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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 30, 2026, Vol. 29, No. 129

                           Headlines



A U S T R A L I A

3 HAPPY: Second Creditors' Meeting Set for July 2
BASS COAST: Placed Into Voluntary Administration
DTN GROUP: First Creditors' Meeting Set for July 3
HUDSON GLOBAL: Licence Axed for 'AUD20MM Tax Debts, Underpayments'
LLOYD CONNECT: First Creditors' Meeting Set for July 3

MERCER SUPER: Ordered to Pay AUD10.3MM Fine Over Reporting Failures
NATIONAL GROUP: S&P Withdraws 'B' Prelim LT Issuer Credit Rating
SIX STRING: Goes Into Voluntary Administration
TT HOXTON: First Creditors' Meeting Set for July 6
WETLANDER CRUISES: First Creditors' Meeting Set for July 2



C H I N A

CHINA EVERGRANDE: Former CEO Asks Court for Hike in Spending Cap


H O N G   K O N G

CIMG INC: Unit Secures $442M Computing Power Center Deal
UNITED ENERGY: S&P Affirms 'B+' Long-Term ICR, Outlook Negative


I N D I A

AAGYA BIOTECH: CRISIL Lowers Rating on INR140cr Cash Loan to B
AASHAPURA AGRO: CRISIL Lowers Rating on INR8cr Cash Loan to B
ADISON GRANITO: Insolvency Resolution Process Case Summary
AMALGAM NUTRIENTS: CRISIL Lowers Rating on INR6.25cr Loan to B
AMAZING RUBBER: CRISIL Lowers Rating on INR5cr Packing Loan to B

ASIAN MULTIPLEXES CRISIL Cuts Rating on INR12.5cr Loan to B
ATISHAYA POLY: CRISIL Lowers Rating on INR5.37cr Cash Loan to B
ATTENTIVE AI: Voluntary Liquidation Process Case Summary
BHARAT SPIRITS: CRISIL Lowers Rating on INR178cr LT Loan to B
CHAIN-SYS SOFTWARE: CRISIL Lowers Rating on INR32cr LT Loan to B

EUPHORIA MINES: CRISIL Lowers Rating on INR5.6cr Loan to B
EXCEL OVERSEAS: Insolvency Resolution Process Case Summary
HINDUSTHAN ENGINEERING: CRISIL Cuts Rating on INR15cr Loan to B
INDUS VALLEY: CRISIL Lowers Rating on INR25cr LT Loan to B
K. M. FISHERIES: CRISIL Cuts Rating on INR12.1 Packing Loan to B

KSR HANDLOOMS: CRISIL Lowers Rating on INR10cr Cash Loan to B
LAKSHMIGRAHA ENTERPRISES: CRISIL Cuts Rating on INR30cr Loan to B
LALBHAI KALIDAS: CRISIL Lowers Rating on INR13cr Loan to B
LIVINGSTONES JEWELLERY: CRISIL Cuts Rating on INR6.65cr Loan to B
MARUTINANDAN ASSOCIATES: CRISIL Cuts Rating on INR5cr Loan to B

NEELKANTH PULP: CRISIL Lowers Rating on INR17cr Cash Loan to B
OLIVE TELECOMMUNICATION: Insolvency Resolution Process Case Summary
PARS ENGINEERING: CRISIL Lowers Rating on INR10cr Cash Loan to B
PATHICK TRADING: CRISIL Lowers Rating on INR15cr LT Loan to B
PHOENIX ISPAT: CRISIL Lowers Rating on INR30cr Loan to B

PUSHPAM TRADERS: CRISIL Lowers Rating on INR5cr Cash Loan to B
RADHEYA CONSTRUCTION: CRISIL Cuts Rating on INR20cr Loan to B
RAJESH INDUSTRIES: CRISIL Lowers Rating on INR10cr Cash Loan to B
SAARTHI PEDAGOGY: Insolvency Resolution Process Case Summary
SUPER PROPERTY: Insolvency Resolution Process Case Summary

TALENT UNLIMITED: Insolvency Resolution Process Case Summary
TULSI SPECIALITY: CRISIL Lowers Rating on INR12cr New Loan to B
VIRTUAL BUSINESS: Insolvency Resolution Process Case Summary


M A L A Y S I A

LAMBO GROUP: Removes Variation From Regularisation Plan


N E W   Z E A L A N D

BEST STYLE: Court to Hear Wind-Up Petition on July 8
BURGERBURGER HOLDINGS: Creditors' Proofs of Debt Due on July 24
CHANCE VOIGHT: Director Fails to Turn Up at Liquidation Hearing
CRITICAL PIXELS: Creditors' Proofs of Debt Due on Aug. 7
HELIUS THERAPEUTICS: Ora Pharm Buys Business and Assets

SOUTH PACIFIC: BDO Auckland Appointed as Receivers
WAKATIPU BREWCO: Court to Hear Wind-Up Petition on July 16


S I N G A P O R E

C.K. FIRE: Court Enters Wind-Up Order
MAXEON SOLAR: Placed Under Judicial Management
POD ENGINEERING: Court to Hear Wind-Up Petition on July 10
RHUBARB LE RESTAURANT: Commences Wind-Up Proceedings
VICTORY SHIPPING: Court Enters Wind-Up Order


                           - - - - -


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A U S T R A L I A
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3 HAPPY: Second Creditors' Meeting Set for July 2
-------------------------------------------------
A second meeting of creditors in the proceedings of:

     - 3 Happy Monkeys Pty Ltd (trading as isabelle cafe &
       Pizzeria, Isabelle's Cafe & Woodfired Pizzeria, La Bella
       Cucina Italian);

     - 5 Happy Monkeys Sans Souci Pty Ltd (trading as 32 Miles
       Indian Restaurant, 32 Miles);

     - 5 Happy Monkeys Terrigal Pty Ltd (trading as The Royal
       Palace Indian Restaurant Terrigal);

     - 5 Happy Monkeys (MV) Pty Ltd (trading as The Royal Palace
       Mona Vale); and

     - Harmony CBD Pty Ltd (trading as Pinky Ji, Thakor Ji Ni
       Krupa).

has been set for July 2, 2026, at 9:30 a.m. via Teleconference
Facilities.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 1, 2026 at 4:00 p.m.

Mohammad Mirzan Bin Mansoor of Circuit Restructuring was appointed
as administrator of the company on June 9, 2026.


BASS COAST: Placed Into Voluntary Administration
------------------------------------------------
Bruce Wardley at Sentinel-Times reports that education provider
Bass Coast Adult Learning (BCAL) has officially entered voluntary
administration, casting a shadow of uncertainty over the beloved
local adult education provider that recently celebrated its 30th
anniversary.

Sentinel-Times says the significant financial development was
confirmed by insolvency and liquidation specialists Worrells,
alongside the State Member for Bass, Jordan Crugnale MP.

Worrells an Australian firm which specialises in managing bad debts
and distressed operations has assumed immediate control of the
organisation's affairs, Sentinel-Times notes. Voluntary
administration is a formal pathway typically initiated by proactive
company directors who recognise severe financial trouble early.

By stepping in immediately the voluntary administrator takes full
operational control, effectively standing in the shoes of the
company directors. According to Sentinel-Times, the primary
objective of this interim period for BCAL which may take 20 to 30
business days is to handle the company's assets and affairs in a
manner that maximises the chances of the business continuing to
exist as an education provider for the Bass Coast.

Sentinel-Times relates that a spokesperson from Worrells
highlighted the value of timely intervention in corporate distress,
noting that solving the right problems at the right time is
frequently the definitive factor between a business surviving or
failing.

"Our people are trained to identify the right action plan for each
unique situation," the firm stated. "We focus on helping businesses
across all industries and business models to pivot out of difficult
times where possible, creating viable pathways for the business's
future."

Sentinel-Times notes that the first meeting will be convened within
the next few days to confirm the administrator's role and establish
a creditors' committee if required. A second meeting will be held
within 20 to 30 business days where the final future of BCAL is
decided.

At the second pivotal meeting, creditors will vote on the options
they believe will best serve their financial interests. Based on
standard corporate insolvency pathways, the two most common
outcomes of a voluntary administration are the execution of a Deed
of Company Arrangement (DOCA) which outlines a formal compromise
and restructure plan to save the entity or the outright liquidation
of the company.

According to Sentinel-Times, the sudden and unexpected
administration process for Bass Coast Adult Learning marks a
poignant moment for the region. Having celebrated 30 years of
dedicated service, the provider was long considered a cornerstone
of regional education, offering vital adult literacy, vocational
training, and community connection programs to thousands of local
residents.

State Member for Bass, Jordan Crugnale MP, acknowledged the
stressful nature of the announcement for staff, students, and the
broader community. The local MP emphasised that the formal
administration process would ensure an independent, expert
evaluation of BCAL's financial position while stakeholders look for
ways to preserve the essential educational services the region
relies upon.

As Worrells begins its deep dive into the provider's books, local
stakeholders are holding onto hope that a structural pivot or a
successful DOCA can be achieved, ensuring that BCAL's three-decade
legacy of community education can continue, Sentinel-Times adds.


DTN GROUP: First Creditors' Meeting Set for July 3
--------------------------------------------------
A first meeting of the creditors in the proceedings of DTN Group
Pty Ltd and LJH Investment Group Pty Ltd will be held on July 3,
2026, at 10:00 a.m. at the offices of HM Advisory, at Level 21, 114
William Street, in Melbourne, Vic and via virtual meeting
technology.

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of the company on June 23, 2026.


HUDSON GLOBAL: Licence Axed for 'AUD20MM Tax Debts, Underpayments'
------------------------------------------------------------------
The Australian Financial Review reports that Hudson Global has had
its licence to supply workers in Victoria cancelled, posing a major
threat to the business that supplies hundreds of temporary workers
to state and federal government departments, and has been trying to
escape administration over massive tax debts.

According to the Financial Review, the Victorian Labour Hire
Authority notified Hudson Global Resources on June 26 it intended
to cancel its licence from July 10 over a "significant history of
unlawful conduct", including allegedly more than AUD8 million in
wages and superannuation underpayments and more than AUD20 million
in tax debts.

The Financial Review relates that the proposed cancellation could
have ramifications for Hudson's labour hire licenses in Queensland
and Canberra, where Hudson supplies thousands of staff to the
Albanese government.

The cancellation notice comes just 24 hours after creditors voted
up a AUD16 million internal management buyout of Hudson on June 25,
despite opposition from the tax office.

The Financial Review says Hudson went into voluntary administration
in late April but is still trading as it seeks to pay down a tax
debt for late Pay As You Go tax payments from July 2022 to February
2026.

According to the Financial Review, Victorian Labour Hire licensing
commissioner Steve Dargavel said Hudson had "badly let down its
workforce, customers, creditors and wider community".

"We found it unacceptable - as I'm sure competent businesses would
- for Hudson to continue to make a mockery of the legal obligations
everyone else must comply with. Enough is enough," he said.

"I have concluded greater harm would likely arise if Hudson
continued to operate."

The Financial Review says the VLHA alleged Hudson failed to declare
its CEO and other executives as decision makers within the company,
in breach of the Labour Hire Licensing Act, and accused Hudson of
"not demonstrating meaningful accountability or governance
reform".

It also cited several transactions before the administration,
including forgiving AUD11 million in debts to related parties, as
"likely representing breaches of directors' duties".

Hudson's administration followed ASIC filing criminal charges
against the company for allegedly not lodging financial reports in
2022, 2023 and 2024, the Financial Review states.

In May, the VLHA issued notice to the company to show cause why its
licence should not be cancelled. The ACT labour hire regulator has
also issued notices seeking further information from the
administrators.

The ATO has said Hudson currently owes it AUD25 million, including
AUD3.8 million in super, as of March and AUD21.5 million in taxes,
the Financial Review discloses.

Hudson has about 350 customers in both the public and private
sectors and employs 1,209 employees and 353 contractors across
Australia.

                         About Hudson Global

Hudson Global Resources Pty. Ltd. provides employment services. The
Company offers permanent, contract and temporary recruitment, and
payroll services. Hudson Global Resources operates globally.

Glenn Livingstone, Nicholas Charlwood and Benjamin Ho of WLP
Restructuring were appointed as administrators of Hudson Global
Resources on April 22, 2026.

In May 2026, the administrators reported that the company has total
liabilities of approximately AUD48 million, including AUD12.5
million owed to secured creditors, AUD5.2 million in unpaid
superannuation contributions, AUD2.3 million in other employee
entitlements, and AUD27.6 million owed to 19 unsecured creditors,
including approximately AUD19 million payable to the ATO.

The administrators also advised that a draft Deed of Company
Arrangement (DOCA) has been proposed by a consortium comprising
Hudson's management and directors, with the aim of recapitalising
the business.


LLOYD CONNECT: First Creditors' Meeting Set for July 3
------------------------------------------------------
A first meeting of the creditors in the proceedings of Lloyd
Connect Pty Ltd will be held on July 3, 2026, at 10:30 a.m. via
Virtual meeting only by Teams.

Roberto Crispino and Matthew Kucianski of Worrells were appointed
as administrators of the company on June 23, 2026.


MERCER SUPER: Ordered to Pay AUD10.3MM Fine Over Reporting Failures
-------------------------------------------------------------------
The Australian Securities & Investments Commission (ASIC) said the
Federal Court has ordered Mercer Super pay penalties totalling
AUD10.3 million for systemic failures to report investigations into
significant member services issues to ASIC, including an
investigation into insurance premiums continuing to be charged
after members had died, and only refunded later.

The Court found that between October 2021 and September 2024,
Mercer Super's systems for complying with the Corporations Act's
reportable situations regime were inadequate. The regime requires
Australian financial services licensees to promptly notify ASIC of
investigations into potentially significant breaches of their core
obligations.

The Court also found that Mercer Super failed to report seven
reportable investigations to ASIC at all and it reported another
investigation late. In relation to the investigation that was
reported late to ASIC, the Court found that Mercer Super failed to
take all reasonable steps to ensure the reports to ASIC were
accurate and provided false or misleading information which
understated the number of members impacted by the incident being
investigated.

The investigations that Mercer Super either failed to report on
time or did not report at all included investigations concerning:

     * failure to update member accounts which led to higher fees
and less favourable insurance policies applying to members

     * failure to allocate AUD64 million in member funds in a
timely manner, and

     * failure to provide death and total and permanent disability
insurance cover for eligible members.

ASIC Chair Sarah Court said the systemic deficiencies and conduct
identified were inappropriate for a superannuation trustee of
Mercer Super's size and market position.

'These failures undermined a critical safeguard designed to protect
consumers and exposed fundamental weaknesses in Mercer Super's
systems and processes.

'This was not an isolated oversight. It was a sustained systemic
issue that continued for years after the regime was introduced,
which is unacceptable for a fund entrusted with AUD80 billion worth
of retirement savings for more than a million members.

'When investigations into serious member service issues are not
reported to ASIC as required by law, this can allow problems
impacting members to persist unchecked, increasing the risk of
ongoing harm.

'The Court's decision sends a strong message to the superannuation
sector that accurate and timely reporting is not optional and when
a fund falls short, we will take action.'

In handing down the decision, her Honour Justice Button found that
ASIC's supervisory role had been seriously compromised given the
duration of the investigations that Mercer Super failed to report.

Her Honour also found that Mercer Super was on notice that its
compliance systems were not adequate and of the risk that
investigations were not being identified and reported to ASIC as
required.

The reportable situations regime is intended to give ASIC early
visibility of misconduct, ensure licensees prioritise
investigations and remediation, and strengthen transparency across
the financial services sector.

Holding super trustees to account for member services failures is
one of ASIC's 2026 enforcement priorities.

Separately, in August 2024, Mercer Super was fined AUD11.3 million
after it admitted making misleading statements about the
sustainable nature and characteristics of some of its
superannuation investment options.

The proceedings form part of ASIC's broader focus on lifting
standards across the superannuation sector and improving outcomes
for members.

Mercer Super is the seventh largest super fund in Australia by
members with over one million members and almost AUD80 billion in
assets under management.


NATIONAL GROUP: S&P Withdraws 'B' Prelim LT Issuer Credit Rating
----------------------------------------------------------------
S&P Global Ratings withdrew its 'B' preliminary long-term issuer
credit rating on National Group Corp. Pty Ltd. at the issuer's
request. The outlook was negative at the time of withdrawal.

In addition, S&P withdrew its 'B' preliminary issue rating and '4'
recovery rating on the company's proposed US$325 million senior
secured bond.

National Group is one of Australia's largest privately-owned
suppliers of large-scale earthmoving equipment. Its principal
activity is equipment hire across Australia's mining hubs.


SIX STRING: Goes Into Voluntary Administration
----------------------------------------------
Kim Berry at Food & Drink Business reports that Six String Brewing
Company has gone into voluntary administration after operating for
13 years and 18 months since moving to a larger premises in Erina
on the New South Wales Central Coast. Henry McKenna from Vincents
has been appointed the administrator.

According to Food & Drink Business, Vincents will assume
responsibility for day-to-day administration and will work
alongside director and co-founder, Chris Benson, and key
stakeholders to assess opportunities to strengthen the business and
determine the best path forward.

Food & Drink Business relates that Mr. Benson said their intention
was to work with the administrator, continue operating as usual,
and "emerge stronger on the other side".

In a statement, Mr. Benson said, "While there is naturally some
uncertainty ahead, Six String remains optimistic about the future.
We believe strongly in what has been built over the past 13 years
and the role Six String continues to play within the Central Coast
community.

"The business enters this process with a purpose-built brewery, a
unique venue, loyal customers, strong supplier relationships and a
passionate team behind it. Our focus now is on stabilising the
business, strengthening its foundations and creating a more
sustainable platform for the future."

Six String moved to a larger premises for the brewery and venue 18
months ago, Food & Drink Business notes.

"For more than 13 years, Six String Brewing Company has poured
everything we have into building the business. Growing from a
passion for beer into a brewery, hospitality venue, live music
destination and business that has employed local people, supported
local suppliers and become part of the Central Coast community.

"Over the past few years, the business made a significant
investment in its future through the move to a larger facility,
expanded brewing capacity and the creation of new opportunities
across hospitality, events, tourism and contract brewing. During
this period, Six String continued to grow sales despite a broader
decline across the craft beer market.

"We have, however, not been immune to rising costs, increasing
excise, inflationary pressures and cost-of-living challenges and,
like many businesses across the brewing and hospitality industries,
we've felt the impact of the current economic climate," Food &
Drink Business quotes Mr. Benson as saying.

Six String has a core offering of five beers and changing range of
seasonal and limited edition beers.


TT HOXTON: First Creditors' Meeting Set for July 6
--------------------------------------------------
A first meeting of the creditors in the proceedings of TT Hoxton
Park Road Pty Ltd will be held on July 6, 2026, at 2:00 p.m. via
Teleconference Only.

David Ross and David Ingram of I & R Advisory were appointed as
administrators of the company on June 24, 2026.


WETLANDER CRUISES: First Creditors' Meeting Set for July 2
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Wetlander
Cruises Pty Ltd (trading as "Sweet Society Collective" and
"Wetlander Cruises") will be held on July 2, 2026, at 10:30 a.m.
via Telephone Conference Facilities.

John Joseph Goggin of Worrells was appointed as administrator of
the company on June 22, 2026.




=========
C H I N A
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CHINA EVERGRANDE: Former CEO Asks Court for Hike in Spending Cap
----------------------------------------------------------------
The Standard reports that China Evergrande Group's former chief
executive asked a Hong Kong court to lift his monthly spending cap
by nearly six times to US$43,000 (HK$335,400) to maintain his way
of life.

According to The Standard, Xia Haijun's lawyer said at a court
hearing last week that the current HK$50,000 ceiling is
insufficient to maintain Xia's current basic livelihood and does
not take into account his actual living conditions.

The High Court issued an injunction to prevent Xia, together with
the developer's founder Hui Ka-yan and other executives, from
handling global assets worth HK$60 billion in 2024 as Evergrande
liquidators sought to recover around HK$46.8 billion in dividends
and compensation paid to the executives, The Standard notes.

Evergrande liquidators' lawyer argued that Xia has continuously
violated the court's asset freezing order over the past two years.


The cap that he is currently requesting is simply not the monthly
expenditure level of an ordinary person, the lawyer said, adding
that Xia should provide evidence regarding his medical insurance,
tax, and accounting expenses, The Standard relays.

The Standard says Xia's legal team reiterated that Xia is not a
bankrupt person. Some expenses, like buying a Dior handbag for his
daughter and paying school fees for his son, are reasonable family
expenses, the team said.

Buying the Clearwater Bay property and setting up a trust where his
children are the beneficiaries are also reasonable arrangements,
the lawyer added.

                       About China Evergrande

China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.

China Evergrande Group, the second largest real estate developer in
China, and certain of its affiliates sought creditor protection in
the United States under Chapter 15 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023.

Evergrande, widely known as the most leveraged company in the
world, and its affiliates are asking the U.S. Bankruptcy Court for
the Southern District of New York for recognition of foreign
proceedings as "foreign main" proceeding under Chapter 15.

Evergrande is in the midst of a highly complex restructuring of
around $20 billion in offshore debt.  In total, the Company has
more than $300 billion in liabilities.

Evergrande is incorporated in the Cayman Islands as an exempted
company with limited liability, with its principal place of
business located at 15th Floor, YF Life Centre, 38 Gloucester Road,
Wanchai, Hong Kong.  It is subject to a restructuring proceeding
entitled In the Matter of China Evergrande Group, concerning a
scheme of arrangement between Evergrande and certain Scheme
Creditors pursuant to the relevant provisions of the Hong Kong
Companies Ordinance (Chapter 622 of the Laws of Hong Kong),
currently pending before the High Court of Hong Kong (Case Number
HCMP 1091/2023.

Affiliate Tianji Holding Limited is incorporated in Hong Kong as a
limited liability company, with its principal place of business
located at 17th Floor, One Island East, Taikoo Place, 18 Westlands
Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring
proceeding entitled In the Matter of Tianji Holding Limited,
concerning a scheme of arrangement between Tianji and certain
Scheme Creditors, pursuant to the relevant provisions of the Hong
Kong Companies Ordinance and currently pending before the Hong
Kong
Court (Case Number HCMP 1090/2023).

Affiliate Scenery Journey Limited is incorporated in the British
Virgin Islands as a limited liability company, with its principal
place of business located at 2nd Floor Water's Edge Building,
Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is
subject to a restructuring proceeding entitled In the Matter of
Scenery Journey Limited, concerning a scheme of arrangement between
Scenery Journey and certain Scheme Creditors, pursuant to section
179A of the BVI Business Companies Act, 2004, and currently
pending
before the High Court of the Eastern Caribbean Supreme Court (Case
sNumber BVIHCOM 2023/0076).

U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15
proceedings.

Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji.
Maples BVI is the British Virgin Island Counsel to Scenery
Journey.

On Jan. 29, 2024, a Hong Kong court ordered the liquidation of
China Evergrande Group.



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

CIMG INC: Unit Secures $442M Computing Power Center Deal
--------------------------------------------------------
CIMG Inc. announced that its wholly-owned subsidiary Zhongyan
Shangyue Technology Co., Ltd. entered into a framework contract for
the construction and operation of a computing power center with
Zhongshishun Technology (Beijing) Co., Ltd.

Under the Framework Contract, Zhongyan Shangyue will act as the
general contracting service provider, delivering full-range
services, including comprehensive equipment supplies, computer room
construction, system deployment and commissioning, as well as
post-operation and a fixed period of maintenance for the computing
power center project of Zhongshishun, to be located in Beijing,
China.

The total contract value stands at up to approximately USD 442
million, inclusive of tax, with a contract period of two years.

Hardware procured for this project will cover certain cutting-edge
mainstream computing power equipment in the industry, such as
NVIDIA H100 and H200 series GPU servers, Inspur's full lineup of
high-performance servers, high-end core switches and high-speed
network devices. Zhongyan Shangyue also plans to deliver full-scale
services, such as basic software deployment and commissioning, with
the goal to ensure high performance and high stability of the
computing power center.

All products are manufactured in strict compliance with industrial
standards to sustain the long-term and stable performance of the
computing power center.

Pursuant to the Framework Contract, Zhongyan Shangyue will strictly
abide by industrial technical standards in equipment delivery,
installation and commissioning, multi-phase acceptance inspections
and full life-cycle maintenance services. In addition, Zhongyan
Shangyue intends to establish a comprehensive delivery and service
system to ensure smooth project implementation and long-term
efficient operations of the data center for Zhongshishun. For
clarification purposes, the Framework Contract sets forth a general
cooperation framework for the proposed project, the implementation
of which, including the scope, timing, equipment procurement,
delivery, payment and other commercial arrangements, is subject to
further arrangements, purchase orders, work orders, definitive
agreements and/or satisfaction of other conditions, as applicable.
There can be no assurance that the proposed project will be
implemented in whole or in part, or that the Company will realize
the full potential contract value described in this press release.

Alice Wang, Chairman and CEO of CIMG, stated: "As the core
foundation of the digital economy and artificial intelligence
industry, the computing power sector boasts vast market potential
and robust growth momentum. The execution of this large-scale order
will not only generate steady and sustainable revenue for and
increase profitability of the Company, but also further diversify
our lines of business, effectively hedging cyclical risks from
being in a single industry and building up the corporate resilience
against certain industry-specific risks."

                           About CIMG Inc.

CIMG is a business group specializing in digital health and sales
development, with a cryptocurrency-focused strategy. The Company
leverages AI and cryptocurrencies (such as Bitcoin and stablecoins)
to drive business growth, helping clients maximize user growth and
enhance brand management value. The Company's current client
portfolio includes brands such as Kangduoyuan, Maca-Noni, Qianmao,
Huomao, and Coco-mango.

Singapore-based Assentsure PAC, the Company's auditor since 2025,
issued a "going concern" qualification in its report dated February
13, 2026, attached to the Company's Annual Report on Form 10-K for
the fiscal year ended September 30, 2025, citing that the Company
has experienced recurring losses from operations and negative
working capital, which raises substantial doubt about its ability
to continue as a going concern.

As of March 31, 2026, the Company had $53.2 million in total
assets, $12.1 million in total liabilities, and $41.1 million in
total stockholders' equity.

UNITED ENERGY: S&P Affirms 'B+' Long-Term ICR, Outlook Negative
---------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' long-term issuer credit rating
on United Energy Group Ltd (UEG) and removed it from CreditWatch,
where S&P placed it with negative implications on March 23.

The negative outlook reflects the negative outlook on the long-term
sovereign rating on Iraq and operational risks UEG faces there in
the next six months to a year.

On June 12, 2026, S&P affirmed its 'B-/B' sovereign credit ratings
on Iraq with a negative outlook and removed the long-term ratings
from CreditWatch negative.

The sovereign ratings on Iraq constrain S&P's view of United Energy
Group Ltd (UEG), which risks persistent operational disruptions in
the country over the next 12 months despite having restored
production there recently.

S&P said, "We expect persistent disruptions to key export trade
routes via the Strait of Hormuz to continue to affect UEG's
operations over the next six months to a year. Some turnaround in
UEG's operations in Iraq has occurred following a preliminary deal
between Iran and the U.S. Oilfield production recovered to
pre-conflict level in early June.

"We expect cash collections in Iraq will resume along with a
gradual resumption of exports through the Strait of Hormuz in the
second half of this year. The Iraqi government ordered nationwide
production cuts averaging about 70% to manage oil storage
constraints following the regional conflict."

However, sustainability of the resumption in production and exports
remains highly uncertain and fragile. S&P's base case assumes
disruptions in the Strait of Hormuz will begin easing in the second
half of 2026. A recovery in shipping and energy flow through the
Strait of Hormuz is likely to be gradual. Potential for operational
challenges and uncertainty is ongoing until a comprehensive
agreement is finalized. Persistent disruptions to exports via the
Strait of Hormuz may lead the Iraqi government to order repeated
reductions in the production of UEG's oilfields.

S&P said, "We therefore forecast UEG's full-year oil output from
Iraq at 7.1 million barrels of oil equivalent (boe)--31% down from
10.3 million boe in 2025 prior to the war.

"Despite lower production volume, we expect ample cash reserves and
undisrupted generation of cash flow from UEG's Pakistan and Egypt
assets to cushion the company during this volatile period.

"Our affirmation on UEG follows our recent action on Iraq. We
recently affirmed our 'B-/B' sovereign credit ratings on Iraq and
removed the long-term rating from CreditWatch negative. Our
negative outlook reflects multiple risks for Iraq stemming from the
impact of the ongoing Middle East conflict over the next six months
to a year, including more persistent disruptions to key export
trade routes via the Strait of Hormuz, as well as the risk of
physical infrastructure damage.

"The sovereign rating on Iraq constrains our rating on UEG. The
company holds key oil and gas assets in Iraq. Consequently, we cap
our rating on UEG two notches above our long-term rating on Iraq.
Despite production disruptions, Iraq's contribution to UEG's total
net entitlement production remains material at around one-third.

"The negative outlook on UEG reflects the negative outlook on our
long-term sovereign rating on Iraq, given UEG's material
operational exposure to the country. It also reflects ongoing
operational risks in Iraq that UEG faces in the next six months to
a year, given our view of potential disruptions to operations and
uncertainty until Iran and the U.S. finalize a comprehensive
agreement."

S&P could downgrade UEG if:

-- S&P downgrades Iraq or Pakistan;

-- An escalation of the conflict further disrupts the company's
business operations, resulting in significant and prolonged
shrinkage of oil and gas production. This could cause us to
reassess the company's credit quality, including its business size,
geographic exposure, and financial position; or

-- S&P sees increasing constraints on UEG's liquidity or reduced
ability to service its foreign currency-denominated financial
obligations if the sovereign were to restrict remittance of oil and
gas sales proceeds offshore.

S&P could revise UEG's outlook to stable if it takes a similar
action on the sovereign and it expects a lasting reopening of the
Strait of Hormuz to underpin a rebound in UEG's exports from Iraq.




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

AAGYA BIOTECH: CRISIL Lowers Rating on INR140cr Cash Loan to B
--------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Aagya Biotech Private Limited (ABPL), as:

                      Amount
   Facilities      (INR Crore)      Ratings
   ----------      -----------      -------
   Cash Credit           14         Crisil B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'Crisil BB+/Stable ISSUER NOT
                                    COOPERATING')

Crisil Ratings has been consistently following up with ABPL for
obtaining information through letter and email dated May 4, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.      

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of ABPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on ABPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
ABPL revised to 'Crisil B/Stable Issuer not cooperating' from
'Crisil BB+/Stable Issuer not cooperating'.

ABPL was incorporated in 2016 and commenced commercial operations
in January 2017. Promoted by Mr Aditya Arora and Mr Archit Arora,
it manufactures formulations for large pharmaceutical companies at
its facility in Roorkee, Haridwar.



AASHAPURA AGRO: CRISIL Lowers Rating on INR8cr Cash Loan to B
-------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Aashapura Agro Industries (AAI), as:

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            8         Crisil B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'Crisil BB-/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term     3.85      Crisil B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'Crisil BB-/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan              1.75      Crisil B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'Crisil BB-/Stable ISSUER NOT
                                    COOPERATING')

Crisil Ratings has been consistently following up with AAI for
obtaining information through letter and email dated May 4, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.      

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of AAI, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on AAI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
AAI revised to 'Crisil B/Stable Issuer not cooperating' from
'Crisil BB-/Stable Issuer not cooperating'.

AAI was set up in May 2014 as a partnership firm by Mr Sandip
Chandak and his family members. The firm processes and sells rice;
its facility is at Dantali in Gujarat.


ADISON GRANITO: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Adison Granito Private Limited
        1509, Shapath-V,
        Opposite Karnavati Club,
        S.G. Highway, Vejalpur,
        Ahmedabad, Gujarat,
        India - 380051

Insolvency Commencement Date: June 11, 2026

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: December 8, 2026

Insolvency professional: Rathin Majmudar

Interim Resolution
Professional: Rathin Majmudar
              D-501, Ganesh Meridian,
              Opposite Gujarat High Court,
              S.G. Highway, Ahmedabad - 380060
              Email: jain_cp@yahoo.com
                     cirp.adisongranito@gmail.com

Last date for
submission of claims: June 25, 2026

AMALGAM NUTRIENTS: CRISIL Lowers Rating on INR6.25cr Loan to B
--------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Amalgam Nutrients and Feeds Limited (ANFL), as:

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan         2.66      Crisil B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'Crisil BB-/Stable ISSUER NOT
                                    COOPERATING')

   Overdraft Facility     6.25      Crisil B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'Crisil BB-/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Working       1.09      Crisil B/Stable (ISSUER NOT
   Capital Facility                 COOPERATING; Revised from
                                    'Crisil BB-/Stable ISSUER NOT
                                    COOPERATING')

Crisil Ratings has been consistently following up with ANFL for
obtaining information through letter and email dated May 4, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.      

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of ANFL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on ANFL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
ANFL revised to 'Crisil B/Stable Issuer not cooperating' from
'Crisil BB-/Stable Issuer not cooperating'.

ANFL, formerly known as Higashimaru Feed (India) Ltd, was
incorporated in 1988. The Ernakulam, Cochin (Kerala)-based company
manufactures pelletised aquaculture feed and feed ingredients.
Operations are managed by Mr Abraham John Tharakan.


AMAZING RUBBER: CRISIL Lowers Rating on INR5cr Packing Loan to B
----------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Amazing Rubber Products Private Limited (ARPPL), as:

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Export Packing         5         Crisil B/Stable (ISSUER NOT
   Credit                           COOPERATING; Revised from
                                    'Crisil BB/Stable ISSUER NOT
                                    COOPERATING')

   Export Packing         2         Crisil B/Stable (ISSUER NOT
   Credit & Export                  COOPERATING; Revised from
   Bills Negotiation/               'Crisil BB/Stable ISSUER NOT
   Foreign Bill                     COOPERATING')   
   discounting             
                                   
   Long Term Loan          5        Crisil B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'Crisil BB/Stable ISSUER NOT
                                    COOPERATING')

Crisil Ratings has been consistently following up with ARPPL for
obtaining information through letter and email dated May 4, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.      

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of ARPPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on ARPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
ARPPL revised to 'Crisil B/Stable Issuer not cooperating' from
'Crisil BB/Stable Issuer not cooperating'.

Incorporated in 2017, ARPPL is based out of Kakkanad, Kerala, and
is engaged in distribution and manufacturing of medical and
packaging gloves. The company's operations are managed by Mr.
Georgekutty Manuel.


ASIAN MULTIPLEXES CRISIL Cuts Rating on INR12.5cr Loan to B
-----------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Asian Multiplexes Private Limited (AMPL), as:

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan          5        Crisil B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'Crisil BB+/Stable ISSUER NOT
                                    COOPERATING')

   Overdraft Facility      7.5      Crisil B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'Crisil BB+/Stable ISSUER NOT
                                    COOPERATING')

   Overdraft Facility     12.5      Crisil B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'Crisil BB+/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Overdraft      5        Crisil B/Stable (ISSUER NOT
   Facility                         COOPERATING; Revised from
                                    'Crisil BB+/Stable ISSUER NOT
                                    COOPERATING')

Crisil Ratings has been consistently following up with AMPL for
obtaining information through letter and email dated May 4, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.      

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of AMPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on AMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
AMPL revised to 'Crisil B/Stable Issuer not cooperating' from
'Crisil BB+/Stable Issuer not cooperating'.

Incorporated in the year 2011, AMPL is engaged in movie exhibition
business across 40 screens of primarily in Telangana. The Telangana
region is also referred to as Nizam area. The company is a
subsidiary (99.7% stake) of Asian Theaters Pvt Ltd which is
promoted by Narang Family. Asian Theaters Ltd (ATL) is the flagship
entity of the group. Incorporated in the year 2005, this company is
a JV between the renowned Telugu films production house Suresh
Productions Pvt Ltd and Narang family each having 50:50 stake. The
company is a leading exhibitor with screen rights for playing
movies in around 30 screens in the Telangana. All these theaters
have been taken on lease by the company which is renewed in every
2-3 years. If the screen rights for multiplex, the lease agreement
is for 10 years.


ATISHAYA POLY: CRISIL Lowers Rating on INR5.37cr Cash Loan to B
---------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Atishaya Poly Pett Private Limited (APPL), as:

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           5.37       Crisil B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'Crisil BB-/Stable ISSUER NOT
                                    COOPERATING')

Crisil Ratings has been consistently following up with APPL for
obtaining information through letter and email dated May 4, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.      

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of APPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on APPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
APPL revised to 'Crisil B/Stable Issuer not cooperating' from
'Crisil BB-/Stable Issuer not cooperating'.

APPL was incorporated in 2015, promoted by Mr Ashok Kumar Jain and
Mr Ram Poddar. The company manufactures PET (polyethylene
terephthalate) preforms and bottles at its unit in Howrah, West
Bengal.


ATTENTIVE AI: Voluntary Liquidation Process Case Summary
--------------------------------------------------------
Debtor: Attentive AI Solutions Private Limited
        C-42, 2nd Floor,
        Block C, Nangal Dewat,
        Vasant Kunj, South Delhi,
        New Delhi, India, 110070

Liquidation Commencement Date: June 12, 2026

Court: National Company Law Tribunal, New Delhi Bench

Liquidator: Pranav J. Damania
            407, Sanjar Enclave,
            Opposite Milap Cinema,
            S.V Road, Kandivali West,
            Mumbai - 400067
            Tel: +91 98204 69825
            Email: pranav@windadvisors.co.in

Last date for
submission of claims: July 12, 2026

BHARAT SPIRITS: CRISIL Lowers Rating on INR178cr LT Loan to B
-------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Bharat Spirits Private Limited (BSPL), as:

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan        178        Crisil B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'Crisil BB-/Stable ISSUER NOT
                                    COOPERATING')

Crisil Ratings has been consistently following up with BSPL for
obtaining information through letter and email dated May 4, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.      

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of BSPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on BSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
BSPL revised to 'Crisil B/Stable Issuer not cooperating' from
'Crisil BB-/Stable Issuer not cooperating'.

Incorporated in Sep 2021, BSPL is setting up a plant with capacity
of 200 kilo litre per day at Solan in Himachal Pradesh, for
manufacturing fuel-grade ethanol and its by-products, such as
distiller's dried grain soluble (DDGS) and carbon dioxide gas,
along with a 4.5 MW co-generation plant. BSPL is promoted by Mr
Virendra Kumar Gupta and is expected to commence operations in Oct
2024.


CHAIN-SYS SOFTWARE: CRISIL Lowers Rating on INR32cr LT Loan to B
----------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Chain-Sys Software Exports Private Limited (CSSEPL), as:

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan          32       Crisil B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'Crisil BB-/Stable ISSUER NOT
                                    COOPERATING')

Crisil Ratings has been consistently following up with CSSEPL for
obtaining information through letter and email dated May 4, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.      

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of CSSEPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
CSSEPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of CSSEPL revised to 'Crisil B/Stable Issuer not
cooperating' from 'Crisil BB-/Stable Issuer not cooperating'.

Incorporated in 2009, CSSEPL provides Data Management Services like
Data Migration, Enterprise Data Management, Data Security, SAP Data
Migration, Master Data Management, Data Masking, Setup Migration,
Data Cataluoging, Application Builder, Data Reconciliation, Data
Analytics, Data Factory, Data Integration, BPA/QA Automation, Data
Archival, Data Quality, and Mass Data Loading and various other
services for building business apps. The company is a subsidiary of
Chainsys Corporation, USA and is located in Chennai. It is promoted
and managed by Mr. Rathinam Maragatham and Mr.Sangli Rathinam, who
have more than twenty years' experience in the IT industry.


EUPHORIA MINES: CRISIL Lowers Rating on INR5.6cr Loan to B
----------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Euphoria Mines and Minerals (EMM), as:

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Drop Line              5.6       Crisil B/Stable (ISSUER NOT
   Overdraft Facility               COOPERATING; Revised from
                                    'Crisil BB+/Stable ISSUER NOT
                                    COOPERATING')

Crisil Ratings has been consistently following up with EMM for
obtaining information through letter and email dated May 4, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.      

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of EMM, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on EMM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
EMM revised to 'Crisil B/Stable Issuer not cooperating' from
'Crisil BB+/Stable Issuer not cooperating'.

EMM was set up in April 2009 as a partnership firm. Based in
Bhopal, Madhya Pradesh, the firm is engaged in sand mining and
trading of sand.


EXCEL OVERSEAS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Excel Overseas Private Limited
        GW-6140, Bharat Diamond Bourse,
        Bandra Kurla Complex,
        Bandra (East),Mumbai, 400051
        Maharashtra, India

Insolvency Commencement Date: June 10, 2026

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: December 7, 2026

Insolvency professional: Mahesh Chand Gupta

Interim Resolution
Professional: Mahesh Chand Gupta
              FE-202, Salt Lake City,
              Sector-III, 1st Floor,
              Kolkata - 700106
              Email: mcgupta90@gmail.com

              c/o MKPS & Asociates LLP,
              Unit 501, 5th Floor,
              The Summit Business Park,
              Western Express Highway,
              Andheri (East),
              Mumbai - 400036
              Email: cirp.excel2026@gmail.com

Last date for
submission of claims: June 24, 2026

HINDUSTHAN ENGINEERING: CRISIL Cuts Rating on INR15cr Loan to B
---------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Hindusthan Engineering Corporation (HEC), as:

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             15       Crisil B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'Crisil BB+/Stable ISSUER NOT
                                    COOPERATING')

Crisil Ratings has been consistently following up with HEC for
obtaining information through letter and email dated May 4, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.      

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of HEC, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on HEC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
HEC revised to 'Crisil B/Stable Issuer not cooperating' from
'Crisil BB+/Stable Issuer not cooperating'.

Established in the year 1989 by Mr. Mojibul Hussain, HEC is
aproprietorship firm based in Kolkata. The firm is engaged in the
business of installing the infrastructure for power generation,
transmission, distribution and providing annual maintenance
services for the same.


INDUS VALLEY: CRISIL Lowers Rating on INR25cr LT Loan to B
----------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Indus Valley Promoters Limited (IVPL), as:

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term      25        Crisil B/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING; Revised from
                                     Crisil BB-/Stable ISSUER NOT
                                     COOPERATING')

Crisil Ratings has been consistently following up with IVPL for
obtaining information through letter and email dated May 4, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.      

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of IVPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on IVPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
IVPL revised to 'Crisil B/Stable Issuer not cooperating' from
'Crisil BB-/Stable Issuer not cooperating'.

Incorporated in 1996, IVPL is promoted and managed by Mr Sanjay
Gupta and Mr Ajay Gupta. It constructs, develops, and sells
independent houses and villas. Thus far, IVPL has implemented 5
projects in Sheel Kunj series, all of which are residential
projects adjacent to National Highway 58. The ongoing projects of
the company are Vedant Kunj, Vedant Kunj-II, and Palm Kunj. These
projects have plots and villas on sale. Other successful row-houses
projects as Saket Kunj, Yashoda Kunj, Vasant Kunj and Samrat Kunj
were also completed and handed over to respected patrons.


K. M. FISHERIES: CRISIL Cuts Rating on INR12.1 Packing Loan to B
----------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of K. M. Fisheries (KMF), as:

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Export Packing        12.1       Crisil B/Stable (ISSUER NOT
   Credit                           COOPERATING; Revised from
                                    'Crisil BB-/Stable ISSUER NOT
                                    COOPERATING')

   Foreign Bill           3         Crisil B/Stable (ISSUER NOT
   Purchase                         COOPERATING; Revised from
                                    'Crisil BB-/Stable ISSUER NOT
                                    COOPERATING')

   Standby Export         2.9       Crisil B/Stable (ISSUER NOT
   Packing Credit                   COOPERATING; Revised from
                                    'Crisil BB-/Stable ISSUER NOT
                                    COOPERATING')

Crisil Ratings has been consistently following up with KMF for
obtaining information through letter and email dated May 4, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.      

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of KMF, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on KMF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
KMF revised to 'Crisil B/Stable Issuer not cooperating' from
'Crisil BB-/Stable Issuer not cooperating'.

Established in 2012, KMF processes and exports frozen marine
products, particularly cuttlefish, squid, octopus, sardines, and
mackerels, to European and Asian countries. KMF has installed three
freezers in Arur (Tamil Nadu), Alleppey, and Azhikode (both in
Kerala) with combined capacity of 2364 tonne for storing and
processing marine products. The firm is owned and managed by Mr K A
Mohammed Shafeek and his family members.


KSR HANDLOOMS: CRISIL Lowers Rating on INR10cr Cash Loan to B
-------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of KSR Handlooms Private Limited (KSRHPL), as:

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             2        Crisil B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'Crisil BB-/Stable ISSUER NOT
                                    COOPERATING')

   Cash Credit            10        Crisil B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'Crisil BB-/Stable ISSUER NOT
                                    COOPERATING')

Crisil Ratings has been consistently following up with KSRHPL for
obtaining information through letter and email dated May 4, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.      

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of KSRHPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
KSRHPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of KSRHPL revised to 'Crisil B/Stable Issuer not
cooperating' from 'Crisil BB-/Stable Issuer not cooperating'.

Set up in 1995 as a proprietorship, the firm was subsequently
converted into a private-limited company with the current name in
2010. This Chirala (Andhra Pradesh)-based company designs,
manufactures and sells handloom sarees and women wear. Mr K
Srinivasa Rao and Mrs. K Prabhavathi Bala are the promoters


LAKSHMIGRAHA ENTERPRISES: CRISIL Cuts Rating on INR30cr Loan to B
-----------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Lakshmigraha Enterprises (LE), as:

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            30         Crisil B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'Crisil BB/Stable ISSUER NOT
                                     COOPERATING')

   Channel Financing       7.5       Crisil B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'Crisil BB/Stable ISSUER NOT
                                     COOPERATING')

   Proposed Cash           2.23      Crisil B/Stable (ISSUER NOT
   Credit Limit                      COOPERATING; Revised from
                                     'Crisil BB/Stable ISSUER NOT
                                     COOPERATING')

   Term Loan               1.77      Crisil B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'Crisil BB/Stable ISSUER NOT
                                     COOPERATING')

Crisil Ratings has been consistently following up with LE for
obtaining information through letter and email dated May 4, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.      

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of LE, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on LE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of LE
revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil
BB/Stable Issuer not cooperating'.

Set up in 1986, LE is a partnership firm managed by Mrs R Nandini
and Mr. Gopi Kumar. The firm is a distributor of RIL for its
polyester fibre, including polyester-filament yarn,
polyester-stable fibre, polyester-textured yarn, and related
products.


LALBHAI KALIDAS: CRISIL Lowers Rating on INR13cr Loan to B
----------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Lalbhai Kalidas and Co. (LKC), as:

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Fund-Based             13         Crisil B/Stable (ISSUER NOT
   Facilities                        COOPERATING; Revised from
                                     'Crisil BB/Stable ISSUER NOT
                                     COOPERATING')

Crisil Ratings has been consistently following up with LKC for
obtaining information through letter and email dated May 4, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.      

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of LKC, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on LKC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
LKC revised to 'Crisil B/Stable Issuer not cooperating' from
'Crisil BB/Stable Issuer not cooperating'.

Established as a proprietorship concern in 1910 and reconstituted
as a partnership firm in 1993, LKC is promoted by Mr Saumil Mehta,
Ms Bijal Mehta, Mr Sailesh Mehta, and Ms Sushma Mehta. The firm
derives ~70% of revenue from trading in polished diamonds, and the
remaining from processing rough diamonds.


LIVINGSTONES JEWELLERY: CRISIL Cuts Rating on INR6.65cr Loan to B
-----------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Livingstones Jewellery Private Limited (LJPL; part of the
Livingstones group), as:

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Fund-Based            5.85        Crisil B/Stable (ISSUER NOT
   Facilities                        COOPERATING; Revised from
                                     'Crisil BB/Stable ISSUER NOT
                                     COOPERATING')

   Fund-Based            6.65        Crisil B/Stable (ISSUER NOT
   Facilities                        COOPERATING; Revised from
                                     'Crisil BB/Stable ISSUER NOT
                                     COOPERATING')

   Proposed Fund-        5.5         Crisil B/Stable (ISSUER NOT
   Based Bank Limits                 COOPERATING; Revised from
                                     'Crisil BB/Stable ISSUER NOT
                                     COOPERATING')

Crisil Ratings has been consistently following up with LJPL for
obtaining information through letter and email dated May 4, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.      

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of LJPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on LJPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
LJPL revised to 'Crisil B/Stable Issuer not cooperating' from
'Crisil BB/Stable Issuer not cooperating'.

                         About the Group

Livingstones was set up in 1976 as a proprietorship firm and was
reconstituted as a partnership concern in 1982. The firm processes
and trades in diamonds.

LJPL, incorporated in 1989, manufactures diamond-studded gold
jewellery and has a retail store in Opera House, Mumbai. Mr. Sandip
D Kothari and his family manage the operations of the group.


MARUTINANDAN ASSOCIATES: CRISIL Cuts Rating on INR5cr Loan to B
---------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Marutinandan Associates (MA), as:

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Overdraft Facility      5        Crisil B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'Crisil BB-/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan               4.9      Crisil B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'Crisil BB-/Stable ISSUER NOT
                                    COOPERATING')

Crisil Ratings has been consistently following up with MA for
obtaining information through letter and email dated May 4, 2026
among others, apart from telephonic communication.  However, the
issuer has remained non cooperative and the rating on bank
facilities of MA revised to 'Crisil B/Stable Issuer not
cooperating'.

Earlier, the entity did not provide the No Default Statements (NDS)
for the three consecutive months. Therefore, the issuer was
classified as 'non cooperative' in line with Clause 11. 3 of SEBI
CRA Operational Circular dated July 11, 2025.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of MA, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on MA is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of MA
revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil
BB-/Stable Issuer not cooperating'.

MA is presently developing a project -Flora 11-which comprises 264
residential apartments over 1.55 acre (6,254.37 square metre) of
land area at Ravapar, Ghunda Road in Morbi (Gujarat).

MA undertakes real estate development. The firm is owned and
managed by Mr. Mit K Viramgama, Mr. Hasmukhbhai B Detroja, Mr.
Hiteshbhai B Chanivara and the Parimal Aashar family, who are also
the promoters of Chevrox Construction Pvt Ltd. MA completed
construction of 180 residential flats in Morbi in 2020, and is
currently developing a project, Flora 11, comprising 264
residential apartments.


NEELKANTH PULP: CRISIL Lowers Rating on INR17cr Cash Loan to B
--------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Neelkanth Pulp and Paper Boards (NPPB), as:

                       Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            17         Crisil B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'Crisil BB/Stable ISSUER NOT
                                     COOPERATING')

Crisil Ratings has been consistently following up with NPPB for
obtaining information through letter and email dated May 4, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.      

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of NPPB, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on NPPB
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
NPPB revised to 'Crisil B/Stable Issuer not cooperating' from
'Crisil BB/Stable Issuer not cooperating'.

Established in 2010, NPPB manufactures kraft paper. It has an
installed capacity of 54,000 tonne per annum at its manufacturing
facility in Rajkot, Gujarat. Operations are managed by Mr Mayur R
Gondaliya, Mr Hitesh D Gondaliya, Mr Ramesh J Gondaliya, Mr Rajesh
J Gondaliya and Mr Chetan D Gondaliya.


OLIVE TELECOMMUNICATION: Insolvency Resolution Process Case Summary
-------------------------------------------------------------------
Debtor: Olive Telecommunication Private Limited
        No. D-89, Basement,
        Kalkaji, South Delhi,
        Delhi - 110019

Insolvency Commencement Date: June 11, 2026

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: December 8, 2026

Insolvency professional: Harmeet Kaur

Interim Resolution
Professional: Harmeet Kaur
              J 5/1, Krishna Nagar,
              Delhi - 110051
              Email: ipharmeetkaur@gmail.com

Last date for
submission of claims: June 25, 2026

PARS ENGINEERING: CRISIL Lowers Rating on INR10cr Cash Loan to B
----------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Pars Engineering India Private Limited (PEIPL), as:

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             10        Crisil B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'Crisil BB/Stable ISSUER NOT
                                     COOPERATING')

Crisil Ratings has been consistently following up with PEIPL for
obtaining information through letter and email dated May 4, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.      

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of PEIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on PEIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
PEIPL revised to 'Crisil B/Stable Issuer not cooperating' from
'Crisil BB/Stable Issuer not cooperating'.

PEIPL was incorporated in 2013, it is located in Salem, Tamil Nadu
. PEIPL owned & managed by Mr. Navin Sekar and Ms. Ettiyannan
Parvathi. PEIPL is engaged in civil construction works, such as
construction of building and allied.


PATHICK TRADING: CRISIL Lowers Rating on INR15cr LT Loan to B
-------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Pathick Trading And Fiscal Private Limited (Pathick Trading),
as:

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term      15       Crisil B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'Crisil BB-/Stable ISSUER NOT
                                    COOPERATING')

Crisil Ratings has been consistently following up with Pathick
Trading for obtaining information through letter and email dated
May 4, 2026 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.      

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of Pathick Trading, which restricts
Crisil Ratings' ability to take a forward looking view on the
entity's credit quality. Crisil Ratings believes that rating action
on Pathick Trading is consistent with 'Assessing Information
Adequacy Risk'. Based on the last available information, the rating
on bank facilities of Pathick Trading revised to 'Crisil B/Stable
Issuer not cooperating' from 'Crisil BB-/Stable Issuer not
cooperating'.

Pathick Trading is an NBFC incorporated in 1990 and is based in
Kolkata. In 2017, the company was taken over by the current
promoters for the purpose of bridging the funding gap between the
group companies to provide financing services to them. The company
provides loans exclusively to its group companies on the basis of
requirements from the group companies. It does not provide any
loans to the general public. They have only one office which is
established in Kolkata.


PHOENIX ISPAT: CRISIL Lowers Rating on INR30cr Loan to B
--------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Phoenix Ispat Private Limited (PIPL), as:

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            20        Crisil B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'Crisil BB-/Stable ISSUER NOT
                                    COOPERATING')

   Channel Financing      30        Crisil B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'Crisil BB-/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Fund-          5        Crisil B/Stable (ISSUER NOT
   Based Bank Limits                COOPERATING; Revised from
                                    'Crisil BB-/Stable ISSUER NOT
                                    COOPERATING')

Crisil Ratings has been consistently following up with PIPL for
obtaining information through letter and email dated May 4, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.      

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of PIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on PIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
PIPL revised to 'Crisil B/Stable Issuer not cooperating' from
'Crisil BB-/Stable Issuer not cooperating'.

PIPL, incorporated in 2013, is promoted by the Odisha-based Mr
Milan Agarwal, Mr Shailendra Adukia and their families engaged in
distributorship business thermo-mechanically treated steel bars and
other long products in Odisha. The operations are managed by
promoters-directors, Mr Milan Agarwal, and Mr Shailendra Adukia.


PUSHPAM TRADERS: CRISIL Lowers Rating on INR5cr Cash Loan to B
--------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Pushpam Traders (PT), as:

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             5        Crisil B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'Crisil BB-/Stable ISSUER NOT
                                    COOPERATING')

   Key Cash Credit         5        Crisil B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'Crisil BB-/Stable ISSUER NOT
                                    COOPERATING')

Crisil Ratings has been consistently following up with PT for
obtaining information through letter and email dated May 4, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.      

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of PT, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on PT is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of PT
revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil
BB-/Stable Issuer not cooperating'.

PT is a Virudhunagar, Tamil Nadu based company and is involved in
importing and trading of pulses.


RADHEYA CONSTRUCTION: CRISIL Cuts Rating on INR20cr Loan to B
-------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Radheya Construction and Developers (RCD), as:

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Project Loan            20       Crisil B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'Crisil BB-/Stable ISSUER NOT
                                    COOPERATING')

Crisil Ratings has been consistently following up with RCD for
obtaining information through letter and email dated May 4, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.      

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of RCD, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RCD
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
RCD revised to 'Crisil B/Stable Issuer not cooperating' from
'Crisil BB-/Stable Issuer not cooperating'.

RCD was formed as a proprietorship by Mr Ravi Raghunath Mahajan in
1992. The firm is engaged in residential real estate development in
Nashik (Maharashtra). It has two ongoing projects – Amrutdhara
Phase 1 and Antonia, in addition to another upcoming project –
Amrutdhara Phase 2.


RAJESH INDUSTRIES: CRISIL Lowers Rating on INR10cr Cash Loan to B
-----------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Rajesh industries - Jaipur (RIJ), as:

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            10        Crisil B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'Crisil BB-/Stable ISSUER NOT
                                    COOPERATING')

   Overdraft Facility      5        Crisil B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'Crisil BB-/Stable ISSUER NOT
                                    COOPERATING')

   Overdraft Facility      2        Crisil B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'Crisil BB-/Stable ISSUER NOT
                                    COOPERATING')
   
   Proposed Working        1        Crisil B/Stable (ISSUER NOT
   Capital Facility                 COOPERATING; Revised from
                                    'Crisil BB-/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan               2        Crisil B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'Crisil BB-/Stable ISSUER NOT
                                    COOPERATING')

Crisil Ratings has been consistently following up with RIJ for
obtaining information through letter and email dated May 4, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.       

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of RIJ, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RIJ
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
RIJ revised to 'Crisil B/Stable Issuer not cooperating' from
'Crisil BB-/Stable Issuer not cooperating'.

Established as a proprietorship firm in 1989, RIJ is engaged in
processing and trading of moong dal It is based in Jaipur,
Rajasthan. The firm is owned by Mr. Babu Lal Agarwal. The day to
day business operations of the firm is managed by his two sons –
Mr Rajesh and Vijay Agarwal.


SAARTHI PEDAGOGY: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Saarthi Pedagogy Private Limited
        Block A, Office No. 1005,
        Mondeal Heights,
        Near Panchratna Party Plot,
        S.G. Highway, Jivraj Park,
        Ahmedabad, Gujarat - 380051

Insolvency Commencement Date: June 15, 2026

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: December 12, 2026

Insolvency professional: Ravi Kapoor

Interim Resolution
Professional: Ravi Kapoor
              402, Shaival Plaza,
              Near Gujarat College,
              Ellisbridge, Ahmedabad
              380006, Gujarat
              Email: ravi@ravics.com
                     ipsaarthipedagogy@gmail.com

Last date for
submission of claims: June 29, 2026

SUPER PROPERTY: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Super Property Maintenance Private Limited
        Plot No. 1,
        Local Shopping Centre,
        Sharda Niketan, Pitampura,
        New Delhi - 110034,
        Delhi, India

Insolvency Commencement Date: June 12, 2026

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: December 9, 2026

Insolvency professional: Vekas Kumar Garg

Interim Resolution
Professional: Vekas Kumar Garg
              Value Plus Insolvency Resolution Professionals (P)
              Ltd.
              1-B, 1 /17,
              Lalita Park, Laxmi Nagar,
              East Delhi - 110032
              Email: valueplusip@gmail.com
                     superpropertymaintenance.cirp12@gmail.com

Last date for
submission of claims: June 26, 2026

TALENT UNLIMITED: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Talent Unlimited Online Services Private Limited
        808, Devika Tower,
        Nehru Place, South Delhi,
        New Delhi, Delhi,
        India - 110019

Insolvency Commencement Date: June 12, 2026

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: December 9, 2026

Insolvency professional: Manish Agarwal

Interim Resolution
Professional: Manish Agarwal
              307, Prakash Deep Building,
              Tolstoy Marg,
              Connaught Place, New Delhi,
              National Capital Territory of Delhi, 110001
              Email: vrregisteredvaluer@gmail.com
              Email: cirp.tuos@gmail.com

Last date for
submission of claims: June 26, 2026

TULSI SPECIALITY: CRISIL Lowers Rating on INR12cr New Loan to B
---------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Tulsi Speciality Foods Private Limited (TSF; previously known as
Tulsi Speciality Foods), as:

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            9         Crisil B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'Crisil BB+/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Fund-        12         Crisil B/Stable (ISSUER NOT
   Based Bank Limits                COOPERATING; Revised from
                                    'Crisil BB+/Stable ISSUER NOT
                                    COOPERATING')

   Working Capital        7.53      Crisil B/Stable (ISSUER NOT
   Term Loan                        COOPERATING; Revised from
                                    'Crisil BB+/Stable ISSUER NOT
                                    COOPERATING')

Crisil Ratings has been consistently following up with TSF for
obtaining information through letter and email dated May 4, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.      

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of TSF, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on TSF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
TSF revised to 'Crisil B/Stable Issuer not cooperating' from
'Crisil BB+/Stable Issuer not cooperating'.

Incorporated in 2003 and promoted by Mr Sandeep Bajaj, Assam-based
KFPL manufactures biscuits and other bakery items.

TSF was set up in 2017 as a partnership firm and started commercial
production from August 2018. TSF manufactures savoury snacks.


VIRTUAL BUSINESS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Virtual Business Solution Private Limited
        5/6 S/F, West Patel Nagar,
        West Delhi, India, 110008

Insolvency Commencement Date: June 25, 2026

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: December 6, 2026

Insolvency professional: Vinay Kumar Singhal

Interim Resolution
Professional: Vinay Kumar Singhal
              411, 4th Floor,
              Essel House,
              Asaf Ali Road,
              New Delhi - 110002
              Email: vinaysinghal.ip@gmail.com
                     irp.virtual@gmail.com

Last date for
submission of claims: June 23, 2026



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

LAMBO GROUP: Removes Variation From Regularisation Plan
-------------------------------------------------------
Business Today reports that Lambo Group Berhad has revised its
proposed regularisation plan by removing the proposed variations
component, leaving the plan to comprise only a proposed share
capital reduction and proposed diversification.

Business Today relates that the company announced that its board of
directors decided to remove the proposed variations after a further
review of the group's working capital requirements.

According to Business Today, Lambo said the board is of the view
that the group has sufficient working capital to fund its food and
beverage (F&B) business without relying on the unutilised proceeds
from the total proceeds raised.

As a result, the company has resolved to retain the original
allocation of the remaining unutilised proceeds and extend the
timeframe for utilisation until June 2027.

Business Today adds that Lambo said the removal of the proposed
variations will not alter the impact of the regularisation plan on
the company's issued share capital, substantial shareholders'
shareholding, earnings or earnings per share, as previously
disclosed.

                          About Lambo Group

Lambo Group Berhad is an investment holding company. Through its
subsidiaries, the Company is involved in providing e-commerce
platforms, logistics services, and retail business.

Lambo slipped into GN3 status in January 2023 after its external
auditors issued a disclaimer of opinion for the 16-month financial
period ended Sept. 30, 2022.

Lambo said the company is still in the middle of formulating a
regularisation plan to address its financial condition and will
make the necessary announcement in relation to the development on
the matter.




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

BEST STYLE: Court to Hear Wind-Up Petition on July 8
----------------------------------------------------
A petition to wind up the operations of Best Style Cutz Limited
will be heard before the High Court at Auckland on July 8, 2026, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on May 20, 2026.

The Petitioner's solicitor is:

          Hosanna Tanielu
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


BURGERBURGER HOLDINGS: Creditors' Proofs of Debt Due on July 24
---------------------------------------------------------------
Creditors of Burgerburger Holdings Limited are required to file
their proofs of debt by July 24, 2026, to be included in the
company's dividend distribution.

Adam Botterill and Damien Grant of Waterstone were appointed joint
and several receivers of Burgerburger Holdings Limited on June 23,
2026.


CHANCE VOIGHT: Director Fails to Turn Up at Liquidation Hearing
---------------------------------------------------------------
Radio New Zealand reports that the director of a Canterbury
investment company failed to turn up at a High Court liquidation
hearing about his businesses.

Rangiora-based Chance Voight Investment Corporation and five of its
related entities (CVI Group) face liquidation after the Financial
Markets Authority (FMA) took action against the company, with
investors potentially facing millions in losses.

However, Chance Voight director Bernard Whimp was a notable
absentee at the hearing, and he did not have a lawyer acting on his
behalf in court, RNZ relates.

Mr. Whimp also had a last minute application to delay the hearing
rejected by the court.

An interim liquidators' report found its investors faced a
"substantial shortfall" and had a negative net asset position of
nearly NZD12 million.

On June 29, the High Court in Christchurch heard that the Chance
Voight group was allegedly using new investor money for expenses,
according to RNZ.

"Records reviewed indicate that interest, and in some cases
redemption payments to investors, were funded primarily through new
investor funds," said Richard May, counsel for the FMA.

As part of its forensic analysis, the FMA randomly selected two
individual investors in Chance Voight's mortgage investment fund,
in order to trace where their investment deposits ended up.

"[Analysis of one investor] shows that of the deposit . . . a large
proportion was used to pay another investor," RNZ quotes Mr. May as
saying.

Breaking down how the investor's funds flowed, Mr. May said "you
can see it immediately comes into a lawyer's trust account and then
moves to the MIF fund [mortgage fund] -- so far so good".

"Then a large proportion is paid to another investor, and the bulk
of it goes to CVICL [Chance Voight Investment Corporation Limited],
the top company, from where it is distributed far and wide," he
said.

RNZ relates that Mr. May said the interim liquidators' report
confirmed the FMA's concerns about the group.

"First of all, the CVI Group is materially insolvent. Secondly,
investor obligations have been met primarily through new investor
inflows," Mr. May said.

He said the nature and significance of the FMA's preliminary
findings were such that the FMA did not consider further
investigations would likely alter its recommendations, RNZ relays.

While Mr. Whimp was not present, the court also heard that one of
his complaints was that he had not been interviewed by the interim
liquidators.

However, Mr. May said he had been spoken to for about five hours.

Associate Judge Lester reserved his decision, RNZ notes.

                        About Chance Voight

Chance Voight provided financial services, investments (including
property investments), and other financial products.

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
16, 2025, the Financial Markets Authority (FMA) said it is
investigating Chance Voight Investment Corporation Limited, its
subsidiaries and persons and entities associated with the Chance
Voight Group.

Following the FMA seeking appointment of interim liquidators over
six Chance Voight entities, the Court has appointed Malcolm Hollis,
John Fisk and Lara Bennett of PwC New Zealand as interim
liquidators over the 6 entities with effect from Dec. 10, 2025.

The interim liquidation comprises the following entities:

     - Chance Voight Investment Corporation Limited
     - Chance Voight Investment Partners Limited
     - CVI Securities Limited
     - CVI Financial Limited
     - CVI Partners Mortgage Fund Limited
     - CVI Partners Mortgage Income Fund Limited


CRITICAL PIXELS: Creditors' Proofs of Debt Due on Aug. 7
--------------------------------------------------------
Creditors of Critical Pixels Design Limited (trading as Critical
Design) are required to file their proofs of debt by Aug. 7, 2026,
to be included in the company's dividend distribution.

The company commenced wind-up proceedings on June 16, 2026.

The company's liquidators are:

          Paul Thomas Manning
          Eve Ellen Bachellier
          C/o BDO Tauranga Limited
          Level 1, The Hub
          525 Cameron Road
          Tauranga


HELIUS THERAPEUTICS: Ora Pharm Buys Business and Assets
-------------------------------------------------------
Radio New Zealand reports that the operations of failed medicinal
cannabis company Helius Therapeutics have been snapped up by
another industry player.

Helius Therapeutics went into voluntary administration and closed
its manufacturing plant in Auckland in March, citing continuing
trading losses driven by high operating costs and a tough
regulatory environment.

According to RNZ, medicinal cannabis grower Ora Pharm announced on
June 24 that it had bought the Helius business and its assets for a
confidential sum.

RNZ relates that chief executive Zoe Reece said the company had
been planning to build its own manufacturing facility closer to its
grower network but the purchase of the Helius plant allowed it to
get started right away.

"We have deep expertise and experience in the medicinal cannabis
space, and New Zealand has some incredible regulations for
medicinal cannabis," RNZ quotes Ms. Reece as saying. "I definitely
saw this as an opportunity for us to really integrate both our
experience and expertise with this incredible asset to be able to
move manufacturing forward and create opportunity under this
integrated business model."

RNZ says the deal makes Ora Pharm the largest end-to-end medicinal
cannabis supply chain company in New Zealand, in the wake a string
of failed start-ups in the sector. It said it had retained a few
key staff members from Helius' manufacturing operation, with the
remainder of roles filled by its own workforce.

The company had to jump through a few regulatory hoops before it
could complete the purchase, Ms. Reece said.

"We put a competitive bid in and that was accepted, and so then we
needed to meet the conditions, which included us applying for a new
licence, or two new licences."

Asked whether New Zealand's regulatory environment was still making
it tough for start-ups, Ms. Reece said her experience in the US
gave her a different perspective on the local environment.

"I was able to learn and understand all of the different types of
regulations that they had there, and each state was like their own
little little country, and so I have always said how incredible the
New Zealand regulations are.

"Yes, they are stringent, but we do need to remember that this is
medicine for patients, and so it needs to be to the same standard
as other pharmaceutical medication."

Companies had been acting in isolation, Ms. Reece said, and Ora
Pharm was looking at ways to build some common infrastructure for
everyone to use to make businesses more efficient, RNZ relays.

"Which then makes the New Zealand industry extremely strong on the
global stage, and so that's where we work with lots of different
growers, and we'll be looking to build and create regional hubs
which can support that."

The company said it intended to resume supply of products to
patients soon, RNZ adds.

                     About Helius Therapeutics

Helius Therapeutics is a biotechnology company focused on medicinal
cannabis research and development in Auckland, New Zealand.

In March 2026, Helius Therapeutics entered voluntary administration
citing tough commercial and regulatory environment. Daniel Stoneman
and Neale Jackson of Calibre Partners have been appointed as
administrators.


SOUTH PACIFIC: BDO Auckland Appointed as Receivers
--------------------------------------------------
Andrew John McKay and Rees Graham Logan of BDO Auckland on June 15,
2026, were appointed as receivers and managers of South Pacific
Growers Limited.

The receivers and managers may be reached at:

          Andrew John McKay
          Rees Graham Logan
          c/o BDO Auckland
          PO Box 2219
          Auckland 1010


WAKATIPU BREWCO: Court to Hear Wind-Up Petition on July 16
----------------------------------------------------------
A petition to wind up the operations of Wakatipu Brewco Limited
will be heard before the High Court at Christchurch on July 16,
2026, at 10:00 a.m.

Queenstown Lakes District Council filed the petition against the
company on May 21, 2026.

The Petitioner's solicitor is:

          Jeffrey Gray Ussher
          Level 19, 191 Queen Street
          Auckland




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

C.K. FIRE: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on June 12, 2026, to
wind up the operations of C.K. Fire Services Pte. Ltd.

Maybank Singapore 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


MAXEON SOLAR: Placed Under Judicial Management
----------------------------------------------
The High Court of Singapore entered an order on May 29, 2026, to
place the operations of Maxeon Solar Technologies, Ltd. and Maxeon
Solar Pte. Ltd. under judicial management.

The company's Judicial Managers are:

          Tan Wei Cheong
          Lim Loo Khoon
          Deloitte Singapore SR&T Restructuring Services
          6 Shenton Way
          OUE Downtown 2 #33-00
          Singapore 068809


POD ENGINEERING: Court to Hear Wind-Up Petition on July 10
----------------------------------------------------------
A petition to wind up the operations of Pod Engineering & Trading
Pte. Ltd. will be heard before the High Court of Singapore on July
10, 2026, at 10:00 a.m.

Teo Siew Eng (Zhang Xiuying) filed the petition against the company
on June 12, 2026.

The Petitioner's solicitors are:

          M/S Regal Law LLC
          1 Coleman St
          #06-02 The Adelphi
          Singapore 179803


RHUBARB LE RESTAURANT: Commences Wind-Up Proceedings
----------------------------------------------------
Members of Rhubarb Le Restaurant Pte. Ltd. on June 19, 2026, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Ms. Muk Siew Peng
          c/o ClearView Associates
          133 New Bridge Road
          #08-01 Chinatown Point
          Singapore 059413


VICTORY SHIPPING: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on June 12, 2026, to
wind up the operations of Victory Shipping Pte. Ltd.

Bunker Partner OÜ filed the petition against the company.

The company's liquidator is:

          Farooq Ahmad Mann
          C/o M/s Mann & Associates PAC
          3 Shenton Way #03-06C
          Shenton House
          Singapore 068805



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

Copyright 2026.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                *** End of Transmission ***