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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Tuesday, June 23, 2026, Vol. 29, No. 124

                           Headlines



A U S T R A L I A

ANGLICAN DIOCESE: Begins Property Sales After Receivership
DISASTER RELIEF: Disaster Aid at Risk as Group Enters Liquidation
GLS FABRICATIONS: First Creditors' Meeting Set for June 29
HUMM GROUP: Credit Corp Withdraws AUD385 Million Takeover Offer
JBT CIVIL: First Creditors' Meeting Set for June 30

JBT CONTRACTING: First Creditors' Meeting Set for June 30
JCP GROUP: Caravan Manufacturer Goes Into Liquidation
PROCOATING PAINTERS: First Creditors' Meeting Set for June 26
RAV PROPERTY: First Creditors' Meeting Set for June 29
YC FEEDING: Goes Into Liquidation Owing AUD4.4 Million



C H I N A

[] CHINA: $300 Billion Pile of Bad Consumer Debt Threatens Economy


H O N G   K O N G

CHINA WATER: To be Wound Up, Hong Kong High Court Rules


I N D I A

BAFNA MOTORS: ICRA Keeps D Debt Rating in Not Cooperating Category
BHALKESHWAR SUGARS: ICRA Keeps D Debt Ratings in Not Cooperating
DEEPAK EDUCATION: NCLT Mumbai Admits CBI's Insolvency Plea
DIFFERENTIATED & SUSTAINABLE: CARE Keeps C Rating in Not Coop.
GARG SPINNING: CARE Keeps B- Debt Rating in Not Cooperating

HINDUSTHAN NATIONAL: CARE Keeps D Debt Ratings in Not Cooperating
JALARAM COTTON: ICRA Keeps B Debt Rating in Not Cooperating
KARTIKEY RESORTS: ICRA Keeps D Debt Rating in Not Cooperating
KAUSHALYA FIBERS: ICRA Keeps B Debt Ratings in Not Cooperating
KULDEVI COTTON: ICRA Keeps B Debt Ratings in Not Cooperating

LML LIMITED: ICRA Keeps D Debt Rating in Not Cooperating Category
MANGALORE SEA: ICRA Keeps B+ Debt Ratings in Not Cooperating
MARIANELLA PROPERTIES: ICRA Keeps D Rating in Not Cooperating
MARUTI COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
MEERA CASTING: ICRA Keeps B Debt Ratings in Not Cooperating

MODERN MACHINERY: ICRA Keeps D Debt Ratings in Not Cooperating
MURARI OIL: ICRA Keeps D Debt Ratings in Not Cooperating Category
MVP GROUP: ICRA Keeps D Debt Rating in Not Cooperating Category
NIJANAND PIPES: ICRA Keeps D Debt Ratings in Not Cooperating
S.S. ENTERPRISES: ICRA Keeps D Ratings in Not Cooperating Category

SANGHVI BUILDTECH: ICRA Keeps D Debt Rating in Not Cooperating
SARAVANA BUILDWELL: ICRA Keeps D Debt Rating in Not Cooperating
SIDDARTH INTERCRAFTS: ICRA Keeps C Ratings in Not Cooperating
SITI NETWORKS: CARE Keeps D Debt Rating in Not Cooperating
SPECTRA AUTO: ICRA Keeps B+ Debt Ratings in Not Cooperating

VIRCHAND NARSI: CARE Keeps D Debt Rating in Not Cooperating


M A L A Y S I A

GOHL CAPITAL: Moody's Rates New SGD Sub. Perpetual Securities 'Ba2'


N E W   Z E A L A N D

DBT CONSTRUCTION: Court to Hear Wind-Up Petition on July 6
GROUNDBASE TRAFFIC: Court to Hear Wind-Up Petition on July 28
MAJHA MALWA: Creditors' Proofs of Debt Due on July 15
MISS LOLO: Creditors' Proofs of Debt Due on July 15
WELLPARK PROPERTIES: Creditors' Proofs of Debt Due on July 17



P A P U A   N E W   G U I N E A

PAPUA NEW GUINEA: S&P Affirms 'B-/B' SCRs, Alters Outlook to Pos.


S I N G A P O R E

DA ZHONG: Creditors' Proofs of Debt Due on July 17
DREAMSPARK PTE: Creditors' Proofs of Debt Due on July 19
INDIAN PARU'S: Court Enters Wind-Up Order
OIG GIANT: Commences Wind-Up Proceedings
XIN YING: Creditors' Proofs of Debt Due on July 17



V I E T N A M

VIETNAM: Fitch Affirms 'BB+' Foreign-Currency IDR, Outlook Stable

                           - - - - -


=================
A U S T R A L I A
=================

ANGLICAN DIOCESE: Begins Property Sales After Receivership
----------------------------------------------------------
News.com.au reports that the Anglican Diocese of North Queensland
has begun listing its vast real estate holdings after it was placed
into receivership late last year.

According to news.com.au, Colliers Townsville is handling the sale
of the assets, which include three in the Cairns region, two in the
Charters Towers region, four in the Townsville region and two in
Bowen.

News.com.au relates that the Cairns assets include inner-city St
Luke's Anglican Church, historic Holy Trinity Anglican Church at
Herberton on the Atherton Tablelands, and a modern residential
house - St Alban's Rectory - at Innisfail Estate.

Holy Trinity Anglican Church in Herberton, which was built in 1889
to service the mining district, is listed on the Queensland
Heritage Register.

Out west, the sale includes a high-set house with four bedrooms in
Charters Towers, known as St Paul's Rectory, and four adjoining
lots totalling a combined 8092sq m in Pentland, news.com.au
relays.

Three adjoining properties at 30–34 Macrossan Street in South
Townsville are also on the market, with the combined site coming in
at 3036sq m.

The site, which includes a church hall, church and a low-set
dwelling is known as the St John's Anglican Church Precinct,
according to the heritage register.

The church was built in 1907, with the current church the third to
be built on the site after the two previous ones were destroyed by
cyclones.

Also for sale in Townsville is 70 Bundock Street, Belgian Gardens,
which is the current home of St Mark's Anglican Church, news.com.au
says.

Parishioners have launched a bid to save the historic church and
war memorial site.

A timber-framed church at 8 Endeavour Road, Arcadia, which is on
Magnetic Island, is also listed for sale.

News.com.au adds that the Bowen region assets include a high-set
house on a 1022sq m block located within the "major centre zoning"
in Bowen, and a high-set dwelling on a 921sq m site in Proserpine.

According to news.com.au, more church-owned assets will hit the
market soon.

Expressions of interest for all of the currently advertised
church-owned properties close at 4:00 p.m. on July 16.

News.com.au notes that receivers were appointed to restructure the
organisation after the church was ordered to pay compensation to
victims of historic institutional abuse between the 1950s and
1980s.


DISASTER RELIEF: Disaster Aid at Risk as Group Enters Liquidation
-----------------------------------------------------------------
Kody Cook at Council Magazine reports that the Local Government
Association of Queensland (LGAQ) has warned that the Federal
Government's proposed changes to disaster management will leave
communities without adequate aid when disasters hit, with cuts to
funding and now 'boots on the ground' support threatened.

Council Magazine says Disaster Relief Australia (DRA), which has
increasingly been used in place of Australian Defence Force (ADF)
personnel to assist with disaster clean-ups, has stood down its
workforce and gone into liquidation.

The disaster relief agency, which uses the skills of veteran
volunteers to help communities prepare and recover from events such
as floods and cyclones, was the 2023 Charity of the Year and had
received $38 million in Federal funding.

"Up until now, the Federal and State governments and councils have
worked in partnership, using the hard lessons of repeated,
protracted disasters to forge a preparedness, recovery and
betterment system that gives communities the confidence they will
get the help they need when they need it," Council Magazine quotes
LGAQ President Mayor, Matt Burnett, as saying. "Our disaster
response arrangements have repeatedly proven their worth and should
be funded to continue, not cut back."

Council Magazine relates that LGAQ Chief Executive Officer, Alison
Smith, said with DRA going into liquidation, councils and
communities are wondering who will assist them in future clean-ups
and recovery if the Federal Government's ADF alternative has been
wound up.

"This is not a criticism of the volunteers and the hard work they
did. But the DRA's liquidation shows the risks of trying to cut
corners when it comes to disaster response and recovery," Ms. Smith
said.

"The best result would be for the Federal Government to maintain
the current Disaster Recovery Funding Arrangements (DRFA) funding
as well as commit to boots on the ground after severe natural
disasters."

According to Council Magazine, Townsville City Council Mayor, Nick
Dametto, said as the largest garrison city in Australia, it would
be devastating to be left without any help at all during and after
a disaster.

"These cuts to funding may be just a budget figure to the Federal
Government but to us they would have a real impact on the ground as
we try to rebuild roads, bridges, and other infrastructure,"
Council Magazine quotes Mr. Dametto as saying.  "That situation
will only be made far worse if we're left to clean up the mess
alone.

"In Townsville, our ADF personnel are part of the community, they
live here, work here and raise their families here, and
traditionally have always been ready and able to assist Townsville
in its hour of need."

Council Magazine adds that Cook Shire Council Mayor, Robyn Holmes,
said the council and community had used DRA for significant events
such as Tropical Cyclone Jasper.

"If we can't have the ADF, and DRA no longer exists, then who will
we turn to when our communities need extra help? And how will we
pay for it?" Mr. Holmes said.

"Maybe the Federal Government could give local councils the AUD38
million instead."


GLS FABRICATIONS: First Creditors' Meeting Set for June 29
----------------------------------------------------------
A first meeting of the creditors in the proceedings of GLS
Fabrications Pty Ltd will be held on June 29, 2026, at 4:00 p.m. at
the offices of HoganSprowles, at Level 1, 44 Pitt St, in Sydney,
NSW and via virtual facilities.

Michael Hogan of Michael Hogan was appointed as administrator of
the company on June 17, 2026.


HUMM GROUP: Credit Corp Withdraws AUD385 Million Takeover Offer
---------------------------------------------------------------
The Australian Financial Review reports that Credit Corp has
dropped its $385 million takeover offer for Andrew Abercrombie's
troubled Humm Group, with the ASX-listed debt collector citing its
discomfort with issues plaguing the company after a rebuke from the
Takeovers Panel and a prominent activist investor campaign.

The Financial Review relates that the withdrawal follows eight
months of uncertainty for Humm, during which its governance and Mr.
Abercrombie's influence as its controlling shareholder were
critically examined.

According to the Financial Review, the saga began last November
when Credit Corp proposed a 77 cents per share offer. Mr.
Abercrombie, as executive chairman, told the board it was "of no
interest to him" and the offer was not disclosed to investors, but
Humm said it was "carefully evaluating" it when finally telling the
market in December.

Mr. Abercrombie then controversially began buying 15 million shares
in Humm, which the Takeovers Panel found was "contrary to an
efficient, competitive and informed market" and has since
preventing him from voting the stake.

He finally stepped down from the board in February amid a fierce
activist investor campaign led by Raper Capital's Jeremy Raper and
Collins Street Asset Management, with Teresa Dyson appointed
chairwoman while the board considered Credit Corp's proposal in
earnest, the Financial Review recalls.

According to the Financial Review, Credit Corp said it walked away
from the offer after pitching a lower revised bid to Humm on June
19, which was rejected.

"Following a period of commercial due diligence, Credit Corp raised
a number of matters which it was unable to gain comfort on
following further discussions with Humm," Credit Corp said. "Humm
has confirmed over the weekend that a mutually acceptable
transaction cannot be agreed between the two parties."

The Financial Review says prominent investor Anton Tagliaferro and
family office Akat Investments referred the Humm board's handling
of the offer to the Takeovers Panel – the federal body that deals
with disputes over mergers and acquisitions.

Humm shares have fallen 18.8 per cent to 58 cents so far this year,
while Credit Corp shares are down 7.8 per cent to $13.07 over the
same time.

The Financial Review relates that Evans and Partners analyst
Olivier Coulon said the decline in Credit Corp's share price meant
that the odds of it "being able to pull off a transaction that
worked for both sets of shareholders" became slim.

"Our work suggested doing a buyback was likely to be more accretive
than purchasing Humm at a price that the major shareholder was
likely to agree to," the Financial Review quotes Mr. Coulon as
saying. "We think the bid has heavily weighed on the stock, albeit
suspect part of the recent upward price move has been related to
market participants anticipating that the proposed deal may fall
over."


JBT CIVIL: First Creditors' Meeting Set for June 30
---------------------------------------------------
A first meeting of the creditors in the proceedings of JBT Civil
Pty Ltd will be held on June 30, 2026, at 10:30 a.m. via Microsoft
Teams Meeting.

Stephen Dixon of HM Advisory was appointed as administrator of the
company on June 18, 2026.


JBT CONTRACTING: First Creditors' Meeting Set for June 30
---------------------------------------------------------
A first meeting of the creditors in the proceedings of JBT
Contracting Services Pty Ltd will be held on June 30, 2026, at
10:00 a.m. via Microsoft Teams Meeting.

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of the company on June 18, 2026.


JCP GROUP: Caravan Manufacturer Goes Into Liquidation
-----------------------------------------------------
Chris Fincham at Caravancampingsales reports that another local
caravan manufacturer has been forced to shut its gates, with
Melbourne's Great Aussie Caravans going into liquidation last
week.

Caravancampingsales relates that the 10-year old manufacturer was
wound up in the Supreme Court, over a $237,698 debt to the
Victorian WorkCover Authority.

Earlier this year, Great Aussie Caravans was fined $60,000 over a
workplace incident in 2023, involving the inappropriate use of a
high-power air compressor that resulted in a serious injury,
recalls Caravancampingsales.

Great Aussie has a factory in Coolaroo in Melbourne's north, where
it builds 'vans using three different types of construction, and
has dealers in Australia and New Zealand. On its website it says
it's built more than 4,000 caravans with '100% customer
satisfaction'.

Caravancampingsales, citing ASIC records, says JCP Group, which
traded as Great Aussie Caravans, currently has two directors:
Mihindukulasuriya Joseph Shanaka Perera and Kurukulasuriya Jude
Rumesh Randika Fernando Comester.

It's not known how many if any customers are waiting on undelivered
vans or warranty repairs, or the extent of any other outstanding
debts.

Andrew MacNeill of SMB Advisory has been appointed as liquidator.
In a short statement SMB Advisory said: "At this stage, the
liquidation is in its early stages and the liquidator's preliminary
investigations into the company's affairs are ongoing,"
Caravancampingsales relays.


PROCOATING PAINTERS: First Creditors' Meeting Set for June 26
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Procoating
Painters Pty Ltd will be held on June 26, 2026, at 10:30 a.m. via
via teleconference only (Microsoft Teams).

John Vouris and Richard Albarran of Hall Chadwick were appointed as
administrators of the company on June 16, 2026.


RAV PROPERTY: First Creditors' Meeting Set for June 29
------------------------------------------------------
A first meeting of the creditors in the proceedings of RAV Property
Investments Pty Ltd will be held on June 29, 2026, at 12:00 p.m.
via Microsoft Teams.

Joshua Philip Taylor of Taylor Insolvency was appointed as
administrator of the company on June 17, 2026.


YC FEEDING: Goes Into Liquidation Owing AUD4.4 Million
------------------------------------------------------
Stock & Land reports that prominent livestock buyer Alistair
Nelson's company YC Feeding Pty Ltd has entered liquidation owing
AUD4.4 million.

The company's financial collapse left numerous creditors, including
agricultural producers, facing significant unpaid balances for
livestock and feed, Stock & Land relates.

YC Feeding Pty Ltd operated a livestock and commission feeding
business.




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C H I N A
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[] CHINA: $300 Billion Pile of Bad Consumer Debt Threatens Economy
------------------------------------------------------------------
Bloomberg News reports that as many as 100 million Chinese
consumers are struggling to service their personal debt, fueling a
largely hidden crisis that threatens Beijing's efforts to revive
the world's second-largest economy.

Bad consumer loans from credit cards to mortgages have surged over
the past few years. Non-performing household debt soared 21% last
year to a record of at least CNY2.22 trillion ($329 billion),
Bloomberg discloses citing Gavekal Dragonomics.  According to
Bloomberg, the firm analyzed financial reports from 26 banks and
other data sources after authorities stopped releasing aggregate
figures on delinquent and defaulted personal loans. Analysis from
Zhejiang University's Institute of Financial Research said Chinese
financial institutions could have non-performing personal debt
totaling CNY2 trillion to CNY3 trillion to dispose of annually.

The estimates suggest that as much as 10.6% of China's 1.1 billion
adult population were behind on debt payments at the end of 2025.
"Personal bad loans will continue to pile up," said Xiaoxi Zhang,
China finance analyst at Gavekal, Bloomberg relays. The situation
is unlikely to improve without more aggressive government policies
to alleviate income pressures and financial strains, she said.

According to Bloomberg, the debt overhang is undermining national
efforts to boost domestic consumption, with Chinese banks extending
fewer new loans. Mounting repayment stress is also blunting the
impact of loan subsidies intended to spur consumer spending on
big-ticket items like automobiles, home renovations, and
electronics. Official data released earlier this week showed a
retail sales slump not seen since the coronavirus pandemic, a
worrying sign for the economy.

Much of China's short-term debt boom has been driven by loan
platforms operated by tech giants, including mobile payments leader
Ant Group Co. and short-video specialist ByteDance Ltd, Bloomberg
notes. They act as go-betweens for banks and borrowers, offering
loans carrying annualized interest rates from 4% to more than 24%.

Yet even as bad debt mounts, these platforms continue to
aggressively push loans with slogans like "instant disbursement,"
"low interest," and "low threshold" that show up when users log
into their mobile apps.

On Meituan's delivery platform, some users are instantly
pre-approved for credit lines up to CNY300,000, while ByteDance's
Douyin carries ads offering "funds in 30 seconds." On bike-sharing
apps, low-interest loan offers scroll across the bottom of phone
screens.




=================
H O N G   K O N G
=================

CHINA WATER: To be Wound Up, Hong Kong High Court Rules
-------------------------------------------------------
TipRanks reports that China Water Industry Group Limited has been
ordered to be wound up by the High Court of Hong Kong in relation
to a long-running winding-up petition, with the Official Receiver
automatically appointed as Provisional Liquidator. As a result, the
company's affairs, business and property are now managed by the
Official Receiver acting as agent of the company, and its existing
board of executive and independent non-executive directors has
effectively ceded control.

TipRanks relates that trading in the company's shares on the Hong
Kong Stock Exchange was suspended at 11:14 a.m. on June 15, 2026
and will remain halted until further notice, leaving shareholders
and potential investors facing heightened uncertainty over the
value and future of their holdings. According to TipRanks, the
company has pledged to issue further announcements on the progress
of the liquidation, while advising investors to seek professional
advice and exercise caution in any dealings related to its shares.

China Water Industry Group Limited (formerly known as China Water
Affairs Group Limited), an investment holding company, provides
sewage treatment and related construction services in the People's
Republic of China. It operates through the Provision of Sewage
Treatment and Related Construction Services; Exploitation and Sale
of Renewable Energy; Property Investment and Development; and Waste
Management and Recycling segments.




=========
I N D I A
=========

BAFNA MOTORS: ICRA Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
ICRA has kept the Long-Term rating of Bafna Motors (Pune) Private
Limited (BMPPL) in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        23.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding BMPPL's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

As part of its process and in accordance with its rating agreement
with BMPPL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information

Incorporated in August 2017, BMPPL is an authorised dealer of Tata
Motors Limited for its Passenger Vehicles (cars) as well as for
their spare parts and servicing. The company commenced operations
from January 2018, taking over the fixed assets (showrooms and
workshops) of Pandit Autowheels Pvt. Ltd. BMPPL is part of the
Bafna Group promoted by Mr. M. C. Bafna and his sons, Mr. Sumati
Prasad Bafna and Mr. Sanjeev Bafna. It also provides car finance
and insurance facilities through its reputed channel partners
(leading banks and NBFCs).


BHALKESHWAR SUGARS: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term ratings of Bhalkeshwar Sugars Limited
(BSL) in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-       175.50       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long Term-        24.50       [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding BSL's performance
and hence the uncertainty around its credit risk. ICRA assesses
whether the information available about the entity is commensurate
with its rating and reviews the same as per its "Policy in respect
of non-cooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.

As part of its process and in accordance with its rating agreement
with BSL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Bhalkeshwar Sugars Limited (BSL) was incorporated in 2000 and is
operating an integrated sugar plant in Bhalki in Bidar district of
North Karnataka. The first phase of the sugar plant started
commercial operations since February 2014, with a capacity of 2500
TCD and cogeneration capacity of 14 MW. As part of second phase,
the company has expanded the sugar capacity to 4000 TCD in October
2017 and set up a distillery capacity of 60 KLPD, which
commissioned in October 2018.


DEEPAK EDUCATION: NCLT Mumbai Admits CBI's Insolvency Plea
----------------------------------------------------------
LiveLawBiz reports that the Mumbai Bench of the National Company
Law Tribunal (NCLT) on June 17 admitted a Section 7 petition filed
by Central Bank of India against Deepak Education Ltd over a
default of INR44.68 crore, thereby initiating the Corporate
Insolvency Resolution Process against the company.

According to LiveLawBiz, Judicial Member Ashish Kalia and Technical
Member Sanjiv Dutt admitted the petition, noting that the bank had
successfully established the existence of debt and default and that
the corporate debtor itself had acknowledged the outstanding
liability.

The Bench held: "There is nothing to indicate that the Corporate
Debtor has tried to repay the debt and liability as admitted by it
after the last repayment in 2016, hence it is in default of the
amount as pleaded by the Financial Creditor. Thus we hold that the
Financial Creditor has successfully demonstrated and proved the
debt and default in this case. It is reiterated that the Corporate
Debtor admits the said outstanding debt. Therefore, we are of the
considered view that this Application is complete and satisfies all
the necessary requirements for admission under Section 7 of the
Code."

LiveLawBiz says the dispute arose from a term loan of INR15 crore
sanctioned by Central Bank of India in May 2013. Deepak Education
availed the facility and executed the necessary financing and
security documents but defaulted on repayment on March 31, 2015.
The account was subsequently classified as a non-performing asset.

LiveLawBiz relates that the bank claimed a total outstanding amount
of INR44.68 crore, comprising principal, accrued interest and penal
interest after adjusting recoveries. It issued a legal notice in
March 2017 and also relied on a default record issued by National
E-Governance Services Ltd.

The Tribunal noted that although the company stopped repayments
after Jan. 20, 2016, it continued to acknowledge the debt in its
audited financial statements. It further observed that the company
submitted a one-time settlement (OTS) proposal on Jan. 25, 2023
offering INR5 crore, which also constituted an acknowledgment of
debt for limitation purposes.

Deepak Education Limited is an active, publicly registered
educational company based in Mumbai, Maharashtra. Incorporated in
December 2000, it primarily focuses on providing "other education"
services.


DIFFERENTIATED & SUSTAINABLE: CARE Keeps C Rating in Not Coop.
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Differentiated & Sustainable Solutions LLP (DSSL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; 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 28, 2025, placed the rating(s) of DSSL under the
'issuer non-cooperating' category as DSSL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. DSSL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated March
14, 2026, March 24, 2026, April 3, 2026 among others. In line with
the extant SEBI guidelines, CareEdge Ratings has reviewed the
rating on the basis of the best available information which
however, in CareEdge Ratings opinion is not sufficient to arrive at
a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Differentiated & Sustainable Solutions LLP (DSSL) was established
as a partnership firm in December 2015 with an intention to develop
and manufacture differentiated products for the epoxy segments.
DSSL has developed and is planning to manufacture and market
Thermoset Systems - mainly Epoxy resin and Hardener formulations,
which finds application in the transportation, defence, electronic,
electricals, adhesives, and coating industry. Its products would
include Epoxy Resin Formulations, Polyurethane Formulations,
Benzoxazine Formulations, Hardener Formulations, Amine Hardeners -
Active Molecules, Resin-Active Molecules and others.


GARG SPINNING: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Garg
Spinning Mills (GSM) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.09       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 June 2, 2025, placed the rating(s) of GSM under the 'issuer
non-cooperating' category as GSM had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
GSM continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 18, 2026,
April 28, 2026, May 8, 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

Garg Spinning Mills (GSM) belongs to the Rajiv group of Panipat,
Haryana, founded in 1993. GSM was established as a partnership firm
in September 2015 by Mr. Rajiv Garg and Mr. Chirag Garg as its
partners, sharing profits and losses equally. GSM is engaged in the
manufacturing of cotton yarn (in counts of 4-10s) at its
manufacturing facility located at Panipat, Haryana having a total
installed capacity of manufacturing 112 lakh kg of cotton yarn per
annum as on November 30, 2019. The yarn manufactured by the firm is
of coarser counts and is primarily used in the manufacturing of
bath mat, home furnishings, etc. The other group concerns are Akash
Home Furnishings Private Limited, engaged in the manufacturing of
3d bed sheets (established in 2009) and Shiv Trading Company,
engaged in the trading of cotton waste and cotton yarn (established
in 2012).


HINDUSTHAN NATIONAL: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Hindusthan
National Glass & Industries Limited (HNG) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     2,063.00     CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           600.00     CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

   Non Convertible        -        CARE D; ISSUER NOT COOPERATING
   Debentures                      Withdrawn


Rationale and key rating drivers

CARE had, vide its press release dated June 19, 2025, continued the
ratings of HNG under the 'issuer non-cooperating' category as HNG
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. HNG continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and letters/emails dated May 25,
2026, May 15, 2026, and May 5, 2026, among others. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

CARE Ratings Limited (CareEdge Ratings) has withdrawn the rating
assigned to Non-Convertible Debentures (NCD) of HNG with immediate
effect, as the debentures have been redeemed in full and there is
no amount outstanding as on date. The company has been delisted
from the stock exchange after redemption of the listed NCDs.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

Rating sensitivities: Factors likely to lead to rating actions

Analytical approach: Standalone

Detailed description of key rating drivers:

At the time of last rating on June 19, 2025, the following were the
rating strengths and weaknesses (updated for the information
available from stock exchange filings):

Key weaknesses

* Delays in debt servicing: The Company has defaulted in servicing
of debt. The Hon'ble National Company Law Tribunal (NCLT), Kolkata
Bench, vide its order dated October 21, 2021, had admitted the
company for initiation of Corporate Insolvency Resolution Process
(CIRP) under the Insolvency and Bankruptcy code, 2016 (IBC). The
company has exited CIRP and is now owned and operated by
Independent Sugar Corporation Limited (INSCO) (Madhvani Group)
following successful implementation of the resolution plan in 2025.
It is currently in the post-resolution phase under new management,
with normal operations continuing outside the IBC framework.

* Modest financial risk profile: The company reported net profit of
INR25.95 crore on total operating income (TOI) of INR1817.49 crore
in FY25 vis-à-vis net profit of INR163.37 crore on TOI of
INR2557.51 crore in FY24. Networth remained negative in view of
significant past losses.

Key strengths

* Long track record of the company with established market
presence: HNG, having market presence of over six decades, is an
established manufacturer of container glass and has a pan India
presence. The promoters have an experience of over two decades in
the container glass industry. However, now the management of the
company has been taken over by Independent Sugar Corporation
Limited (INSCO) which is a part of Madhvani Group of Companies.
Madhvani Group has of experience of nearly three decades in
container glass manufacturing globally.

HNG, incorporated in February 1946, was promoted by late Mr. C.K.
Somany of the Kolkata-based Somany family. The company manufactures
container glass with seven manufacturing units, spread across the
country having an aggregate installed capacity of 15,69,500 tpa
(tonne per annum). The company was in admitted to CIRP in October
2021. The company has now exited CIRP and is now owned and operated
by Independent Sugar Corporation Limited (INSCO). INSCO is a part
of the Madhvani Group of Companies, incorporated in Bermuda on 12
October 1984, and is jointly owned by RAMCO Holdings Limited and
Emfil International Holdings Limited. Through its group structure,
including Turner Limited, the Madhvani Group has an established
presence in the glass manufacturing sector in markets such as Saudi
Arabia and Tanzania.


JALARAM COTTON: ICRA Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term rating of Jalaram Cotton Ginning And
Pressing Factory in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          7.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Jalaram Cotton
Ginning And Pressing Factory's performance and hence the
uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.

As part of its process and in accordance with its rating agreement
with Jalaram Cotton Ginning And Pressing Factory, ICRA has been
trying to seek information from the entity so as to monitor its
performance. Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Established in 1993, Jalaram Cotton Ginning and Pressing factory is
a partnership firm engaged in the business of ginning and pressing
of raw cotton to produce cotton bales and cottonseeds. The
manufacturing facility of the firm is located near Vadodra,
Gujarat. The plant is equipped with 25 ginning machines having
capacity to produce 120 bales per day (24 hours operation). The
firm is owned and managed by Mr. Hitesh Thakkar and Mr Nilesh
Patel.


KARTIKEY RESORTS: ICRA Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term rating of Kartikey Resorts And
Hospitality Private Limited (KRHPL) in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-        12.50       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding KRHPL's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

As part of its process and in accordance with its rating agreement
with KRHPL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Kartikey Resorts and Hospitality Private Limited (KRHPL) was
incorporated in September 2006 and currently runs 22 room hotels,
namely Hotel Rajhans in Manali. KRHPL was also operating a hotel at
Kausauli however it's been closed since January 2015.


KAUSHALYA FIBERS: ICRA Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term ratings of Shree Kaushalya Fibers (SKF)
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          4.50        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          1.50        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          3.00        [ICRA]B (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding SKF's performance
and hence the uncertainty around its credit risk. ICRA assesses
whether the information available about the entity is commensurate
with its rating and reviews the same as per its "Policy in respect
of non-cooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.

As part of its process and in accordance with its rating agreement
with SKF, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Shree Kaushalya Fibres (SKF) is a partnership firm promoted by the
Tayal family of Sendhwa, Madhya Pradesh and is engaged in cotton
ginning and pressing. The promoters have extensive experience in
the cotton ginning business through other group companies like
Mahesh Ginning Private Limited and Girijashankar Cotton Private
Limited.


KULDEVI COTTON: ICRA Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long Term ratings of Kuldevi Cotton Industries in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B(Stable); ISSUER NOT COOPERATING."

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          4.75        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          1.25        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Kuldevi Cotton
Industries's performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

As part of its process and in accordance with its rating agreement
with Kuldevi Cotton Industries, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Established in 2013 as a partnership firm, Kuldevi Cotton
Industries is engaged in raw cotton ginning and pressing, as well
as cottonseed crushing. The manufacturing facility of the firm is
located in Rajkot, Gujarat, and is equipped with 24 ginning
machines and one pressing machine, having a raw cotton processing
capacity of 12,096 metric tonnes per annum (MTPA). Additionally,
the firm operates three oil expellers with a cotton seed processing
capacity of approximately 8,460 MTPA. The firm was promoted by Mr.
Mahesh Ghodasara along with his relatives and family members, who
possess extensive experience in the cotton industry.


LML LIMITED: ICRA Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Preference Share Capital Programme of Lml Limited
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         125.00      [ICRA]D ISSUER NOT COOPERATING;
   Preference Shares              Rating continues to remain under
   Capital                        'Issuer Not Cooperating'
                                  Category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding LML's performance
and hence the uncertainty around its credit risk. ICRA assesses
whether the information available about the entity is commensurate
with its rating and reviews the same as per its "Policy in respect
of non-cooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.

As part of its process and in accordance with its rating agreement
with LML, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

LML Limited (LML) was promoted in 1972 as Lohia Machines Limited by
the Singhania family to manufacture machinery for the synthetic
fibers industry. Later, it diversified into production of 100 cc
scooters, in technical collaboration with Piaggio Vespa, ofItaly in
1984. Piaggio later took up 23.5% equity stake, which it later
divested in favor of the Indian promoters pursuant to the
settlement reached following certain legal disputes, which were
settled out of court. Subsequently, the company entered technical
collaboration with Daelim Motor Company, South Korea (DMC) to set
up a small capacity for manufacturing of four-stroke motorcycles.
Following a strike by the workers, LML had declared a lock-out at
its factory in Kanpur with effect from March 7, 2006. The
Confidential lock-out remained in place for over a year and the
same was lifted only in April 2007 pursuant to a tripartite
agreement reached between the company, the Trade Union, and the
Labor Department of Government of Uttar Pradesh. Since then,
although production has been regular, it is currently at much lower
levels of around 1,052 units per month.


MANGALORE SEA: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term ratings of Mangalore Sea Products in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                       Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          5.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          2.50       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Mangalore Sea
Products's performance and hence the uncertainty around its credit
risk. ICRA assesses whether the information available about the
entity is commensurate with its rating and reviews the same as per
its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

As part of its process and in accordance with its rating agreement
with Mangalore Sea Products, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Mangalore Sea Products was bought by Mr. Abdul Khader from Mr. H.S.
Nissar on January 28, 2014. It is a partnership firm closely held
by Mr. Abdul Khader and his wife Ms. Hafeeza Khathijamma. The firm
manufactures and sells fish meal and fish oil. The firm has a
manufacturing unit at Ullal, Mangalore with capacity to process 200
tonne of fish per day. The firm started its operations in May 2014.
The firm has its corporate office in Mangalore.


MARIANELLA PROPERTIES: ICRA Keeps D Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long Term rating of Marianella Properties Private
Limited (MPPL) in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]D; ISSUER NOT COOPERATING."

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        15.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding MPPL's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in The lenders, investors and other market participants
are thus advised to exercise appropriate caution while using this
rating as the rating may not adequately reflect the credit risk
profile of the entity.

As part of its process and in accordance with its rating agreement
with MPPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Incorporated in 2008, Marianella Properties Private Limited (MPPL)
is into the business of developing land and other immovable
properties. Till last rating exercise, the company had one project
in Vasai (Suburban Mumbai) where it was constructing a commercial
complex. In the past, the promoters have executed 13 projects
(through Rose Builders) in Mumbai.


MARUTI COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term rating of Maruti Cotton Industries
(MCI) in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         6.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-         1.95      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding MCI's performance
and hence the uncertainty around its credit risk. ICRA assesses
whether the information available about the entity is commensurate
with its rating and reviews the same as per its "Policy in respect
of non-cooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.

As part of its process and in accordance with its rating agreement
with MCI, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Established in 2014, Maruti Cotton Industries (MCI) commenced
commercial operations on 28th December 2014 and is engaged in
manufacture of cotton bales through ginning and pressing of raw
cotton. The manufacturing unit of the company is located at Kadi
(Mehsana) -an area with easy availability of raw cotton and is
equipped with 24 ginning machines and one fully automated pressing
machine having a production capacity of 250 bales per day.


MEERA CASTING: ICRA Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term rating of Meera Casting (MC) in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          4.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          2.65        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding MC's performance
and hence the uncertainty around its credit risk. ICRA assesses
whether the information available about the entity is commensurate
with its rating and reviews the same as per its "Policy in respect
of non-cooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.

As part of its process and in accordance with its rating agreement
with MC, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Established in 2009 as a partnership firm by Mr. Ashvinbhai
Sorathiya and his relatives, Meera Casting (MC) is engaged in
manufacturing of all kinds of C.I. castings. The products
manufactured by the firm finds applications in various sectors
suchas electrical items, engineering goods, automobiles, pumps,
valves, etc. The manufacturing unit is located at village Vavdi,
Rajkot.


MODERN MACHINERY: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Modern Machinery Store (MMS)
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         9.20      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-         1.95      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long Term-         0.30      [ICRA]D ISSUER NOT COOPERATING;
   Non Fund Based-              Rating continues to remain in
   Others                       the 'Issuer Not Cooperating'
                                Category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding MMS's performance
and hence the uncertainty around its credit risk. ICRA assesses
whether the information available about the entity is commensurate
with its rating and reviews the same as per its "Policy in respect
of non-cooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.

As part of its process and in accordance with its rating agreement
with MMS, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Modern Machinery Store (MMS) is an authorized dealer for HMIL, HMCL
and John Deere. It operates three showrooms located adjacently in
an aggregate 31,500 sq. ft. premise in Alwar (Rajasthan). Apart
from the Alwar facility, the firm has a sales outlet for Hyundai
Cars in Bhiwadi (Rajasthan). MM has been associated with HMCL since
last twenty-seven years and is one of the major motorbike dealers
in the Alwar district.MM has been associated with HMIL since last
nine years2and remains the only dealer of Hyundai cars in Alwar
region. Besides, MM also operates a small dealership of John Deere
tractors in Alwar in the same premises.


MURARI OIL: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term ratings of Sri Murari Oil Industries
Private Limited (SMOIPL) in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         6.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-        10.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding SMOIPL's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

As part of its process and in accordance with its rating agreement
with SMOIPL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Incorporated in 2014, SMOIPL is involved in de-linting and crushing
of cottonseeds to produce cottonseed oil, deoiled cake and cotton
linters along with hull and liquid soap as by-products since
November 2016. The plant is located in Ballari, Karnataka. Four
promoters, namely, Mr. Vijay Bhaskar Reddy, Mr. Murahari Reddy, Mr.
Ananda Mohan Rao and Mr. V Chandrashekar manage the operations of
the company. The promoters have rich experience in the businesses
such as cotton ginning, edible oil extraction, manufacturing of
equipments for oil extraction and trading of agriculture products.



MVP GROUP: ICRA Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the long-term ratings of MVP Group International Inc
(MVP) in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        641.60     [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding MVP's performance
and hence the uncertainty around its credit risk. ICRA assesses
whether the information available about the entity is commensurate
with its rating and reviews the same as per its "Policy in respect
of non-cooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.

As part of its process and in accordance with its rating agreement
with MVP, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

MVP Group International, Inc. (MVP) is involved in the
manufacturing, import and distribution of scented candles. They
sell primarily to large, national retailers like Wal-Mart1, Dollar
General2 etc., and also (to a lesser extent) to small, local
retailers. The Company sells mostly to retailers throughout the
United States. MVP sells scented candles under two broad
categories, private label candles (85% of the annual sales) and
branded candles (15% of the annual sales). In addition, the Company
does contract manufacturing of candles for other national brand
owners. In FY18, the company has spun off its contract.


NIJANAND PIPES: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Nijanand
Pipes and Fittings Private Limited (NPAFPL) in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER
NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         5.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Short Term-        1.00      [ICRA]D ISSUER NOT COOPERATING;
   Non Fund Based-              Rating continues to remain in
   Others                       the 'Issuer Not Cooperating'
                                Category

   Long Term/         1.83      [ICRA]D/[ICRA]D ISSUER NOT
   Short Term-                  COOPERATING; Rating continues
   Unallocated                  to remain in the 'Issuer Not
                                Cooperating' category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding NPAFPL's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

As part of its process and in accordance with its rating agreement
with NPAFPL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Nijanand Pipes and Fittings Pvt. Ltd. (NPAFPL) was incorporated in
April 2008. It manufactures polyvinylchloride (PVC) pipes and
fittings, Chlorinated polyvinyl chloride (CPVC), Rigid Polyvinyl
Chloride (RPVC) pipes, Soil, Waste and Rain (SWR) pipes and
garden/suction pipes, which are largely used in agriculture and
construction sectors. The manufacturing facility of the company is
located at Rajkot, Gujarat, and is currently equipped with a
cumulative capacity of 24,000 MTPA. NPFPL is promoted by Mr.
Ishvarlal S Nodhanvadra, Mr. Nirav Nodhanvadra, Mr. Saileshbhai G
Vadodaria and Mr. Hasmukhbhai Pate.


S.S. ENTERPRISES: ICRA Keeps D Ratings in Not Cooperating Category
------------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of S.S.
Enterprises Electricals in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-         4.0        [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating continues to remain under
   Term Loan                     'Issuer Not Cooperating' category

   Short-term         1.00       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Rating continues to remain under
   Others                        'Issuer Not Cooperating' category
                                 
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding S.S. Enterprises
Electricals's performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

As part of its process and in accordance with its rating agreement
with S.S. Enterprises Electricals, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

S.S. Enterprises Electricals was established in 2006 as a
proprietorship firm. The firm is engaged in providing electrical
services such as design and execution of electrical projects of
voltage class up to 33 KV. The entity's operations are managed by
Mr. Selvaraju, the Chief Executive Officer of the firm, who has an
extensive experience of over thirty-five years in the business.
Prior to establishing SSEE, he was associated for nearly two
decades with Shanthi Enterprises Electricals Private Limited, a
Chennai-based entity which is engaged in providing electrical
contract services. The firm's proprietor, Mrs. Amutha Selvaraju
(w/o Mr. Selvaraju), takes care of the firm's administration.


SANGHVI BUILDTECH: ICRA Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Sanghvi Buildtech Llp (SBLLP)
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-term-       30.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based-                  Rating Continues to remain under
   Term loan                    issuer not cooperating category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding SBLLP's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

As part of its process and in accordance with its rating agreement
with SBLLP, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Sanghvi Buildtech LLP (SBLLP) was established in July 2014 as a
limited liability partnership firm based in Mumbai (Maharashtra).
The firm is engaged in construction of a residential township
project – Serene City - at Karjat (Raigad) in Maharashtra. The
partners have almost three decades of experience in the real estate
business through the Sanghvi Group, which is actively engaged in
real-estate construction in Mumbai. The group has developed 8.45
lakh square feet of residential complexes in Mumbai, Thane and Navi
Mumbai. The partners have executed a number of other projects in
and near Mumbai from 1989 to 2017, under different firms within the
Sanghvi group.


SARAVANA BUILDWELL: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has kept the long-term ratings of Saravana Buildwell Private
Limited (SBPL) in the 'Issuer Not Cooperating' category. The rating
is denoted as [ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-        10.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                 Category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding SBPL's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

As part of its process and in accordance with its rating agreement
with SBPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Incorporated in 2007, Saravana Buildwell Private Limited (SBPL) is
a private limited concern engaged in real estate development in
Bangalore, Karnataka. The promoter Mr.K Nagaraj has a long-standing
experience in the field of real estate development, having
developed more than 10 residential and commercial projects
encompassing 0.2 million square feet of constructed area, since
establishment of his partnership entity M/s. Saravana Constructions
in 1997. Initially, the group had started off as a real estate
company doings mall format layouts, independent homes and small
apartment complexes, but now the group has forayed into large
housing projects and is in the process of getting into villa
project ventures too. The firm has its in-house team of engineers
and architect.


SIDDARTH INTERCRAFTS: ICRA Keeps C Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Siddarth
Intercrafts Private Limited (SG) in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]C; ISSUER NOT
COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-         2.50       [ICRA]C; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term/         7.50       [ICRA]C; ISSUER NOT COOPERATING/
   Short Term-                   [ICRA]A4; ISSUER NOT
   Unallocated                   COOPERATING; Rating continues to
                                 remain under 'Issuer Not
                                 Cooperating' category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding SG's performance
and hence the uncertainty around its credit risk. ICRA assesses
whether the information available about the entity is commensurate
with its rating and reviews the same as per its "Policy in respect
of non-cooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.

As part of its process and in accordance with its rating agreement
with SG, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Siddarth Group (SG) was established in 1984 in Jaipur. Siddarth
Group is engaged in the manufacturing of ladies 'garments, kid's
garments, scarfs, and fashion accessories. Siddarth Group comprises
of three Independent units producing Ladies and Children Garments
namely Siddarth Organisation, Siddarth Organisation Limited and
Siddarth Intercrafts Private Limited. The company is engaged in
manufacturing and trading of garments primarily for women (such as
Kurtis, cardigans, tops, coats, tunics, leggings, dresses, pants,
leggings & salwar kameez).Siddarth Group has four Brands -Paprika,
Surasa, Jaipuri Kurti, Chickpea.


SITI NETWORKS: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Siti
Networks Limited (SNL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      87.00       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 30, 2025, placed the rating(s) of SNL under the 'issuer
non-cooperating' category as SNL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SNL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 15, 2026,
April 25, 2026, May 5, 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: Consolidated

Outlook: Not Applicable

Siti Networks Limited (SNL) is a part of Essel group, which is one
of India's leading business houses with a diverse portfolio of
assets in media, packaging, entertainment, technology-enabled
services, infrastructure development and education. It has grown to
be India's largest Multi-System Operator (MSO) and a leading wired
broadband service provider. SNL has been providing services in
analogue and digital mode, armed with technical capability to
provide features like Video on Demand, Pay per View, 1Complete
definition of ratings assigned are available at www.careratings.com
and other CARE Ratings Limited's publications. CARE Ratings Ltd. 1
Press Release Over-The-Top content, Electronic Programming Guide
and Gaming through a Set Top Box. All products are marketed under
SITI brand name. The cable operations of SITI Networks Limited were
launched in June 1994. It was then a 100% subsidiary of Zee
Telefilms Limited (ZTL). On March 31, 2006, as per the Scheme of
Arrangement approved by the High Court in Mumbai, Zee Telefilms
Limited (ZTL) was renamed as Zee Entertainment Enterprises Limited
(ZEEL) and was demerged into 4 companies, WWIL was one of them. All
the TV distribution business of ZTL, which was under SITI Networks
Limited was transferred to WWIL.


SPECTRA AUTO: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long Term ratings of Spectra Auto (Spectra) in
the 'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING."

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          3.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          7.00       [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Spectra's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in The lenders, investors and other market participants
are thus advised to exercise appropriate caution while using this
rating as the rating may not adequately reflect the credit risk
profile of the entity.

As part of its process and in accordance with its rating agreement
with Spectra, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Spectra Auto (Spectra) is an authorized dealer for Hero MotoCorp
Limited (HMCL; rated [ICRA]AAA(Stable)/A1+). The company started
dealership business 2003. Currently, the company has two show rooms
in Nerul and Chembur and two workshops in Turbhe and Chembur.


VIRCHAND NARSI: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Virchand
Narsi Cotton Private Limited (VNCPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       26.50      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 June 3, 2025, placed the rating(s) of VNCPL under the 'issuer
non-cooperating' category as VNCPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. VNCPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated April
19, 2026, April 29, 2026, May 9, 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

VNCPL was incorporated on August 07, 2002 and is based at Malkapur
(Buldhana District), Maharahstra. It was promoted by Dand family.
VNCPL is engaged in ginning and pressing of raw cotton and crushing
of cotton seeds. The company is also in the business of trading of
cotton seed and cotton bales. VNCPL's product portfolio includes
cotton bales, cotton seeds, washed oil and cotton seed cake.




===============
M A L A Y S I A
===============

GOHL CAPITAL: Moody's Rates New SGD Sub. Perpetual Securities 'Ba2'
-------------------------------------------------------------------
Moody's Ratings has assigned a Ba2 rating to the proposed Singapore
dollar-denominated subordinated perpetual capital securities to be
issued by GOHL Capital Holdings Limited (GOHL Capital Holdings), a
wholly-owned financing subsidiary of Genting Overseas Holdings
Limited (GOHL, Baa3 stable).

GOHL is, in turn, a wholly-owned subsidiary of Genting Berhad
(GENB, Baa3 stable).

The perpetual securities will be unconditionally and irrevocably
guaranteed by GOHL on a subordinated basis.

The outlook on the ratings is stable.

GOHL intends to use the net proceeds from the proposed perpetual
securities primarily to refinance its outstanding $618 million
senior unsecured US dollar notes due January 2027, issued under
GOHL Capital Limited (GOHL Capital), its other wholly owned
financing subsidiary.

GOHL and GOHL Capital are supported by a keepwell deed entered into
among GENB, GOHL, GOHL Capital, and the trustee of the guaranteed
notes, while GOHL and GOHL Capital Holdings are supported by a
separate keepwell deed among GENB, GOHL, GOHL Capital Holdings, and
the trustee of the guaranteed perpetual securities.

RATINGS RATIONALE

The Ba2 rating assigned to GOHL's Singapore dollar-denominated
subordinated securities is two notches below GOHL's Baa3 rating,
reflecting the subordinated nature of the instruments. The
perpetual securities are senior only to common equity and rank
behind both GOHL and GENB's senior debt obligations in terms of
priority of claims. The subordinated securities are perpetual in
nature and GOHL has the option to defer distributions on a
cumulative basis.

Moody's considers the perpetual securities as comprising debt and
equity in equal proportions when assessing both GOHL and GENB's
overall credit quality. The perpetual distributions are also
equally split, and divided between interest charges and
distributions.

GOHL's Baa3 rating and stable outlook reflect its importance and
linkage to GENB. GOHL's credit quality is capped by GENB, which can
extract cash from GOHL and redeploy it within the group.

GOHL has no other active businesses apart from its 53% holding in
Genting Singapore Limited (GENS, Baa1 stable) and relies on
dividends from GENS to service its interest expense.

Based on Moody's assumptions that GOHL will maintain its
shareholding in GENS and that GENS will continue to pay annual
dividends of around SGD480 million from 2026, Moody's expects that,
on a pro forma basis following the latest issuance and the
refinancing of the remaining outstanding $618 million 2027 notes,
GOHL's dividend income will cover approximately 1.5x of its total
interest expense, including full coupon payments on the perpetual
securities.

Following completion of the proposed SGD perpetual securities
issuance, GOHL is expected to have excellent liquidity. As of March
31, 2026, GOHL had a standalone cash balance of around SGD350
million, compared with total balance-sheet debt of around SGD2.2
billion.

Currently, GOHL's debt mainly comprises GOHL Capital Holdings
Limited's US dollar denominated $1.25 billion perpetual securities
issued in April 2026 and GOHL Capital Limited's $618 million notes
due in January 2027.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING

Upward rating movement is unlikely, given GOHL's dependence on GENS
and GENB.

Moody's could downgrade GOHL if:  there is protracted weakness in
the cash flow generation of RWS, resulting in lower dividend
payouts and in turn weaker cash inflows for GOHL to meet its
obligations; there is a reduction of its ownership in GENS; and
GENB's rating is downgraded.

The principal methodology used in this rating was Gaming published
in September 2025.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.

Genting Overseas Holdings Limited (GOHL) is an investment holding
company that holds a 53% stake in GENS. GOHL is incorporated in the
Isle of Man and is wholly owned by GENB.



=====================
N E W   Z E A L A N D
=====================

DBT CONSTRUCTION: Court to Hear Wind-Up Petition on July 6
----------------------------------------------------------
A petition to wind up the operations of DBT Construction Limited
will be heard before the High Court at Tauranga on July 6, 2026, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on May 11, 2026.

The Petitioner's solicitor is:

        Timothy Saunders
       Inland Revenue, Legal Services
       21 Home Straight
       PO Box 432
       Hamilton


GROUNDBASE TRAFFIC: Court to Hear Wind-Up Petition on July 28
-------------------------------------------------------------
A petition to wind up the operations of Groundbase Traffic Services
Limited will be heard before the High Court at Rotorua on July 28,
2026, at 10:00 a.m.

Pitman Contracting Rotorua Limited filed the petition against the
company on May 22, 2026.

The Petitioner's solicitor is:

          James McDougall
          Holland Beckett
          Level 2/45 The Strand
          Tauranga


MAJHA MALWA: Creditors' Proofs of Debt Due on July 15
-----------------------------------------------------
Creditors of Majha Malwa Transport Limited are required to file
their proofs of debt by July 15, 2026, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 9, 2026.

The company's liquidator is:

          Pritesh Patel
          Patel & Co.
          PO Box 23296
          Manukau City
          Auckland 2241


MISS LOLO: Creditors' Proofs of Debt Due on July 15
---------------------------------------------------
Creditors of Miss Lolo Limited and Miss Lolo Holdings Limited are
required to file their proofs of debt by July 15, 2026, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on June 15, 2026.

The company's liquidators are:

          Steven Khov
          Kieran Jones
          Khov Jones Limited
          PO Box 302261
          North Harbour
          Auckland 0751


WELLPARK PROPERTIES: Creditors' Proofs of Debt Due on July 17
-------------------------------------------------------------
Creditors of Wellpark Properties Limited and Brahmani Trading
Limited are required to file their proofs of debt by July 17, 2026,
to be included in the company's dividend distribution.

Wellpark Properties commenced wind-up proceedings on June 9, 2026.

Brahmani Trading commenced wind-up proceedings on June 15, 2026.

The company's liquidator is:

          Craig Young
          Restructuring Services Limited
          PO Box 87340
          Auckland




===============================
P A P U A   N E W   G U I N E A
===============================

PAPUA NEW GUINEA: S&P Affirms 'B-/B' SCRs, Alters Outlook to Pos.
-----------------------------------------------------------------
On June 18, 2026, S&P Global Ratings revised its outlook on Papua
New Guinea to positive from stable. At the same time, S&P affirmed
its 'B-' long-term and 'B' short-term sovereign credit ratings. The
transfer and convertibility assessment remains 'B-'.

Outlook

The positive outlook reflects the potential for PNG's structural
growth rate to strengthen over the next 12 months, supported by
upcoming resource projects and IMF-led reforms to restore the
convertibility of the local currency, the kina.

Downside scenario

S&P could revise its outlook to stable over the next 12 months if
potential improvements do not eventuate. This might occur, for
instance, if PNG's reform momentum falters as the IMF program winds
down.

Upside scenario

S&P said, "We could raise our ratings over the next 12 months if
PNG achieves a strong, sustained uptick in per capita GDP growth,
or if it materially reduces its external and fiscal liabilities and
foreign-exchange restrictions. We could also raise our ratings if
the government builds up a longer record of more effective
institutions and prudent policymaking."

Rationale
S&P's positive outlook on PNG reflects the potential for new
resource projects to improve the country's economic prospects. In
addition, business confidence is improving, partly due to a sharp
reduction in foreign-exchange order backlogs.

In conjunction with a 45-month IMF program, PNG's central bank is
allowing the local currency, the Papua New Guinea kina (PGK), to
slowly adjust to a market-determined level. PNG's real GDP growth
rate rose to about 5.6% in 2025 on the back of strong commodity
prices, particularly for gold, an uptick in liquefied natural gas
(LNG) production after new gas fields reached full capacity, and
solid agricultural output.

At the same time, fiscal consolidation is continuing, with PNG's
fiscal deficit likely to further narrow to below 2% of GDP this
year. As a result, net public debt should decrease to below 40% of
GDP by 2028. Our sovereign ratings on PNG continue to reflect
structural constraints inherent in a lower-middle income economy
that is dependent on the resources sector and served by weak
institutions.

Institutional and economic profile: Political stability likely in
run-up to 2027 elections; resource projects could support
medium-term growth

-- Recent constitutional amendments should reduce the frequency of
disruptive votes of no-confidence.

-- Per capita economic growth rate underperforms peers', though
upcoming gas projects could boost future economic performance.
Reliance on imports of refined fuels could pose headwinds for the
economy in 2026.

-- PNG's political scene is characterized by weak party cohesion
and frequently shifting alliances. This makes implementation of
policy somewhat difficult, in S&P's view.

However, parliamentary stability appears to be improving after the
Supreme Court recently ruled that constitutional amendment number
48 is valid. This amendment, passed in 2025, introduces an 18-month
"grace period" after any unsuccessful vote of no confidence against
a sitting prime minister. As a result, Prime Minister James Marape
now appears more likely to retain his position until the next
election in 2027.

S&P expects PNG's economy to grow at 3.5%-3.8% a year, in real
terms, over the next few years. Growth should benefit from strong
commodity prices and rising business confidence, including in the
non-resource sector.

There could be downside risks to growth if global energy markets
remain dislocated for an extended period. PNG is highly dependent
on imported diesel, and fuel rationing is a possibility if stocks
run low. In response to the Middle East conflict, the government
has implemented a fuel subsidy program to maintain fuel prices at
pre-crisis levels.

PNG faces pressing development needs. Per capita GDP stands at
about US$3,000. S&P said, "We calculate that the country's real per
capita GDP trend growth rate is low compared with peers', averaging
about 1.8% over a 10-year horizon. A high crime rate deters private
sector and foreign direct investment. The quality of governmental
institutions and transparency is relatively weak, in our view."

The economy relies heavily on the downstream energy export sector,
which accounts for a large share of export earnings and GDP, and on
the agricultural sector, which engages most of the labor force.
PNG's largest export is LNG. Its economy has historically been
somewhat volatile, with booms in the 1990s and 2010-2014 (the
latter period associated with the mammoth PNG LNG project),
followed by stretches of subpar growth.

Prospective resource projects, which we have yet to factor into
S&P's base case, could improve PNG's growth prospects.
Multinational companies continue to assess the feasibility of the
proposed US$14 billion Papua LNG project (equivalent to about
one-third of national GDP). The final investment decision for this
project has faced repeated delays, but the operator, TotalEnergies,
has indicated that a decision is likely to be reached in 2026.

Papua LNG could be followed by the development of a new US$12
billion gas field, P'nyang, which could generate about three years
of additional construction activity once Papua LNG is operational.
The government has rights to take up minority equity stakes in
these projects.

S&P said, "We see some risks associated with the future status of
the autonomous region of Bougainville. In our base case, we assume
a peaceful resolution, but any flare-up of tensions could weigh on
PNG's institutional settings." In 2019, Bougainvilleans voted for
independence in a nonbinding referendum. In 2021, both sides agreed
to progress Bougainville independence by 2027, but PNG's parliament
has yet to consider the ratification process. In late 2024, the
parties agreed to appoint an external mediator.

Flexibility and performance profile: Fiscal deficits are declining
and exchange-rate reforms are gaining traction

-- Fiscal deficits should narrow over S&P's forecast horizon,
enabling a decline in public debt and interest burden.

-- External debt metrics should be stable on the back of large
current account surpluses, though terms of trade are volatile.

-- Foreign-exchange shortages are becoming less of a hindrance to
business activity.

S&P projects that the annual change in net general government debt
will narrow to average 1.1% of GDP over 2026-2028, from a peak of
over 10% in 2019. The November 2025 annual budget reiterates the
government's medium-term plan to achieve a balanced budget by 2027.
Revenue growth should benefit from higher tax receipts, greater
compliance and monitoring efforts, an increase in dividends from
state-owned enterprises (SOEs) following implementation of a new
dividend policy, and the end of depreciation allowances for the PNG
LNG project.

The country has a relatively shallow tax base and faces gaps in
basic services and infrastructure. This is reflected in PNG's low
ranking in the UN Human Development Index.

A tightening fiscal stance should allow net general government debt
to start to decline from 45% of GDP in 2025. PNG reported an
estimated fiscal deficit of 2.2% of GDP in 2025, down from 3.3% the
preceding year.

Gradual fiscal consolidation will likely continue, despite the PNG
government recently announcing a PGK1 billion fuel subsidy package
and extension of the temporary removal of goods-and-services tax on
certain essential goods. Higher global energy prices could boost
mining and petroleum taxes, and dividends received from SOEs such
as Kumul Petroleum Holdings Ltd.

There is limited transparency around publicly guaranteed debt.
Guarantees over loans to various SOEs are equivalent to about 7% of
GDP, according to PNG's 2024 midyear economic and fiscal outlook.
Some other SOEs, like PNG Power Ltd., struggle with financial
viability, according to published audit reports, and may need
support from the government.

Domestic financial markets are somewhat shallow. Roughly 42% of the
stock of domestic debt takes the form of short-dated treasury
bills, creating some rollover risk, in S&P's view. External public
borrowing is mostly in the form of official loans from multilateral
and bilateral partners. PNG has a sole US$500 million sovereign
eurobond outstanding, due in 2028.

S&P views the ongoing IMF program as supportive of pro-growth
reforms. In March 2023, PNG entered a 38-month, US$918 million
arrangement under the IMF's Extended Credit Facility and Extended
Fund Facility. In December 2024, the IMF agreed to extend the
program by seven months and added a two-year, US$259 million
Resilience and Sustainability Facility arrangement.

PNG has achieved most of the IMF's benchmarks to date, across areas
such as improving governance of the central bank, amending the
Income Tax Act, introducing a dividend policy for state companies,
and shifting to a more flexible exchange rate arrangement. In June
2026, it passed the sixth and penultimate review under the Extended
Credit and Fund Facilities, and the third review under the
Resilience and Sustainability Facility.

PNG's external position remains relatively weak, in our view. Its
terms of trade are volatile, which is due to large recent swings in
global commodity prices. However, external imbalances have
generally contracted over the past decade, with LNG production
since 2014 resulting in the gradual repayment of private sector
external liabilities. We expect narrow net external debt, by our
metrics, to average about 68% of current account receipts over
2026-2029.

External debt ballooned during the construction phase of the PNG
LNG project over 2010-2013. During this time, current account
deficits exceeded 30% of GDP. Future LNG projects, if they proceed,
could similarly exacerbate external imbalances during their
construction phase. The quality of PNG's external data is limited,
in our view, because the country does not publish an international
investment position, and its balance of payments has a record of
large errors and omissions.

Official gross foreign-exchange reserves are relatively healthy, in
our view, standing at US$3.7 billion as of March 2026. This is
equivalent to about five months of current account payments.

PNG's backlog of foreign exchange orders has fallen considerably
over the past six months. Bank of Papua New Guinea (the country's
central bank) formally adopted a "crawl-like" exchange rate
arrangement in January 2024, though the IMF has classified the
regime as de facto crawl-like since 2014.

The kina depreciated by 2.3% against the U.S. dollar in nominal
terms between September 2025 and February 2026. This ongoing
reduction in kina over-valuation, coupled with strong inflows from
commodity exports, has improved the availability of hard currency
and the functioning of the domestic foreign exchange market.

The central bank's relatively weak monetary flexibility is a rating
constraint. The transmission of monetary policy settings to
commercial interest rates has historically been limited. This
situation may be slowly improving with the central bank's recent
implementation of an interest rate corridor system and auctions of
central bank bills.

Correspondent banking transaction costs could rise due to higher
international scrutiny. In February 2026, the Financial Action Task
Force placed PNG on its "grey list" for failures to meet standards
for anti-money laundering, counter-terrorist financing, and counter
proliferation financing. The PNG government is working on a
remediation plan, though this could take years to implement.

The PNG government amended the Central Banking Act in 2024 to
clarify the central bank's inflation-targeting mandate and enhance
its autonomy. Annual headline inflation rose to 4.1% at the end of
2025 and could rise further due to ongoing depreciation and the
pass-through of higher global energy costs. The central bank last
raised its policy rate, by 100 basis points to 5%, in September
2025.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Rating Component Scores above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  Ratings Affirmed; Outlook Action

                               To           From

  Papua New Guinea

  Sovereign Credit Rating B-/Positive/B B-/Stable/B

  Ratings Affirmed

  Papua New Guinea

  Transfer & Convertibility Assessment

  Local Currency                B-
  Senior Unsecured              B-



=================
S I N G A P O R E
=================

DA ZHONG: Creditors' Proofs of Debt Due on July 17
--------------------------------------------------
Creditors of Da Zhong Tankers (Pte) Ltd are required to file their
proofs of debt by July 17, 2026, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 10, 2026.

The company's liquidators are:

         Mr. Paresh Tribhovan Jotangia
         Ms. Ho May Kee
         c/o Grant Thornton Singapore
         8 Marina View #40-04/05
         Asia Square Tower 1
         Singapore 018960

DREAMSPARK PTE: Creditors' Proofs of Debt Due on July 19
--------------------------------------------------------
Creditors of Dreamspark Pte. Ltd. are required to file their proofs
of debt by July 19, 2026, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 12, 2026.

The company's liquidators are:

          Lim Loo Khoon
          Tan Wei Cheong
          6 Shenton Way
          OUE Downtown 2, #33-00
          Singapore 068809


INDIAN PARU'S: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on June 5, 2026, to
wind up the operations of Indian Paru's Beauty Care Pte. Ltd.

Oversea-Chinese Banking Corporation Limited filed the petition
against the company.

The company's liquidators are:

          Mr. Gary Loh Weng Fatt
          Mr. Dev Kumar Harish Nandwani
          c/o BDO Advisory Pte. Ltd.
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


OIG GIANT: Commences Wind-Up Proceedings
----------------------------------------
Members of Oig Giant I Pte. Ltd. and Oig Giant II Pte. Ltd. on June
3, 2026, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are Mr. Bernard Juay and Shirley Lim.



XIN YING: Creditors' Proofs of Debt Due on July 17
--------------------------------------------------
Creditors of Xin Ying Shipping (Pte) Ltd are required to file their
proofs of debt by July 17, 2026, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 10, 2026.

The company's liquidators are:

         Mr. Paresh Tribhovan Jotangia
         Ms. Ho May Kee
         c/o Grant Thornton Singapore
         8 Marina View #40-04/05
         Asia Square Tower 1
         Singapore 018960



=============
V I E T N A M
=============

VIETNAM: Fitch Affirms 'BB+' Foreign-Currency IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed Vietnam's Long-Term Foreign-Currency
Issuer Default Rating (IDR) at 'BB+' with a Stable Outlook.

The ratings are underpinned by Vietnam's solid medium-term growth
prospects, lower general government debt/GDP ratio than the 'BB'
peer median, and a favourable external debt profile. The ratings
are constrained by a relatively underdeveloped policy framework,
elevated and rising leverage in the economy, and lagging structural
features such as GDP per capita which Fitch expects to remain lower
than that of many peers.

Key Rating Drivers

Resilient Growth Outlook: Fitch forecasts real GDP growth to
moderate but remain robust at 6.8% in 2026, still well above the
projected 'BB' median of 3.6%, supported by strong FDI inflows into
export-oriented industries, solid electronics exports, stepped-up
government investment and a supportive credit policy. Near-term
risks of energy-supply disruptions stemming from Vietnam's reliance
on Middle East oil imports e are mitigated by effective
diversification efforts toward alternative source markets, despite
the terms-of-trade shock.

Near-Term Uncertainty: A prolonged energy shock and supply-chain
disruption could weaken global demand and tighten financial
conditions, with negative spillovers for Vietnam's economic
momentum. Vietnam also remains vulnerable to potential US tariff
actions, as it runs one of the largest goods trade surpluses with
the US.

The country is subject to several active US investigations that
could result in additional US trade measures or sector-based
actions, with the potential to dampen its export competitiveness
relative to peers. However, stronger AI-related exports and public
investment pose upside risks.

Robust Medium-Term Potential: Growth outperforming most 'BB'
category peers over the medium term reflects its expectation of
rising FDI inflows into higher value-added industries, while also
supported by public infrastructure development, favourable
demographics and various structural reforms. Fitch expects greater
political cohesion to support effective execution of policy
priorities, including measures to improve investment climate, lift
productivity through support for technology and innovation, and
foster domestic private-sector development.

Elevated Credit Reliance: The government aims to achieve average
annual real GDP growth of 10% or more for 2026-2030. The State Bank
of Vietnam has set a 2026 credit growth target of 15%, below the
2025 outcome of 19%. Fitch expects the government to raise the
target later this year, as in 2025, to stimulate the economy amid
external headwinds, driving up banking-sector credit to roughly
155% of GDP, triple the projected 'BB' median of 52%. Persistently
high credit growth would raise risks of credit misallocation,
fuelling asset bubbles and speculative activity.

Banking Sector Challenges: Fitch expects robust economic and credit
growth to support bank revenue, while containing near-term
asset-quality risks, but liquidity is likely to remain tight. This
partly reflects faster credit expansion than deposit growth,
exchange-rate weakness, and cross-border yield differentials,
weighing on lending margins and profitability. Tight system-wide
liquidity should intensify competition for deposits and promote
greater risk-taking. Bank capitalisation continues to improve, yet
loss-absorption buffers remain thin relative to peers.

Government Debt to Rise: Fitch forecasts the general government
debt/GDP ratio at 33.7% of GDP at end-2027, from 32.0%, driven
primarily by a widening fiscal deficit to an average 3.7% of GDP.
This reflects its view of larger capex and a higher execution rate,
aimed at strengthening regional connectivity and bolstering growth.
Government's large investment plan for 2026-2030, averaging nearly
10% of Fitch's projected GDP per year, focuses on strategic
infrastructure, and supported by external concessional financing
and private investment.

Debt Still Below Median: Fitch expects the debt ratio to rise
modestly over the medium term, remaining well below the 'BB' peer
median of 53.2% and the official 50% debt ceiling. Fitch expects
government's interest payments/revenue ratio will stay between
4.2%-4.5% - roughly half of the peer median, partly reflecting its
view of financial repression, enabling low-cost funding from banks,
insurers and the Vietnam Social Security Fund. Contingent liability
risks from a large SOE sector remain a credit weakness; total 2024
SOE debt was 20.4% of GDP.

Modest Reserve Buffers: Fitch projects the current account surplus
to narrow to 4.0% of GDP in 2026 from an estimated 6.5% in 2025,
driven by higher oil prices and rising costs for intermediate
inputs used for export-oriented manufacturing. FX reserves stood at
about USD85.3 billion in April 2026.

Fitch sees reserve buffers remaining stable despite a large current
account surplus, reflecting profit repatriation by foreign firms
and unrecorded capital outflows. Vietnam's FX reserves lack
transparency, however, as publication is lagged and coverage of
current external payments will remain well below the peer median of
4.7 months.

ESG - Governance: Vietnam has a medium WBGI ranking at the 41st
percentile, reflecting a low level of rights for participation in
the political process, moderate institutional capacity, rule of law
and level of corruption.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- External Finances: A sharp reduction in FX reserves associated
with pressure on the exchange rate, contributing to a weaker net
external creditor position.

- Macroeconomic Policy and Performance: Rising risks from further
build-up of leverage in the economy, such as a disorderly economic
correction and/or weaker growth prospects.

- Public Finances: Expectation of significantly higher fiscal
deficits, crystallisation of contingent liabilities on the
sovereign's balance sheet, or reduced confidence in medium-term
growth prospects, which would lead to a significant rise in
government debt/GDP.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Macroeconomic Policy and Performance: Sustained high growth,
without the creation of economic vulnerabilities, that reduces the
GDP per capita gap with rating peers, and strengthening of the
economic policy framework and improving transparency of policy
decisions and data.

- Public Finances: Significant reduction in fiscal risks,
particularly those associated with contingent liabilities, stemming
from the large SOE sector and the broader high leverage of the
economy.

Sovereign Rating Model (SRM) and Qualitative Overlay (QO)

Fitch's proprietary SRM assigns Vietnam a score equivalent to a
rating of 'BBB' on the Long-Term Foreign-Currency (LT FC) IDR
scale.

Fitch's sovereign rating committee adjusted the output from the SRM
to arrive at the final LT FC IDR by applying its QO, relative to
SRM data and output, as follows:


- Macro: -1 notch, to reflect an underdeveloped macroeconomic
policy framework that has delivered strong growth, but is overly
reliant on leverage and is not fully transparent in terms of
decision-making and data, for instance on FX reserves, which could
hamper effective management of emerging complexities in the economy
and financial sector.

- Public Finances: -1 notch, to reflect structural weakness
associated with the large financial system (with assets at nearly
220% of GDP at end-2025), and high contingent liability risks from
a large SOE sector.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.

Debt Instruments: Key Rating Drivers

Senior Unsecured Debt Equalised

The senior unsecured long-term debt ratings are equalised with the
applicable Long-Term IDR, as Fitch assumes recoveries will be
'average' when the sovereign's long-term IDRs is 'BB-' and above.
No Recovery Ratings are assigned at this rating level.

Fitch rates Vietnam's long-term senior secured debt ratings at
'BBB-'. These debt instruments comprise the 30-year Brady Bonds
issued on 12 March 1998. Principal on the Discount Bond is fully
collaterialised at maturity by US Treasury zero-coupon bonds while
principal on the Par Bond is 50% collateralised. Both bonds feature
rolling interest collateral.

Fitch expects average recovery prospects for Vietnam's senior
unsecured debt and the additional recovery benefits derived from
the secured portion of the debt instruments. See Rating Actions
table below for the full set of instrument ratings.

Country Ceiling

The Country Ceiling for Vietnam is 'BB+', in line with the LT FC
IDR. This reflects no material constraints and incentives, relative
to the IDR, against capital or exchange controls being imposed that
would prevent or significantly impede the private sector from
converting local currency into foreign currency and transferring
the proceeds to non-resident creditors to service debt payments.

Fitch's Country Ceiling Model produced a starting point uplift of 0
notch above the IDR. Fitch's rating committee did not apply a
qualitative adjustment to the model result.

Climate Vulnerability Signals

The results of its Climate.VS screener did not indicate an elevated
risk for Vietnam.

ESG Considerations

Vietnam has an ESG Relevance Score of '5' for Political Stability
and Rights, as World Bank Governance Indicators have the highest
weight in Fitch's SRM and are therefore highly relevant to the
rating and a key rating driver with a high weight. As Vietnam has a
percentile rank below 50 for the respective Governance Indicator,
this has a negative impact on the credit profile.

Vietnam has an ESG Relevance Score of '5' for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
World Bank Governance Indicators have the highest weight in Fitch's
SRM, and are therefore highly relevant to the rating and are a key
rating driver with a high weight. As Vietnam has a percentile rank
below 50 for the respective Governance Indicators, this has a
negative impact on the credit profile.

Vietnam has an ESG Relevance Score of '4' for Human Rights and
Political Freedoms as the Voice and Accountability pillar of the
World Bank Governance Indicators is relevant to the rating and a
rating driver. As Vietnam has a percentile rank below 50 for the
respective Governance Indicator, this has a negative impact on the
credit profile.

Vietnam has an ESG Relevance Score of '4[+]' for Creditor Rights as
willingness to service and repay debt is relevant to the rating and
is a rating driver for Vietnam, as for all sovereigns. As Vietnam
has a record of 20+ years without a restructuring of public debt as
captured in its SRM variable, this has a positive impact on the
credit profile.

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                     Rating            Prior
   -----------                     ------            -----
Vietnam              LT IDR          BB+ Affirmed    BB+
                     ST IDR          B   Affirmed    B
                     LC LT IDR       BB+ Affirmed    BB+
                     LC ST IDR       B   Affirmed    B
                     Country Ceiling BB+ Affirmed    BB+

   Senior
   Unsecured-Local
   currency          LT              BB+ Affirmed    BB+

   senior secured    LT             BBB- Affirmed    BBB-


                           *********


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.

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