL) is engaged in trading of cut and polished diamonds. It also does trade of rough diamonds. LSDCPL is predominantly an export-oriented firm. LUCETIO PRIMARY: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Lucetio Primary Manpower Private Limited Office No. 1, 1st Floor, 41 Castle Street, Opposite Sacred Heart Church, Richmond Road, Ashok Nagar, Richmond Town, Bangalore (North) PIN - 560025 Insolvency Commencement Date: May 20, 2026 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: November 17, 2026 Insolvency professional: Sushanta Kumar Choudhury Interim Resolution Professional: Sushanta Kumar Choudhury 64, Hem Chandra Naskar Road, Beleghata, Kolkata - 700010 Email: sk.choudry123@gmail.com cirp.lucetio@gmail.com Last date for submission of claims: June 6, 2026 MAHALAXMI FAB: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Mahalaxmi Fab (MF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 26, 2025, placed the rating(s) of MF under the 'issuer non-cooperating' category as MF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 11, 2026, April 21, 2026, May 1, 2026, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Mahalaxmi Fab (MF) was established in the year 2005 as proprietorship concern by Mr. Sachin Zanwar. MF is engaged in manufacturing of grey fabric used in suiting and shirting. The operations of the entity are diversified across Mumbai, Ahmedabad, Bangalore and Delhi., The entity has an installed capacity of 75 lakh meters p.a. which is fully utilized by the entity. The registered office and manufacturing unit is located at Ichalkaranji, Kolhapur. MAHESTALA AGRO: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Mahestala Agro Foods Private Limited (MAFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 17.30 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 15, 2025, placed the rating(s) of MAFPL under the 'issuer non-cooperating' category as MAFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MAFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 1, 2026, March 11, 2026, March 21, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Kolkata-based, Mahestala Agro Foods Private Limited (MAFPL) incorporated in April, 2009, was promoted by the Kundu family of Kolkata, West Bengal with Mr. Nityananda Kundu being the main promoter. MAFPL is engaged in the trading activities of agro based food products like rice, wheat, sugar, salt, edible oil etc. MAFPL has entered into an authorized license agreement since March, 2013 with West Bengal Public Distribution System (WBPDS) under Government of West Bengal whereby MAFPL receives orders for supply of food items like rice, wheat, sugar, salt etc. to WBPDS and the company sells edible oil to local customers. This apart, the company is also engaged in retailing of silver, gold, platinum and diamond jewellery under a franchise agreement with Titan Industries Limited under the brand name "Tanishq". MAFPL has two showrooms under this agreement, located at Barasat, and Behala in Kolkata, West Bengal. The franchise agreement with Titan Industries Limited for Barasat and Behala showrooms are valid for a period of nine years ending in May 2022 and March 2026 respectively. MARTINA BIO: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Martina Bio Genics Private Limited Registered Office: 78, Kalitala Road, 2nd Floor, Kalikapur, Kolkata, West Bengal - 700078 Factory/Works: Dwarir Road, Mouza: Dhamaitala, Chowhato, Rajpur, PS. Sonarpur, Dist: South 24, Parganas, Kolkata - 700151 Insolvency Commencement Date: May 22, 2026 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: November 18, 2026 Insolvency professional: Jitendra Lohia Interim Resolution Professional: Jitendra Lohia 2/7 Sarat Bose Road, Vasundhara Building, 2nd Floor, Kolkata - 700020 Email: jitulohia@knjainco.com cirp.mbgpl@gmail.com Last date for submission of claims: June 5, 2026 OMKARA POLYPLAST: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Omkara Polyplast Private Limited (OPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.91 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 3.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 0.18 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 21, 2025, placed the rating(s) of OPPL under the 'issuer non-cooperating' category as OPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. OPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 7, 2026, March 17, 2026, March 27, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Omkara Polyplast Private Limited (OPPL), incorporated in August, 2007, as Elegant Dealcomm Private Limited (EDPL) was initially commenced as an investment company dealing in securities and commodities. Subsequently in December 2009, the company was acquired by Mr Sumit Kumar Agarwal and Mr Somit Kumar Murarka of Kolkata and undertook a project to set up a unit for manufacturing high density polyethylene (HDPE)/ polypropylene (PP) based woven sacks, fabrics and tarpaulins at Asansol, West Bengal with an installed capacity of 4,752 MTPA. The company commenced manufacturing operations since December 2011 onwards. The product manufactured by OPPL are used for packaging purpose in various industries such as food grain industry, sugar industry, cement industry, salt industry, textile industry etc. PARAMOUNT STEELS: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Paramount Steels Limited (PSL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 6, 2025, placed the rating(s) of PSL under the 'issuer non-cooperating' category as PSL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PSL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 22, 2026, April 1, 2026, April 11, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Paramount Steels Limited (PSL) previously Sriyansh Steel Limited was originally incorporated on June, 1981. The name of the company was changed in March, 1999. PSL was established with an aim to set up a manufacturing facility at Ludhiana, Punjab for manufacturing of steel items like steel rounds, steel bright bars, steel rods, wire drawing etc. PATHWAYS RETAIL: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Pathways Retail Private Limited Khasra No. 136/2, 2nd Floor, Near SBI Rithala Road, Badli, North Delhi, Delhi - 110042 Insolvency Commencement Date: May 4, 2026 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: October 31, 2026 Insolvency professional: Rajesh Kumar Parakh Interim Resolution Professional: Rajesh Kumar Parakh 5/51, 2nd Floor, WEA, Karol Bagh, New Delhi - 110005 Email: parakh.rajesh@gmail.com 608, 6th Floor, New Delhi House, Barakhamba Road, New Delhi, Delhi - 110001 Email: cirp.pathways@gmail.com Last date for submission of claims: May 27, 2026 POOJA PRINTERS: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Pooja Printers (PP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE B-; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 17, 2025, placed the rating(s) of PP under the 'issuer non-cooperating' category as PP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 3, 2026, March 13, 2026, March 23, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Pooja Printers (PP) is a proprietorship entity established in June, 2014 by Mr. Chanderprakash Kewalram Makhija. The entity is engaged in the business of manufacturing of packaging material which mainly includes biscuits wrappers, flavoured candy pouch, spices pouch, flavoured jelly cup, pp films, milk pouch which find its application in Confectionery & FMCG industry. PP has its registered office located at Ulhasnagar, (Thane). RANA MILK: CARE Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Rana Milk Foods Private Limited (RMFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 25.08 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 6, 2025, placed the rating(s) of RMFPL under the 'issuer non-cooperating' category as RMFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RMFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 22, 2026, April 1, 2026, April 11, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Rana Milk Foods Private Limited was incorporated in 2005. RMFPL is engaged in the production of various milk products like skimmed milk powder (SMP), whole milk powder, dairy creamer, dairy whitener and other milk products like desi ghee, white butter, etc. at its unit located at Samrala, Punjab. The company is engaged in the selling of packed milk and various milk products under the brand name "Royal". The brand is sold in the markets of Punjab, Chandigarh, Haryana and Himachal Pradesh. The company also has set up a sales unit in Jodhpur which is mainly for the sale of Desi Ghee in Rajasthan and nearby Area. RENUKA FARMERS: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Renuka Farmers LLP (RFL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 15.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 21, 2025, placed the rating(s) of RFL under the 'issuer non-cooperating' category as RFL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RFL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 7, 2026, March 17, 2026, March 27, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Jaipur (Rajasthan) based Renuka Farmers LLP (RFL) was formed as a limited liability partnership in 2017 by Mr. Jaipal Saini with an objective to primarily engage in trading of different agricultural commodities including guar seeds, barley, guar gum, mustard seeds, pulses and wheat. SAPTHAGIRI HOSPITALITY: CARE Keeps B- Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sapthagiri Hospitality Private Limited (SHPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 15.19 CARE B-; Stable; ISSUER NOT COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 7, 2025, placed the rating(s) of SHPL under the 'issuer non-cooperating' category as SHPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SHPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 21, 2026, March 3, 2026, March 13, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Vadodara (Gujarat) based SHPL has been promoted by Mr. Kiran Dave and Mr. Vipul Thakker, which is a SPV floated by New Light Hotels and Resorts Limited (NLHRL) which owns The Gateway Hotel in Vadodara, Gujarat. Incorporated in January, 2009 SHPL has set-up a hotel in Dahej SEZ, which is now five-star hotel (as company has got 5-star Deluxe Category certificate from Regional Director India Tourism, Mumbai during FY18) which comprises hotel, studio apartments and other facilities. SHPL has built hotel in approximate 5.93 acre and balance 4.94 acres of land would be used for future projects of the company. The hotel is a 4 storied building and it has room inventory of 102 rooms and is managed by team of Fortune Park Hotels Limited (FPHL). Further, the hotel also offers state-of-the-art meeting and banquet facilities and multi cuisine restaurant that can accommodate up to 200 guests. SAYA HOMES: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Saya Homes Private Limited (SHPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 344.64 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING Category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 9, 2025, placed the rating(s) of SHPL under the 'issuer non-cooperating' category as SHPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SHPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 23, 2026, March 5, 2026, March 15, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable SHPL was incorporated on Dec. 3, 2010 for the development of residential/group housing project. SHPL is a part of Saya Group which has been engaged in real estate developments since 2006. The group has delivered 2 projects (total saleable area of 9.74 lsf) in the past in North India. The promoter of the company, Mr Vikas Bhasin has more than two decades of experience in the field of construction and marketing. Apart from the promoter, the management team consists of Mr Manoj Jain, who has more than 20 years of experience in finance and Mr Shivendra Nath, who has more than 15 years of expertise in architecture. SOFT MEDICAPS: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Soft Medicaps Limited (SML) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.64 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 8, 2025, placed the rating(s) of SML under the 'issuer non-cooperating' category as SML had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SML continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 22, 2026, March 4, 2026, March 14, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Soft Medicaps Limited (SML, CIN: U24232MP1998PLC013187) was incorporated in 1998 by Mr. Rajendra Prasad Sharma along with other family members. SML is engaged in the business of manufacturing of pharmaceutical products covering various range of products in human use mainly softgelatin capsules, anti-oxidant capsules (immunity booster), eye ointment (I-aplicap), sanitary napkins and pads. The manufacturing facility of SML is located at Dewas, Madhya Pradesh with an installed capacity of 60.59 crore per annum for Tablets/Capsules and 2 crore pads per year for Sanitary Napkins. The manufacturing facility meets the requirements of Drug Controller of Madhya Pradesh (Health & Family Welfare Department, M.P.). The company sells sanitary napkins and pads under the brand name of "Stayllin's". The company supplies its products to Haffkine Bio Pharmaceutical Corporation Limited (a Maharashtra Government Undertaking). It also supplies to Basanti Enterprises (distributor in West Bengal) which further supplies to state government on tender basis. It also directly sells its product under its brand name. SOLITAIRE POWERTECH: CARE Lowers Rating on INR91.31cr LT Loan to D ------------------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of Solitaire Powertech Private Limited (SPPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 91.31 CARE D; Downgraded from Facilities CARE BB+; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) has downgraded the ratings of the bank facilities of SPPL from CARE BB+; Stable to CARE D basis the adverse observation received in the monthly No-due certificate submitted by the company on June 02, 2026. As per the NDS dated June 2, 2026, additional interest of 25 basis points (bps) was levied by the term lender for non-creation of security on land which was not paid by the company. The company had requested for a waiver of the penal interest and the same was under discussion with the term lender. The penal interest remained overdue as on date as per the management. The term lender is allowed to charge additional interest rate in addition to the normal interest for the period of non-creation of security. Additionally, it has been confirmed with the lender that the penal interest was levied for the first time in May 2026 only and the same was not paid on time. The company has also been submitting clean no default statement till the month ending April 30, 2026, since the initial rating assignment. CareEdge Ratings notes that the company has adequate liquidity of INR21.0 crores (including free cash balance of INR6.0 crores, DSRA for two quarters of debt servicing of INR8.6 crores and fixed deposits earmarked as margin for BG of INR6.4 crores). Hence, the company had sufficient funds for servicing of penal interest as on May end. Rating sensitivities: Factors likely to lead to rating actions Positive factors: * Timely track record of debt servicing Negative factors: Not applicable Analytical approach: Standalone Outlook: Not applicable Detailed description of key rating drivers: Key weaknesses * Delay in serving of penal interest charges: SPPL has delayed servicing of its penal interest obligation by three days as of June 3, 2026. The same has been confirmed by the lender. The penal interest charges were levied on account of non-perfection of security on land of the company for the term debt availed by the company. Additionally, it has been confirmed with the lender that the penal interest was levied for the first time in May 2026 only and the company had protested the same. Key strengths * Long-term PPA with strong counterparty: SPPL had signed a long-term power purchase agreement (PPA) with SECI for 25 years for entire capacity at a tariff of INR4.43/unit. Presence of long-term PPA at a fixed tariff provides long-term revenue visibility. The off-taker makes payment within 30 days from the receipt of the invoice. Liquidity: Stretched As on May 31, 2026, the company had free cash and bank balance of ~INR6.0 crore and encumbered cash for BG and DSRA for INR15.0 crore. SPPL, a SPV of Hindustan Power group, is promoted by Hindustan Clean Energy Limited. SPPL has set-up a 30-MW solar photovoltaic (PV) power plant at Chitradurga, Karnataka. The project achieved commercial operation date (COD) on April 7, 2018. SPPL has signed a Power Purchase Agreement (PPA) with SECI for 25 years for entire capacity at a tariff of INR4.43/unit. SSAGRI GROUP: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: SS Agri Group Private Limited D.No. 3-29-40/1, Flat No. 401, Vanamali Towers, Krishna Nagar, Guntur, Andhra Pradesh, India - 522006 Insolvency Commencement Date: May 15, 2026 Court: National Company Law Tribunal, Amaravati Bench Estimated date of closure of insolvency resolution process: November 11, 2026 Insolvency professional: P V B Sudhakararao Interim Resolution Professional: P V B Sudhakararao 8-3-677/8, Divya Collections, 2nd Floor, Near Ganapathi Complex, SKD Nagar, Yellareddyguda, Hyderabad, Telangana - 500073 Email: pasalasudhakar@gmail.com Plot No. 485, Flat No. 104, Kavuri Supreme Enclave, Kavuri Hills, Madhapur, Hyderabad, Telangana - 500033 Email: ssagricirp@gmail.com Last date for submission of claims: May 29, 2026 SUJAY FEEDS: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Sujay Feeds (SF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 8.80 CARE B-; Stable; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 16, 2025, placed the rating(s) of SF under the 'issuer non-cooperating' category as SF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SF continues to be non-cooperative despite repeated requests for submission of information through emails dated April 1, 2026, April 11, 2026, April 21, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Bangalore based, Sujay Feeds (SF) was established in 1991 by its founder Late Mr. B R Murthy. In the year 1991, Late Mr. Murthy started his commercial feed plant with the capacity of producing 2700 tons per month of poultry mash feed and sold under the brand name of "SUJAY FEEDS". From 2012 onwards, Mr. B R Sujay looks after the day to day operations of the firm. In 1994, the promoter has undertaken the expansion of SF by starting a new project of Broiler parent breeding activity i.e., Hatching and processing of chicken under the brand name of "Uncle Chicken". The firm has four outlets for selling its chicken product to its customers and is likely to increase its outlets in the near future to expand its customer base SUSHEEL ENGINEERS: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Susheel Engineers (SE) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 2, 2025, placed the rating(s) of SE under the 'issuer non-cooperating' category as SE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 18, 2026, March 28, 2026, April 7, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable SE was established in 1994 by Mr. Sidram. G. Sidrure and is engaged in manufacturing and servicing of boiler components, steel casing, industrial chimney, collector columns, industrial duct etc. The manufacturing facility of SE is located at Bhosari, Pune (Maharashtra). THIEF HOTELS: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Thief Hotels and Resorts Private Limited No. 50/150, Kodambakkam High Road, Dr. MGR Salai, Nungambakkam, Chennai - 600034 Insolvency Commencement Date: May 5, 2026 Court: National Company Law Tribunal, Chennai Bench-I Estimated date of closure of insolvency resolution process: November 1, 2026 Insolvency professional: S. Kangayan Interim Resolution Professional: S. Kangayan Plot No. 81, 3rd Street, Phase 1, Dollars Colony, Vengambakkam, Tambaram East, Chennai - 600127 Tel: 96775 54665 Email: kangayan.s@gmail.com Last date for submission of claims: May 27, 2026 VIRAL CORPORATION: CARE Keeps C Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Viral Corporation India Private Limited (VCIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.50 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 6.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 16, 2025, placed the rating(s) of VCIPL under the 'issuer non-cooperating' category as VCIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VCIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 2, 2026, March 12, 2026, March 22, 2026, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Established in 1984 as a partnership firm by Mr. Jyotin C. Sheth & family and reconstituted as a private limited company in May 2011, Viral Corporation (India) Private Limited (VCPL) is engaged in the manufacturing and renting of prefabricated engineered building (PEB) and portable cabins. VCPL caters to the needs of clients belonging to oil & gas, infrastructure industries (including private companies, multinationals and government organizations) such as L&T, ABB and Cairn Energy India. ========= J A P A N ========= [] JAPAN: Corporate Bankruptcies Down 8.9% in May ------------------------------------------------- The Mainichi reports that the number of corporate bankruptcies in Japan in May fell 8.9 percent from the previous year, the first year-on-year decline in six months, reflecting cash flow support from banks to cope with price hikes amid the Middle East crisis, a survey showed June 8. Such bankruptcies, with debts of at least JPY10 million ($62,370), came to 780, a Tokyo Shoko Research survey showed, with total corporate liabilities rising 34.0 percent from a year earlier to JPY121.1 billion, The Mainichi discloses. According to The Mainichi, the survey showed the number of bankruptcies caused by soaring prices reached 64 and that by labor shortages, 37. An official from the company said, "We are concerned that bankruptcies related with the Middle East will increase." Labor-intensive businesses suffered most as the service industry, including restaurants, recorded the highest number of bankruptcies at 253, followed by construction at 147 and retail at 94, against a backdrop of rising labor costs, The Mainichi relays. Small companies with liabilities of less than JPY100 million accounted for 75 percent of the total. The number of bankruptcies with debts of JPY1 billion to under JPY10 billion came to 21 and those with liabilities of JPY10 billion or more to one, the first such case in two months, The Mainichi adds. ===================== N E W Z E A L A N D ===================== ASI LIMITED: Creditors' Proofs of Debt Due on July 10 ----------------------------------------------------- Creditors of ASI Limited and ASI Group Limited are required to file their proofs of debt by July 10, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 2, 2026. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 HYPERION ONE: First Creditors' Meeting Set for June 15 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Hyperion One Limited (formerly Citadel Capital Limited) will be held on June 15, 2026, at 1:00 p.m. at the offices of Waterstone Insolvency Limited, at 16 Piermark Drive, in Rosedale, Auckland. Damien Grant and Adam Botterill of Waterstone Insolvency were appointed as administrators of the company on June 2, 2026. NVP LIMITED: Court to Hear Wind-Up Petition on June 16 ------------------------------------------------------ A petition to wind up the operations of NVP Limited will be heard before the High Court at Hamilton on June 16, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on March 20, 2026. The Petitioner's solicitor is: Christina Anne Hunt Inland Revenue, Legal Services 21 Home Straight PO Box 432 Hamilton OTTOW ENTERPRISES: Creditors' Proofs of Debt Due on July 1 ---------------------------------------------------------- Creditors of Ottow Enterprises Limited are required to file their proofs of debt by July 1, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 3, 2026. The company's liquidator is: John Marshall Scutter Fervor Limited Level 1 17–19 Seaview Road Paraparaumu Beach SKIN SPA: Court to Hear Wind-Up Petition on June 16 --------------------------------------------------- A petition to wind up the operations of The Skin Spa Limited will be heard before the High Court at Hamilton on June 16, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on May 5, 2026. The Petitioner's solicitor is: Christina Anne Hunt Inland Revenue, Legal Services 21 Home Straight PO Box 432 Hamilton WONDER WATER: Avoids Going Under as Creditors Accept Equity Swap ---------------------------------------------------------------- BusinessDesk reports that creditors of another entity run by Laurence Pope have agreed to a debt-for-equity swap in a bid to keep Wonder Water from going under. Wonder Water, a filtered water system rental company, was placed in voluntary administration on April 15, following an appointment by the secured creditor, CFS Debt Fund, BusinessDesk notes. According to BusinessDesk, Wonder Water director Pope, who also uses the alias Max Bailey, is also the director of Greenfield Global, which trades as KiwiOwn and owes more than NZD4 million to creditors. ===================== P H I L I P P I N E S ===================== [] PHILIPPINES: Warns of FX Risks as Big Firms Face $26B Debt Bill ------------------------------------------------------------------ Cliff Harvey Venzon at Bloomberg News reports that Philippine financial regulators are sounding off potential foreign exchange risks as big conglomerates face large debt maturities of about PHP1.6 trillion ($26 billion) over the next three years. "Large conglomerates face a sizable wall of upcoming maturities and FX obligations," according to the 2025 Financial Stability Report released on June 8, Bloomberg relays. The maturities make up nearly a quarter of total debt by Philippine conglomerates and are scheduled to mature between 2027 and 2029, according to the annual report. Those obligations have sizable foreign-currency exposures, with US dollar-denominated debt averaging 37.6% of conglomerate debt over the next five years, it said. "While corporates have so far met refinancing needs through a mix of bond issuances, bank funding, and internal liquidity, refinancing and FX‑ related risks warrant close monitoring given the scale and currency composition of upcoming maturities," the report, as cited by Bloomberg, said. The report was prepared by an inter-agency council that includes the Bangko Sentral ng Pilipinas and the Department of Finance. It was released against the backdrop of a weak peso, which touched a record low this month, Bloomberg notes. The Philippine currency has become one of the hardest hit in Asia from the surge in oil prices as the Southeast Asian nation imports almost all of its fuel requirements from the conflict-hit Middle East. Still, the Philippine financial system remained stable last year, with banks well-positioned to lend and have sufficient capital to absorb unexpected losses, according to the central bank. Apart from corporate leverage, the report also warned of risks from elevated property prices and growth of unsecured consumer loans which are mostly credit card debts, Bloomberg relates. It also cited risks such as cyber threats and geopolitical tensions, such as the Iran war. "We will sharpen our coordination by defining when to escalate issues and by clearly communicating our assessment of our respective regulated entities," Bloomberg quotes BSP Governor Eli Remolona as saying in a statement. ================= S I N G A P O R E ================= COSCO PETROLEUM: Creditors' Proofs of Debt Due on July 6 -------------------------------------------------------- Creditors of Cosco Petroleum Pte. Ltd. are required to file their proofs of debt by July 6, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 29, 2026. The company's liquidator is: Muk Siew Peng c/o ClearView Associates Pte Ltd 133 New Bridge Road #08-01 Chinatown Point Singapore 059413 NEAR PTE: Court to Hear Wind-Up Petition on June 19 --------------------------------------------------- A petition to wind up the operations of Near Pte. Ltd. will be heard before the High Court of Singapore on June 19, 2026, at 10:00 a.m. Shobhit Shukla filed the petition against the company on May 21, 2026. The Petitioner's solicitors are: Premier Law LLC 12 Marina Boulevard #38-04 Marina Bay Financial Centre (MBFC) Tower 3 Singapore 018982 OCEANUS MARINE: Court to Hear Wind-Up Petition on July 3 -------------------------------------------------------- A petition to wind up the operations of Oceanus Marine Pte. Ltd. will be heard before the High Court of Singapore on July 3, 2026, at 10:00 a.m. SGS Singapore Diving Pte Ltd filed the petition against the company on May 7, 2026. The Petitioner's solicitors are: M/s Optimum Law LLP 10 Anson Road #31-12 International Plaza Singapore 079903 VICTORY SHIPPING: Court to Hear Wind-Up Petition on June 12 ----------------------------------------------------------- A petition to wind up the operations of VICTORY SHIPPING Pte. Ltd. will be heard before the High Court of Singapore on June 12, 2026, at 10:00 a.m. Bunker Partner OÜ filed the petition against the company on April 13, 2026. The Petitioner's solicitors are: M/S Ming Law Asia 28 Maxwell Road #02-15 Maxwell Chambers Suites Singapore 069120 YANG MING: Court to Hear Wind-Up Petition on June 12 ---------------------------------------------------- A petition to wind up the operations of Yang Ming Yuan Pte. Ltd. will be heard before the High Court of Singapore on June 12, 2026, at 10:00 a.m. FS Capital Pte Ltd filed the petition against the company on May 19, 2026. The Petitioner's solicitors are: Kelvin Chia Partnership 1 Harbourfront Avenue #14-01, Keppel Bay Tower Singapore 098632 ********* 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. 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